The following is a summary of the Reading International, Inc. (RDI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Reading International reported a full year 2023 revenue of $222.7 million, reflecting a 10% rise from 2022 and 80% of the 2019 total revenue.

• Global cinema revenue was $207.6 million for 2023, which is a 9% increase when compared to 2022.

• The segment operating result improved by 13.5% from an operating loss in 2022 of $11.2 million to an operating income of $3.9 million in 2023.

• The company managed to reduce the operating loss of its cinema by $11.84 million, yielding a positive income of $124,000.

• The company's global real estate operating income was $3.8 million, up by 649% over 2022.

• The consolidated revenues for Q4 2023 decreased by $1.9 million to $45.3 million.

Business Progress:

• Reading International is focused on lowering its debt and interest expense via strategic asset monetization.

• They have successfully sold properties in New South Wales and Culver City.

• The company expects an increase in movie flow towards the end of 2024, extending into 2025.

• In the US, cinema revenue went up by 17% to $113.8 million in 2023 with an improved operating loss of $11.4 million.

• Records were set for the Australian and New Zealand per capita box office and F&B Spend Per Patron.

• They have partnered with New York-based Real Estate firm, George Comfort for their property at 44 Union Square and seek to extend their licensed agreement with Audible for the Moneta Lane Theater.

• The potential monetization of assets to weather economic volatility and uncertainties is under active discussion.

• Reading International plans on maintaining similar staffing levels in 2024, the same as in 2023, regardless of some relocation plans.

More details: Reading International-A IR

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