Page 1

EX - 99.1 2 rdi - 20210809xex99_1.htm EX - 99.1 th READING INTERNATIONAL For more information , contact : Gilbert Avanes – EVP , CFO , and Treasurer - Andrzej Matyczynski - EVP Global Operations ( 213 ) 235-2240 Reading International Reports Second Quarter 2021 Results and COVID - 19 Business Update Real Estate Assets Monetized Bank Debt Reduced Stockholder Equity Increased Earnings Call Webcast to Discuss Financial Results and COVID - 19 Updates Scheduled to Post to Corporate Website on Wednesday , August 11 , 2021 Culver City , California - ( BUSINESS WIRE ) August 9 , 2021 : Reading International , Inc. ( NASDAQ : RDI ) ( the " Company ” ) , an internationally diversified cinema and real estate company with operations and assets in the United States , Australia , and New Zealand , today announced its results for the second quarter ended June 30 , 2021 . President and Chief Executive Officer , Ellen Cotter said , " With 48 out of 62 global cinemas open as of June 30 , 2021 , we were pleased to see encouraging signs of recovery in most of our operating divisions . The increased rollout of COVID - 19 vaccines in the U.S. , coupled with the release of strong Hollywood blockbusters like A Quiet Place Part II and F9 : The Fast Saga , resulted in our worldwide revenues growing approximately 70 % over the prior quarter , despite temporary COVID - 19 related lockdowns in various Australian states through the second quarter of 2021. The performance of movies , in conjunction with the reopening of the economy , has demonstrated the pent - up demand for moviegoing and reinforced our optimism about the exhibition industry . Notwithstanding the continued industry improvement , our second quarter operating results continued to be significantly impacted by the COVID - 19 pandemic due to local government mandated occupancy restrictions and / or forced closures , reduced showtime schedules and a lower number of movie releases compared to pre - pandemic periods . " Cotter continued , " During the second quarter our ' two business / three country ' diversified business strategy continued to support our Company , as we successfully monetized our Auburn / Redyard center in a suburb of Sydney in Australia and our Royal George Theater in Chicago . We continue to believe it was in the best interests of our Company and our stockholders to monetize certain assets at premium prices ( as opposed to fire sale pricing ) , as opposed to diluting equity by issuing stock ( or equity convertible debt ) in the middle of an unprecedented pandemic or mortgaging our future with high - cost debt . Taking into account these and the first quarter asset sales , over the last six months , we generated $ 138 million from real estate sales to reinforce the Company's foundation to support potentially uncertain operating environments . " Key Consolidated Financial Results for the Second Quarter of 2021 Due to our strategic property asset sales in Q2 2021 , our basic earnings per share in Q2 2021 was $ 1.04 , compared to a basic loss per share of $ 1.04 for the same period in 2020 . Due to our strategic property asset sales in Q2 2021 , net income attributable to RDI common stockholders was $ 22.7 million , compared to a net loss attributable to RDI common stockholders of $ 22.7 million for the same period in 2020 , and our Adjusted EBITDA was $ 37.1 million , compared to a negative adjusted EBITDA of $ 16.9 million for the same period in 2020 .