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Description Of Business And Segment Reporting | 9 Months Ended
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Sep. 30, 2023
Description Of Business And Segment Reporting [Abstract] |
Description Of Business And Segment Reporting | Note 1 – Description of Business and Segment Reporting Our 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. Our businesses, owned and operated through our various subsidiaries, consist primarily of: the development, ownership, and operation of cinemas in the United States, Australia, and New Zealand; and the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States. Business Segments Reported below are the operating segments of our Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of our Company. As part of our real estate activities, we hold undeveloped land in urban and suburban centers in the United States and New Zealand. The table below summarizes the results of operations for each of our business segments for the quarter and nine months ended September 30, 2023, and 2022, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets.
|  | Quarter Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Cinema exhibition |  | $ | 62,688 |  | $ | 48,358 |  | $ | 165,731 |  | $ | 147,476
Real estate |  |  | 5,056 |  |  | 4,070 |  |  | 15,338 |  |  | 12,265
Inter-segment elimination |  |  | (1,181) |  |  | (1,232) |  |  | (3,644) |  |  | (3,833)
|  | $ | 66,563 |  | $ | 51,196 |  | $ | 177,425 |  | $ | 155,908
Segment operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Cinema exhibition |  | $ | 4,395 |  | $ | (2,137) |  | $ | 4,256 |  | $ | (5,902)
Real estate |  |  | 920 |  |  | (145) |  |  | 3,212 |  |  | (125)
|  | $ | 5,315 |  | $ | (2,282) |  | $ | 7,468 |  | $ | (6,027)
A reconciliation of segment operating income to income before income taxes is as follows:
|  | Quarter Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Segment operating income (loss) |  | $ | 5,315 |  | $ | (2,282) |  | $ | 7,468 |  | $ | (6,027)
Unallocated corporate expense |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | (172) |  |  | (258) |  |  | (527) |  |  | (804)
General and administrative expense |  |  | (4,124) |  |  | (4,190) |  |  | (12,014) |  |  | (13,249)
Interest expense, net |  |  | (5,072) |  |  | (3,694) |  |  | (14,063) |  |  | (10,242)
Equity earnings of unconsolidated joint ventures |  |  | 217 |  |  | 61 |  |  | 443 |  |  | 233
Gain (loss) on sale of assets |  |  | — |  |  | (59) |  |  | — |  |  | (59)
Other income (expense) |  |  | 267 |  |  | 5,455 |  |  | 356 |  |  | 8,445
Income (loss) before income tax expense |  | $ | (3,569) |  | $ | (4,967) |  | $ | (18,337) |  | $ | (21,703)

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