What does Reading B do and what are its main business segments?

What were the key takeaways from Reading B’s earnings call?

What is Reading B's gross profit margin?

What is the market's earnings forecast for Reading B next quarter?

What guidance did Reading B's management provide for the next earnings period?

What is Reading B's latest dividend and current dividend yield?

Did Reading B beat or miss consensus estimates last quarter?

What were the key takeaways from Reading B's earnings call?

- **Revenue Recovery**: Global revenue up 29% YoY to $60.4M, with cinema revenue at 79% of pre-pandemic levels. Operating income surged 138% to $2.9M.
- **F&B Success**: Record F&B SPP across regions ($8.26 AUD in Australia, $9.13 in US), driven by themed menus and merchandise sales.
- **Debt Reduction**: Repaid $102.5M since 2020, including $1.5M from recent asset sales. Total borrowings down 14% to $173.4M.
- **Film Slate Strength**: Q2 2025 box office exceeded expectations, with June revenue at 99% of pre-pandemic levels. Key titles like Minecraft Movie and Lilo & Stitch performed strongly.
- **Lender Support**: NAB and Bank of America extended debt maturities to 2026-2027, supporting liquidity.


**【Management Opening Remarks】**
- The call began with standard disclaimers regarding forward-looking statements and non-GAAP financial measures (e.g., adjusted EBITDA, TLCF, ATP, F&B SPP). Key metrics included theater-level cash flow (TLCF) and food/beverage spend per patron (F&B SPP). The CFO emphasized the exclusion of non-recurring costs in EBITDA calculations.

**【CEO Summary Section】**
- **Revenue Growth**: Global total revenue rose 29% YoY to $60.4 million, with cinema revenue up 32% to $56.8 million (79% of pre-pandemic levels). Operating income increased 138% to $2.9 million, and EBITDA turned positive at $6.3 million (vs. -$3.6 million in Q2 2024).
- **Strategic Initiatives**: 
  - **F&B Program Success**: Record F&B SPP in all regions (Australia: $8.26, NZ: NZD 7.14, US: $9.13), driven by online sales, themed menus, and merchandise (e.g., $0.5M in US movie-themed merchandise).
  - **Membership Programs**: Over 336,000 Reading Rewards members in Australia/NZ and 165,000 Angelika members in the US. Paid memberships launched in Australia/NZ (15,000+ sign-ups) and planned for the US.
  - **Cost Management**: Closure of underperforming theaters (e.g., San Diego Reading Cinemas) and renegotiated leases to reflect economic realities.
- **Film Slate Performance**: Strong box office from titles like Minecraft Movie, Lilo & Stitch, and How to Train Your Dragon. Q2 2025 box office exceeded expectations, with June 2025 revenue at 99% of pre-pandemic levels.
- **Real Estate Sales**: $32M sale of Cannon Park assets used to reduce debt by $1.5M. Total debt repayment since June 2020: $102.5M.
- **Currency Impact**: 50% of revenue generated in Australia/New Zealand, with weaker AUD/NZD exchange rates reducing reported results.

**【CFO Financial Commentary】**
- **Net Loss**: $2.7M (vs. -$12.8M in Q2 2024), driven by improved cinema and real estate performance, $1M interest expense reduction, and $1.8M gain on asset sales.
- **Adjusted EBITDA**: $6.3M (vs. -$3.6M in Q2 2024), reflecting operational efficiency and asset monetization.
- **Cash Flow**: Operating cash outflow decreased by $7M to $6.2M. Investing cash inflow increased by $30.4M to $37.8M (from asset sales). Financing cash outflow rose by $36M to $44.9M (debt repayments).
- **Debt Reduction**: Total borrowings decreased by $29.3M to $173.4M. Key lender extensions include NAB (Australia) and Bank of America (US), with maturity dates extended to 2026-2027.

**【Q&A Highlights】**
- **Asset Sales and Lender Appetite**: NAB expressed interest in longer-term facilities due to improved cash flow. The Courtenay Central cinema in NZ is expected to reopen in late 2026/early 2027 after seismic upgrades, with Reading planning multi-million dollar renovations.
- **Investor Engagement**: Management is evaluating future investor relations activities, including virtual roadshows and conferences, to highlight recovery progress.


Reading International, Inc. (RDI) Q2 2025 Earnings Call Transcript

- **Asset Sales Boost Liquidity**: NZD38M Wellington sale reduced debt and interest costs; AUD32M Townsville sale expected in May.
- **Operational Turnaround**: Q1 2025 EBITDA of $2.9M (vs. -$4M YoY), driven by cost-cutting and cinema closures.
- **Box Office Recovery**: Q2 2025 revenue up YoY; Q4 slate includes major blockbusters like *How to Train Your Dragon 4*.
- **F&B Growth Leader**: U.S. F&B SPP at $7.97 (highest Q1 ever); Australia SPP up 72% YoY.
- **Debt Reduction Progress**: Total borrowings down to $186.6M; repaid $16.6M in Q1 2025.

