The company's revenue remains highly erratic, fluctuating between $40.2 million and $60.4 million over the last ten quarters, while gross margins have frequently struggled, hitting a low of -4.7% in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 207.94M | 202.99M | 210.53M | 222.74M | 203.12M | 139.06M | 77.86M | 276.77M | 309.38M | 279.73M | 270.47M | 257.32M | 254.75M | 258.22M | 254.43M | 245.81M | 229.82M | 217.01M | 191.29M | 119.23M | 106.13M | 101.07M | 102.98M | 93.74M | 86.49M | 23.74M | 7.38M | 3.95M | 6M | 5.44M | 4.93M |
| Revenue Growth % | 1.12% | -3.58% | -5.48% | 9.66% | 46.06% | 78.6% | -71.87% | -10.54% | 10.6% | 3.42% | 5.11% | 1.01% | -1.34% | 1.49% | 3.51% | 6.96% | 5.9% | 13.45% | 60.43% | 12.35% | 5% | -1.86% | 9.86% | 8.39% | 264.24% | 221.56% | 86.84% | -34.13% | 10.38% | 10.22% | -8.7% |
| Cost of Goods Sold | 181.27M | 175.79M | 188.62M | 196.18M | 187.72M | 133.01M | 99.64M | 219.5M | 235.69M | 216.88M | 207.57M | 200.96M | 198.21M | 204.04M | 201.67M | 192.63M | 180.77M | 168.06M | 150.51M | 86.08M | 77.51M | 77.81M | 79.8M | 73.57M | 69.54M | 17.84M | 4.18M | 1.05M | 2M | 0 | 0 |
| COGS % of Revenue | - | 86.6% | 89.59% | 88.07% | 92.42% | 95.65% | 127.97% | 79.31% | 76.18% | 77.53% | 76.74% | 78.09% | 77.8% | 79.02% | 79.27% | 78.37% | 78.66% | 77.44% | 78.69% | 72.19% | 73.03% | 76.99% | 77.49% | 78.49% | 80.4% | 75.12% | 56.64% | 26.47% | 33.33% | - | - |
| Gross Profit | 26.68M | 27.2M | 21.91M | 26.56M | 15.4M | 6.05M | -21.78M | 57.27M | 73.69M | 62.85M | 62.91M | 56.37M | 56.54M | 54.19M | 52.76M | 53.17M | 49.04M | 48.96M | 40.77M | 33.16M | 28.62M | 23.26M | 23.18M | 20.16M | 16.95M | 5.91M | 3.2M | 2.91M | 4M | 5.44M | 4.93M |
| Gross Margin % | 12.83% | 13.4% | 10.41% | 11.93% | 7.58% | 4.35% | -27.97% | 20.69% | 23.82% | 22.47% | 23.26% | 21.91% | 22.2% | 20.98% | 20.73% | 21.63% | 21.34% | 22.56% | 21.31% | 27.81% | 26.97% | 23.01% | 22.51% | 21.51% | 19.6% | 24.88% | 43.36% | 73.53% | 66.67% | 100% | 100% |
| Gross Profit Growth % | - | 24.15% | -17.53% | 72.49% | 154.42% | 127.79% | -138.04% | -22.29% | 17.25% | -0.09% | 11.6% | -0.31% | 4.35% | 2.71% | -0.78% | 8.42% | 0.18% | 20.08% | 22.97% | 15.85% | 23.04% | 0.32% | 14.98% | 18.97% | 186.88% | 84.51% | 10.19% | -27.35% | -26.42% | 10.22% | -8.7% |
| Operating Expenses | 28.72M | 32.5M | 35.94M | 38.59M | 43.88M | 47.85M | 39.53M | 48.14M | 49.61M | 42.29M | 42.59M | 33.21M | 34.37M | 33.25M | 32.17M | 34.39M | 33.67M | 31.82M | 45.35M | 28.01M | 26.2M | 29.63M | 29.14M | 25.5M | 22.93M | 9.29M | 4.26M | 1.8M | 2M | 3.66M | 3.62M |
| OpEx % of Revenue | - | 16.01% | 17.07% | 17.33% | 21.61% | 34.41% | 50.77% | 17.39% | 16.04% | 15.12% | 15.75% | 12.91% | 13.49% | 12.88% | 12.64% | 13.99% | 14.65% | 14.66% | 23.71% | 23.49% | 24.69% | 29.32% | 28.29% | 27.21% | 26.51% | 39.13% | 57.65% | 45.67% | 33.33% | 67.26% | 73.42% |
| Selling, General & Admin | 18.9M | 2.59M | 20.16M | 20.17M | 21.42M | 25.1M | 17M | 25.39M | 27.34M | 25.35M | 26.91M | 18.65M | 18.9M | 18.05M | 16.12M | 17.43M | 17.78M | 17.56M | 21.43M | 16.09M | 12.99M | 17.25M | 16.24M | 13.5M | 14.22M | 7.25M | 3.6M | 1.27M | 1.3M | 1.18M | 745K |
