Reading International Inc · NASDAQ:RDI
Reading International — Shareholder Meeting (May 2010)
19 slides from Reading International's shareholder meeting presentation, May 17, 2010
Slide 1: Annual Shareholders Meeting
INTERNATIONAL Annual Shareholders Meeting Presented on May 13, 2010
Slide 2: Safe Harbor Statement
Safe Harbor Statement Our comments today may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Ac
Slide 3: Financial Reconciliations
Financial Reconciliations Use of EBITDA, We use EBITDA in our evaluation of our performance since we believe that EBITDA provides a useful measure of financial performance andvalue. We believe this principally for the following reasons; We believe that EBITDA is an industry comparative measure of fi
Slide 4: Equity Snapshot
Equity Snapshot = 21.2 mil shares Class A Nonvoting Common, = 1.5 mil shares Class B Voting Common This Year Prior Year NASDAQ Listed: RDI RDI Price (Class A and B) (08/10/2010) vs (05/06/2009): | $4.01 | $9.80 | $3.55 | $4.06 Market Cap (Class A and B): $91.1 mil $80.9 mil Shares Outstanding: 22.7
Slide 5: Total: $217.0 Million
Total: $217.0 Million Total: $217.0 Million (YTD to 12/31/09)
Slide 6: Business and Geographic Breakdown
Business and Geog phic Cinema Exhibit'n Australia 44% 50% Total: $406.4 Million Total: $406.4 Million (As of 12131109)
Slide 7: Real estate peer valuation comparison
READING Ticker INaIG Market Cap |Price/Book| EV/Rev | EV/EBITDA (mil) (mrq) (ttm) (ttm) RDI |Reading International $ 91 08 1.4 7.8 MAC |Macerich Company $ 4,360 24 10.0 16.6 CBL |CBL & Associates Inc $ 2,060 1.6 6.7 10.3 TCO |Taubman Centers $ 2,320 NIA 7.4 13.3 PEI |Pennsylvania $ 665 Ad 6.6 12.6 G
Slide 8: Cinema Exhibition
READING Cinema Exhibition Countn Wholly Con Un al Total Owned Australia- cinemas 17 3 4 ie 21 T& READING ecreens qe | a 16 - 162 New Zealand - cinemas 9 S 3 2 12 screens 48 é 16 5 64 United States - cinemas 23 4 S a 26 screens 225 6 e 9 240 Totals cinemas 9 59 } 166 = Revenues of $217.0 million YTD
Slide 9: Cinema exhibition peer comparison
READING Market Cap |Price/Book) EV/Rev | EV/EBITDA Ticker Name # of Screen (il) ara tim) (tm) EBITDA RDI Reading International 466 | $ 91 08 1.4 78|$ 378 RGC |Regal Entertainment 6768/$ 2,530 NA 14 a1} $s 5144 MCS |Marcus Corporation 663 |$ 362 1.0 16 83/$ 688 CKEC |Carmike Cinemas 2277|$ 177 18.2 1
Slide 10: Twelve Month 2009 Highlights
Twelve Month 2009 Highlights ae * OurEBITDA for the 2009 December quarter was a positive $4.8 million compared to a negative $4.3 million in the 2008 quarter; = for the 2009 year our EBITDA was $37.8 million compared to $19.6 million in 2008, an increase of 92.9%, = we continued to see local currenc
Slide 11: Twelve Month 2009 Highlights
Twelve Month 2009 Highlights Beets = we completed the construction of our Indooroopilly, Brisbane, Australia office development in April 2009 with an approximate total construction cost of $8.6 million (AUS$12.4 million) which was primarily financed with a construction loan of $6.1 million (AUS$7.3
Slide 12: Twelve Month 2009 Highlights
Twelve Month 2009 Highlights Beaes * theremaining retail condominium of our Place 57 joint venture was sold in February 2009 for approximately $3.8 million of which $304,000was attributable to our equity earnings from investment which passed through the income statement. In April, we received a cash
Slide 13: Summary Financial Data
READING Summary Financial Data Income Statement Year Ended December 31 ($in thousands) 2009 2008 Revenues $ 217,014 $ 197,054 Operating expenses 203,092 199,342 Operating income (loss) 13,922 (2,288) Net income (loss) from continuing operations 8,049 (17,037) Net income (loss) applicable to common 6
Slide 14: Summary Financial Data: Balance Sheet
Summary Financial Data Balance Sheet READING ($ in thousands) 12/31/2009 12/31/2008 Cash and Cash Equivalents 24,612 30,874 Receivables 9,458 7,868 Other Current Assets 7,379 7,877 Total Current Assets 41,449 46,619 Property Held for and Under Development 78,676 69,016 Property & Equipment 200,749 1
Slide 15: Reconciliation of EBITDA to Net Income
Reconciliation of EBITDA to Net Income Year Ended December 31 2009 2008 ($ in thousands) EBITDA from continuing operations $ 37,786 $ 19,588 Income tax expense (1,952) (2,099) Interest expense (14,572) (15,740) Depreciation & amortization (15,168) (18,558) Net income (loss) $ 6,094 $ (16,809)
Slide 16: First Quarter 2010 Highlights
First Quarter 2010 Highlights _ Iiremesreast * OurEBITDA for the 2010 quarter was $7.9 million compared to $5.2 million in the 2009 quarter, an increase of 52. = we continued to see local currency cinema revenue growth in both Australia and New Zealand, with Australia showing a 14.4% increase and Ne
Slide 17: Summary Financial Data
Summary Financial Data Income Statement (Sin thousands) Revenues Operating expenses Operating income Net income (loss) applicable to common Earnings (loss) Per Share from continuing ops - fully diluted Earnings (loss) Per Share - fully diluted EBITDA Adjusted EBITDA READING Three Month to March 31 2
Slide 18: Summary Financial Data: Balance Sheet
Summary Financial Data Balance Sheet READING ($ in thousands) 3/31/2010 12/31/2009 Cash and Cash Equivalents $ 26,548 $ 24,612 Receivables 7,629 9,458 Other Current Assets 7,716 7,379 Total Current Assets 41,893 41,449 Property Held for and Under Development 82,482 78,676 Property & Equipment 200,39
Slide 19: Thank You
THANK YOU INTERNATIONAL
Reading International — Shareholder Meeting (May 2010) on 6ix