**【CEO Business Overview】**
- **Asset Sales Impact**: Sold Wellington assets for NZD38M, reducing debt by NZD18.8M and $6.1M, with a net profit of $6.6M. Townsville sale expected in late May for AUD32M.
- **Operational Efficiency**: Q1 2025 global operating loss of $6.9M (down 8.5% YoY), driven by closure of 2 underperforming cinemas and cost-cutting.
- **Box Office Outlook**: Q2 2025 box office strong with hits like *A Minecraft Movie* ($930M global) and *Sinners* ($320M global). Q4 2025 slate includes *How to Train Your Dragon 4* and *Mission Impossible: The Final Reckoning*.
- **F&B Growth**: Q1 2025 F&B Spend Per Patron (SPP) at $7.97 (U.S.), highest in U.S. history; Australia SPP at $7.83 (highest Q1 ever).
- **Loyalty Programs**: 325,000+ Reading Rewards members globally; 12,000+ paid memberships in Australia/New Zealand.

**【CFO Financial Review】**
- **Revenue & Loss**: Q1 2025 revenue $40.2M (-11% YoY), net loss $4.8M (-63% YoY). EBITDA improved to $2.9M (vs. -$4M YoY).
- **Debt Management**: Total borrowings $186.6M as of Q1 2025. Repaid $10.5M Westpac loan and $6.1M Bank of America loan. Extending maturity dates for key loans.
- **Cash Flow**: Operating cash outflow $7.7M (vs. $2.8M YoY). Investing cash inflow $17.9M (vs. $7.6M YoY) from asset sales.

**【Q&A Key Takeaways】**
- **CapEx Plans**: 1 U.S. theater to convert to recliners in 2025; 4 other cinemas (2 U.S., 1 Australia, 1 New Zealand) in planning stages.
- **Asset Optimization**: Minetta Lane and Orpheum theaters generating stable cash flow; no immediate plans for redevelopment.
- **Debt Strategy**: Santander loan extension expected with partial paydown; interest rates to remain stable.
- **Investor Engagement**: Presenting at Sidoti Conference; exploring non-deal roadshows but no paid analyst coverage due to cost constraints.

Reading International, Inc. (RDI) Q1 2025 Earnings Call Transcript

- **Revenue Recovery**: Q4 2024 total revenue up 29% YoY to $58.6 million, with global cinema revenue at $54.6 million (30% YoY growth). F&B SPP hit record highs across all regions.
- **Profitability Milestones**: First positive Q4 operating income since 2019 ($1.5 million) and 400% EBITDA increase to $6.8 million. Australia and NZ cinemas saw 37% and 53% revenue growth, respectively.
- **Debt Reduction Progress**: Culver City office sale ($10M) and Wellington asset sale (NZD 38M) reduced debt by $14.4M. 2025 focuses on asset monetization to further lower interest expenses.
- **Operational Efficiency**: U.S. F&B SPP of $8.28 outperformed competitors, and loyalty programs added 300k+ members globally. 1 U.S. and 1 NZ cinema closure expected to save $500k-$1.2M annually.
- **Future Growth**: 2025 film slate includes major franchises (MCU, Jurassic World, Avatar), with Noosa cinema project delayed to 2027. 2025 investor engagement plans include roadshows and microcap conference participation.

**【CEO Summary Section】**
- **Global Revenue Growth**: Q4 2024 total revenue reached $58.6 million, a 29% YoY increase, driven by a strong film slate and operational efficiency improvements. Global cinema revenue was $54.6 million, up 30% YoY, with F&B spend per patron (F&amp;B SPP) hitting record highs across all regions.
- **Operational Turnaround**: Q4 2024 global operating income turned positive at $1.5 million (vs. $7 million loss in Q4 2023), and adjusted EBITDA rose 400% to $6.8 million. Australia and New Zealand cinemas saw revenue increases of 37% and 53%, respectively.
- **Strategic Initiatives**: Focused on debt reduction through asset monetization (e.g., Culver City office sale for $10 million) and cost control. U.S. F&B SPP reached $8.28, surpassing major competitors, and loyalty programs added over 300,000 members globally.

**【CFO Financial Commentary】**
- **Profitability Improvement**: Q4 2024 net loss narrowed to $2.2 million (vs. $12.4 million in Q4 2023), with cash flow from operations improving by $5.9 million YoY. Adjusted EBITDA of $6.8 million marked the highest Q4 since 2019.
- **Debt Management**: Total borrowings reduced to $202.7 million as of Q4 2024, with key debt restructures (e.g., Bank of America loan repayment post-Wellington asset sale). Liquidity initiatives included $12 million AUD bridge facility and interest rate hedging.
- **Balance Sheet Strength**: Cash reserves stood at $12.3 million, with $5 million allocated to U.S. operations to support cinema upgrades and strategic initiatives.

**【Q&A Key Takeaways】**
- **Capital Allocation**: 2025 priorities include debt reduction and selective theater upgrades (e.g., 4 theaters with recliner seating). Closure of 1 U.S. and 1 New Zealand underperforming cinemas expected to save $500k-$1.2 million annually.
- **Growth Pipeline**: Australian Noosa cinema project delayed to 2027 due to town planning. No new U.S. or Australian developments announced beyond existing pipeline.
- **Investor Engagement**: 2025 plans include 2 non-deal roadshows and microcap conference participation to expand investor outreach after 2024 inactivity.


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