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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.