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Description Of Business And Segment Reporting | 12 Months Ended
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Dec. 31, 2016
Description Of Business And Segment Reporting [Abstract] |
Description Of Business And Segment Reporting | NO TE 1 – Description of Business and Segment Reporting The Company Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading” and “we,” “us,” or “our”), was incorporated in 1999, and, following the consummation of a consolidation transaction on December 31, 2001, is now the owner of the consolidated businesses and assets of Reading Entertainment, Inc. (“RDGE”), Craig Corporation (“CRG”), and Citadel Holding Corporation (“CDL”). Our businesses consist primarily of:
| · |  | the d evelopment, ownership and operation of multiplex cinemas in the United States, Australia, and New Zealand; and,
| · |  | the d evelopment, ownership, and operation of retail and commercial real estate in the United States, Australia, and Ne w Zealand.
Business Segments Our business is comprised of two operating segments, as follows: (i) cinema exhibition and (ii) real estate. Each of these segments has discrete and separate financial information and for which operating results are evaluated regularly by our Chief Executive Officer, the chief operating decision-maker of the Company. As part of our real estate segment, we have acquired, and continue to hold, raw land in urban and suburban centers in Australia, New Zeal and, and the United States. The tables below summarize the results of operations for each of our business segments. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theater assets. ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | 2016 |  | 2015(2) |  | 2014(2)
﻿(Dollars in thousands) |  | Cinema |  | Real Estate |  | Total |  | Cinema |  | Real Estate |  | Total |  | Cinema |  | Real Estate |  | Total
﻿Revenue |  | $ | 256,922 |  | $ | 20,917 |  | $ | 277,839 |  | $ | 242,823 |  | $ | 21,579 |  | $ | 264,402 |  | $ | 238,355 |  | $ | 24,348 |  | $ | 262,703
﻿Inter-segment elimination(1) |  |  | -- |  |  | -- |  |  | (7,366) |  |  | -- |  |  | -- |  |  | (6,537) |  |  | -- |  |  | -- |  |  | (7,461)
﻿Total revenue |  |  | 256,922 |  |  | 20,917 |  |  | 270,473 |  |  | 242,823 |  |  | 21,579 |  |  | 257,865 |  |  | 238,355 |  |  | 24,348 |  |  | 255,242
﻿Operating expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Cost of services and products (excluding depreciation and amortization) |  |  | (205,889) |  |  | (9,044) |  |  | (214,933) |  |  | (196,544) |  |  | (10,948) |  |  | (207,492) |  |  | (195,896) |  |  | (9,770) |  |  | (205,666)
﻿Inter-segment elimination(1) |  |  | -- |  |  | -- |  |  | 7,366 |  |  | -- |  |  | -- |  |  | 6,537 |  |  | -- |  |  | -- |  |  | 7,461
﻿Total cost of services and products |  |  | (205,889) |  |  | (9,044) |  |  | (207,567) |  |  | (196,544) |  |  | (10,948) |  |  | (200,955) |  |  | (195,896) |  |  | (9,770) |  |  | (198,205)
﻿Depreciation and amortization |  |  | (11,772) |  |  | (3,522) |  |  | (15,294) |  |  | (11,161) |  |  | (3,107) |  |  | (14,268) |  |  | (11,047) |  |  | (4,061) |  |  | (15,108)
﻿General and administrative expense |  |  | (3,763) |  |  | (1,422) |  |  | (5,185) |  |  | (3,000) |  |  | (728) |  |  | (3,728) |  |  | (3,575) |  |  | (1,042) |  |  | (4,617)
﻿Total operating expense |  |  | (221,424) |  |  | (13,988) |  |  | (228,046) |  |  | (210,705) |  |  | (14,783) |  |  | (218,951) |  |  | (210,518) |  |  | (14,873) |  |  | (217,930)
