Business
Reading International Reports Second Quarter 2020 Results and COVID-19 Business Update
Earnings Call Webcast to Discuss 2020 Second Quarter Financial Results and COVID-19 Updates Scheduled to Post to Corporate Website on Wednesday, August 12,
About this update from Reading International Inc
[{"type":"text","content":"\nEarnings Call Webcast to Discuss 2020 Second Quarter Financial Results and COVID-19 Updates Scheduled to Post to Corporate Website on Wednesday, August 12, 2020\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 results for the second quarter and six months ended June 30, 2020. Reflecting the ongoing impact of the COVID-19 crisis in the jurisdictions in which we operate, the Company’s financial results have been adversely impacted by the temporary closure in March 2020 of our 60 global cinemas and three live theatres in the U.S. While the COVID-19 pandemic impacted our real estate business in Australia and New Zealand to a lesser degree than our cinema business, many of our tenants in our Australian and New Zealand centers suffered revenue reductions due to the COVID-19 government-imposed restrictions, which resulted in the Company, in some cases, granting rental relief.\n\n\n“Our diversified business plan has served us well in this pandemic,” said Ellen M. Cotter, President and Chief Executive Officer of Reading International, Inc. “We’re pleased to have advanced our biggest future-value opportunity projects – 44 Union Square, Courtenay Central, and our industrial land in Manukau – despite the ongoing challenges presented by COVID-19 and general and administrative reductions. We are also encouraged by the demand shown in certain theaters in Australia and New Zealand since they re-opened, particularly given the strict seating restrictions imposed in Australia and the lack of new movies being released from the major studios. We anticipate announcing a cinema re-opening date for select U.S. cinemas given the recent announcement by Warner Bros that Christopher Nolan’s Tenet is scheduled to be released on September 3, 2020 in U.S. cinema markets governmentally permitted to open.”\n\n\nMs. Cotter continued, “In addition, we are continuing to execute a series of proactive steps designed to preserve cash and enhance Reading’s liquidity as we navigate through the current environment. While the near-term operating environment will remain challenging and the path for the full re-opening of our operations in certain jurisdictions we serve remains unc...