Business
Reading International Reports Second Quarter 2021 Results and COVID-19 Business Update
Real Estate Assets Monetized Bank Debt Reduced Stockholder Equity Increased Earnings Call Webcast to Discuss Financial Results and COVID-19 Updates Scheduled
About this update from Reading International Inc
[{"type":"text","content":"\nReal Estate Assets Monetized\n\nBank Debt Reduced\n\nStockholder Equity Increased\n\nEarnings Call Webcast to Discuss Financial Results and COVID-19 Updates\n\nScheduled to Post to Corporate Website on Wednesday, August 11, 2021\n\n CULVER CITY, Calif.--(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 second quarter ended June 30, 2021.\n\nPresident and Chief Executive Officer, Ellen Cotter said, “With 48 out of 62 global cinemas open as of June 30, 2021, we were pleased to see encouraging signs of recovery in most of our operating divisions. The increased rollout of COVID-19 vaccines in the U.S., coupled with the release of strong Hollywood blockbusters like A Quiet Place Part II and F9: The Fast Saga, resulted in our worldwide revenues growing approximately 70% over the prior quarter, despite temporary COVID-19 related lockdowns in various Australian states through the second quarter of 2021. The performance of movies, in conjunction with the reopening of the economy, has demonstrated the pent-up demand for moviegoing and reinforced our optimism about the exhibition industry. Notwithstanding the continued industry improvement, our second quarter operating results continued to be significantly impacted by the COVID-19 pandemic due to local government mandated occupancy restrictions and/or forced closures, reduced showtime schedules and a lower number of movie releases compared to pre-pandemic periods.”\n\nCotter continued, “During the second quarter our ‘two business/three country’ diversified business strategy continued to support our Company, as we successfully monetized our Auburn/Redyard center in a suburb of Sydney in Australia and our Royal George Theater in Chicago. We continue to believe it was in the best interests of our Company and our stockholders to monetize certain assets at premium prices (as opposed to fire sale pricing), as opposed to diluting equity by issuing stock (or equity convertible debt) in the middle of an unprecedented pandemic or mortgaging our future with high-cost debt. Taking into account these and the first quarter asset sales, over the last six months, we generated $138 million from real estat...