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Reading International Inc (RDI-3.82%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company reported total revenues of $210.5 million, a decrease from $222.7 million in the previous year. This decline is attributed to a weaker movie slate due to the lingering impacts of the 2023 Hollywood strikes.
Cinema exhibition operating income decreased to a loss of $2.8 million from an income of $124,000 in 2023. The decline was primarily driven by lower box office and concession revenues.
Real estate operating income increased to $4.7 million from $3.8 million in the previous year, supported by higher rental and ancillary income.
Net loss attributable to Reading International was $35.3 million, an increase from a net loss of $30.7 million in 2023. This was due to decreased cinema revenues and increased interest expenses.
The company reported cash and cash equivalents of $12.3 million as of December 31, 2024, with total liabilities amounting to $475.8 million.
Reading International continues to focus on monetizing real estate assets to address liquidity challenges, having generated $156.1 million from asset sales between 2021 and 2024.
The company anticipates further real estate monetizations and refinancing efforts to meet its liquidity needs for 2025 and 2026.
Reading International's real estate segment demonstrated resilience, with most Australian tenants meeting rental obligations and a 96% leasing rate for non-cinema rental space.
The company remains optimistic about the cinema business, expecting improvements in audience levels and box office revenues with the release of anticipated blockbuster films in 2025.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.