| SG&A % of Revenue | - | 1.28% | 9.58% | 9.06% | 10.54% | 18.05% | 21.83% | 9.18% | 8.84% | 9.06% | 9.95% | 7.25% | 7.42% | 6.99% | 6.33% | 7.09% | 7.74% | 8.09% | 11.21% | 13.49% | 12.24% | 17.06% | 15.77% | 14.4% | 16.44% | 30.52% | 48.75% | 32.11% | 21.67% | 21.62% | 15.11% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 29.91M | 15.78M | 18.42M | 22.47M | 22.75M | 22.53M | 22.75M | -256K | 588K | -1.48M | -440K | 1.65M | 1.88M | -563K | 16.96M | 15.89M | 14.26M | 23.91M | 11.92M | 13.21M | 12.38M | 12.9M | 12M | 8.71M | 2.04M | 657K | 536K | 700K | 2.48M | 2.88M |
| Operating Income | -2.05M | -5.31M | -14.03M | -12.03M | -28.48M | -41.79M | -61.31M | 9.12M | 24.08M | 20.56M | 20.31M | 23.15M | 22.17M | 20.93M | 19.13M | 18.41M | 13.13M | 13.92M | -4.58M | 5.15M | 2.42M | -6.37M | -5.95M | -5.34M | -5.98M | -3.38M | -1.05M | 1.1M | 2M | 1.78M | 1.31M |
| Operating Margin % | -0.98% | -2.61% | -6.67% | -5.4% | -14.02% | -30.05% | -78.75% | 3.3% | 7.78% | 7.35% | 7.51% | 9% | 8.7% | 8.11% | 7.52% | 7.49% | 5.71% | 6.42% | -2.39% | 4.32% | 2.28% | -6.3% | -5.78% | -5.7% | -6.91% | -14.24% | -14.29% | 27.86% | 33.33% | 32.74% | 26.58% |
| Operating Income Growth % | - | 62.18% | -16.64% | 57.76% | 31.85% | 31.84% | -772.07% | -62.11% | 17.11% | 1.23% | -12.28% | 4.42% | 5.91% | 9.45% | 3.89% | 40.22% | -5.7% | 404.24% | -188.87% | 113.21% | 137.9% | -7.06% | -11.46% | 10.66% | -76.73% | -220.57% | -195.82% | -44.95% | 12.36% | 35.77% | 154.56% |
| EBITDA | 12.35M | 9.01M | 3.13M | 8.27M | -5.92M | 4.36M | -37.95M | 32.82M | 47.51M | 37.5M | 37.8M | 37.72M | 37.64M | 36.13M | 35.91M | 36.2M | 29.04M | 29.09M | 17.63M | 17.32M | 15.63M | 6.01M | 6.95M | 6.66M | 2.73M | -1.34M | -398K | 1.64M | 2.7M | 2.13M | 1.71M |
| EBITDA Margin % | 5.94% | 4.44% | 1.49% | 3.71% | -2.92% | 3.13% | -48.74% | 11.86% | 15.36% | 13.41% | 13.97% | 14.66% | 14.78% | 13.99% | 14.11% | 14.73% | 12.64% | 13.4% | 9.22% | 14.53% | 14.73% | 5.95% | 6.75% | 7.11% | 3.15% | -5.64% | -5.39% | 41.42% | 45% | 39.09% | 34.59% |
| EBITDA Growth % | 349.76% | 187.88% | -62.15% | 239.59% | -235.83% | 111.49% | -215.62% | -30.92% | 26.69% | -0.78% | 0.21% | 0.2% | 4.18% | 0.63% | -0.82% | 24.65% | -0.16% | 64.99% | 1.78% | 10.85% | 159.93% | -13.46% | 4.26% | 144.24% | 303.89% | -236.18% | -124.31% | -39.37% | 27.06% | 24.56% | 82.46% |
| D&A (Non-Cash Add-back) | 14.39M | 14.31M | 17.16M | 20.3M | 22.56M | 46.15M | 23.36M | 23.7M | 23.44M | 16.94M | 17.49M | 14.56M | 15.47M | 15.2M | 16.78M | 17.79M | 15.91M | 15.17M | 22.21M | 12.17M | 13.21M | 12.38M | 12.9M | 12M | 8.71M | 2.04M | 657K | 536K | 700K | 345K | 395K |
| EBIT | 1.17M | 4.13M | -14.26M | -11.18M | -21.45M | 54.45M | -61.47M | 10.24M | 24.3M | 40.69M | 19.61M | 34.28M | 24.51M | 23.16M | 19.51M | 20.98M | 14.43M | 23.77M | -288K | 5.17M | 2.65M | -6.37M | -6.32M | -5.84M | -5.98M | -3.38M | -1.05M | 1.1M | 1.99M | 1.69M | 1.99M |
