Reading International Reports Third Quarter 2022 Results

About this update from Reading International Inc

[{"type":"text","content":"Earnings Call Webcast to Discuss Third Quarter Financial ResultsScheduled to Post to Corporate Website on Friday, November 11, 2022 NEW YORK, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Reading 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, 2022. President and Chief Executive Officer, Ellen Cotter said, “Our third quarter 2022 global revenue grew 61% year-over-year to $51.2 million, demonstrating our operational progress in a post-COVID environment. This progress occurred despite the headwinds of a soft Hollywood movie slate in August and September and, with respect to our Australian and New Zealand operations, an appreciation of the U.S. dollar that has impacted U.S. based multi-nationals in general. Despite the lackluster film slate over the last few months, we know our global audiences are excited about the upcoming holiday theatrical movie season to be led by Black Panther: Wakanda Forever and Avatar: Way of the Water, two of Hollywood’s strongest franchises.” Ms. Cotter continued, “During the third quarter, we are pleased to have resolved the arbitration regarding an Agreement to Lease of one of our properties in Wellington New Zealand to a supermarket, with both parties agreeing that such contract had been terminated and each party bearing its own costs. This settlement provides us with the flexibility necessary to create the most strategic masterplan for our properties and to re-establish our assets as the key Wellington destination for film, families, and fun. Located in the creative heart of the cultural capital, our Wellington assets are poised to benefit from the recent re-launch of the iconic St. James Theater and the mid-2023 opening of Takina, the city’s new state-of-the-art convention and exhibition center. Both of these dynamic venues are directly across the street from our Reading properties.” “We further advanced our long-term real estate strategy in the United States with the substantial completion in October of the landlord’s work related to the cellar, ground and second floor retail space of our 44 Union Square property. This space has now been turned over to our new international retail tenant for the constr...

More updates from Reading International Inc