Reading International, Inc. (NASDAQ: RDI) announced today
results for its quarter and six months ended June 30, 2013.
2013 Highlights
- our revenue for the 2013 Quarter was
$69.6 million compared to $62.9 million in the 2012 Quarter, an
increase of $6.7 million or 10.6%, driven primarily by a $5.9
million increase in the U.S. and Australia;
- our revenue for the 2013 Six Months was
$129.2 million compared to $125.4 million in the 2012 Six Months,
an increase of $3.8 million or 3.1%, driven primarily by a $4.5
million increase in the U.S. and New Zealand;
- our EBITDA(1) for the 2013 Quarter was
$11.9 million compared to $10.2 million in the 2012 Quarter, an
increase of $1.7 million or 17.0%, driven primarily by a $1.4
million increase in the U.S.;
- on May 29, 2013, we replaced our loan
on the Minetta and Orpheum Theatres with a $7.5 million 5-year
credit facility with Santander Bank.
Second Quarter 2013
Discussion
Revenue from operations increased from $62.9 million in the 2012
Quarter to $69.6 million in the same Quarter in 2013, a $6.7
million or a 10.6% increase.
Our cinema segment revenue increased by $6.7 million or 11.5% in
the 2013 Quarter compared to the same period in 2012. The 2013
Quarter increase was primarily due to an increase in our U.S. and
Australian box office admissions of 385,000, related to the quality
of film product in 2013 compared to the same period in 2012. This
resulted in increased box office, concessions, and other revenue of
$5.8 million. This increase in revenue was augmented by a 33,000
increase in our New Zealand box office admissions resulting in an
increase in revenue of $881,000 primarily as a result of the
reopening of an earthquake damaged New Zealand multiplex in early
January 2012. Both the Australian and New Zealand results were
affected by changes in the value of the Australian and New Zealand
dollars compared to the U.S. dollar (see below).
The top three grossing films for the 2013 Quarter in our
worldwide cinema circuit were “Iron Man 3,” “Croods,” and “Star
Trek Into Darkness.” These three films accounted for approximately
36.0% of our cinema box office revenue. The top three grossing
films for the 2012 Quarter in our worldwide cinema circuit were
“The Avengers,” “Men in Black 3,” and “The Hunger Games.” These
three films accounted for approximately 29.3% of our 2012 Quarter
cinema box office revenue.
Our real estate segment revenue for the 2013 quarter increased
by $24,000 or 0.5% in the 2013 Quarter primarily related to
slightly higher rents and occupancy associated with our Australian
retail properties in the 2013 Quarter compared to the same period
in 2012. These increases were offset in part by a decrease in live
theater revenue. As indicated above, both the Australian and New
Zealand results were also affected by changes in the value of the
Australian and New Zealand dollars compared to the U.S. dollar (see
below).
Operating expense was 77.3% of revenue in the 2013 Quarter
compared to 77.9% in the 2012 Quarter, primarily related to our
revenues increasing while rent and labor costs remained somewhat
fixed.
Depreciation expense decreased for the 2013 Quarter by $267,000
or 6.8% compared to the same period in 2012 due to certain
worldwide cinema assets coming to the end of their depreciable
lives.
For our statement of operations, the Australian quarterly
average exchange rates decreased by 1.9% and the New Zealand
quarterly average exchange rates increased by 3.8% since the 2012
Quarter, both of which had an impact on the individual components
of our income statement.
Driven by the above factors, our operating income for the 2013
Quarter increased by $2.1 million to an operating income of $7.8
million compared to an operating income of $5.7 million in the same
quarter last year.
Net interest expense decreased by $3.0 million for the 2013
Quarter compared to the 2012 Quarter. The decrease in interest
expense during the 2013 Quarter was primarily due to a decrease in
our interest rate swap liabilities in 2013 compared to an increase
in these liabilities during the same period in 2012 resulting in a
comparative $2.7 million decrease in interest expense from the 2012
Quarter to the 2013 Quarter. Additionally, there was an overall
decrease in our worldwide debt balances and a decrease in the
interest rates on our corporate loans in the U.S. and Australia,
both of which resulted in lower interest expense.
For the 2013 Quarter, our income tax expense increased by $1.2
million compared to the 2012 Quarter. The change was primarily
associated with an increase in our net income before income tax
expense.
