Business
Reading International Reports First Quarter 2022 Results and COVID-19 Business Update
Earnings Call Webcast to Discuss First Quarter Financial Results and COVID-19 Business Updates Scheduled to Post to Corporate Website on Thursday, May 12,
About this update from Reading International Inc
[{"type":"text","content":"\nEarnings Call Webcast to Discuss First Quarter Financial Results and COVID-19 Business Updates Scheduled to Post to Corporate Website on Thursday, May 12, 2022\n\n NEW YORK--(BUSINESS WIRE)--\nReading International, Inc. (NASDAQ: RDI) (the “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced its results for the first quarter ended March 31, 2022.\n\nPresident and Chief Executive Officer, Ellen Cotter said, “Our Company continues its path to recovery, achieving worldwide revenues of $40.2 million, nearly double revenues of $21.3 million for the same period in 2021. Almost all of our global cinemas were open during the first quarter 2022 and movies, like The Batman, Uncharted and The Worst Person in the World, attracted audiences. After an enthusiastic and optimistic CinemaCon in Las Vegas at the end of April, our confidence in the cinema business remains strong in light of upcoming 2022 movies, like Minions: The Rise of Gru, Top Gun: Maverick, Jurassic World: Dominion, Bullet Train, Elvis, Thor: Love and Thunder, Black Adam, Black Panther: Wakanda Forever, Babylon, and Avatar: The Way of Water.”\n\n“With respect to our real estate business, we are encouraged by the continued improvement in our portfolio over the first quarter, particularly due to the execution of a long-term lease for the three retail floors of our historic 44 Union Square property in New York City. And, substantially all our 72 third-party tenants in our Australian and New Zealand properties were either open or in the process of building out or refurbishing tenant improvements, as of March 31, 2022.”\n\nMs. Cotter concluded, “Our ‘two business/three country’ diversified business structure, strategic adaptability and dedicated global executive and employee team continue to serve as the foundation for a recovery from the devastating impacts of the COVID-19 pandemic over the past two years.”\n\nKey Consolidated Financial Results for the First Three Months of 2022\n\n\nAchieved worldwide revenues of $40.2 million, nearly double revenues of $21.3 million for the same period in 2021.\n\n\n\nOperating loss reduced to ($11.8) million, compared to an operating loss of ($14.0) million for the same period in 2021.\n\n\n\nDue to the successful monetizations of...