Business Segments

3 Months Ended

Mar. 31, 2016

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, the chief operating decision-maker of the Company.  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 three months ended March 31, 2016 and 2015, 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.

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Revenue:
Cinema exhibition	$	61,315	$	56,899
Real estate		5,250		5,404
Inter-segment elimination		(1,776)		(1,718)
	$	64,789	$	60,585
Segment operating income:
Cinema exhibition	$	7,690	$	6,339
Real estate		2,089		2,291
	$	9,779	$	8,630

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

	Three Months Ended
(Dollars in thousands)	March 31, 2016		March 31, 2015
Segment operating income	$	9,779	$	8,630
Unallocated corporate expense
Depreciation and amortization expense		(96)		(70)
General and administrative expense		(4,991)		(3,327)
Interest expense, net		(1,875)		(2,575)
Equity earnings of unconsolidated joint ventures and entities		302		236
Gain on sale of assets		393		2,822
Other expense		(57)		(91)
Income before income tax expense, net of non-controlling interests	$	3,455	$	5,625