Business Segments

9 Months Ended

Sep. 30, 2015

Business Segments [Abstract]

Business Segments

Note 2 – Business Segments

Reported below are the operating segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer.  In addition to the cinema exhibition and real estate activities, we have acquired, and continue to hold, raw land in urban and suburban centers in Australia, New Zealand, and the United States, as part of our real estate activities.  

The tables below summarize the results of operations for each of our business segments for the quarter and nine months ended September 30, 2015 and 2014, respectively.  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.

	Quarter Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Revenue:
Cinema exhibition	$	54,368	$	60,947	$	180,223	$	180,225
Real estate		4,968		6,035		15,908		18,396
Inter-segment elimination		(1,548)		(1,951)		(4,957)		(5,615)
	$	57,788	$	65,031	$	191,174	$	193,006
Segment operating income:
Cinema exhibition	$	4,838	$	7,136	$	23,745	$	21,313
Real estate		1,443		2,346		5,952		7,164
	$	6,281	$	9,482	$	29,697	$	28,477

A reconciliation of segment operating income to income before income taxes is as follows:

	Quarter Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2015		September 30, 2014		September 30, 2015		September 30, 2014
Segment operating income	$	6,281	$	9,482	$	29,697	$	28,477
Unallocated corporate expense
Depreciation and amortization expense		(86)		(92)		(220)		(273)
General and administrative expense		(3,075)		(3,217)		(10,637)		(10,950)
Interest expense, net		(1,894)		(1,411)		(6,070)		(6,537)
Equity earnings of unconsolidated joint ventures and entities		195		222		915		833
Gain on sale of assets		-		25		11,023		25
Other income (expense)		(577)		242		(667)		1,630
Income before income taxes	$	844	$	5,251	$	24,041	$	13,205