Reading International Inc · NASDAQ:RDI
Reading International — Shareholder Meeting (May 2011)
24 slides from Reading International's shareholder meeting presentation, May 23, 2011
Slide 1: Annual Shareholders Meeting
INTERNATIONAL Annual Shareholders Meeting Presented on May 19, 2011
Slide 2: Safe Harbor Statement
Safe Harbor Statement brea 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
EADING INTERNATIONAL Financial Reconciliations 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 and value. We believe this prin cipally forthe following reasons: We believe that EBITDA is an industry co
Slide 4: Equity Snapshot
Equity Snapshot READING INTERNATIONAL = 21.5 mil shares Class A Nonvoting Common, = 1.5 mil shares Class B Voting Common This Year Prior Year NASDAQ Lsted: RDI RDI Price (Class A and B) (04/04/2011) vs (05/10/2010). | $4.92 | $7.00 | $4.01 | $9.80 Market Cap (Class A and B): $ 113.06 mil $91.1 mil S
Slide 5: Business and Geographic Mix: Revenue
Business and Geographic Mi 1 ai Revenue by Business Revenue by Region New Zealand 1% Total: $229.8 Million Total: $229.8 Million (YTD to 12/31/10)
Slide 6: Business and Geographic Mix: Assets
Business and Geographi Assets by Business Assets by Region Cinema Exhibit'n 51% Total: $430.3 Million Australia 55% Total: $430.3 Million INTERNATIONAL (As of 12/31/10)
Slide 7: Real Estate Valuation
Real Estate Valuati READIN INTERNATIONAL qnee os Market Cap |Price/Book| EV/Rev |EVIEBITDA| EBITDA (mil) (mrq) (ttm) (tm) (ttm) RDI Reading International $ 113 1.0 16 126|$ 298 AKR |Acadia Realty Trust $ 771 24 92 159|$ 93.7 ADC |Agree Realty Corp. $ 215 13 88 116|$ 27.4 AEC |Associated Estates Real
Slide 8: Cinema Exhibition
Cinema Exhibition ci aU Australia - cinemas 18 3 1 = 22 Beteerls 138 16 16 = 170 New Zealand - cinemas 38 = 3 = 1 screens 44 = 16 > 60 United States - cinemas 22 4 . 2 25 sone ane 6 “ 2) 232 Sai 399 3 9 = _ = Revenues of $229.8 million YTD to 12/31/2010 READING INTERNATIONAL
Slide 9: Cinema Exhibition Valuation
READING INTERNATIONAL Cinema Exhibition Valu 7 Market Cap |Price/ Book] EV/Rev EV/IEBITDA| EBITDA Ticks Nai # ofS es mer me orsereen | (mil) (mrq) (ttm) (ttm) (ttm) RDI |Reading International. 462 | $ 113 1.0 16 126/$ 298 RGC |Regal Entertainment 6,698 /$ 2,110 NA 14 90/$ 447.1 MCS |Marcus Corporati
Slide 10: Full Year 2010
Full Year 2010
Slide 11: Twelve Month 2010 Highlights
Twelve Month 2010 Highlights eae = ourrevenue for the 2010 year was $229.8 million compared to $216.7 million in the 2009 year, an increase of $13.1 million or 6.1%, driven by a $13.4 million increase in Australia and a $2.6 million increase in New Zealand; = on April 30, 2010, we refinanced the loa
Slide 12: Twelve Month 2010 Highlights (continued)
READING INTERNATIONAL Twelve Month 2010 Highlig = during July 2010, our wholly owned subsidiary, C Corporation, and the IRS agreed to file with the Tax Court a settlement of the IRS’s claim against Craig Corporation with respect to its 1997 tax year, where the IRS conceded 70% of its proposed adjust
Slide 13: Summary Financial Data
Summary Financial Data eae Income Statement Year Ended December 31 (6 in thousands) 2010 2009 Revenues $ 229,817 $ 216,685 Operating expenses 216,688 202,821 Operating income 13,129 13,864 Net income from continuing operations 848 7,991 Net income (loss) applicable to common (12,650) 6,094 Eamings (
Slide 14: Detailed Financial Data
Detailed Financial Data Statements of Operations Revenue Operating expense Cinemalreal estate Depreciation and amortization Loss on transfer of real estate from held for sale to continuing operations Impairment expense Contractual commitment loss General and administrative Other operating income Ope
Slide 15: Reconciliation of EBITDA to Net Income
INTERNATIONAL to Net Income Reconciliation of EBIT 1 ai Year Ended December 31, 2010 2009 ($ in thousands) EBITDA from continuing operations $ 29,782 $ 37,786 Income tax expense (14,232) (1,952) Interest expense (12,286) (14,572) Depreciation & amortization (15,891) (15,135) Discontinued operations
Slide 16: Balance Sheet
Balance Sheet READING INTERNATIONAL ($ in thousands) 12/31/2010 12/31/2009 Cash and Cash Equivalents $ 34,568 $ 24,612 Receivables 5,470 9,458 Other Current Assets 64,879 7,379 Total Current Assets 104,917 41,449 Property Held for and Under Development 35,702 78,676 Property & Equipment 220,250 200,
Slide 17: Financial Charts: Revenue and Adjusted EBITDA
001 to 2010 Yearl $250,000 Financial $200,000 $150,000 Revenue & Adj EBITDA {00's} $100,000 $50,000 (50,000) READING INTERNATIONAL $500,000 $400,000 > $300,000 z st Bc oe “8 = $200,000 $200,000 s $100,000)
Slide 18: First Quarter 2011
First Quarter 2011
Slide 19: First Quarter 2011 Highlights
First Quarter 2011 Highlights eae = OnMarch 9, 2011, we received credit approval trom National Australia Bank (“NAB”) for a $108.8 million(AUS$1 05.0 million) facility that will replace our expiring Australia Corporate Credit Facility.
Slide 20: Income Statement
READING INTERNATIONAL Income Statement Three Months to March 31 ($ in thousands) Revenues Operating expenses Operating income Netincome (loss) applicable to common Earnings (loss) Per Share from continuing ops - fully diluted Earnings (loss) Per Share - fully diluted EBITDA 2011 2010 $ 54,123 $ 58,0
Slide 21: Detailed Financial Data
EADING Detailed Financial Data tnreamarionnt Three Months Ended Statements of Operations March 31, ($ in thousands) 2011 2010 Revenue $ 54,123 $ 58,040 Operating expense Cinemalreal estate 43,826 45,499 Depreciation and amortization 4,129 3,895 General and administrative 4235 4.205 Operating income
Slide 22: Reconciliation of EBITDA to Net Income
Reconciliation of EBITD to Net Income READING INTERNATIONAL ) — Three Months Ended March 31, ($ in thousands) 2011 2010 EBITDA $ 6.215 $ 7.936 Interest expense, net (3.930) (3.097) Income tax provision (636) (582) Depreciation & amortization (4,129) (3,895) Discontinued operations - (9) Net income (
Slide 23: Summary Balance Sheet
READING Summary Balance Sheet rmvenmarienne Cash and Cash Equivalents $ 26,833 $ 34,568 Receivables 4,210 5,470 Other Current Assets 66,786 64,879 Total Current Assets 97,829 104,917 Property Held for and Under Development 37,015 35,702 Property & Equipment 220,390 220,250 Investmentin Unconsolidate
Slide 24: Thank You
THANK YOU INTERNATIONAL
Reading International — Shareholder Meeting (May 2011) on 6ix