Reading International, a diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced its results for the first quarter ended March 31, 2023. President and chief executive officer Ellen Cotter said, “During the first quarter of 2023, our global revenue grew 14 percent, negative EBITDA improved by 60 percent and our operating loss reduced by 33 percent.
“The strong box office performance of movies like Avatar: The Way of Water, which is currently the third highest grossing film of all time, as well as Ant Man and the Wasp: Quantumania, Creed III, Puss in Boots: The Last Wish, and John Wick: Chapter 4 reinforced our view that audiences in the U.S., Australia and New Zealand will continue to embrace the magic of great movies in a shared big screen environment. Our momentum continued into the early second quarter with The Super Mario Bros. Movie, which, broke the record for the biggest global debut for any animated film and has grossed over $1 billion to date. We are pleased that the remainder of 2023 looks promising with movies like Indiana Jones and the Dial of Destiny, The Flash, Mission Impossible – Dead Reckoning Part One, Barbie, The Marvels and Aquaman and the Lost Kingdom.”
Ms. Cotter continued, “With over $5.1 million in revenue and $1 million in income, our global real estate division delivered the highest quarterly operating revenue and income since December 2019 driven primarily by the commencement of rent from Petco, which is leasing approximately 42 percent of our 44 Union Square property in NYC, and the strong performance of our 75 third party tenant real estate portfolio in Australia and New Zealand. And, more recently, the new show, The Empire Strips Back, which started public performances at our Orpheum Theatre in NYC on May 10, 2023, looks like it will be a worthy successor to the long running show, Stomp, based on advance ticket sales.”
Ms. Cotter concluded, “These positive first quarter results come despite headwinds from unfavorable foreign exchange rates, inflationary cost pressure, labor shortages and material increases in interest expense. While we recognize the global cinema industry will take a few years to achieve pre-pandemic levels, our ‘two business/three country’ diversified business structure and high-quality real estate assets, together with our dedicated global team, continue to drive improvement across our portfolio.”
Reading International http://www.readingrdi.com