Reading International, Inc. (RDIB) has reported 90.26 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $0.35 million, or $0.02 a share in the quarter, compared with $3.61 million, or $0.14 a share for the same period last year.
Revenue during the quarter went up marginally by 1.14 percent to $67.45 million from $66.69 million in the previous year period. Total expenses were 95.67 percent of quarterly revenues, up from 92.72 percent for the same period last year. That has resulted in a contraction of 295 basis points in operating margin to 4.33 percent.
Operating income for the quarter was $2.92 million, compared with $4.86 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $8.42 million compared with $9.60 million in the prior year period. At the same time, adjusted EBITDA margin contracted 191 basis points in the quarter to 12.48 percent from 14.39 percent in the last year period.
"Over the course of 2016, as well as in the fourth quarter, we delivered the highest revenue levels in our Company's history for each respective timeframe as we continued to expand and refine our cinema portfolio, driving higher admissions and food and beverage revenue. Over the course of the year, we also continued to make progress on several value creation development projects in our real estate portfolio," said Ellen Cotter, Chair, president and chief executive officer.
Working capital turns positive
Working capital of Reading International, Inc. has turned positive to $6.66 million on Dec. 31, 2016 from negative $38.51 million on Dec. 31, 2015. Current ratio was at 1.10 as on Dec. 31, 2016, up from 0.49 on Dec. 31, 2015.
Debt moves up
Reading International, Inc. has witnessed an increase in total debt over the last one year. It stood at $143.61 million as on Dec. 31, 2016, up 11.23 percent or $14.50 million from $129.11 million on Dec. 31, 2015. Total debt was 35.39 percent of total assets as on Dec. 31, 2016, compared with 34.42 percent on Dec. 31, 2015. Debt to equity ratio was at 0.98 as on Dec. 31, 2016, up from 0.94 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 1.82 for the quarter from 3.25 for the same period last year.
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