| Net Interest Income | -17.41M | -17.93M | -21.15M | -19.42M | -14.39M | -13.69M | -9.35M | -7.9M | -6.84M | -6.19M | -6.78M | -7.3M | -9M | -10.04M | -16.43M | -21.04M | -12.29M | -14.57M | -15.74M | -6.96M | 0 | -4.82M | -1.42M | 0 | -1.46M | -637K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86K | 1.27M | 662K | 407K | 800K | 1.48M | 1.35M | 1.15M | 1.01M | 798K | 0 | 209K | 845K | 0 | 512K | 345K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 17.41M | 17.93M | 21.15M | 19.42M | 14.39M | 13.69M | 9.35M | 7.9M | 6.84M | 6.19M | 6.87M | 8.57M | 9.66M | 10.44M | 17.23M | 22.52M | 13.64M | 15.73M | 14.81M | 7.76M | 0 | 5.03M | 2.26M | 0 | 1.97M | 982K | 2.87M | 0 | 1.1M | 205K | 0 |
| Other Income/Expense | -14.61M | -8.49M | -21.38M | -18.56M | -7.36M | 82.55M | -9.51M | -6.79M | -6.16M | 13.79M | -6.87M | 4.48M | -7.33M | -8.22M | -16.84M | -19.95M | -12.34M | -5.82M | -14.75M | -7.78M | 4.21M | 579K | -2.56M | 622K | -1.97M | -982K | -2.87M | 13.7M | -1.08M | -205K | 5.12M |
| Pretax Income | -16.66M | -13.8M | -35.42M | -30.59M | -35.84M | 40.76M | -70.82M | 2.33M | 16.94M | 33.53M | 12.44M | 26.43M | 14.84M | 12.72M | 2.28M | -1.54M | 853K | 8.05M | -19.38M | -2.61M | 6.86M | -11.4M | -9.1M | -5.22M | -7.95M | -4.36M | -3.92M | 14.8M | 900K | 1.57M | 6.43M |
| Pretax Margin % | -8.01% | -6.8% | -16.82% | -13.74% | -17.65% | 29.31% | -90.96% | 0.84% | 5.48% | 11.99% | 4.6% | 10.27% | 5.83% | 4.93% | 0.9% | -0.63% | 0.37% | 3.71% | -10.13% | -2.19% | 6.47% | -11.28% | -8.83% | -5.57% | -9.19% | -18.38% | -53.14% | 374.39% | 15% | 28.97% | 130.29% |
| Income Tax | 1.18M | 853K | 481K | 590K | 819K | 5.94M | -4.97M | 28.84M | 3.42M | 3.34M | 4.02M | 4.94M | -9.79M | 4.94M | 4.9M | -12.33M | 14.23M | 1.95M | 2.1M | 2.04M | 2.27M | 1.21M | 1.05M | 711K | 6K | 208K | 2.49M | 5.31M | -4.8M | 45K | 0 |
| Effective Tax Rate % | -7.09% | -6.18% | -1.36% | -1.93% | -2.29% | 14.58% | 7.01% | 1235.52% | 20.18% | 9.95% | 32.32% | 18.7% | -65.92% | 38.86% | 214.9% | 801.69% | 1668.46% | 24.25% | -10.83% | -78.08% | 33.08% | -10.6% | -11.5% | -13.63% | -0.08% | -4.77% | -63.38% | 35.88% | -533.33% | 2.86% | 0% |
| Net Income | -17.54M | -14.14M | -35.3M | -30.67M | -36.18M | 31.92M | -65.2M | -26.43M | 14.37M | 31M | 9.4M | 22.77M | 25.7M | 9.04M | -914K | 9.96M | -12.65M | 6.09M | -18.54M | -2.1M | 3.86M | 989K | -8.46M | -5.93M | -7.95M | -4.57M | -3.54M | 9.49M | 5.7M | 1.53M | 6.43M |
| Net Margin % | -8.43% | -6.97% | -16.77% | -13.77% | -17.81% | 22.95% | -83.74% | -9.55% | 4.64% | 11.08% | 3.48% | 8.85% | 10.09% | 3.5% | -0.36% | 4.05% | -5.5% | 2.81% | -9.69% | -1.76% | 3.63% | 0.98% | -8.22% | -6.32% | -9.2% | -19.26% | -47.97% | 240.06% | 95% | 28.15% | 130.29% |
| Net Income Growth % | 34.63% | 59.94% | -15.09% | 15.23% | -213.35% | 148.96% | -146.7% | -283.97% | -53.66% | 229.67% | -58.71% | -11.39% | 184.27% | 1089.17% | -109.18% | 178.7% | -307.58% | 132.88% | -781.36% | -154.54% | 289.89% | 111.69% | -42.76% | 25.47% | -73.97% | -29.08% | -137.34% | 66.44% | 272.55% | -76.19% | 359.66% |
