{"id":61162,"date":"2020-08-11T18:00:00","date_gmt":"2020-08-11T18:00:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2705109"},"modified":"2020-08-11T18:00:00","modified_gmt":"2020-08-11T18:00:00","slug":"specialty-film-exhibitor-reading-international-reports-96-drop-in-q2-revenue","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/08\/11\/specialty-film-exhibitor-reading-international-reports-96-drop-in-q2-revenue\/","title":{"rendered":"Specialty Film Exhibitor Reading International Reports 96% Drop In Q2 Revenue"},"content":{"rendered":"

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Angelika FIlm Center<\/span><\/figcaption><\/figure>\n
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While the blows absorbed by mass-market U.S. exhibitors like AMC and Cinemark during COVID-19 have dominated the headlines, the damage appears to be even more severe on the specialty front.<\/p>\n

Reading International<\/a>, a Culver City, CA-based arthouse and real estate firm, reported a 96% decline in second-quarter revenue on a 100% drop in U.S. movie attendance.<\/p>\n

Shares in Reading, which trade on the Nasdaq, fell nearly 13% Monday to close at $3.88.<\/p>\n

The publicly traded company operates about 60 movie theater complexes and three live theaters in the U.S., Australia, and New Zealand. Revenue amounted to just $3.4 million in the period ending June 30, down from $76 million in the year-earlier period. A loss per share of $1.04 reversed a 10-cents-a-share profit in the same period of 2019.<\/p>\n

In the U.S., some of Reading’s best-known locations in New York — the Paris Theater, the Beekman and a City Cinemas multiplex on 86th Street — went dark or changed hands even before the pandemic. After Reading exited the lease for the Paris, an iconic, single-screen house on 58th Street by the Plaza Hotel, Netflix stepped in to lease it as a planned site for the streaming giant’s own events and screenings.<\/p>\n

Reading’s theaters also include the Angelika Film Center<\/a>, a well-established arthouse circuit. After the 1989 opening of the original Angelika in New York, a handful of other Angelika sites in Washington, D.C., Dallas and San Diego have since opened.<\/p>\n

“The events surrounding the COVID-19 pandemic underscored the benefits of our geographically diversified, two-prong cinema and real estate strategy,” CEO Ellen Cotter said in the earnings release. “We are grateful to have now re-opened all of our cinemas in New Zealand that were in operation prior to the COVID-19 shutdown and the majority of our Australian cinemas.”<\/p>\n

Theaters in New Zealand are operating without social distancing requirements as the island nation continues to make remarkable strides in tackling the coronavirus<\/a>. The country has gone 100 days since last reporting a local case of COVID-19. About 96% of Reading-owned leased buildings in New Zealand<\/p>\n

Reading’s Australian theater portfolio suffered a setback in July, when a resurgence in infections in the country forced theaters to close again, shutting down seven Reading-owned sites.<\/p>\n

Warner Bros’ plan to open Tenet<\/em> internationally this month and domestically on September 3 is expected to boost Reading’s results in the current quarter. The company said it will announce dates for reopening certain locations as local authorities weigh in on lifting restrictions.<\/p>\n

“While the near-term operating environment will remain challenging and the path for the full re-opening of our operations in certain jurisdictions we serve remains unclear, we believe the long-term fundamentals of the cinema business and our real estate assets remain intact,” Cotter said.<\/p>\n

Reading said it plans to release a recording on Wednesday of executives delivering comments on the second-quarter results and fielding research analysts’ questions.<\/p>\n<\/div>\n

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See Campaign: <\/strong>https:\/\/deadline.com\/2020\/08\/specialty-film-exhibitor-reading-international-reports-96-drop-in-q2-revenue-1203009252\/<\/a>
Contact Information:<\/b>
Dade Hayes<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n

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Contact Information:<\/h3>\n

Dade Hayes<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"\"Angelika FIlm Center While the blows absorbed by mass-market U.S. exhibitors like AMC and Cinemark during COVID-19 have dominated the headlines, the damage appears to be even more severe on the specialty front. 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