Thank you for joining Reading International's Earnings Call to discuss our 2017 Third Quarter Results. My name is Andrzej Matyczynski. I'm Reading's Executive Vice President of Global Operations. With me are Ellen Cotter, our CEO, and Dev Ghose, our EVP and Chief Financial Officer. Before we begin the substance of the call, I'll start by stating that in accordance with the safe harbor provision of the Private Securities Litigation Reform Act of 1995, certain matters that will be addressed in this earnings call may constitute forward-looking statements. Such statements are subject to risks, uncertainties and other factors that may cause our actual performance to be materially different from the performance indicated or implied by such statements. Such risk factors are clearly set out in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statements. In addition, we will discuss non-GAAP financial measures on this call. Reconciliations and definitions of non-GAAP financial measures, which are segment operating income, EBITDA and adjusted EBITDA, are included in our recently issued 2017 third quarter earnings release on the company's website. In today's call, we will also use an industry-accepted financial measure called theater level cash flow, which is theater level revenues, less direct theater level expenses. Please note that our comments are necessarily summary in nature and anything we say is qualified by the more detailed disclosure set forth in our 10-Q. So with that behind us, Dev will be talking to us about the financial results for the third quarter a little later, but first, I'll turn the call over to Ellen, who will update us on the company's operations.

Thanks, Andrzej, and thank you, everyone, for joining us today and sending in your questions. We just held our 2017 Annual Stockholders Meeting on Tuesday, November 7. We encourage you to look at management's presentation which is now posted on our website. Like we've done in the past, we've tried to address many of your questions in our prepared remarks. And as always, we're available for follow-up calls to discuss our strategies and operations. As you just read in our earnings release, our total operating revenues for the third quarter decreased by 7% to $66.1 million. And our net income attributable to common stockholders decreased by $2.3 million to $1.6 million. These operating results were largely driven by the well-publicized weaker film slate delivered by the major studios in the third quarter. While these results were disappointing, our total operating revenues were still the third highest of any third quarter on company record. Now turning to our cinema business, our consolidated third quarter cinema revenues decreased by 9% to $62.1 million compared to the same period last year. This led to a 31% or $3 million decrease in our operating income compared to the 2016 third quarter. Each of our three cinema divisions experienced declines in revenues as a result of decreased attendance. With a 14% decrease in attendance in Australia, our cinema revenue decreased by 10% or $2.6 million for the quarter. In New Zealand, cinema revenue decreased by 14% or $1.1 million for the quarter. Again, mainly due to a 14% decrease in attendance. And finally, in the United States, our cinema revenues decreased by 6% or $2 million due to a 12% decrease in attendance. As I mentioned earlier, the film in the third quarter did not deliver to the punch it had in 2016. Last year,…

Thank you, Ellen. Now I will discuss the financial results for the 3 and 9 months ended September 30, 2017. Our results for the year were assisted by 2 one-time items. Firstly, a gain on sale of our Burwood property in Australia, and secondly, a receipt of insurance proceeds relating to our Courtenay Central ETC in Wellington, New Zealand. To recap, Burwood is a property in greater Melbourne that we disposed of in a sale in 2014 with settlement due on or before December 31, 2017. Our purchaser sold the first tract in the second quarter of this year and under the terms of our agreement we were entitled to 90% of the proceeds which enabled us to record the entire gain on sale of $9.4 million. With regard to Courtenay, as Ellen has discussed earlier, we had to demolish a parking structure on the property as a result of the earthquake. Once we received the full supplement of $25 million of earthquake insurance proceeds, we recorded a book gain of $9.2 million on the depreciated value of the parking structure. Consolidated revenues for the third quarter of 2017 decreased by 7% to $66.1 million. This was mainly due to lower admissions and food and beverage revenues, partly offset by higher real estate revenues. The current quarter's performance reflected the downturn generally in the global cinema industry resulting from less attractive film product. Our consolidated revenues for the first 9 months of 2017 increased by 2% or $4.9 million to $208 million due to higher admissions and increased F&B revenue in our Australian cinemas offset by lower performance of our US and New Zealand cinemas. Also, the receipt of business interruption insurance proceeds for our Courtenay Central ETC in Wellington, New Zealand relating to the closure of that facility from…

Thanks, Dev. First, I'd like to thank our stockholders for forwarding questions to our Investor Relations e-mail. We were again very pleased with the number of inquiries we received despite the shortened timeframe for those that attended the annual stockholders meeting on Tuesday. We have compiled a set of questions and answers that represents the most common questions and recurring themes that were e-mailed to us. As always, we are available after the webcast to address any additional questions and encourage you to continue reaching out.

