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Reading International Announces 2005 Results...
Reading International, Inc. :: Reading International Announces 2005 Results Reading International Announces 2005 Results * Revenue from continuing operations for the year was up 15.6% over 2004, to $101.1 million LOS ANGELES, March 15 /PRNewswire-FirstCall/ - Reading International, Inc. (AMEX: RDI) announced today results for its year and fourth quarter ended December 31, 2005. As a subsequent event, in February 2006, we completed the process of rezoning our 50-acre site in suburban Melbourne from an essentially industrial zone into a priority zone permitting a wide variety of retail, entertainment, commercial and residential uses. The full development of this property is currently anticipated to require approximately 9 years and funding of approximately $500 million. This project is, accordingly, anticipated to be a major focus of our efforts in the years to come. Fourth Quarter 2005 Discussion We completed the following in the quarter: * On November 28, 2005, we opened the initial retail elements of our Newmarket shopping centre, a 100,373 square foot retail facility situated on an approximately 177,500 square foot parcel in Newmarket, a suburb of Brisbane. The remaining tenants are scheduled to take occupancy during the first quarter of 2006. We estimate that total construction costs for the project will be approximately $26.0 million, of which $24.2 million had been spent through December 31, 2005. Plans for a cinema have been filed with applicable government ag... Complaints prompt probe at elementary school...
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