Reading International, Inc. reported a decline in financial performance for the first quarter of 2025, with total revenue falling to $40.2 million, down 11% from $45.1 million in the same period last year. The cinema segment generated $36.4 million, a decrease of 12% compared to $41.3 million in the prior year, primarily due to lower attendance driven by a weaker film slate and the closure of certain cinemas. The real estate segment also saw a slight revenue decline, totaling $3.8 million, down from $3.9 million. The company recorded a net loss of $4.9 million, a significant improvement from the $13.4 million loss reported in the first quarter of 2024.
In terms of operational changes, Reading International has been actively managing its cinema portfolio, closing underperforming locations to reduce costs. Since the onset of the COVID-19 pandemic, the company has closed or surrendered seven cinemas, including one additional closure in April 2025. The company is also working to renegotiate leases to better align occupancy costs with current revenue levels. Despite these closures impacting gross revenues, management believes they will enhance long-term profitability.
The company has made strategic moves in its real estate segment, including the sale of its Wellington properties in New Zealand for NZ$38 million, which allowed for the repayment of a significant loan. Additionally, Reading International has classified its Cannon Park property in Australia as held for sale, with an expected closing in May 2025. The company is also exploring options for monetizing other real estate assets to bolster liquidity.
As of March 31, 2025, Reading International reported total assets of $441 million, down from $471 million at the end of 2024. The company’s cash and cash equivalents decreased to $5.9 million from $12.3 million, while total debt stood at $186.6 million. The company continues to face challenges from macroeconomic conditions, including inflation and rising interest rates, which have impacted its operations and financial flexibility. Looking ahead, management remains cautiously optimistic about the cinema industry's recovery, bolstered by a strong film release schedule and ongoing improvements to food and beverage offerings across its cinemas.
About READING INTERNATIONAL INC
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