Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading,” and “we,” “us,” or “our”) was incorporated in 1999. Our businesses, owned and operated through our various subsidiaries, consist primarily of:

the development, ownership, and operation of cinemas in the United States, Australia, and New Zealand; and

the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States.

Reported below are the operating segments of our Company for which separate financial information is available and evaluated regularly by the Chief Executive Officer, the chief operating decision-maker of our Company. As part of our real estate activities, we hold undeveloped land in urban and suburban centers in the United States and New Zealand.

The table below summarizes the results of operations for each of our business segments for the quarter ended March 31, 2024, and 2023, respectively. Operating expense includes costs associated with the day-to-day operations of the cinemas and the management of rental properties, including our live theatre assets.



	Three Months Ended
	March 31,
(Dollars in thousands)	2024		2023
Revenue:
Cinema exhibition	$	41,271	$	41,987
Real estate		4,933		5,065
Inter-segment elimination		(1,152)		(1,245)
	$	45,052	$	45,807
Segment operating income (loss):
Cinema exhibition	$	(4,165)	$	(4,612)
Real estate		890		1,006
	$	(3,275)	$	(3,606)

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



	Three Months Ended
	March 31,
(Dollars in thousands)	2024		2023
Segment operating income (loss)	$	(3,275)	$	(3,606)
Unallocated corporate expense
Depreciation and amortization expense		(102)		(179)
General and administrative expense		(4,154)		(4,095)
Interest expense, net		(5,286)		(4,117)
Equity earnings of unconsolidated joint ventures		(25)		19
Gain (loss) on sale of assets		(1,125)		—
Other income (expense)		341		174
Income (loss) before income tax expense	$	(13,626)	$	(11,804)