Reading International Provides COVID-19-Related Business Update

Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company with operations and assets in the United States, Australia and New Zealand, today announced business updates in response to the continued impact of COVID-19, or coronavirus.

As of March 23, 2020, all of the Company’s cinemas in the United States, Australia, and New Zealand are temporarily closed in accordance with the directions and recommendations of the relevant federal, state and local authorities. With respect to the Company’s real estate operations in Australia and New Zealand (which include the following centers: Newmarket Village (Queensland), Auburn Redyard (New South Wales), Cannon Park (Queensland), The Belmont Common (Western Australia) and Courtenay Central (New Zealand), the majority of the tenants operating at each of these centers prior to the COVID-19 crisis, have temporarily suspended operations at the direction and recommendation of the local governmental authorities.

In light of the temporary closures of most of its cinema and real estate operations, and due to the continued uncertainty in the market due to COVID-19, the Company took swift action to increase the Company’s financial flexibility, including renewing and amending credit facilities and drawing funds under certain of the credit facilities, thereby increasing cash on hand. In addition, the Company has implemented actions to further improve liquidity by reducing non-essential capital expenditures and operating expenses, as well as other actions.

“While this is a challenging time, I strongly believe in the long-term opportunities for our cinema and real estate businesses and remain optimistic that the COVID-19 impacts on our businesses are temporary,” commented Reading’s President and Chief Executive Officer, Ellen Cotter.

Ms. Cotter continued: “Reading’s internationally diversified cinema and real estate portfolio, which includes valuable real estate in New York City, Australia, and New Zealand, combined with the proactive actions we have taken and our current cash on hand, buttresses our confidence that we will be able to navigate the current crisis. In Reading’s proud history, we have successfully led our business through various global challenges. Our current actions are prudent based on what we see happening around the world and will support our stability, while positioning us for the coming economic recovery.”