Business
Reading International Reports Third Quarter 2020 Results and COVID-19 Business Update
Liquidity Management Remains Top Priority Earnings Call Webcast to Discuss Financial Results and COVID-19 Updates Scheduled to Post to Corporate Website on
About this update from Reading International Inc
[{"type":"text","content":"\nLiquidity Management Remains Top Priority\n\nEarnings Call Webcast to Discuss Financial Results and COVID-19 Updates Scheduled to Post to Corporate Website on Wednesday, November 11, 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 third quarter and nine months ended September 30, 2020.\n\n“Our third quarter 2020 results continue to be significantly impacted by the ongoing COVID-19 pandemic, which has proven to be the most challenging time in our corporate history. Nonetheless, our dual and diversified business strategy - both cinemas and real estate in three resilient economies - has served us well through the pandemic. During the quarter, we continued to take action to reduce our costs, strengthen our financial position, and ensure our guests return to our reopened movie theaters with confidence in our health and safety protocols,” said Ellen M. Cotter, Chair and CEO of Reading International, Inc.\n\n“With 68% of our global cinema screens reopened, the lack of new and compelling film product due to widespread changes by the major studios to the 2020 motion picture release schedule and ongoing social distancing measures, continue to negatively impact the movie theater industry. However, we are encouraged by early trends in Australia, New Zealand, and certain Asian countries, and we are confident that the cinema industry will recover once the major film companies resume releasing strong movies.”\n\n“We are pleased to have 82 tenants across Australia and New Zealand that are open and operating and we collected approximately 87% of our billed recurring rents, including base rent and cost reimbursements in the third quarter. In addition, we continued to make progress on our real estate projects, including progressing needed land use consents for our industrial land in Manukau, leasing activity at Cannon Park and Newmarket Village, reviewing alternative plans for the redevelopment of Courtenay Central, and receiving the temporary certificate of occupancy for the core and shell at 44 Union Square in New York City.”\n\nKey Financial Results for Third Quarter of 2020\n\n\nCash and cash equivalents were $27.8 million as of S...