Reading International Inc · NASDAQ:RDI
Reading International — Shareholder Meeting (May 2009)
18 slides from Reading International's shareholder meeting presentation, May 21, 2009
Slide 1: Annual Shareholders Meeting
INTERNATIONAL Annual Shareholders Meeting Presented on May 14, 2009
Slide 2: Safe Harbor Statement
Safe Harbor Statement 1 ai 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 Refo
Slide 3: Financial Reconciliations: Use of EBITDA
5 4 ee Bi READING Financial Reconciliations tarenwarionne Use of EBITDA; We use EBITDA in our evaluation of our performance since we believe that EBITDA provides a useful measure of finan cial performance an d value. We believe this principally for the following reasons: We believe that EBITDA is an
Slide 4: Equity Snapshot
Equity Snapshot 1 ai = 21.1 mil shares Class A Nonvoting Common, = 1.5 mil shares Class B Voting Common ™ NYSE AMEX Listed: RDI RDLB = Price (05/06/2009) (Class A & B): $3.55 $4.06 = Market Cap (Class A and B): $80.92 mil = Shares Outstanding: 22.58 mil = Float: 16.33 mil = Revenues (ytd to 12/31/20
Slide 5: Business and Geographic Assets
Business and Geographi Assets by Business Assets by Region Cinema Exhibit'n 37% Australia 44% Total: $370.1 Million Total: $370.1 Million (As of 12/31/08)
Slide 6: Real Estate Valuation
Real Estate Valuatio READING INTERNATIONAL Ticker Name Market Cap | Price/ Book EViRev (ttm) EV/EBITDA (mil) (mrq) (ttm) RDI Reading International $ 81 1.2 1.5 16.2 MAC |Macerich Company $ 1,460 1.0 7.4 11.8 CBL |CBL & Associates Inc $ 491 0.6 5.7 9.0 TCO |Taubman Centers $ 1,340 N/A 5.9 10.4 PEI |P
Slide 7: Cinemas by Country: Australia, New Zealand, United States
READING INTERNATIONAL Australia - cinemas screens New Zealand - cinemas screens United States - cinemas screens = Revenues of $177.26 million YTD to 12/31/2008
Slide 8: Cinema Valuation Peer Comparison
READING INTERNATIONAL Ticker Name Market Cap | Price/ Book EV/Rev (ttm) EV/EBITDA (mil) (mrq) (ttm) RDI |Reading International $ 81 1.2 1.5 16.2 RGC |Regal Entertainment $ 2.120 N/A 1.5 7.9 MCs |Marcus Corporation $ 375 1.2 1.6 7.7 CKEC |Carmike Cinemas $ 90 3.7 1.0 6.6 CNK_ |Cinemark Holdings $ 1,1
Slide 9: Twelve Month 2008 Highlights: Cinema
Twelve Month 2008 Highlights Iersusnawst With respect to our cinema activities: = On February 22, 2008, we acquired 15 cinemas with 181 screens in Hawaii and California, the “Consolidated Entertainment” acquisition. The initial purchase price was $70.2 million, but allowed for certain post-closing p
Slide 10: Twelve Month 2008 Highlights: Real Estate
Twelve Month 2008 Highli riaatiens With respect to our real estate activities: = Inthe first quarter of 2008, we acquired or entered into agreements to acquire four contiguous properties in Brisbane, Australia. We acquired three properties for $2.5 million and conditionally agreed to purchase a four
Slide 11: Twelve Month 2008 Highlights: Results
Twelve Month 2008 Highlights iersnsnewst Which resulted in: revenue growth of 68.7% to $191.3 million, compared to $113.4 million in 2007; an operating loss of $4.6 million, compared to income of $5.2 million in 2007; net loss for the 2008 year of $18.5 million compared to a loss of $2.1 million in
Slide 12: Summary Financial Data
Summary Financial Data Income Statement ($ in thousands) Revenues Operating expenses Operating income (loss) Net loss from continuing operations Discontinued operations Net loss applicable to common EPS (loss) from continuing ops - fully diluted EPS (loss) discontinued ops - fully diluted EPS (loss)
Slide 13: Summary Financial Data: Balance Sheet
Summary Financial Balance Sheet READING INTERNATIONAL (S in thousands) 12/31/2008 1213112007 Cash and Cash Equivalents $ 30,874 20,782 Receivables 7,868 5,671 Other Current Assets 27,996 34,987 Total Current Assets 66,738 61,440 Property Held for and Under Development 67,600 76,076 Property & Equipm
Slide 14: Recent Developments
READING INTERNATIONAL the remaining retail condominium of our Place 57 joint venture was sold in February approximately $4.0 million of which $304,000 was attributable to our equity earnir x investment which passed through the income statement. In April, we received a cash disbursement from this inv
Slide 15: First Quarter 2009 Highlights
First Quarter 2009 Highligh Rnanertenst The following impacted our first quarter 2009 business: during the quarter, we reacquired a portion of our Trust Preferred Securities for $11.5 million for which were able to extinguish $22.9 million our debt related to these securities on April 30, 2009. This
Slide 16: Summary Financial Data: Q1 2009
Summary Financial Data Income Statement ($ in thousands) Revenues Operating expenses Operating income Net loss applicable to common EPS (loss) from continuing ops - fully diluted EPS (loss) discontinued ops - fully diluted EPS — fully diluted EBITDA Adjusted EBITDA READING INTERNATIONAL Three Month
Slide 17: Balance Sheet
READING INTERNATIONAL Balance Sheet (Sin thousands) 3/31/2009 12/31/2008 Cash and Cash Equivalents $ 14,511 $ 30,874 Receivables 7,319 7,868 Other Current Assets 27,233. 27,996 Total Current Assets 49,063 66,738 Property Held for and Under Development 68,169 67,600 Property & Equipment 151,084 154,9
Slide 18: Thank You
THANK YOU INTERNATIONAL
Reading International — Shareholder Meeting (May 2009) on 6ix