Business Segments

6 Months Ended

Jun. 30, 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 quarter and six months ended June 30, 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				Six Months Ended
(Dollars in thousands)	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Revenue:
Cinema exhibition	$	63,439	$	68,957	$	124,754	$	125,855
Real estate		5,322		5,537		10,572		10,940
Inter-segment elimination		(1,843)		(1,691)		(3,619)		(3,409)
	$	66,918	$	72,803	$	131,707	$	133,386
Segment operating income:
Cinema exhibition	$	9,122	$	12,568	$	16,810	$	18,906
Real estate		2,001		2,218		4,091		4,508
	$	11,123	$	14,786	$	20,901	$	23,414

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

	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Segment operating income	$	11,123	$	14,786	$	20,901	$	23,414
Unallocated corporate expense
Depreciation and amortization expense		(100)		(64)		(194)		(134)
General and administrative expense		(4,935)		(4,236)		(9,925)		(7,562)
Interest expense, net		(1,762)		(1,601)		(3,636)		(4,176)
Equity earnings of unconsolidated joint ventures and entities		305		483		608		720
Gain on sale of assets		-		8,201		393		11,023
Other income (expense)		(46)		1		(104)		(89)
Income before income tax expense	$	4,585	$	17,570	$	8,043	$	23,196