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Reading International Announces Record First Quarter 2003 Results; - Revenue was up 12.8% for the 2003 Quarter versus 2002 - 2003 Quarter EBITDA(1) of $1.2 million up 19.3% versus 2002.

Article Excerpt
Reading International, Inc. announced today record results for the first quarter ended March 31, 2003.



(Logo: http://www.newscom.com/cgi-bin/prnh/20030403/LATH058LOGO ) First Quarter Highlights -- Revenue at $22.0 million, increased 12.8% compared to Q1 2002 -- Fifth consecutive quarter of positive EBITDA(1), up 19.3% compared to Q1 2002 -- Total revenue per screen at $92,404, increased 13.1% compared to Q1 2002 -- Average attendance per screen at 11,790, increased 5.0% compared to Q1 2002 -- Achieved consolidation of Puerto Rican administrative office functions First Quarter 2003 Discussion

Revenue rose 12.8% to $22.0 million from $19.5 million in 2002. The $2.5 million increase was primarily driven by the full quarter effect in 2003 of our 10-screen Wellington, New Zealand cinema, which opened at the end of the 2002 quarter, and despite the closure of two domestic cinemas with a total of 9 screens. The quarter's strong box office performers were "The Lord of the Rings: The Two Towers," "8 Mile," "Chicago" and "About Schmidt."

We achieved our fifth consecutive quarter of positive EBITDA. At $1.2 million, it compared favorably to the $1.0 million generated in the first quarter of 2002, up 19.3%. What made this result even more significant was that it was achieved without the $0.7 million agricultural loan recovery that formed part of the 2002 EBITDA.

Increased attendance drove the total worldwide revenue per screen to $92,404 from $81,731 in 2002. Average attendance per screen was 11,790 in 2003 as compared to 11,232 in 2002, an increase of 5.0%. We operated 222 screens at the end of Q1 2003, down from 231 at the...