﻿Segment operating income |  | $ | 35,498 |  | $ | 6,929 |  | $ | 42,427 |  | $ | 32,118 |  | $ | 6,796 |  | $ | 38,914 |  | $ | 27,837 |  | $ | 9,475 |  | $ | 37,312
﻿ (1) Inter-segment eliminations relate to the internal charge between the two segments where the cinema operates within real estate owned within the group. (2) Balances relating to Cinema segment included the restatement impact as a result of a change in accounting principle (see Note 2 – Summary of Significant Accounting Policies – Accounting Changes). ﻿ ﻿ A reconciliation of segment operating income to income before income taxes is as follows: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿(Dollars in thousands) |  | 2016 |  | 2015(1) |  | 2014(1)
﻿Segment operating income |  | $ | 42,427 |  | $ | 38,914 |  | $ | 37,312
﻿Unallocated corporate expense: |  |  |  |  |  |  |  |  |
﻿Depreciation and amortization expense |  |  | (395) |  |  | (294) |  |  | (360)
﻿General and administrative expense |  |  | (21,721) |  |  | (14,924) |  |  | (14,285)
﻿Interest expense, net |  |  | (6,782) |  |  | (7,304) |  |  | (9,000)
﻿Equity earnings of unconsolidated joint ventures |  |  | 999 |  |  | 1,204 |  |  | 1,015
﻿Gain on sale of assets |  |  | 393 |  |  | 11,023 |  |  | 25
﻿Casualty loss |  |  | (1,421) |  |  | -- |  |  | --
﻿Other income (expense) |  |  | (63) |  |  | (440) |  |  | 1,646
﻿Income before income taxes |  | $ | 13,437 |  | $ | 28,179 |  | $ | 16,353
﻿ (1) 2015 and 2014 balances included the restatement impact as a result of a change in accounting principle (see Note 2 – Summary of Significant Accounting Policies – Accounting Changes). Assuming cash and cash equivalents are accounted for as corporate assets, total assets by business segment and by country are presented as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿(Dollars in thousands) |  | December 31, 2016 |  | December 31, 2015(2)(3)
﻿By segment: |  |  |  |  |  |
﻿Cinema |  | $ | 133,057 |  | $ | 106,201
﻿Real estate |  |  | 240,362 |  |  | 219,497
﻿Corporate (1) |  |  | 32,347 |  |  | 46,500
﻿Total assets |  | $ | 405,766 |  | $ | 372,198
﻿By country: |  |  |  |  |  |
﻿United States |  | $ | 161,922 |  | $ | 129,254
﻿Australia |  |  | 170,556 |  |  | 173,045
﻿New Zealand |  |  | 73,288 |  |  | 69,899
﻿Total assets |  | $ | 405,766 |  | $ | 372,198
(1) Corporate Assets includes cash and cash equivalents of $19.0 million and $19.7 million as of December 31, 2016 and 2015, respectively. (2) The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs amounting to $1.8 million, as discussed in Note 2 – Summary of Significant Accounting Policies – Recently Adopted and Issued Accounting Pronouncements. (3) The balances as of December 31, 2015 included the restatement impact as a result of a change in accounting principle (see Note 2 – Summary of Significant Accounting Policies – Accounting Changes). ﻿ The following table sets forth our operating properties by country:
﻿ |  |  |  |  |  |
﻿(Dollars in thousands) |  | December 31, 2016 |  | December 31, 2015
﻿United States |  | $ | 75,845 |  | $ | 66,787
﻿Australia |  |  | 103,430 |  |  | 106,985
﻿New Zealand |  |  | 32,611 |  |  | 36,526
﻿Total operating property |  | $ | 211,886 |  | $ | 210,298
﻿ The table below summarizes capital expenditures for the thr ee years ended December 31, 2016: ﻿
﻿ |  |  |  |  |  |  |  |  |
﻿(Dollars in thousands) |  | 2016 |  | 2015 |  | 2014
﻿Segment capital expenditures |  | $ | 49,023 |  | $ | 52,989 |  | $ | 14,310
﻿Corporate capital expenditures |  |  | 143 |  |  | 130 |  |  | 604
﻿Total capital expenditures |  | $ | 49,166 |  | $ | 53,119 |  | $ | 14,914
﻿

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