Business Segments

9 Months Ended

Sep. 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.  As part of our 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.

The tables below summarize the results of operations for each of our business segments for the quarterand nine months ended September 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.

	Quarter Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Revenue:
Cinema exhibition	$	67,825	$	54,368	$	192,579	$	180,223
Real estate		5,390		4,968		15,961		15,908
Inter-segment elimination		(1,900)		(1,548)		(5,518)		(4,957)
	$	71,315	$	57,788	$	203,022	$	191,174
Segment operating income:
Cinema exhibition	$	9,726	$	4,838	$	26,536	$	23,745
Real estate		1,755		1,443		5,844		5,952
	$	11,481	$	6,281	$	32,380	$	29,697

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

	Quarter Ended				Nine Months Ended
(Dollars in thousands)	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Segment operating income	$	11,481	$	6,281	$	32,380	$	29,697
Unallocated corporate expense
Depreciation and amortization expense		(102)		(86)		(295)		(220)
General and administrative expense		(4,769)		(3,075)		(14,693)		(10,637)
Interest expense, net		(1,553)		(1,894)		(5,190)		(6,070)
Equity earnings of unconsolidated joint ventures and entities		200		195		808		915
Gain on sale of assets		--		--		393		11,023
Other expense		(12)		(577)		(115)		(667)
Income before income tax expense	$	5,245	$	844	$	13,288	$	24,041