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Reading International (Reading International) Piotroski F-Score : 4 (As of Apr. 24, 2024)


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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Reading International has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Reading International's Piotroski F-Score or its related term are showing as below:

RDI' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 5   Max: 7
Current: 4

During the past 13 years, the highest Piotroski F-Score of Reading International was 7. The lowest was 2. And the median was 5.


Reading International Piotroski F-Score Historical Data

The historical data trend for Reading International's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Reading International Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.00 2.00 7.00 4.00 4.00

Reading International Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 2.00 3.00 4.00

Competitive Comparison

For the Entertainment subindustry, Reading International's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Reading International Piotroski F-Score Distribution

For the Media - Diversified industry and Communication Services sector, Reading International's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Reading International's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -11.111 + -2.778 + -4.4 + -12.384 = $-30.7 Mil.
Cash Flow from Operations was -11.552 + 2.744 + 2.442 + -3.369 = $-9.7 Mil.
Revenue was 45.807 + 65.055 + 66.563 + 45.319 = $222.7 Mil.
Gross Profit was 1.938 + 11.587 + 11.004 + 2.035 = $26.6 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(587.055 + 560.198 + 552.242 + 532.597 + 533.051) / 5 = $553.0286 Mil.
Total Assets at the begining of this year (Dec22) was $587.1 Mil.
Long-Term Debt & Capital Lease Obligation was $354.7 Mil.
Total Current Assets was $38.7 Mil.
Total Current Liabilities was $127.1 Mil.
Net Income was -15.354 + -2.436 + -5.177 + -13.217 = $-36.2 Mil.

Revenue was 40.2 + 64.511 + 51.196 + 47.207 = $203.1 Mil.
Gross Profit was -0.46 + 11.536 + 3.536 + 0.786 = $15.4 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(687.702 + 670.617 + 627.583 + 589.718 + 587.055) / 5 = $632.535 Mil.
Total Assets at the begining of last year (Dec21) was $687.7 Mil.
Long-Term Debt & Capital Lease Obligation was $381.6 Mil.
Total Current Assets was $47.5 Mil.
Total Current Liabilities was $121.7 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Reading International's current Net Income (TTM) was -30.7. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Reading International's current Cash Flow from Operations (TTM) was -9.7. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=-30.673/587.055
=-0.05224894

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-36.184/687.702
=-0.05261581

Reading International's return on assets of this year was -0.05224894. Reading International's return on assets of last year was -0.05261581. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Reading International's current Net Income (TTM) was -30.7. Reading International's current Cash Flow from Operations (TTM) was -9.7. ==> -9.7 > -30.7 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=354.72/553.0286
=0.64141348

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=381.586/632.535
=0.60326464

Reading International's gearing of this year was 0.64141348. Reading International's gearing of last year was 0.60326464. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=38.71/127.083
=0.30460408

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=47.512/121.664
=0.39051815

Reading International's current ratio of this year was 0.30460408. Reading International's current ratio of last year was 0.39051815. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Reading International's number of shares in issue this year was 26.763. Reading International's number of shares in issue last year was 25.79. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=26.564/222.744
=0.11925798

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=15.398/203.114
=0.07580964

Reading International's gross margin of this year was 0.11925798. Reading International's gross margin of last year was 0.07580964. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=222.744/587.055
=0.37942612

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=203.114/687.702
=0.29535177

Reading International's asset turnover of this year was 0.37942612. Reading International's asset turnover of last year was 0.29535177. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+1+1+0+0+0+1+1
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Reading International has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Reading International  (NAS:RDI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Reading International Piotroski F-Score Related Terms

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Reading International (Reading International) Business Description

Traded in Other Exchanges
Address
189 Second Avenue, Suite 2S, New York, NY, USA, 10003
Reading International Inc is a diversified company, engaged in the development, ownership, and operation of multiplex cinemas and retail and commercial real estate in the United States, Australia, and New Zealand. It operates through two segments: the Cinema segment includes Reading Cinemas, Angelika Film Center, Consolidated Theatres, and City Cinemas; the Real Estate segment includes real estate development and the rental or licensing of retail, commercial, and live theater assets.
Executives
Mark Cuban 10 percent owner 5424 DELOACHE AVENUE, DALLAS TX 75220
Robert F Smerling officer: President - Domestic Cinemas 500 CITADEL DRIVE, SUITE 300, COMMERCE CA 90040
Ellen M Cotter officer: COO - Domestic Cinemas C/O READING INTERNATIONAL, 500 CITADEL DRIVE, SUITE 300, COMMERCE CA 90040
Margaret Cotter director 500 CITADEL DRIVE, SUITE 300, COMMERCE CA 90040
James J. Cotter Living Trust 10 percent owner, other: Member of Sec.13(d)(3) Group 6100 CENTER DRIVE, SUITE 900, LOS ANGELES CA 90045
Edward Lewis Kane director 7405 HIGH AVE, LAJOLLA CA 92037
Gilbert Avanes officer: Vice President, FP & A 5236 MARYLAND AVE, LA CRESCENTA CA 91214
Douglas James Mceachern director 2401 EAST KATELLA AVENUE, SUITE 300, ANAHEIM CA 90814
Devasis Ghose officer: Chief Financial Officer 1155 VALLEY STREET, SUITE 400, SEATTLE WA 98109
Cotter James J Jr director, 10 percent owner, officer: See Remarks C/O READING INTERNATIONAL, INC., 500 CITADEL DRIVE, SUITE 300, COMMERCE CA 90040
Sidney Craig Tompkins officer: EVP, General Counsel 5995 SEPULVEDA BOULEVARD, SUITE 300, CULVER CITY CA 90230
Steven John Lucas officer: VP, Controller & CAO 32 IZARD ROAD, KHANDALLAH, WELLINGTON Q2 6035
Matthew Benedict Bourke officer: Mang Dir-Real Estate- Aus & NZ 4 LUCAS STREET, EAST BRIGHTON, MELBOURNE C3 3187
Michael J. Wrotniak director 32 ELMSMERE ROAD, MOUNT VERNON NY 10552
Judy Bond Codding director 2266 CANYONBACK ROAD, LOS ANGELES CA 90049