Reading International reports record box office revenues for November and December 2024 across global cinema operations.
Quiver AI Summary
Reading International, Inc. announced record-breaking box office results for its global cinema operations during the November and December 2024 holiday period, fueled by popular Hollywood releases such as Wicked and Moana 2. The company's Australian theaters set revenue records for both months, with December 2024 achieving the highest December revenue ever, surpassing the previous record from 2019. Similarly, its New Zealand cinemas marked their best November and December box office revenues since the pandemic. In the U.S., despite closing several unprofitable theaters, Reading's brands also reached their highest box office figures since the pandemic during those months. Additionally, the company launched a new loyalty program in Australia, Reading Rewards, to enhance customer engagement.
Potential Positives
- Reading International's global cinema operations achieved record box office results over the 2024 holiday period, indicating strong audience turnout and revenue growth.
- The company's Australian cinema circuit set new revenue records for both November and December, marking significant performance compared to previous years.
- The launch of a new loyalty program, Reading Rewards, enhances customer engagement and provides additional revenue opportunities through membership upgrades.
Potential Negatives
- Despite achieving record box office revenues in Australia and New Zealand, the announcement underscores ongoing challenges in the U.S. market, where the company has had to close multiple unprofitable cinemas since 2019.
- The forward-looking statements about future performance come with significant disclaimers, indicating uncertainty and potential volatility in the company's financial outlook, which may concern investors.
FAQ
What were the box office records achieved by Reading International in late 2024?
Reading International set several box office records during the November and December 2024 holiday period across its global cinema operations.
Which blockbuster movies contributed to Reading's box office success?
Hollywood blockbusters like Wicked, Moana 2, Gladiator II, Mufasa: The Lion King, and Sonic the Hedgehog 3 contributed to the success.
What is the Reading Rewards Loyalty Program?
The Reading Rewards Loyalty Program allows customers in Australia to earn points redeemable for tickets and food, with upgrade options available.
How did US box office results compare to pre-pandemic levels?
In the US, December and November 2024 box office results were the highest since the pandemic began, marking a strong recovery.
Where can I find more information about Reading International?
Additional information about Reading International can be found on their official website at www.readingrdi.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$RDI Insider Trading Activity
$RDI insiders have traded $RDI stock on the open market 15 times in the past 6 months. Of those trades, 14 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $RDI stock by insiders over the last 6 months:
- DOUGLAS JAMES MCEACHERN has made 14 purchases buying 41,500 shares for an estimated $72,750 and 0 sales.
- STEVEN JOHN LUCAS (VP, Controller & CAO) sold 10,000 shares for an estimated $18,100
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$RDI Hedge Fund Activity
We have seen 6 institutional investors add shares of $RDI stock to their portfolio, and 17 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- KRILOGY FINANCIAL LLC added 246,000 shares (+11.6%) to their portfolio in Q4 2024, for an estimated $324,720
- DIMENSIONAL FUND ADVISORS LP removed 114,427 shares (-27.0%) from their portfolio in Q3 2024, for an estimated $186,516
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 35,999 shares (+81.1%) to their portfolio in Q3 2024, for an estimated $58,678
- TETON ADVISORS, INC. removed 30,600 shares (-14.4%) from their portfolio in Q3 2024, for an estimated $49,878
- LOGAN STONE CAPITAL, LLC removed 26,639 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $43,421
- YACKTMAN ASSET MANAGEMENT LP removed 25,000 shares (-5.0%) from their portfolio in Q3 2024, for an estimated $40,750
- CITADEL ADVISORS LLC removed 22,068 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $35,970
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Reading International, Inc. (NASDAQ: RDI) (“Reading” or our “Company”), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia, and New Zealand, today announced that its global cinema operations achieved several box office records over the November and December 2024 holiday period driven by the release of a variety of Hollywood blockbusters, including
Wicked
,
Moana 2
,
Gladiator II
,
Mufasa: The Lion King
and
Sonic the Hedgehog 3
. Our Company’s specialty theaters, trading under the Angelika brand, likewise enjoyed a strong box office from award winning movies like
The Brutalist
,
Anora
,
The Room Next Door, Queer
and
A Real Pain
.
Our Company’s Australian circuit, trading under the Reading Cinemas (
www.ReadingCinemas.com.au
) and Angelika (
www.AngelikaCinemas.com.au
) brands set Box Office Revenue records for both November and December:
December 2024 was the highest December Box Office result ever, eclipsing the previous record set in December 2019.
November 2024 was the highest November Box Office result ever.
Reading Cinemas in New Zealand (
www.ReadingCinemas.co.nz
) captured the following Box Office milestones:
December 2024 was the highest December Box Office since the pandemic.
November 2024 was the highest November Box Office since the pandemic.
In the United States, despite our closing of several unprofitable cinemas (eight theaters comprising 52 screens) since January 2019, the Box Office of our Company’s Reading Cinema (
www.ReadingCinemas.com
), Consolidated Theatre (
www.ConsolidatedTheatres.com
) and Angelika (
www.AngelikaFilmCenter.com
) brands achieved the following revenue milestones:
December 2024 was the highest December Box Office since the pandemic.
November 2024 was the highest November Box Office since the pandemic.
In Australia, our Company has launched a new Loyalty Program, Reading Rewards, which provides customers the opportunity to earn and redeem points for a range of Ticket and Food & Beverage items. In addition, for AUS$20 a year, customers can upgrade their membership to a Boost tier – offering 15% off Tickets and 10% off Food and Beverage, along with double points and access to Boost member exclusive promotions.
More information on Reading Rewards can be found at
www.readingrewards.com.au
.
About Reading International, Inc.
Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company operating through various domestic and international subsidiaries, is a leading entertainment and real estate company, engaging in the development, ownership, and operation of cinemas and retail and commercial real estate in the United States, Australia, and New Zealand.
Reading’s cinema subsidiaries operate under multiple cinema brands: Reading Cinemas, Consolidated Theatres and the Angelika brand. Its live theatres are owned and operated by its Liberty Theaters subsidiary, under the Orpheum and Minetta Lane names. Its signature property developments, including Newmarket Village in Brisbane, Australia, and 44 Union Square in New York City, are maintained in special purpose entities.
Additional information about Reading can be obtained from our Company's website:
www.readingrdi.com
.
Cautionary Note Regarding Forward-Looking Statements
This release contains a variety of forward-looking statements as defined by the Securities Litigation Reform Act of 1995, including those related to (i) our expectations about the box office and revenues of our global cinema divisions and (ii) our loyalty program in Australia. You can recognize these statements by our use of words, such as “may,” “will,” “expect,” “believe,” “intend” and “anticipate” or other similar terminology.
Given the variety and unpredictability of the factors that will ultimately influence our businesses and our results of operation, no guarantees can be given that any of our forward-looking statements will ultimately prove to be correct. Actual results may differ materially from those indicated in the forward-looking statements and there is no guarantee as to how our securities will perform either when considered in isolation or when compared to other securities or investment opportunities.
Forward-looking statements made by us in this release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update or to revise any of our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. Accordingly, you should always note the date to which our forward-looking statements speak.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those factors discussed throughout Part I, Item 1A – Risk Factors – and Part II Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations – of our Annual Report on Form 10-K for the most recently ended fiscal year, as well as the risk factors set forth in any other filings made under the Securities Act of 1934, as amended, including any of our Quarterly Reports on Form 10-Q, for more information.
For more information, contact:
Gilbert Avanes – EVP, CFO, and Treasurer
Andrzej Matyczynski – EVP Global Operations
(213) 235-2240
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
