Business
Reading International Reports Fourth Quarter 2020 Results and COVID-19 Business Update
Revenues Returning as Cinemas Reopen Non-Core Non-Cash Flowing Real Estate Assets Monetized Earnings Call Webcast to Discuss 2020 Fourth Quarter and Full
About this update from Reading International Inc
[{"type":"text","content":"\nRevenues Returning as Cinemas Reopen\n\nNon-Core Non-Cash Flowing Real Estate Assets Monetized\n\nEarnings Call Webcast to Discuss 2020 Fourth Quarter and Full Year Financial Results and COVID-19 Updates Scheduled to Post to our Corporate Website on Monday, April 5, 2021\n\n CULVER CITY, Calif.--(BUSINESS WIRE)--\nReading International, Inc. (NASDAQ: RDI), 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 fourth quarter and year ended December 31, 2020 and certain first quarter events anticipated to have a material impact upon the Company going forward.\n\nPresident and Chief Executive Officer, Ellen Cotter said, “The COVID-19 pandemic has had a profound impact on our business. Unquestionably, this crisis has been the most difficult time in the Company's history and has proven to be a true testament to Reading’s 'two business/three country diversified strategy.' Throughout the temporary closures of our global cinemas, we relied on our real estate assets as well as our cinemas in Australia and New Zealand, where the pandemic was more controlled, to support us through this challenging period. Throughout the pandemic we took aggressive and proactive actions to manage our balance sheet and liquidity needs, positioning us well to capitalize on the pent-up demand we see in movie-goers and to emerge as a stronger, more efficient company.”\n\n“Today, we are happy to report that 100% of our cinemas in New Zealand (except Courtenay Central which remains temporarily closed due to seismic concerns), 92% of our cinemas in Australia, and 79% of our cinemas in the U.S. are open and operating and guests are returning to the cinemas. And, we continue our policy of cautious growth: on December 22, 2020, we opened a new six-screen Reading Cinemas featuring a TITAN LUXE with DOLBY ATMOS immersive sound, recliner seating, and a newly curated enhanced food and beverage offering in Jindalee, Queensland, Australia. Though the pandemic resulted in major studios either postponing their Hollywood movies to dates beyond 2020 or moving them to streaming platforms, we are very encouraged by the number and quality of movies that are lining up in the last half of 2021 and beyond.”\n\n“In 2020, we evaluated our real estate portfolio in ...