Business
Reading International Reports Second Quarter 2022 Results and COVID-19 Business Update
Earnings Call Webcast to Discuss Second Quarter Financial Results and COVID-19 Business Updates Scheduled to Post to Corporate Website on Thursday, August
About this update from Reading International Inc
[{"type":"text","content":"\nEarnings Call Webcast to Discuss Second Quarter Financial Results and COVID-19 Business Updates Scheduled to Post to Corporate Website on Thursday, August 11, 2022\n\n NEW YORK--(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, 2022.\n\nPresident and Chief Executive Officer, Ellen Cotter said, “We continue to make great strides in our post-pandemic recovery, achieving worldwide revenues of $64.5 million, a 79% increase from revenues of $36.0 million for the same period in 2021. After two years of delayed movie openings and a rise in streaming, Hollywood brought back some of its biggest and most reliable players for the summer film season. A steady stream of blockbuster releases and strong performances from highly anticipated films like Top Gun: Maverick, Doctor Strange In the Multiverse of Madness, Jurassic World Dominion, and Sonic the Hedgehog 2, in the second quarter led to our highest cinema revenues since the onset of the pandemic.”\n\n“We are encouraged by the continued improvement in our real estate portfolio since the beginning of the year. Last quarter, we signed a long-term lease with a strong credit national retailer for the basement, ground floor and second floor of our historic 44 Union Square building executing our largest leasing transaction ever to date. Over the course of the second quarter, we progressed the tenant improvement phase for our new tenant and currently anticipate that the tenant will be opening for business in early 2023. We have retained CBRE to represent us with respect to the leasing of the remainder of the building and are currently focusing on potential tenants who are interested in occupying all of the upper floors. As of June 30, 2022, substantially all our 72 third-party tenants in our Australian and New Zealand properties were either open or in the process of building out tenant improvements or completing refurbishments.”\n\nMs. Cotter concluded, “Our ‘two business/three country’ diversified business structure, together with our dedicated global executive and employee team, continues to serve as the foundation for our recovery from the devastating impacts of ...