Reading International, Inc (RDIB) has reported 36.07 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $3.03 million, or $0.13 a share in the quarter, compared with $2.23 million, or $0.09 a share for the same period last year.
Revenue during the quarter grew 7.20 percent to $69.45 million from $64.79 million in the previous year period. Total expenses were 92.04 percent of quarterly revenues, down from 92.76 percent for the same period last year. This has led to an improvement of 72 basis points in operating margin to 7.96 percent.
Operating income for the quarter was $5.53 million, compared with $4.69 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $11.20 million compared with $9.10 million in the prior year period. At the same time, adjusted EBITDA margin improved 208 basis points in the quarter to 16.13 percent from 14.05 percent in the last year period.
“We continued to break records in the first quarter of 2017 as our revenues and operating income for the period represented the highest level achieved for any first quarter in the history of our company,” said Ellen Cotter, Chair, President and Chief Executive Officer. “During the quarter, we grew our cinema circuit and executed on our global cinema strategy, which helped drive our performance with increased attendance and higher food and beverage revenues. We are making tangible progress on our three-year business strategy to elevate the cinematic experience for our guests and the continued redevelopment of our real estate assets to drive long-term value for stockholders.”
Working capital turns positive
Working capital of Reading International, Inc has turned positive to $19.43 million on Mar. 31, 2017 from negative $41.24 million on Mar. 31, 2016. Current ratio was at 1.34 as on Mar. 31, 2017, up from 0.46 on Mar. 31, 2016. Days sales outstanding went down to 4 days for the quarter compared with 8 days for the same period last year.
Debt moves up
Reading International, Inc has witnessed an increase in total debt over the last one year. It stood at $148.81 million as on Mar. 31, 2017, up 16.63 percent or $21.21 million from $127.60 million on Mar. 31, 2016. Total debt was 36.26 percent of total assets as on Mar. 31, 2017, compared with 33.55 percent on Mar. 31, 2016. Debt to equity ratio was at 0.96 as on Mar. 31, 2017, up from 0.87 as on Mar. 31, 2016. Interest coverage ratio improved to 2.94 for the quarter from 2.45 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
