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Reading International, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenue to $60.1 million from $66.6 million in the same quarter of the previous year, attributed to lower cinema attendance and reduced property rental income.
Cinema segment revenue decreased by 10% to $56.4 million due to weaker film slates and the closure of certain U.S. cinemas. Real estate segment revenue also saw a decline of 3% to $4.9 million.
The company reported a net loss of $7.0 million for the quarter, compared to a net loss of $4.5 million in the previous year. The increase in loss is primarily due to decreased cinema revenue and increased interest expenses.
Operating expenses decreased by 7% to $51.5 million, driven by reduced film rent and occupancy costs. Depreciation and amortization expenses also decreased by 13% to $3.8 million.
Reading International's cash and cash equivalents stood at $10.1 million as of September 30, 2024, down from $12.9 million at the end of 2023. The company has $52.6 million of debt due within the next 12 months.
The company continues to focus on its liquidity management strategies, including asset monetization and refinancing of existing debt. Recent property sales have been part of these efforts.
Reading International has classified several properties as held for sale, including assets in Townsville, Australia, and Wellington and Rotorua, New Zealand, as part of its strategy to enhance liquidity.
The company anticipates a recovery in the global cinema industry and expects improved cash flows from its cinema operations in the coming quarters.
The filing also highlights ongoing challenges, such as inflation, increased interest rates, and the impact of the 2023 Hollywood Strikes on the cinema industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Reading International Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.