Thank you for joining Reading International's earnings call to discuss our 2018 first quarter results. My name is Andrzej Matyczynski. I'm Reading's Executive Vice President of Global Operations. With me as usual, Ellen Cotter, our CEO; and Dev Ghose, our EVP and Chief Financial Officer. As usual, before we begin the substance of the call, I'll start by stating that in accordance to 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 2018 first quarter earnings release on the company's website. In today's call, we'll 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 form 10-Q. So with that behind us, Dev will be talking to us about the financial results for the first quarter a little later. But first, I'll turn the call over to Ellen who'll update us on the company's operations for what has turned out to be an exciting year for the company.

Thanks, Andrzej, and thank you, everyone, for joining us today and sending in your questions. 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 operations and strategy. The first quarter of 2018 was a terrific quarter for RDI. We set multiple records at $75.8 million. Our total revenue set an all-time record-high for any quarter. At $5.6 million, our first quarter operating income represented the highest first quarter. Our first quarter 2018 net income of $3 million and EBITDA of $11 million represented the highest first quarter since 2015 and the second highest first quarter on record. I'd note that in February of 2015, we had a $2.8 million onetime gain on sale from our Doheny condo in Los Angeles. Excluding our gain on sale from Doheny, the first quarter of 2018 would have been our highest first quarter ever for net income and EBITDA. I point this out because I believe it demonstrates the strong organic growth we are delivering across our global operations in both our cinema and real estate divisions. Our first quarter results were driven by our global cinema divisions. Our Australian cinema division enjoyed a 7% increase on revenues, which was supported by the first full quarter of operations of our newly constructed state-of-the-art Reading Cinema at Newmarket Village, just outside of Brisbane. Our cinemas in New Zealand performed favorably compared to 2017, when our Reading Cinemas at Courtenay Central was closed for most of 2017's first quarter due to the November 2016 earthquake. And we grew our U.S. cinema division revenues by 5% as we continued to execute on our global cinema strategy. During the first quarter of 2018, we invested just over $23.2…

Thank you, Ellen. Now I'll discuss the financial results for the first quarter ended March 31, 2018. Consolidated revenues for the first quarter of 2018 increased by 9% to $75.8 million. This was primarily driven by: one, the opening of a new state-of-the-art 8-screen theater on December 14, 2017, in Newmarket, which is in Brisbane, Australia; secondly, the reopening of our Courtenay Central cinema in Wellington, New Zealand on March 29, 2017; and then finally, increases in average ticket prices in our U.S. and Australian cinemas; and fourthly, an increase in spend per patron across all jurisdictions. Net income attributable to RDI common shareholders increased slightly to $3 million for the first quarter of 2018, principally due to the increase in cinema circuit segment operating income due to the reopening of our Courtenay Central ETC in Wellington, New Zealand, which was closed for the majority of the first quarter of 2017 due to the earthquake in November 2016, along with increased operating income from our U.S. operations. These were offset by increased nonsegment G&A expenses as well as lower other income due to the one-off gain in 2017 from foreign exchange gain on short-term funds held in our foreign operations. For the quarter, EPS of $0.13 was flat to the prior year. Our nonsegment general and administrative expenses for the quarter ended March 31, 2018, compared to the same period of the prior year, increased by 30% or $1.4 million. This increase is mainly due to higher nonrecurring legal expenses incurred in the derivative litigation, the Cotter employment arbitration and other Cotter litigation matters and due to increases in headcounts, annual salary increases and the timing of recording changes in variable compensation this year compared to 2017. Income tax expense decreased by $548,000 for the quarter ended March 31, 2018,…

Thanks, Dev. First, I'd like to thank our stockholders for forwarding questions to our Investor Relations e-mail. We were very pleased with the number of inquiries. We've 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 doing reaching out.

So the first question will be for Dev. How does the 2017 tax reform law impact Reading International's ongoing tax strategies?