| Net Income (Continuing) | -17.84M | -14.65M | -35.9M | -31.18M | -36.66M | 34.81M | -65.86M | -26.5M | 14.17M | 30.88M | 9.42M | 23.03M | 24.63M | 9.14M | -1M | 10.79M | -13.38M | 7.99M | -21.42M | -4M | -8.46M | -12.04M | -9.56M | -5.64M | -7.95M | -4.57M | -3.54M | 9.49M | 5.7M | 1.53M | 6.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.78M | 5K | 0 | 562K | 351K | 0 | 793K | -469K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 158K | 141K | -426K | -91K | 423K | 986K | 3.4M | 4.27M | 4.34M | 4.33M | 4.42M | 4.33M | 4.61M | 4.61M | 4.1M | 1.24M | 852K | 1.37M | 1.82M | 2.83M | 2.6M | 3.08M | 3.47M | 4.49M | 4.94M | 4.77M | 54K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.77 | -0.62 | -1.58 | -1.38 | -1.66 | 1.42 | -3.03 | -1.17 | 0.62 | 1.33 | 0.40 | 0.97 | 1.08 | 0.38 | -0.04 | 0.43 | -0.56 | 0.27 | -0.82 | -0.09 | 0.17 | 0.04 | -0.39 | -0.27 | -0.36 | -0.46 | -0.47 | 1.42 | 0.85 | 0.24 | 0.80 |
| EPS Growth % | 35.29% | 60.76% | -14.49% | 16.87% | -216.9% | 146.86% | -158.97% | -288.71% | -53.38% | 232.5% | -58.76% | -10.19% | 184.21% | 1057.18% | -109.23% | 176.79% | -307.41% | 132.93% | -776.07% | -155.06% | 325% | 110.26% | -44.44% | 25% | 21.74% | 2.13% | -133.1% | 67.06% | 254.17% | -70% | 400% |
| EPS (Basic) | - | -0.62 | -1.58 | -1.38 | -1.66 | 1.46 | -3.03 | -1.17 | 0.62 | 1.35 | 0.40 | 0.98 | 1.10 | 0.39 | -0.04 | 0.44 | -0.56 | 0.27 | -0.82 | -0.09 | 0.17 | 0.04 | -0.39 | -0.27 | -0.36 | -0.46 | -0.47 | 1.42 | 0.85 | 0.24 | 1.04 |
| Diluted Shares Outstanding | 22.72M | 22.65M | 22.4M | 22.22M | 22.02M | 22.41M | 21.75M | 22.63M | 23.21M | 23.25M | 23.52M | 23.5M | 23.75M | 23.52M | 23.03M | 22.99M | 22.78M | 22.77M | 22.48M | 22.48M | 22.67M | 22.25M | 21.95M | 21.86M | 22.09M | 9.98M | 7.54M | 6.68M | 6.71M | 6.38M | 6.03M |
| Basic Shares Outstanding | 22.72M | 22.65M | 22.4M | 22.22M | 22.02M | 21.8M | 21.75M | 22.63M | 22.99M | 23.04M | 23.32M | 23.29M | 23.43M | 23.35M | 23.03M | 22.76M | 22.78M | 22.58M | 22.48M | 22.48M | 22.43M | 22.25M | 21.95M | 21.86M | 22.09M | 9.95M | 7.54M | 6.68M | 6.71M | 6.38M | 6.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational insolvency
According to the provided quarterly income statements, Reading International's revenue trajectory remains highly erratic, fluctuating between $40.2 million and $60.4 million over the last ten quarters, which suggests that the company's top-line performance is heavily tethered to the unpredictable nature of the theatrical release calendar.
The lack of consistent year-over-year growth indicates that the cinema exhibition segment struggles to maintain a stable audience base in the current streaming-dominated environment. Investors should monitor whether the company can achieve sustained organic growth or if revenue will continue to be dictated by the volatility of film slate performance.
As reported in financial statements, the company's gross margin has frequently dipped into single digits or negative territory, reaching a low of -4.7% in 2024Q1, which highlights the difficulty of absorbing high fixed occupancy costs when theater attendance fails to meet critical volume thresholds.
