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EX - 99.1 2 rdi - 20211109xex99_1.htm EX - 99.1 123 READING INTERNATIONAL For more information , contact : Gilbert Avanes — EVP , CFO , and Treasurer - Andrzej Matyczynski - EVP Global Operations ( 213 ) 235-2240 Reading International Reports Third Quarter 2021 Results and COVID - 19 Business Update 92 % of our Cinemas are Open Today 0 Delivered Substantial Reduction in Quarterly Net Loss ☐ Reduced Global Debt and Improved Stockholder Equity Earnings Call Webcast to Discuss Financial Results and COVID - 19 Updates Scheduled to Post to Corporate Website on Thursday , November 11 , 2021 New York , New York - ( BUSINESS WIRE ) November 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 third quarter ended September 30 , 2021 President and Chief Executive Officer , Ellen Cotter said , " Our third quarter and October 2021 results paint a more positive picture about the cinema business as guests embrace a return to our cinemas . Even though 50 % of our Australian cinema circuit was closed for most of the third quarter due to the Delta COVID - 19 variant , our global revenues of $ 31.8 million increased 212 % from $ 10.2 million in Q3 2020 , driven by almost 88 % of our U.S. cinemas being open and the strong performance of Hollywood blockbusters like Shang - Chi and the Legend of the Ten Rings , Black Widow and Free Guy . Reinforcing the rebound of our specialty cinemas in the U.S. , the Angelika Film Center in New York recently opened Director Wes Anderson's French Dispatch and generated an opening weekend gross box office of $ 103,000 , representing the highest opening weekend at the Angelika NYC since November 2017. " " Looking ahead , we're encouraged about the rest of 2021 and beyond . As the Australian government succeeds in increasing vaccination rates , all of our Australian cinemas were open for business as of October 29 , 2021 , subject to occupancy restrictions , and expect to be showing No Time to Die , Eternals , Venom : Let there be Carnage and Dune , which are all set to release in Australia in November 2021. On November 5 , 2021 , we re - opened our Consolidated Theatre at the Kahala Mall in Honolulu following the completion of the top - to - bottom renovation just in time for the release of Eternals and to host the prestigious Hawaii International Film Festival . " She continued , " While we continue our leasing efforts at 44 Union Square in New York City , our Newmarket Village , Cannon Park , Belmont Common properties in Australia , our Culver City office building and our live theatre properties in New York City all posted improved real estate revenue and income results in Q3 2021 compared to last year . Following four successful asset monetizations in the first half of the year , we sold our building and land in Invercargill , New Zealand to create additional liquidity for our Company , while leasing back our Reading Cinema at the property . As a result , during the first nine months of 2021 , we generated $ 141.9 million in cash from real estate sales to reinforce our Company's foundation to support potentially uncertain operating periods in the future . We also worked with National Australia Bank , Bank of America and Bank of Hawaii to modify the existing terms of our major credit facilities to ease our financial covenants during our recovery and in some instances we made additional debt repayments . Our ' two business / three country ' diversified business strategy has successfully provided the cushion we needed to survive the ebbs and flows of the global pandemic that began in March of 2020. We continue to believe it was in the best interests of our Company and our stockholders to monetize certain assets at compelling prices ( rather than fire sale prices ) , instead of diluting our stockholders by issuing stock ( or equity convertible debt ) in the middle of an unprecedented pandemic or mortgaging our future with high - cost debt . As our cinema business rebounds and stabilizes , we will turn our attention to our real estate developments . "