For the 2012 Quarter, we recorded income from discontinued
operations of $44,000 associated with our Indooroopilly property
which was sold for $12.4 million in November 2012.
As a result of the above, we reported a net income of $4.1
million for the 2013 Quarter compared to a net income of $239,000
in the 2012 Quarter.
Our EBITDA(1) at $11.9 million for the 2013
Quarter was $1.7 million or 17.0% higher than the EBITDA(1) for
the 2012 Quarter of $10.2 million, driven primarily by the $2.1
million increase in operating income. There were no significant
adjustments to EBITDA(1) in either the 2013 Quarter or the 2012
Quarter.
Six Months 2013 Summary
Revenue from operations increased from $125.4 million during the
2012 Six Months to $129.2 million in 2013 Six Months, a $3.8
million or a 3.1% increase.
Cinema segment revenue increased $4.0 million driven by an
increase in the U.S. box office admissions of 45,000, related to
the quality of film product in 2013 Six Months compared to the same
period in 2012 which was augmented by a 3.1% increase in the U.S.
average ticket price. This increase in revenue was enhanced in part
by an 82,000 increase in our New Zealand box office admissions
resulting in an increase in revenue of $1.6 million primarily as a
result of the reopening of an earthquake damaged New Zealand
multiplex in early January 2012. These revenue increases were
offset by a decrease in our Australian revenue of $783,000
primarily due to a 3.0% decrease in the average ticket price. Both
the Australian and New Zealand results were affected by changes in
the value of the Australian and New Zealand dollars compared to the
U.S. dollar (see below).
The top three grossing films for the 2013 Six Months in our
worldwide cinema circuit were “Iron Man 3,” “Silver Linings
Playbook,” and “Oz Great and Powerful.” These three films accounted
for approximately 16.3% of our 2013 Six Months cinema box office
revenue. The top three grossing films for the 2012 Six Months were
“The Avengers,” “The Hunger Games,” and “The Lorax.” These three
films accounted for approximately 17.0% of our 2012 Six Months
cinema box office revenue.
Our real estate segment revenue decreased by $208,000 or 2.1%
during the Six Months 2013 compared to the same period last year
primarily related to a decrease in rental income from our live
theater venues. As indicated above, both the Australian and New
Zealand results were also affected by changes in the value of the
Australian and New Zealand dollars compared to the U.S. dollar (see
below).
Operating expense was 79.4% of revenue in the 2013 Six Months
compared to the 78.3% in the 2012 Six Months primarily driven by an
increase in labor per capita and utility costs for our Australian
cinemas coupled with internal costs associated with the development
of our Courtenay Central location.
Depreciation expense decreased for the 2013 Six Months by
$381,000 or 4.8% compared to the same period in 2012 due to certain
worldwide cinema assets coming to the end of their depreciable
lives.
For our statement of operations, the Australian 2013 Six Months
average exchange rates decreased by 1.8% and the New Zealand 2013
Six Month average exchange rates increased by 2.8% since the 2012
Six Months, both of which had an impact on the individual
components of our income statement.
Driven by the above factors, our operating income for the Six
Months of 2013 decreased by $185,000 to $10.3 million compared to
$10.5 million in the same period last year.
Net interest expense decreased by $4.1 million for the 2013 Six
Months compared to the 2012 Six Months. The decrease in interest
expense during the 2013 Six Months was due to the same reasons
noted above for the quarterly results.
The 2013 Six Months income tax expense was $2.4 million compared
to $1.9 million for the 2012 Six Months. The year over year change
was due to the same reasons noted above for the quarterly
results.
For the 2012 Six Months, we recorded income from discontinued
operations of $120,000 associated with our Indooroopilly property
which was sold for $12.4 million in November 2012.
As a result of the above, we reported a net income of $3.5
million for the Six Months of 2013 compared to a net loss of $3,000
in 2012, driven primarily by the $4.1 million decrease in interest
expense noted above.
Our EBITDA(1) at $18.8 million for the 2013 Six
Months was $721,000 or 3.7% lower than the EBITDA(1) for the
2012 Six Months of $19.5 million, driven primarily by the somewhat
lower operational income. There were no significant adjustments to
EBITDA(1) in either the 2013 Six Months or the 2012 Six Months.