These thin margins suggest that the company lacks the pricing power necessary to offset inflationary pressures on labor and utility expenses. The inability to consistently maintain double-digit gross margins implies that the current operating model may be fundamentally misaligned with the realities of modern cinema exhibition economics.
Based on the income statement data, operating income has remained negative in nine of the last ten quarters, demonstrating that the company's SG&A expenses consistently outpace the meager gross profits generated by its core cinema operations, thereby preventing any meaningful scaling of the business model.
The persistent operating losses suggest that corporate overhead is disproportionately high relative to the revenue generated by the theater fleet. This lack of operating leverage indicates that the company is currently unable to convert top-line activity into sustainable profitability, necessitating a potential reduction in fixed costs.
Data from the company's recent filings reveals a consistent pattern of net losses, with quarterly deficits reaching as high as $13.2 million, which suggests that the bottom line is burdened by significant non-operating costs and the ongoing financial strain of maintaining an asset-heavy real estate portfolio.
The recurring nature of these net losses warrants further investigation into whether the company's real estate assets are being effectively utilized to generate non-cinema income. Investors should be cautious, as the reported EPS figures reflect a business that is currently consuming capital rather than generating shareholder value.
While proponents often point to the underlying real estate value, the income statement data indicates a precarious liquidity position, as the company has struggled to generate positive operating income, which may force management to consider dilutive financing or distressed asset sales to meet obligations.
The short-seller perspective would likely focus on the company's inability to achieve break-even operations, arguing that the real estate assets may be less liquid or valuable than the market assumes. This suggests that the company's long-term survival may depend more on capital markets than on operational improvements.
Quick answers to the most common questions about buying RDIB stock.
For fiscal year 2025, Reading International, Inc. (RDIB) reported total revenue of $203.0M. This represents a 4015.7% increase compared to $4.9M in 1996.
Reading International, Inc. (RDIB) reported a net loss of $14.1M for the fiscal year ending 2025.
Reading International, Inc. (RDIB) reported an operating income of $-5.3M, resulting in an operating profit margin of -2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Reading International, Inc. (RDIB) generated $27.2M in gross profit for the year, representing a gross profit margin of 13.4%. This demonstrates the company's core pricing power and production efficiency.