Welcome to our dedicated page for Reading Intl news (Ticker: RDI), a resource for investors and traders seeking the latest updates and insights on Reading Intl stock.
Reading International, Inc. reports on an internationally diversified cinema and real estate business with operations and assets in the United States, Australia, and New Zealand. Its cinema operations include Reading Cinemas, Angelika Film Center, Consolidated Theatres, and City Cinemas, while its real estate activities include development, rental, and licensing of retail, commercial, and live theater assets.
Recurring company news covers quarterly and annual results, box office and concession trends, cinema renovations, premium-format auditoriums, loyalty programs, film-event promotions, advertising relationships, tenant activity, property sales, and rental income across its real estate portfolio. Updates also address annual meeting matters and the effects of currency movements on operations outside the United States.
Reading International announced that the James J. Cotter Living Trust has initiated a 10b5-1 trading plan for the sale of up to 276,000 shares of Class A Non-Voting Common Stock from January 25, 2021, to June 4, 2021. This plan aims to provide liquidity for estate taxes and other Living Trust expenses. The Trading Plan complies with Rule 144 requirements. Ellen Cotter and Margaret Cotter are Co-Trustees of the Trust.
Reading International launches Angelika Anywhere, a streaming platform for arthouse film lovers, inspired by its renowned Angelika Film Center in New York. The platform offers over 150 hand-picked titles, with plans for new collections and exclusive content. Highlights include curated collections like The Angelika Vault and special virtual cinema engagements. Users can rent films without a subscription, with a 30-day viewing period. The service aims to provide easy access to quality films while maintaining the trusted programming of the Angelika brand.
Reading International, Inc. (NASDAQ: RDI) reported significantly impacted third-quarter results due to the COVID-19 pandemic. Worldwide revenues fell to $10.2 million, a decrease of 85% from 2019, while the operating loss reached $14.3 million. The cinema segment reported a revenue drop of 89%, with only 68% of screens reopened globally. Despite challenges, the company collected 87% of recurring rents from tenants. The balance sheet shows cash of $27.8 million and total debt of $274.1 million. The company is exploring liquidity options while working to reopen cinemas and continue real estate projects.
Reading International, Inc. (NASDAQ: RDI) will hold its 2020 Annual Meeting of Stockholders virtually on December 8, 2020, due to COVID-19. Registered stockholders can participate and vote online starting at 11:00 a.m. Pacific Time. The deadline for stockholder proposals is October 16, 2020, while notices and proxy statements will be emailed around October 29, 2020. Additionally, the Nevada Supreme Court dismissed a derivative lawsuit against the company, stating the plaintiff's interests diverged from those of shareholders. The company seeks to recover approximately $800,000 in costs related to this case.
Reading International Inc. (NASDAQ: RDI) has unveiled the newly redeveloped Tammany Hall, now known as 44 Union Square in New York City. This Class A commercial building features historic renovations and modern upgrades, providing up to 73,095 square feet for office and retail use. The redevelopment, praised for its design, includes a glass dome and improved infrastructure. Newmark Knight Frank is managing leasing activities. The property is strategically located near high foot traffic, benefiting retailers and office tenants alike.