The tax reform's greatest impact to Reading International is the reduction of the U.S. corporate tax rate from 35% to 21%, and generous depreciation deductions on newly acquired tangible assets. The lowering of the U.S. tax rate and the beneficial depreciation methods puts Reading International in an environment in which the U.S. is a lower-tax jurisdiction compared to the 2 other foreign jurisdictions we operate in, Australia and New Zealand, where the tax rates are 30% and 28%, respectively. This change provides opportunity for the company to reconsider its management fee, transfer pricing arrangements and its global capital structure, such that the company continues to maintain an optimal worldwide effective tax rate. Reading International also benefits from the repeal of the alternative minimum tax which permits about $2 million in AMT credits to be used in the form of a prepaid income tax to thus reduce U.S. tax payments.

Question, we received a number of questions about the status of the cinemas 1, 2, 3 development in New York City, and Ellen will address that.

To date, we've not been able to reach an agreement with our neighbors as to what our respective ownership interest would be. As we've said in the past, we're poised to start this project on our own. We've retained counsel to begin certain land use work, which will be needed whether we go it alone or a joint venture project is pursued. We want to reiterate that we're quite fortunate to have strong irreplaceable New York City properties in our portfolio to provide our company with a strong asset base. We believe that our cinema and property businesses differentiate Reading from our peers and position us well for the future, as we're able to generate strong and consistent cash flow while having opportunity to acquire and hold properties as they gain significant value. This is and will continue to be our business plan. In the interim, we continue to use cinema 1, 2 and 3 as a site -- as a movie theater, a state-of-the-art movie theater in Manhattan.

Thanks, Ellen. We had a couple of questions regarding our debt structure, and Dev is going to field those. The first of those, with the expected maturity of U.S., New Zealand and Australian loans in 2019, are they going to be refinanced prior to adding to Reading's working capital deficit, by allowing them to be classified as current maturities of long-term debt?

We are in active talks with our key lenders in Australia, New Zealand and the U.S. to refinance our existing primary credit facilities and extend the duration of the maturity of all of our credit facilities. We would expect to accomplish this well before the loans are due. On a recent visit to Australia and New Zealand, I had what I would characterize as very good meetings with National Australia Bank and Westpac Bank, our 2 key banks Down Under, had longer-term renewals of our credit facilities in those countries. In the U.S., we are having very productive discussions with existing lenders as well about renewing and/or replacing our domestic credit facilities.

Thanks, Dev. And the second question on the debt, how long term are you contemplating for new Minetta Lane and Orpheum loans? Will the loan be subject to prepayment penalties?

We are currently negotiating the renewal of the Minetta Lane, Orpheum loan for the next few years, bearing in mind our future development considerations for this loan that covers both the properties. We will ensure that we will retain the necessary flexibility with regard to the loan period, so as to synchronize future development regarding these sites. We will be conscientious about future development of these sites, such we can grow shareholder value.

Thank you, Dev. So we now come to our last question, and I will field this one. It's on our G&A costs. What caused the large increase in G&A expense on a year-over-year basis, up some 23%? Should we assume the first quarter 2018 rate would be annualized? As the litigation expense is increasing, what is the possible [indiscernible] and when do you anticipate resolution? Our nonsegment general administrative costs are up in the current first quarter by approximately $1.4 million compared to the first quarter of 2017. This was in large part attributable to an increase in litigation and arbitration expense related to the Cotter derivative action, the Cotter employment litigation and the Cotter trust litigation. Of the increase, we estimate that approximately $800,000 was attributable to the defense of our company's interests in such matters. We anticipated that the derivative action would go to trial in January of this year. However, that trial date was continued by court order on the basis of a last minute request by Mr. Cotter Jr. and has now been rescheduled for July 9, 2018. In December, the trial court in the derivative action dismissed with prejudice all claims against the majority of our directors: Judy Codding, William Gould, Edward L. Kane, Douglas McEachern and Michael Wrotniak. It is anticipated that the remaining defendant directors and the company will bring additional potentially dispositive motions before the court prior to July 9. A significant portion of the costs related to those potentially dispositive motions were booked in the March quarter of this year. The company is legally obligated to advance the cost of defense of our remaining defendant directors. And it is anticipated that such costs, depending on the court's orders and the scope and extent of the issues which Mr. Cotter Jr. elects…