Balance Sheet and
Liquidity
Our total assets at June 30, 2013 were $387.0 million compared
to $428.6 million at December 31, 2012. The currency exchange rates
for Australia and New Zealand as of June 30, 2013 were $0.9165 and
$0.7755, respectively, and as of December 31, 2012, these rates
were $1.0393 and $0.8267, respectively. As a result, currency had a
negative effect on the balance sheet at June 30, 2013 when compared
to December 31, 2012.
On March 20, 2013, pursuant to the loan agreement, we extended
the term of our US Cinema 1, 2, 3 Term Loan by one year to June 28,
2014 for a renewal fee of $150,000. On March 25, 2013, Bank of
America extended the borrowing limit on our BofA Revolver from
$30.0 million to $35.0 million and we borrowed $5.0 million on this
revolver. On May 29, 2013, we refinanced our Liberty Theaters loan
with a $7.5 million loan securitized by our Minetta and Orpheum
theatres, having a maturity date of June 1, 2018, and bearing an
interest rate of LIBOR plus a 2.75% margin with a LIBOR rate cap of
4.00% plus the 2.75% margin. On June 18, 2013, we paid off our
8.25% note to Sutton Hill Capital (“SHC”) of $9.0 million. As the
debtor on this note was Sutton Hill Properties, LLC (“SHP”), in
which we have a 75% interest, the note was, in effect, paid $6.75
million by us and $2.25 million by our co-investor. Also, on June
28, 2013, we repaid the entire $2.0 million outstanding balance on
our $5.0 million Bank of America line of credit.
Our cash position at June 30, 2013 was $42.4 million. Of the
$42.4 million, $19.8 million was in Australia, $14.7 million was in
the U.S., and $7.9 million was in New Zealand. As part of our main
credit facilities in Australia, New Zealand and the U.S., we are
subject to certain debt covenants which limit the transfer or use
of cash outside of the various regional subsidiaries in which the
cash is held. As such, at June 30, 2013 we have approximately $10.2
million of cash worldwide that is not restricted by loan
covenants.
At June 30, 2013, we had undrawn funds of $9.2 million (AUS$10.0
million) available under our NAB line of credit in Australia, $9.3
million (NZ$12.0 million) available under our renewed New Zealand
Corporate Credit facility, and $5.0 million available under our
Bank of America revolving loan credit facility in the U.S.
Accordingly, we believe that we have sufficient borrowing capacity
under our various credit facilities, together with our $42.4
million cash balance, to meet our anticipated short-term working
capital requirements.
Our working capital at June 30, 2013 was a negative $63.7
million compared to a negative $21.4 million at December 31, 2012.
This increase in negative working capital resulted primarily from
our Australian NAB Corporate Term Loan and our U.S. Cinemas 1, 2, 3
Term Loan becoming current liabilities during 2013. We are in the
process of renegotiating these loans with our current lenders while
also seeking possible replacement loans with other lenders.
Stockholders’ equity was $116.7 million at June 30, 2013
compared to $131.0 million at December 31, 2012, a reduction
primarily related to a decrease in the currency exchange rates for
Australia and New Zealand.
(1)The Company defines EBITDA as net income (loss) before net
interest expense, income tax benefit, depreciation, and
amortization. The company defines adjusted EBITDA as EBITDA
adjusted for unusual or infrequent events or items that are of a
non-cash nature. EBITDA and adjusted EBITDA are presented solely as
supplemental disclosures as we believe they are relevant and useful
measures to compare operating results among our properties and
competitors, as well as measurement tools for the evaluation of
operating personnel. EBITDA and adjusted EBITDA are not measures of
financial performance under the promulgations of generally accepted
accounting principles (“GAAP”). EBITDA and adjusted EBITDA should
not be considered in isolation from, or as substitutes for, net
loss, operating loss or cash flows from operations determined in
accordance with GAAP. Finally, EBITDA and adjusted EBITDA are not
calculated in the same manner by all companies and accordingly, may
not be appropriate measures for comparing performance among
different companies. See the “Supplemental Data” table attached for
a reconciliation of EBITDA to net income (loss).
Subsequent Events
Wellington, New Zealand Parking Structure
On July 21, 2013, Wellington, New Zealand experienced a strong
earthquake that damaged our parking structure adjacent to our
Courtenay Central shopping center. The parking structure has been
closed pending certain repairs to the structure for which the cost
to repair has not yet to be quantified. We believe our global
earthquake and business interruption insurance does cover this
damage subject to the relevant deductibles.
