Business
Reading International Reports Third Quarter 2021 Results and COVID-19 Business Update
92% of our Cinemas are Open Today Delivered Substantial Reduction in Quarterly Net Loss Reduced Global Debt and Improved Stockholder Equity Earnings Call
About this update from Reading International Inc
[{"type":"text","content":"\n\n92% of our Cinemas are Open Today\n\n\nDelivered Substantial Reduction in Quarterly Net Loss\n\n\nReduced Global Debt and Improved Stockholder Equity\n\n\nEarnings Call Webcast to Discuss Financial Results and COVID-19 Updates Scheduled to Post to Corporate Website on Thursday, November 11, 2021\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 third quarter ended September 30, 2021\n\nPresident and Chief Executive Officer, Ellen Cotter said, “Our third quarter and October 2021 results paint a more positive picture about the cinema business as guests embrace a return to our cinemas. Even though 50% of our Australian cinema circuit was closed for most of the third quarter due to the Delta COVID-19 variant, our global revenues of $31.8 million increased 212% from $10.2 million in Q3 2020, driven by almost 88% of our U.S. cinemas being open and the strong performance of Hollywood blockbusters like Shang-Chi and the Legend of the Ten Rings, Black Widow and Free Guy. Reinforcing the rebound of our specialty cinemas in the U.S., the Angelika Film Center in New York recently opened Director Wes Anderson’s French Dispatch and generated an opening weekend gross box office of $103,000, representing the highest opening weekend at the Angelika NYC since November 2017.\n\n“Looking ahead, we’re encouraged about the rest of 2021 and beyond. As the Australian government succeeds in increasing vaccination rates, all of our Australian cinemas were open for business as of October 29, 2021, subject to occupancy restrictions, and expect to be showing No Time to Die, Eternals, Venom: Let there be Carnage and Dune, which are all set to release in Australia in November 2021. On November 5, 2021, we re-opened our Consolidated Theatre at the Kahala Mall in Honolulu following the completion of the top-to-bottom renovation just in time for the release of Eternals and to host the prestigious Hawaii International Film Festival.”\n\nShe continued, “While we continue our leasing efforts at 44 Union Square in New York City, our Newmarket Village, Cannon Park, Belmont Common properties in Australia, our Culver City office building and our live t...