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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

(Mark One)

þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2021

OR

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-8625

READING INTERNATIONAL, INC.

(Exact name of Registrant as specified in its charter)

Nevada

State or other jurisdiction of incorporation or organization)

95-3885184

(IRS Employer Identification Number)

5995 Sepulveda Boulevard, Suite 300

Culver City, CA

(Address of principal executive offices)

 

90230

(Zip Code)

Registrant’s telephone number, including area code: (213) 235-2240

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Class A Nonvoting Common Stock, $0.01 par value

 

RDI

 

NASDAQ

Class B Voting Common Stock, $0.01 par value

RDIB

NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ  No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨ Accelerated Filer þ Non-Accelerated Filer  ¨ Smaller Reporting Company  ¨ Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨  No  þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of May 14, 2021, there were 20,128,813 shares of Class A Nonvoting Common Stock, $0.01 par value per share and 1,680,590 shares of Class B Voting Common Stock, $0.01 par value per share outstanding.

 

1


READING INTERNATIONAL, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

Page

PART I - Financial Information

3

Item 1 – Financial Statements

3

Consolidated Balance Sheets (Unaudited)

3

Consolidated Statements of Income (Unaudited)

4

Consolidated Statements of Comprehensive Income (Unaudited)

5

Consolidated Statements of Cash Flows (Unaudited)

6

Notes to Consolidated Financial Statements (Unaudited)

7

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

Item 3 – Quantitative and Qualitative Disclosure about Market Risk

60

Item 4 – Controls and Procedures

61

PART II – Other Information

62

Item 1 – Legal Proceedings

62

Item 1A – Risk Factors

62

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3 – Defaults Upon Senior Securities

63

Item 4 – Mine Safety Disclosure

63

Item 5 – Other Information

63

Item 6 – Exhibits

64

SIGNATURES

65

Certifications

 


 

2


PART 1 – FINANCIAL INFORMATION

Item 1 - Financial Statements

READING INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share information)

March 31,

December 31,

2021

2020

ASSETS

(unaudited)

Current Assets:

Cash and cash equivalents

$

40,920

$

26,826

Receivables

2,492

2,438

Inventory

896

1,059

Prepaid and other current assets

5,142

8,414

Land and property held for sale

30,510

17,730

Total current assets

79,960

56,467

Operating property, net

317,153

353,125

Operating lease right-of-use assets

213,625

220,503

Investment and development property, net

9,728

11,570

Investment in unconsolidated joint ventures

4,896

5,025

Goodwill

27,449

28,116

Intangible assets, net

3,997

3,971

Deferred tax asset, net

3,318

3,362

Other assets

7,904

8,030

Total assets

$

668,030

$

690,169

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable and accrued liabilities

$

44,520

$

38,877

Film rent payable

2,342

2,473

Debt - current portion

1,606

41,459

Subordinated debt - current portion

685

840

Derivative financial instruments - current portion

218

218

Taxes payable - current

7,386

82

Deferred revenue

9,473

10,133

Operating lease liabilities - current portion

22,983

22,699

Other current liabilities

3,742

3,826

Total current liabilities

92,955

120,607

Debt - long-term portion

211,836

213,779

Derivative financial instruments - non-current portion

152

212

Subordinated debt, net

26,561

26,505

Noncurrent tax liabilities

13,229

13,070

Operating lease liabilities - non-current portion

205,723

212,806

Other liabilities

21,824

22,017

Total liabilities

572,280

608,996

Commitments and contingencies (Note 14)

 

 

Stockholders’ equity:

Class A non-voting common stock, par value $0.01, 100,000,000 shares authorized,

33,056,735 issued and 20,120,625 outstanding at March 31, 2021 and

33,004,717 issued and 20,068,607 outstanding at December 31, 2020

232

231

Class B voting common stock, par value $0.01, 20,000,000 shares authorized and

1,680,590 issued and outstanding at March 31, 2021 and December 31, 2020

17

17

Nonvoting preferred stock, par value $0.01, 12,000 shares authorized and no issued

or outstanding shares at March 31, 2021 and December 31, 2020

Additional paid-in capital

150,332

149,979

Retained earnings/(deficits)

(25,588)

(44,553)

Treasury shares

(40,407)

(40,407)

Accumulated other comprehensive income

9,957

12,502

Total Reading International, Inc. stockholders’ equity

94,543

77,769

Noncontrolling interests

1,207

3,404

Total stockholders’ equity

95,750

81,173

Total liabilities and stockholders’ equity

$

668,030

$

690,169

See accompanying Notes to the Unaudited Consolidated Financial Statements.

