Reading International, Inc.(NASDAQ: RDI) (“Reading” or the “Company”)
announced today that the filing of its Annual Report on Form 10-K for
the year ended December 31, 2015 would not occur until after the
extended March 30, 2016 deadline.
On March 15, 2016, Reading International filed a Notification of Late
Filing on Form 12b-25 (the “Form 12b-25”), indicating that the filing of
its Form 10-K would be delayed. The Company continues to work diligently
with its independent auditor Grant Thornton and tax advisor Deloitte to
complete the preparation of its consolidated financial statements for
the year ended December 31, 2015. The delay in filing is the result of
management’s need for additional time to complete its thorough review of
the appropriate accounting treatment for certain complex income tax
matters. The Company estimates that it will be in a position to file its
Form 10-K on or around April 30, 2016. This estimate of time is subject
to continuing review and may be revised as necessary.
It is not anticipated that any significant change in results of
operations (before tax) from the corresponding period for the last
fiscal year will be reflected by the earnings statements to be included
in the subject report or portion thereof. The matters under review
relate to timing differences for certain adjustments to the Company’s
tax accounts and do not impact net income before taxes.
As a result of the filing delay, Reading expects to receive a notice
from The Nasdaq Stock Market ("NASDAQ") indicating that it is not
currently in compliance with NASDAQ Listing Rule 5250(c)(1). Under
NASDAQ Listing Rules, the Company expects to be granted 60 calendar days
to submit a plan to NASDAQ to regain compliance with the Listing Rules
by filing its Form 10-K for the year ended Dec. 31, 2015. If the plan is
accepted, NASDAQ can grant an exception of up to 180 calendar days for
the Company to regain compliance. Reading believes that this notice and
the Company’s non-compliance with NASDAQ Listing Rule 5250(c)(1) will
have no immediate effect on the listing or trading of Reading’s common
stock on the NASDAQ Capital Market.
About Reading International, Inc.
Reading International (http://www.readingrdi.com)
is in the business of owning and operating cinemas and developing,
owning and operating real estate assets. Our business consists primarily
of:
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the development, ownership and operation of multiplex cinemas in the
United States, Australia and New Zealand; and
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the development, ownership, and operation of retail and commercial
real estate in Australia, New Zealand, and the United States,
including Entertainment Themed Retail Centers in Australia and New
Zealand and live theater assets in Manhattan and Chicago in the United
States.
Reading manages its worldwide business under various different brands:
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in the United States, under the
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in Australia, under the
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in New Zealand, under the
Cautionary Statement
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 (the “Exchange Act”), including,
without limitation, Reading International’s expectations as to the
timing and outcome of the internal review and the filing of the Annual
Report on Form 10-K for the year ended December 31, 2015. These
statements involve risks and uncertainties that could cause Reading
International’s actual results to differ materially, including, but not
limited to: the discovery of additional information relevant to the
internal review; the conclusions of Reading International’s Audit
Committee (and the timing of the conclusions) concerning matters
relating to the internal review; the timing of the review by, and the
conclusions of, Reading International’s independent registered public
accounting firm regarding the internal review and Reading
International’s financial statements; the risk that the completion and
filing of the Annual Report on Form 10-K will take longer than expected.
For a detailed discussion of these and other risk factors, please refer
to Reading International’s Annual Report on Form 10-K for the year ended
December 31, 2014 and Quarterly Report on Form 10-Q for the three months
ended September 30, 2015 and other filings Reading International makes
from time to time with the Securities and Exchange Commission (the
“SEC”), which are available on the SEC’s Web site (http://www.sec.gov).
Investors are cautioned not to place undue reliance on our
forward-looking statements, which speak only as of the date such
statements are made. Reading International does not undertake any
obligation to publicly update any forward-looking statements to reflect
events, circumstances or new information after the date of this press
release, or to reflect the occurrence of unanticipated events.
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