On the first question, you had purchased a minimum of 41,899 shares during the 4 months that the company was able to purchase shares during non-blackout periods including over 187,000 in August, yet you only purchased 5,000 shares in September. Any explanation? Many of our competitors, such as Regal and AMC, pay rather substantial dividends to their shareholders along with robust stock buybacks. Have you considered such a dividend? You start with a $0.50 per dividend which cost about $12.5 million. Are there any loan covenants that are preventing this?

I think I can field this question. The purchase in August of 187,000 of our Class A shares as part of our authorized 25 million stock repurchase program included a block of 75,000 shares which we bought off market. In September, we only purchased 5,000 shares because we exited the market earlier than the normal blackout period requirement due to opportunities that arose for an alternative use of our funds. We continually evaluate the means by which we can best return value to our stockholders including the institution of a cash dividend. Our company has from inception not had a policy of paying cash dividends, believing that repurchasing our stock was and continues to be a better vehicle for returning value to stockholders while allowing the company better control of its cash position. Also, unlike Regal and AMC, we are more than an exhibition company. We have substantial developer real estate holdings. We balance our use of cash between developing our real estate assets, improving our cinema chain, and buying in our shares, all of which are designed to improve the net asset value per share of our company.

The second question. You got out of Gaslamp for profitability reasons. What other locations are in the works or possibilities for closure or lease renegotiation that would increase Reading's overall profitability? Ellen will answer that one.

Thanks, Andrzej. So today, were not reviewing any theaters across our global circuit for closure. In the US, as part of our cinema upgrades, we do approach most of our landlords to take a stake in such renovations by providing an appropriate TI allowance. We believe that enhanced cinema offering brings enhanced foot traffic to the landlord and that the landlord should cover a portion of the cost that created that enhanced foot traffic. Each approach to a landlord represents a separate negotiation and in most cases leads to an overall lease amendment which in our opinion increases Reading's overall profitability.

The next question, the company has attended a few investment conferences and begun these earnings audio costs. What additional proactive steps will the company take to attract both sell side analysts and buy side investors to the company? What are the next investment conferences Reading plans to present at? Dev, can you take that one?

Thank you, Andrzej. To recap, since we started our investor relations program a year and a half ago, we've participated in 9 investor conferences and nondealer roadshows. In September 2016, B. Riley's Media Equity Analysts picked up coverage on our company and we are hopeful of additional coverage in the near term. Andrzej and I speak to other potential analysts as well as investors on a regular basis. We are scheduled to present at the Benchmark Conference in Chicago and at a nondealer roadshow in Boston next month. We've begun to make plans to meet several equity analysts at Cinema Con next April. Also, given our significant presence in Australia and New Zealand, we are also in the initial stages of planning to meet up with institutional investors in those countries on our upcoming trips there.

Thanks, Dev. Next question, how active is Reading in evaluating cinema acquisitions? Are there any particular geographies you prefer Reading look for as cinema chain acquisition? Ellen?

Part of our strategic plan is to look for and evaluate potential cinema acquisitions in each of our 3 countries. As we've said in the past, we believe our balance sheet will allow us to be competitive with other bidders for reasonably sized circuits. But it's unlikely today that we could be a bidder for a circuit with hundreds of screens or theaters. We believe that we have the financial flexibility to acquire a small to midsized circuit in any one of our countries without impacting our existing strategic plan. But of course, each opportunity is evaluated on its own merit in order to generate the most attractive returns for our stockholders. During the 3 of this year, we did perform due diligence on one such reasonably sized circuit in the US. Ultimately, as we are a disciplined buyer, the deal did not meet our investment criteria. We will continue took for and review opportunities across our 3 countries. Today, we do not feel restricted to any particular geography within our 3 exiting countries. But having said this, we have plenty of opportunities within our own asset base to build stockholder value.

Thanks, Ellen. The fifth question. When the Union Square property is completed, what are the plans around the construction finance and what is the current outlook for that? Dev?

Thank you, Andrzej. We have construction finance in place on Union Square until the original maturity date of December 29, 2019 with an option to extend. Once the building is completed and the rents have stabilized, we will evaluate options with regard to long term financing for the property. Two options under consideration are corporate level and property specific finance. As we get closer to stabilization of the building, we can articulate more specific plans publicly. Upon completion, we anticipate that we will have construction debt on this property of only $57.5 million.

Thanks, Dev. And now we reach our final question. What are the next steps in the trust litigation, specifically the auction solicitation?

I think I can answer that one. We have nothing further to say about the trust litigation beyond the disclosure in our previous public filings. With this last question, I'll wrap up the call. Dev, Ellen and I are available as usual for any follow-up calls. So please do not hesitate to reach out. We appreciate you listening to the call today, and look forward to keeping you updated on our performance on future earnings calls and through our ongoing communications.