However, as of yesterday, our New Zealand theaters are operating again, for a limited period, with physical distancing in place. And the impression is worse when you consider revenue is down year-on-year. In Australia, the government-sponsored JobKeeper Program has allowed us to retain most of our employees on an economic basis. Well that marks the conclusion of the call and the question and answers. However, the need to close our theaters and to offer rent concession to certain of our tenants have reduced revenues and adversely impacted our operational liquidity sources. At the moment we're comfortable that our cash position will carry us well into 2021 even if our theatres were to remain closed. Choose your reason below and click on the Report button. We just need the studios to start the flow of movies again. Our cash and cash equivalent at June 30, 2020, were $40.4 million, which includes approximately $22.9 million in U.S., $3.8 million in Australia and $13.7 million in New Zealand. But in July, when all of our cinemas were opened in New Zealand, cinema attendance was about 22% of July 2019. Prior to COVID-19 we detailed for our investors various redevelopment and improvement plans for our Australian centres. Assuming government imposed capacity restrictions, what are your plans and programs for optimizing occupancy? And as of March 31, 2020 our overall debt was $263 million. As I mentioned earlier, before we have the luxury of playing highly anticipated titles from major studios, we’ll reopen with much of our own creative programming. And in New Zealand, our F&B per cap increased by 12%. Our confidence in our industry is supported by Warner Bros. determination to open tenant and movie theaters, even though theaters in some of the biggest U.S. markets will remain closed. And now turning to the cinema industry more broadly. And yet, the average CEO is reading four or five books per month. Access the exclusive Economic Times stories, Editorial and Expert opinion, Sharp Insight-rich, Indepth stories across 20+ sectors, Millwood Kane International CEO says the books on his reading list help him innovate & form his perspective. However, all other redevelopment activity related to this location has been suspended until we're able to develop a better understanding of the on-going effects of the COVID pandemic on our assets and the market. And we're in the process of updating our budget and construction schedule. But Union Square remains a key transportation core, and our building is one of the few brandable buildings in the area. We believe that execution of our business strategy will provide us future opportunities to increase our market cap and to rejoin the index. That’s why we did some digging and identified 1 warning sign for Reading International that investors should think about before committing capital to this stock. Our Q1 2020 cinema revenues decreased by 9% or $1.9 million to $19.6 million compared to Q1, 2019. With respect to CapEx, let me walk through the key capital projects that our management team has continued to progress through COVID-19. The required shutdown and other operational impact on our business due to COVID-19 pandemic related issue has severely reduced our liquidity from operational sources. People are craving new films in a state-of-the-art cinematic environment. Looking ahead, you might want to check this free visual report on analyst forecasts for the company’s future earnings.. With a three year total loss of 73% for the shareholders, Reading International, Inc. would certainly have some dissatisfied shareholders. Thanks Gilbert. Generally, our TITAN, Premium or Gold Lounge auditoriums, where we offer reclining seating, result in approximately 50% of the seating capacity. During the COVID-19 shut down, our cinemas generated very little to no revenues. While our real estate operations were less impacted by the COVID pandemic than our cinema business, COVID still dealt our real estate operations a meaningful blow. Like many companies in the cinema exhibition and retail end of the real estate business, our market cap dropped in the first half of the year due to the COVID crisis. We believe that the work completed to date has contributed materially to the overall increase in value of our land in Manukau/Wiri. To me, this number provides a hopeful statement for the industry, where one takes into account the only new film that opened in July from a major studio was Trolls World 2 -- Trolls World Tour on July 2. Our 23 Australian theaters were closed for most of the second quarter. We are currently queued up to launch ANGELIKA ANYWHERE in the U.S. this quarter. "I like to listen to audiobooks when I'm on the treadmill because it actually helps me absorb the material better. However, once our U.S. cinemas are substantially opened and our Australian and New Zealand theaters continue to operate, and there's a consistent flow of major studio releases, and the public maintains a positive perception about the cinema industry's dedication to health and well-being, we anticipate that the pent-up demand will absolutely serve us very well. Regarding the cinema one, two and three, we plan to continue to operate this location as a cinema for at least the near term. Generally, reading has been a large part of Nish Bhatt’s, Founder and CEO, Millwood Kane International, learning experience over the years.As books have been fundamental in helping the investment consulting firm boss innovate and form his own perspective on the world. And in the U.S. our programming and marketing teams are overseeing our participation in separate virtual cinema screening programs set up with certain specialty distributors. So the money generated by the theatrical box office is a significant sum. As a proactive move to protect our liquidity, at