About Reading International,
Inc.
Reading International (http://www.readingrdi.com) is in the
business of owning and operating cinemas and developing, owning and
operating real estate assets. Our business consists primarily
of:
- the development, ownership and
operation of multiplex cinemas in the United States, Australia and
New Zealand; and
- the development, ownership, and
operation of retail and commercial real estate in Australia, New
Zealand, and the United States, including entertainment-themed
retail centers (“ETRC”) in Australia and New Zealand and live
theater assets in Manhattan and Chicago in the United States.
Reading manages its worldwide cinema business
under various different brands:
- in the United States, under the
- Reading brand
(http://www.readingcinemasus.com),
- Angelika Film Center brand
(http://www.angelikafilmcenter.com),
- Consolidated Theatres brand
(http://www.consolidatedtheatres.com),
- City Cinemas brand
(http://www.citycinemas.com),
- Beekman Theatre brand
(http://www.beekmantheatre.com),
- The Paris Theatre brand
(http://www.theparistheatre.com), and
- Liberty Theatres brand
(http://libertytheatresusa.com/);
- in Australia, under the Reading brand
(http://www.readingcinemas.com.au); and
- in New Zealand, under the
- Reading
(http://www.readingcinemas.co.nz) and
- Rialto (http://www.rialto.co.nz)
brands.
Forward-Looking
Statements
Our statements in this press release contain a variety of
forward-looking statements as defined by the Securities Litigation
Reform Act of 1995. Forward-looking statements reflect only our
expectations regarding future events and operating performance and
necessarily speak only as of the date the information was prepared.
No guarantees can be given that our expectation will in fact be
realized, in whole or in part. You can recognize these statements
by our use of words such as, by way of example, “may,” “will,”
“expect,” “believe,” and “anticipate” or other similar
terminology.
These forward-looking statements reflect our expectation after
having considered a variety of risks and uncertainties. However,
they are necessarily the product of internal discussion and do not
necessarily completely reflect the views of individual members of
our Board of Directors or of our management team. Individual Board
members and individual members of our management team may have
different views as to the risks and uncertainties involved, and may
have different views as to future events or our operating
performance.
Among the factors that could cause actual results to differ
materially from those expressed in or underlying our
forward-looking statements are the following:
- With respect to our cinema operations:
- The number and attractiveness to movie
goers of the films released in future periods;
- The amount of money spent by film
distributors to promote their motion pictures;
- The licensing fees and terms required
by film distributors from motion picture exhibitors in order to
exhibit their films;
- The comparative attractiveness of
motion pictures as a source of entertainment and willingness and/or
ability of consumers (i) to spend their dollars on entertainment
and (ii) to spend their entertainment dollars on movies in an
outside the home environment; and
- The extent to which we encounter
competition from other cinema exhibitors, from other sources of
outside of the home entertainment, and from inside the home
entertainment options, such as “home theaters” and competitive film
product distribution technology such as, by way of example, cable,
satellite broadcast, DVD rentals and sales, and so called “movies
on demand;”
- With respect to our real estate
development and operation activities:
- The rental rates and capitalization
rates applicable to the markets in which we operate and the quality
of properties that we own;
- The extent to which we can obtain on a
timely basis the various land use approvals and entitlements needed
to develop our properties;
- the risks and uncertainties associated
with real estate development;
- The availability and cost of labor and
materials;
- Competition for development sites and
tenants; and
- The extent to which our cinemas can
continue to serve as an anchor tenant which will, in turn, be
influenced by the same factors as will influence generally the
results of our cinema operations;
- With respect to our operations
generally as an international company involved in both the
development and operation of cinemas and the development and
operation of real estate; and previously engaged for many years in
the railroad business in the United States:
- Our ongoing access to borrowed funds
and capital and the interest that must be paid on that debt and the
returns that must be paid on such capital;
- The relative values of the currency
used in the countries in which we operate;
- Changes in government regulation,
including by way of example, the costs resulting from the
implementation of the requirements of Sarbanes-Oxley;
- Our labor relations and costs of labor
(including future government requirements with respect to pension
liabilities, disability insurance and health coverage, and
vacations and leave);
- Our exposure from time to time to legal
claims and to uninsurable risks such as those related to our
historic railroad operations, including potential environmental
claims and health related claims relating to alleged exposure to
asbestos or other substances now or in the future recognized as
being possible causes of cancer or other health-related
problems;
- Changes in future effective tax rates
and the results of currently ongoing and future potential audits by
taxing authorities having jurisdiction over our various companies;
and
- Changes in applicable accounting
policies and practices.
