Reading International announced the company’s third-quarter results today, which included third-quarter cinema segment revenue of $48.4M, which is a 68% improvement compared to the same period in 2021. Cinema segment operating loss for the third-quarter was $2.1M, which improved by 58% compared to the same period in 2021. Reading’s cinema subsidiaries operate under multiple cinema brands, including Reading Cinemas, Angelika Film Centers, and Consolidated Theatres.
Other key statistics include:
- Cinema segment revenue for the nine months ending September 30th was $147.5M, an increase of 85% compared to the same period in 2021.
- Cinema segment operating loss for the nine months ending September 30th improved by 71.4% to a loss of $5.9M compared to the same period in 2021.
- Overall Q3 global revenue for the company was $51.2M, which is a 61% increase in revenue from the same period in 2021. Global operating loss improved by approximately 40% from $11M to $6.7M.
Reading International announced that it plans to focus on the implementation of their cinema business plan, which includes the enhancement of food and beverage offerings, procuring additional cinema liquor licenses, and refurbishing older cinemas with luxury seating and premium large formats.
President and Chief Executive Officer Ellen Cotter said, “Our third quarter 2022 global revenue grew 61% year-over-year to $51.2M, demonstrating our operational progress in a post-COVID environment. This progress occurred despite the headwinds of a soft Hollywood movie slate in August and September and, with respect to our Australian and New Zealand operations, an appreciation of the U.S. dollar that has impacted U.S. based multi-nationals in general. Despite the lackluster film slate over the last few months, we know our global audiences are excited about the upcoming holiday theatrical movie season to be led by Black Panther: Wakanda Forever and Avatar: The Way of Water, two of Hollywood’s strongest franchises.”
Reading Cinemas ranked #20 on Boxoffice PRO‘s Giants of Exhibition 2022 ranking of North America’s largest cinema exhibition circuits, with 238 screens at 24 locations.