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.
Reading International, 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.
Shares in Reading, which trade on the Nasdaq, fell nearly 13% Monday to close at $3.88.
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.
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...
Reading International, 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.
Shares in Reading, which trade on the Nasdaq, fell nearly 13% Monday to close at $3.88.
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.
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...
- 8/10/2020
- by Dade Hayes
- Deadline Film + TV
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