 

3


READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; U.S. dollars in thousands, except per share data)

Three Months Ended

March 31,

2021

2020

Revenue

Cinema

$

18,115

$

46,310

Real estate

3,192

2,918

Total revenue

21,307

49,228

Costs and expenses

Cinema

(21,882)

(42,292)

Real estate

(2,655)

(2,760)

Depreciation and amortization

(5,650)

(5,270)

General and administrative

(5,097)

(5,945)

Total costs and expenses

(35,284)

(56,267)

Operating income (loss)

(13,977)

(7,039)

Interest expense, net

(4,363)

(1,789)

Gain (loss) on sale of assets

46,545

Other income (expense)

1,641

(218)

Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures

29,846

(9,046)

Equity earnings of unconsolidated joint ventures

(50)

78

Income (loss) before income taxes

29,796

(8,968)

Income tax benefit (expense)

(7,728)

3,013

Net income (loss)

$

22,068

$

(5,955)

Less: net income (loss) attributable to noncontrolling interests

3,103

(80)

Net income (loss) attributable to Reading International, Inc. common shareholders

$

18,965

$

(5,875)

Basic earnings (loss) per share attributable to Reading International, Inc. shareholders

$

0.87

$

(0.27)

Diluted earnings (loss) per share attributable to Reading International, Inc. shareholders

$

0.86

$

(0.27)

Weighted average number of shares outstanding–basic

21,761,307

21,752,371

Weighted average number of shares outstanding–diluted

22,170,268

22,119,621

See accompanying Notes to the Unaudited Consolidated Financial Statements. 

 

4


READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; U.S. dollars in thousands)

Three Months Ended

March 31,

2021

2020

Net income (loss)

$

22,068

$

(5,955)

Foreign currency translation gain (loss)

(2,657)

(15,698)

Gain (loss) on cash flow hedges

61

(214)

Other

51

33

Comprehensive income (loss)

19,523

(21,834)

Less: net income (loss) attributable to noncontrolling interests

3,103

(80)

Less: comprehensive income (loss) attributable to noncontrolling interests

(18)

Comprehensive income (loss) attributable to Reading International, Inc.

$

16,420

$

(21,736)

See accompanying Notes to the Unaudited Consolidated Financial Statements

 

5


READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; U.S. dollars in thousands)

Three Months Ended

March 31,

2021

2020

Operating Activities

Net income (loss)

$

22,068

$

(5,955)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Equity earnings of unconsolidated joint ventures

50

(78)

Distributions of earnings from unconsolidated joint ventures

229

Gain recognized on foreign currency transactions

(2,370)

(Gain) Loss on sale of assets

(46,545)

Amortization of operating leases

5,607

5,028

Amortization of finance leases

12

39

Change in operating lease liabilities

(5,486)

(4,833)

Interest on hedged derivatives

Change in net deferred tax assets

471

Depreciation and amortization

5,650

5,270

Other amortization

334

217

Stock based compensation expense

464

335

Net changes in operating assets and liabilities:

Receivables

167

3,867

Prepaid and other assets

2,544

(4,027)

Payments for accrued pension

(171)

(171)

Accounts payable and accrued expenses

6,748

(3,552)

Film rent payable

(107)

(4,821)

Taxes payable

7,627

(49)

Deferred revenue and other liabilities

(366)

(642)

Net cash provided by (used in) operating activities

(3,774)

(8,672)

Investing Activities

Purchases of and additions to operating and investment properties

(1,663)

(9,804)

Proceeds from sale of assets

65,569

Net cash provided by (used in) investing activities

63,906

(9,804)

Financing Activities

Repayment of borrowings

(42,552)

(22,733)

Repayment of finance lease principal

(12)

(40)

Proceeds from borrowings

2,337

84,648

Capitalized borrowing costs

(75)

(270)

Repurchase of Class A Nonvoting Common Stock

(671)

(Cash paid) proceeds from the settlement of employee share transactions

(111)

(29)

Noncontrolling interest distributions

(5,300)

Net cash provided by (used in) financing activities

(45,713)

60,905

Effect of exchange rate changes on cash and cash equivalents

(325)

329

Net increase (decrease) in cash and cash equivalents

14,094

42,758

Cash and cash equivalents at January 1

26,826

12,135

Cash and cash equivalents at March 31

$

40,920

$

54,893

Supplemental Disclosures

Interest paid

$

4,306

$

2,381

Income taxes (refunded) paid

(3,500)

1,426

Non-Cash Transactions

Additions to operating and investing properties through accrued expenses

3,883

5,671

See accompanying Notes to the Unaudited Consolidated Financial Statements. 

 

6


READING INTERNATIONAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

Note 1 – Description of Business and Segment Reporting

Our Company

Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading,” and “we,” “us,” or “our”) was incorporated in 1999. Our businesses consist primarily of:

the development, ownership, and operation of cinemas in the United States, Australia, and New Zealand; and,

the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States.

Business Segments

Reported below are the operating segments of our Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of our Company. As part of our real estate activities, we hold undeveloped land in urban and suburban centers in the United States, Australia, and New Zealand. In the first quarter of 2021, we sold our undeveloped land in Coachella, California, and Manukau, New Zealand.

The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2021 and 2020, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets.

Three Months Ended

March 31,

(Dollars in thousands)

2021

2020

Revenue: