Business
Reading International Reports Fourth Quarter and Full Year 2023 Results
Earnings Call Webcast to Discuss 2023 Fourth Quarter and Full Year Financial Results Scheduled to Post to Corporate Website on Wednesday, April 3, 2024 NEW
About this update from Reading International Inc
[{"type":"text","content":"Earnings Call Webcast to Discuss 2023 Fourth Quarter and Full Year Financial Results Scheduled to Post to Corporate Website on Wednesday, April 3, 2024\nNEW YORK, April 01, 2024 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “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 fourth quarter and year ended December 31, 2023. Full Year 2023 Summary compared to 2022 Notwithstanding the Writers and Actors strikes (the “2023 Hollywood Strikes”) that effectively shut down Hollywood for months in 2023 and a 525-point spike in interest rates since March 2022, new movie releases are being well received by movie patrons and, generally speaking, things are moving in the right direction for our Company. Total Revenues increased by 10% to $222.7 million from $203.1 million.Operating Loss reduced by 58% to $12 million from $28.5 million.Adjusted EBITDA significantly increased by $7.82 million from a negative $0.06 million to a positive $7.76 million, and excluding the impact of our real estate monetizations in 2021 and 2023, 2023 represented our highest Adjusted EBITDA since the pandemic.Each of our global cinema and real estate operating divisions grew operating income year-over-year in 2023.Basic loss per share improved by 16% to $1.38 compared to $1.64 for 2022.Net loss attributable to Reading improved 15% to $30.7 million compared to $36.2 million for 2022. Our 2023 results included $19.4 million of interest and $18.4 million of depreciation and amortization. These improved key financial metrics came despite the weakening of the Australian and New Zealand dollar average exchange rates against the U.S. dollar by 4.3% and 3.3%, respectively, compared to 2022. This foreign exchange weakening contributed to our loss for the period, and negatively impacted our overall financial results since about 50% of our total revenue is generated in Australia and New Zealand. Fourth Quarter 2023 Summary compared to fourth quarter 2022 Total Revenues decreased by 4.0% (or $1.9 million) to $45.3 million compared to $47.2 million.Operating Loss improved 17.2% to $7 million compared to a net loss of $8.4 million.Net loss improved 6.3% to $12.4 million compared to a loss of $13.2 million, primar...