the end of March 2020, we drew down on all our credit lines. Over the next several months, we’ll apply our liquidity management practices, evaluate the restarting of the economies in our businesses and then determine when we can feasibly restart the Courtenay Central redevelopment project. As I previously mentioned, we took a number of steps to reduce the cash burn. In late March 2020, in Wellington, our operating Courtenay Central tenants were forced to temporary close due to the New Zealand government lockdown. Reading International, Inc. (RDI) CEO Ellen Cotter on Q2 2020 Results - Earnings Call Transcript Aug. 17, 2020 6:02 PM ET | About: Reading International, Inc. (RDI) , RDIB Our Q1 emissions decline due to the reduced e-cams [ph] sold as a result of the social distancing measures followed by the mandated temporary closures of our U.S. cinemas, attributable to the COVID-19 crisis. Simply Wall Street Pty Ltd Also, audiobooks become an option when you don't have the ability to read, like when you're on-the-go, or on the stairmaster. As I mentioned earlier, during Q1 2020, our F&B SPP during the first quarter was $5.55 which set a first quarter record and was 7.2% higher than that of the first quarter in 2019. With respect to our Courtenay Central development plan, prior to COVID-19 our real estate team had developed a comprehensive plan featuring a variety of uses to complement and build upon the destination quality of the Courtenay Central location. And now turning to our real estate assets in New Zealand. Stacy Bruce. We have tried to address many of the questions we received in our remarks today. And as we mentioned in our last call, we'll designate a trusted representative at each of our venues to be responsible for the planned successful execution. A few other factors contributed to this decline. Non segment general and administrative expenses for the first quarter of 2020 decreased by 13% to $4.4 million compared to the same period in 2019. The test of these financial covenants resume for measurement period ending December 31, 2021. Laputa, in the book, is a floating world filled with scientists. We appreciate, as always, you listening to the call today. These significant decreases again resulted from the temporary closures of our cinemas in New Zealand related to COVID-19 along with a 6.8% in the value of the New Zealand dollar against the U.S. dollar. To remind you, historically over the last five years, our global cinema revenues have averaged over 90% of our overall annual total revenues, so this source of revenue which was essentially shut down overnight is key to our continuing business. And lastly, certain theatres in California experienced increased competition from either nearby new theatres or existing theatres that converted to luxury recliner seating. We also have cinemas in Hawaii, which have reported lesser levels of infections due to their containment policies. 2019 – 4th Quarter and Year End Earnings Call . But once we offered this private by-appointment type of screening, we were inundated within hours with requests. But, like most successful entrepreneurs, he turned that obstacle into a path to help others. Comparing Reading International, Inc.’s CEO Compensation With the industry . At the time of writing, our data shows that Reading International, Inc. has a market capitalization of US$118m, and reported total annual CEO compensation of US$1.2m for the year to December 2019. Vision: Virus outbreakIn 1981, Dean Koontz wrote a novel titled 'The Eyes of Darkness'. In New Zealand, we suffered a reduction in parking revenue due to the COVID-19 lockdowns. Arguably, business quality is much more important than CEO compensation levels. According to brain fitness expert and speed-reading coach, Jim Kwik, there is an art to reading--specifically reading fast. So even with Australia and New Zealand maintaining their current trading status, our operating margins during 2020 ramp-up will not look great. Furthermore, Ellen Cotter directly owns US$3.5m worth of shares in the company, implying that they are deeply invested in the company’s success. The wage subsidy program in Australia is to be extended but has yet to be codified. As we noted earlier, Reading International pays its CEO higher than the norm for similar-sized companies belonging to the same industry. At the moment, we anticipate delaying the opening of our new cinemas in Altona and Traralgon in Victoria and Jindalee in Queensland into 2021. At $2.3 million, our second quarter 2020 total real estate revenue decreased by 59%, and we reported a second quarter 2020 operating loss of $807,000. Based on recent appraisals on the property and conversations with people in the debt markets, we believe we can refinance the property and create additional liquidity for the company. And in early June 2020 in New Zealand, working with our adjoining landowner we were granted key resource consent related to the infrastructure work needed to unlock development rights for our industrial properties in Manukau near the Auckland Airport. This decrease was primarily due to the flow-through of the net loss in the second quarter and for the year-to-date 2020, driven by COVID-19 related factors. As a result, starting on June 10th, we began a phased reopening of our Australian cinemas. Most of our theaters are in regions that have been the hardest hit by COVID-19, like New York, New Jersey, Texas and California. Historically film rent and the payment of other accrued expenses, because so many factors can impact our monthly cash spend we are hesitant to code a monthly burn rate as opposed to providing you with an actual cash spend. Our New Zealand circuit experienced a 25% decrease in attendance, offset by a 1% increase in average ticket price, while our SPPs stayed relatively flat.