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| Statement |
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| In the last weeks of 2023 should benefit greatly from the recently settled SAG-AFTRA strike to have many movies like Aquaman and Wonka -- to have movies like Aquaman and Wonka be able to be promoted fully with support from lead actors, Jason Momoa and Timothy Chalamet, should go a long way to boosting the grossing potential of these tentpole movies |
| During each quarter of this year, we've delivered operational results that were an improvement over 2022 and in some cases, we established new record highs |
| However, in each instance, we'll seek to work out with the landlord a deal that's well-balanced and that could potentially give us the confidence that the venue will provide cash flow that meets our targets |
| At $1 million, our Q3 global operating income represented 115% improvement compared to Q3 2022 and was the second highest since Q4 of 2019 |
| Each of our global operational divisions, cinema, live theater and real estate, contributed to the quarter's success with each division delivering higher cash flow results compared to the third quarter of 2022 |
| Thanks to a stronger movie slate led by the phenomenal success in July at Barbenheimer, coupled with a strong operational performance from our cinema management teams, our global cinema revenue topped $62.7 million, which was 30% better than Q3 2022, represented 94% of Q3 2019 and was the highest third quarter achieved since Q4 of 2019 |
| At $5.1 million, our Q3 2023 real estate revenue represented a 24% increase over the same quarter last year and a record third quarter for our US real estate provision |
| The recent end of Hollywood strike gives us more confidence that 2023 will end on a positive note, delivering a market improvement over 2022 |
| These third quarter real estate results were driven by the rental stream from Petco, our new tenant at 44 Union Square that opened its flagship retail store in New York in June of 2023, the strong performance of our live theaters in New York City, which delivered the highest third quarter theater-level cash flow since the pandemic, and the continued solid and steady performance of our third-party tenant real estate portfolio in Australia and New Zealand, which now has 77 third-party tenants and a 97% occupancy rate in available space |
| As we continue to work towards finding that path, we believe that the outcomes will be exciting, not only for Wellingtonians and tourists to this capital city, but also our stockholders |
| That was due to better cinema segment results, due to increased attendance in our US cinema circuit, as more patrons return to the theater and stronger film slate |
| Given our upcoming 2023 and 2024 debt maturities, coupled with the current interest rate environment, which has resulted in the payment of over $5 million in interest in just the third quarter, we've recognized the urgency to improve our liquidity and strengthen our balance sheet |
| These results are due to improved segment revenue, decreased depreciation and amortization expense, partly offset by increased interest expense and decreased other income |
| As a result, our real estate business achieved the highest third quarter real estate revenue and operating income since the third quarter of 2019 |
| As I just mentioned, the strong diversified movie lineup drove our impressive third quarter box office results for our global cinema business |
| Our Q3 2023 global real estate revenue increased 24% to $5.1 million compared to Q3 of $22 million and our third quarter 2023 real estate operating income of $920,000 improved 700% from the third quarter last year |
| Its opening weekend generated over $337 million in worldwide grosses, making it the highest grossing opening weekend for a non-franchise film ever |
| Given the continued decline in the value of the Australian dollar, these operational increases were even more impressive when measured in local currency Our Australian circuit achieved several notable milestones during the third quarter |
| This impressive box office performance has allowed it to become the highest grossing World War II movie of all time as well as the highest grossing biographical movie of all time |
| The Australian cinema revenue was $24.2 million, which increased by 21% compared to the third quarter of 2022 and was the best third quarter revenue since Q3 2019 |
| While the strong box office was the key to our third quarter success, our global cinema management teams worked almost every line on the P&L to improve our overall profitability |
| Our Australian circuit also delivered an encouraging third quarter 2023 performance, thanks to movies in Australia like Barbie, Oppenheimer, Mission Impossible, Indiana Jones, and Elemental |
| Theater Camp, which opened in July, has also achieved its highest box office engagement at the Angelica New York |
| Our ancillary revenue generated primarily from theater rentals and online service fees was the highest third quarter on record |
| Other notable third quarter milestones at $12.81, our average ticket price is the highest third quarter ever |
| At $300,000, our US cinema operating income increased by $4.3 million compared to the third quarter of $22 million and our positive theater level cash flow was almost 200% ahead of the same quarter last year |
| Our US cinema revenue increased by 39% to $34.2 million compared to Q3 2022, represented the best quarterly revenue performance since Q4 2019 and outperformed Q2 2023 revenue performance |
| This winning combination of box office and management prowess drove our third quarter 2023 global cinema operating income to improve by 306% to $4.4 million compared to an operating loss of $2.1 million during the third quarter of 2022 |
| This increase was primarily the result of strengthened cinema operating performance and rent from our Petco tenant |
| This cinematic adaptation of a popular video game generated over $132 million in its opening weekend and it delivered the highest opening in North America for a PG-13 harmoving over two decades |
| Statement |
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| While we believe that the property has a fair market value in excess of its book value, the office market in Los Angeles continued to deteriorate over the summer due to interest rate hikes, continuing work-from-home trends can result in increasing office space vacancies and the prevalence of bottom theaters looking for distressed real estate |
| While we're thrilled that the riders and sack strike have come to an end, we anticipate that the halting of movie production from May 2023 until this month will have some negative impact on the release schedule for '24 and even early '25 |
| On a US dollar basis, Australian real estate revenue for the third quarter decreased slightly by $91,000 to $3.1 million compared to the third quarter of 2022 and in New Zealand, our third quarter real estate revenue decreased slightly by $10,000 to $380,000 compared to the same quarter last year |
| In 2019, we closed the majority of the building in Wellington due to seismic issue that we discovered that could potentially put the families of Wellington at risk |
| Net loss attributable to Reading International for the quarter ended September 30, 2023, decreased by $0.8 million to a net loss of $4.4 million, when compared to the same period in the prior year |
| Net loss attributable to Reading International for the nine months ended September 30, 2023, decreased by $4.7 million to a loss of $18.3 million when compared to the same period in 2022 |
| However, the commercial real estate values in New York have been significantly impacted by the same issues of elevated interest rates, office vacancies and work-from-home preference of employees |
| Depreciation, amortization, impairment and G&A expenses for the nine months ended September 30, 2023, decreased by $5.1 million to $29.6 million compared to the same period in the prior year |
| The weakening again of the Australian dollar and New Zealand dollar against the US dollar, which has a major impact on us, for more -- as more than half of our revenues are generated from Australia and New Zealand |
| Basic loss per share decreased by $0.03 to a basic loss per share of $0.20 for the quarter ended September 30, 2023, compared to the quarter ended September 30, 2022 |
| Our total company depreciation, amortization, impairment and general and administrative expenses for the quarter ended September 30, 2023, decreased slightly by $0.3 million to $10 million compared to the same quarter in the prior year |
| If we're not confident that we'll make double-digit return on our invested dollars, it's our current intention not to exercise the option or seek to put in place a new lease |
| As we continue to focus on preserving our liquidity, no shares were purchased during the quarter ended September 30, 2023, and our stock repurchase program has and will likely continue to take a lower capital allocation priority for the foreseeable future |
| With respect to our office building in Culver City, California, unfortunately, Newmark has not been able to sell the building at its advertised price |
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