The above list is not necessarily exhaustive, as business is by
definition unpredictable and risky, and subject to influence by
numerous factors outside of our control such as changes in
government regulation or policy, competition, interest rates,
supply, technological innovation, changes in consumer taste and
fancy, weather, and the extent to which consumers in our markets
have the economic wherewithal to spend money on beyond-the-home
entertainment.
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 will
undoubtedly vary 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.
Finally, 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.
Additionally, certain of the presentations included in this
press release may contain “pro forma” information or “non-US GAAP
financial measures.” In such case, a reconciliation of this
information to our US GAAP financial statements will be made
available in connection with such statements.
Reading International, Inc. and Subsidiaries
Supplemental Data Reconciliation of EBITDA to Net (Loss)
Income (dollars in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June
30,
June
30,
2013 2012
2013 2012
Revenue $ 69,642 $
62,947 $ 129,209 $ 125,378 Operating expense Cinema/real estate
53,825 49,047 102,529 98,124 Depreciation and amortization 3,650
3,917 7,640 8,021 General and administrative 4,401
4,326
8,738 8,746
Operating income 7,766 5,657 10,302 10,487 Interest expense,
net (2,636 ) (5,683 ) (5,309 ) (9,443 ) Other income 545 465 900
833 Income tax expense (1,500 ) (259 ) (2,389 ) (1,884 ) Income
from discontinued operations -- 44 -- 120 Noncontrolling interest
income (expense) (40 ) 15
(36 ) (116
) Net income (loss) 4,135
239 3,468
(3 ) Basic earnings (loss) per share $
0.18 $ 0.01 $ 0.15 $ 0.00 Diluted
earnings (loss) per share $ 0.18 $ 0.01 $ 0.15
$ 0.00 EBITDA* $ 11,921
$ 10,187 $ 18,806
$ 19,527 EBITDA* change $1,734
($721)
*EBITDA presented above is net income (loss) adjusted for
interest expense (net of interest income), income tax expense,
depreciation and amortization expense, and an adjustment for
discontinued operations (this includes interest expense and
depreciation and amortization for the discontinued operations).
Reconciliation of EBITDA to the net loss is presented below:
Three Months Ended
Six Months Ended
June
30,
June
30,
2013 2012
2013 2012
Net income (loss) $ 4,135
$ 239 $ 3,468 $ (3 ) Add: Interest expense, net 2,636 5,683 5,309
9,443 Add: Income tax expense 1,500 259 2,389 1,884 Add:
Depreciation and amortization 3,650 3,917 7,640 8,021 Adjustment
for discontinued operations -- 89
-- 182
EBITDA $ 11,921 $ 10,187 $ 18,806 $ 19,527
Reading International, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (U.S.
