Market Overview

Reading International Announces Third Quarter 2017 Results

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Earnings Call Webcast to discuss 2017 Third Quarter Financial Results
scheduled to post on Corporate Website on Thursday, November
9, 2017

Reading International, Inc. (NASDAQ:RDI) today announced results for
the third quarter and nine months ended September 30, 2017. Basic
Earnings per Share ("EPS") were $0.07 and $1.02 for the quarter and nine
months ended September 30, 2017, respectively, compared with $0.17 and
$0.39 for the prior year's periods. Our nine-month results were
positively impacted by the (i) recognition of a gain on sale of our
Burwood property in Australia and (ii) receipt of insurance proceeds
relating to our Courtenay Central entertainment themed center ("ETC") in
Wellington, New Zealand.

Consolidated revenues for the third quarter of 2017 decreased by 7% (or
$5.2 million) from a year ago mainly due to lower admissions and food &
beverage ("F&B") revenues, partially offset by higher real estate
revenues. The quarter's weaker film slate compared to the prior year
period's strong industry box office negatively impacted global cinema
revenues. Our real estate segment posted increased revenues due to (i)
additional settlement proceeds relating to STOMP currently playing at
our Orpheum Theatre in New York, and (ii) new tenancies in our
Australian real estate operations.

Consolidated revenues for the first nine months of 2017 increased by 2%
($4.9 million) due to the following:

  • higher admissions and increased food & beverage ("F&B") revenues in
    our Australian cinemas, offset by lower performance of our U.S. and
    New Zealand cinemas;
  • the receipt of business interruption insurance proceeds of our
    Courtenay Central ETC in Wellington, New Zealand relating to the
    closure of that facility from November 2016 to March 2017, offset by
    lost revenues during Q1 2017; and,
  • settlement proceeds relating to STOMP.

The following table summarizes the third quarter and first nine-month
results for 2017 and 2016:

 
  Quarter Ended   Nine Months Ended
    % Change     % Change
September 30, September 30, Favorable/ September 30, September 30, Favorable/
(Dollars in millions, except EPS) 2017 2016 (Unfavorable) 2017 2016 (Unfavorable)
Revenue $ 66.1 $ 71.3 (7 )% $ 208.0 $ 203.0 2 %
- US 33.3 34.9 (5 )% 105.1 103.7 1 %
- Australia 25.4 27.8 (9 )% 80.6 75.4 7 %
- New Zealand 7.4 8.6 (14 )% 22.3 23.9 (7 )%
Segment operating income (1) $ 8.3 $ 11.5 (28 )% $ 31.2 $ 32.4 (4 )%
Net income(2) $ 1.6 $ 3.9 (60 )% $ 23.6 $ 9.1 > 100%
EBITDA (1) $ 8.1 $ 10.9 (26 )% $ 49.3 $ 30.2 63 %
Adjusted EBITDA (1) $ 8.2 $ 10.9 (25 )% $ 41.2 $ 30.2 36 %
Basic EPS (2) $ 0.07 $ 0.17 (60 )% $ 1.02 $ 0.39 > 100%
 

(1)

 

Aggregate segment operating income, earnings before interest
expense (net of interest income), income tax expense, depreciation
and amortization expense ("EBITDA") and adjusted EBITDA are
non-GAAP financial measures. See the discussion of non-GAAP
financial measures that follows.

(2)

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