Reading International Q2 Profit Up

(RTTNews) - Reading International Inc. (RDI) reported a second-quarter net income of $4.1 million or $0.18 per share, compared to a net income of $239,000 or $0.01 per share in the year ago quarter.

For the 2013 Quarter, income tax expense increased by $1.2 million compared to the 2012 Quarter. The change was primarily associated with an increase in our net income before income tax expense.

For the 2012 Quarter, the company recorded income from discontinued operations of $44,000 associated with our Indooroopilly property which was sold for $12.4 million in November 2012.

Revenue from operations increased to $69.6 million from $62.9 million last year. Cinema segment revenue increased by $6.7 million or 11.5% in the 2013 Quarter compared to the same period in 2012. The 2013 Quarter increase was primarily due to an increase in our U.S. and Australian box office admissions of 385,000, related to the quality of film product in 2013 compared to the same period in 2012.