Business
Reading International Reports Fourth Quarter and Full Year 2022 Results
Earnings Call Webcast to Discuss 2022 Fourth Quarter and Full Year Financial ResultsScheduled to Post to Corporate Website on Tuesday, April 4, 2023 NEW YORK,
About this update from Reading International Inc
[{"type":"text","content":"Earnings Call Webcast to Discuss 2022 Fourth Quarter and Full Year Financial ResultsScheduled to Post to Corporate Website on Tuesday, April 4, 2023 NEW YORK, April 03, 2023 (GLOBE NEWSWIRE) -- Reading 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, 2022. President and Chief Executive Officer, Ellen Cotter said, “We are pleased to deliver another year in our progressive recovery from the COVID-19 pandemic with 2022 global Consolidated Total Revenues at $203.1 million, an increase of 46% compared to 2021, despite foreign exchange headwinds. Movies like Top Gun: Maverick, Avatar: The Way of Water and Spider-Man: No Way Home, each ranking among the highest grossing films of all time, have demonstrated the public’s clear desire to see movies on the big screen and support an exclusive theatrical window. Even though our Q4 2022 revenues could not match the strength of Q4 2021 due to a weaker movie slate, the increase in our Q1 2023 box office revenues to date continues to reinforce our confidence in the recovery of the global cinema industry. Looking ahead to the rest of 2023, today’s upcoming release schedule reflects a greater number of theatrical titles and an impressive slate of quality movies that we believe will appeal to a wider range of audiences thereby increasing cinema attendance and revenues.” “For both Q4 2022 and the full year 2022, we delivered improved operating results across each of our global real estate divisions. We maintained strong operational performance in Australia and New Zealand, reporting improved operating revenues and income at December 31, 2022, and reaching a 96% third party occupancy rate for our Australian real estate portfolio. We look forward to our new tenant, Petco, opening a flagship retail store at our 44 Union Square building in New York City in mid-2023. In addition, we held public performances at our two live theaters in New York City in 2022 and recently announced the opening of The Empire Strips Back at the Orpheum in May 2023, despite the end of STOMP’s historic 30 year run at the theater in January 2023.” Ms. Cotter concluded, “As our global cinema business continues its recovery, our r...