dollars in thousands, except per share amounts)
Three Months Ended Six
Months Ended June 30, June 30,
2013
2012 2013
2012
Operating revenue Cinema $ 64,659 $ 57,988 $ 119,429 $
115,390 Real estate 4,983
4,959 9,780
9,988 Total operating
revenue 69,642
62,947 129,209
125,378
Operating expense Cinema 51,095 46,465 97,130 92,798 Real
estate 2,730 2,582 5,399 5,326 Depreciation and amortization 3,650
3,917 7,640 8,021 General and administrative
4,401 4,326
8,738 8,746
Total operating expense 61,876
57,290
118,907 114,891
Operating income 7,766 5,657 10,302 10,487
Interest income 199 193 248 393 Interest expense (2,835 )
(5,876 ) (5,557 ) (9,836 ) Net loss on sale of assets -- (2 ) (7 )
(2 ) Other income 113
68 128
23
Income before
income tax expense and equity earnings of unconsolidated joint
ventures and entities 5,243 40 5,114 1,065 Income tax expense
(1,500 )
(259 ) (2,389 )
(1,884 )
Income (loss) before equity earnings of
unconsolidated joint ventures and entities 3,743 (219 ) 2,725
(819 ) Equity earnings of unconsolidated joint ventures and
entities 432
399 779
812
Income (loss) before
discontinued operations 4,175 180 3,504 (7 ) Income from
discontinued operations, net of tax --
44
-- 120
Net
income $ 4,175 $ 224 $ 3,504 $ 113 Net (income) loss
attributable to noncontrolling interests
(40 ) 15
(36 ) (116 )
Net
income (loss) attributable to Reading International, Inc. common
shareholders $ 4,135
$ 239 $ 3,468
$ (3 )
Basic earnings (loss) per common
share attributable to Reading International, Inc. shareholders:
Earnings (loss) from continuing operations $ 0.18 $ 0.01 $ 0.15 $
(0.01 ) Earnings from discontinued operations, net
0.00 0.00
0.00
0.01
Basic earnings per share attributable to Reading
International, Inc. shareholders $ 0.18
$ 0.01 $
0.15 $ 0.00
Diluted
earnings (loss) per common share attributable to Reading
International, Inc. shareholders: Earnings (loss) from
continuing operations $ 0.18 $ 0.01 $ 0.15 $ (0.01 ) Earnings from
discontinued operations, net 0.00
0.00
0.00 0.01
Diluted earnings per share attributable to Reading
International, Inc. shareholders $ 0.18
$ 0.01 $
0.15 $ 0.00
Weighted average
number of shares outstanding–basic 23,344,057 23,009,209
23,305,466 22,969,392
Weighted average number of shares
outstanding–diluted 23,447,250
23,177,815
23,408,659
22,969,392
Reading International, Inc. and
Subsidiaries Condensed Consolidated Balance Sheets
(U.S. dollars in thousands)
June 30, December 31,
2013 2012
ASSETS Current Assets: Cash and cash equivalents $
42,362 $ 38,531 Time deposits -- 8,000 Receivables 8,548 8,514
Inventory 810 918 Investment in marketable securities 58 55
Restricted cash 788 2,465 Deferred tax asset 3,324 3,659 Prepaid
and other current assets 3,409 3,576 Assets held for sale
11,344 --
Total current assets 70,643 65,718 Operating
property, net 184,547 202,778 Investment and development property,
net 74,119 94,922 Investment in unconsolidated joint ventures and
entities 7,013 7,715 Investment in Reading International Trust I
838 838 Goodwill 21,702 22,898 Intangible assets, net 14,521 15,661
Deferred tax asset, net 6,920 8,989 Other assets
6,661 9,069
Total assets $ 386,964
$ 428,588
LIABILITIES AND
STOCKHOLDERS' EQUITY Current Liabilities: Accounts
payable and accrued liabilities $ 16,309 $ 18,909 Film rent payable
9,699 6,657 Notes payable – current portion 79,406 19,714 Notes
payable to related party – current portion -- 9,000 Income taxes
payable 13,398 15,234 Deferred current revenue 9,383 11,587 Other
current liabilities 6,132
6,032
Total current liabilities
134,327 87,133 Notes payable – long-term portion 67,352
139,970 Subordinated debt 27,913 27,913 Noncurrent tax liabilities
8,803 8,859 Other liabilities 31,835
33,759
Total
liabilities 270,230
297,634
Commitments and
contingencies (Note 13) Stockholders’ equity: Class A
non-voting common stock, par value $0.01, 100,000,000 shares
authorized, 32,241,699 issued and 21,877,529 outstanding at June
30, 2013 and 31,951,945 issued and 21,587,775 outstanding at
December 31, 2012 224 223 Class B voting common stock, par value
$0.01, 20,000,000 shares authorized and 1,495,490 issued and
outstanding at June 30, 2013 and at December 31, 2012 15 15
Nonvoting preferred stock, par value $0.01, 12,000 shares
authorized and no issued or outstanding shares at June 30, 2013 and
December 31, 2012 -- -- Additional paid-in capital 136,984 136,754
Accumulated deficit (63,525 ) (66,993 ) Treasury shares (4,512 )
(4,512 ) Accumulated other comprehensive income
42,913 61,369
Total Reading International, Inc. stockholders’
equity 112,099 126,856 Noncontrolling interests
4,635 4,098
Total stockholders’ equity
116,734 130,954
Total
liabilities and stockholders’ equity $
386,964 $ 428,588
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