Thank you for joining Reading International's earnings call to discuss our 2019 first quarter results. My name is Andre Matitrinske. I'm Reading's Executive Vice President of Global Operations. With me as usual, Ireland Potter, our president and CEO, and Gilbert Evanes, our interim chief financial officer and treasurer. Before we begin the substance the call, I'll start by stating that in accordance with the Safe Harbor provisions of the private Securities Litigation Reform Act of 1995.
Certain matters that will be addressed in this earnings call may execute 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 C filings. We undertake no obligation to publicly update or revise any forward looking state In addition, we will discuss non GAAP financial measures on this call. Reconciliations and definitions of GAAP Financial Measures, which are segment operating income, EBITDA, and adjusted are included in our recently issued 2019 first quarter earnings release on the company's website.
In today's call, we also use an industry accepted financial measure called theater level cash flow. Which is theater level revenues, less direct theater level expenses, and we also use property level cash flow which is property level revenues less direct property 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 you. As usual, with that behind us, Gilbert will put some flavor on our financial results for the first quarter later on, but first, I'll turn the call over to Ellen who will update us on our first quarter 2009 operations. Ellen?
Thanks, Andre. And thank you for sending in your questions and listening today. As usual, we've tried to address many of your questions in our prepared remarks. Before we start, I wanted to mention that on Tuesday, May 7th, Reading held its 2019 annual stockholder meeting at our Culver City corporate headquarters. Management's presentation to our stockholders is now posted at redingrdi.com.
We encourage you to review our presentation for more details about our business. The first quarter 2019 was disappointing for Reading with a few factors impacting our financial results across the board. The first quarter 2019 movie slate from the major studios simply couldn't stack up against the first quarter 2018. When Disney released Black Panther, which went on to become not only the best pick a best picture nominee, but also the highest grossing movie of 2018. Just in North America alone, Black Panther grossed over of movies.
And our US specialty or Angelica circuit was also weaker compared to 2018. During the first quarter 2018, we had films like Itanya, Lady Bird, and the shape of water. All great crossover specialty titles that had long legs into the Oscar season, especially the shape of water, which went on to win. Best picture. The expected unexpected January 2019 closure due to size concerns of Courtney Central in Wellington, New Zealand also impacted both our cinema and real estate results.
Our Reading Cinemas at Courtney Central was not only one of the top theaters in New Zealand, but also our number one theater in the Reading New Zealand circuit. Lastly, our first quarter 2019 cinema and real estate operating results were negatively impacted by foreign exchange. The Australian dollar and New Zealand dollar decreased against the US dollar by 9.4% and 6.3%, respectively, when compared to 2018. So primarily impacted by these negative factors, Our first quarter total revenues decreased 19% from the prior year to $61,600,000. As a result, basic earnings per share decreased by 22¢ to a loss per share of $0.09 from the prior quarter.
Our 1st quarter 20 18 cinema segment revenues decreased by 20 percent to $58,000,000, which is broadly in line with the overall cinema industry and reflective of similar decreases experienced by our publicly traded exhibition company peers. Despite the headwinds in the first quarter, we were thrilled with Disney's latest home run with Avengers: Endgame at the end of April. Which further reinforces our confidence in the cinema industry. In reflecting the 2 track nature of an investment in Reading both the cinema and real estate business. We're pleased to note the continued progress we've made on our signature real estate project 44 Union Square, this historic Tammany Hall in New York City.
We are nearing the completion of the construction of this building, featuring an iconic dome that was designed to reflect the tortoise on which the legendary Lenny Lanape Indian chief Tamanon stood. We're also pleased to report that we are in negotiation with a credit tenant on a lease representing approximately 90% of the net leasable area of the building. Turning to our global cinema business. As a result, primarily of the 4 factors I just outlined, our first quarter 2019 total cinema revenues decreased by 20 percent to $58,000,000 compared to the first quarter in 2018. And our cinema segment operating income Going into more market detail, our US cinema circuit total revenue decreased by 16 percent or $6,000,000 to $32,000,000 due to a 22% decrease in attendance which led to our US cinema operating income decreasing by a 125%.
On the other hand, we are pleased to report that both the average ticket price or ATP and food and beverage spend per patron or SPP for the US cinemas had the highest first quarter ever on record, reflecting the success of our operational initiatives and strategies. Our US submission revenue or box office revenue for the first quarter 2019 was down 19%. The US industry box office for the period was down 16%. Falling from 2,500,000,000 the fact that in the first quarter were again not as strong as they were last year. Turning to Australia.
Our Australian cinema revenue decreased by 20 percent or $5,300,000 to 21 $400,000, primarily due to a 15% decrease in attendance, a 4% decrease in ATP, and a 9% decrease in SPP. Our Australian cinema operating income decreased by 48% to 3 $100,000 from the previous quarter. Again, the results in Australia were driven by the weaker film slate and foreign exchange 4 screen cinema in Devonport Australia for $1,400,000 or 1.95000000 Australian dollars. This is our first Reading Cinema in the state of Tasmania. We've already been successful in obtaining a liquor license for this location we believe will enhance the theater level cash flow.
And during the first quarter of 2019, we invested in our Reading Cinemas at the Harbour Town Shopping Center in Queensland and built out 2 new gold class cinemas and reflect our increased focus on F And B. We built a new kitchen and an elegantly appointed lounge. And with respect $1,000,000 over the same period last year. Attendance decreased by 40%, while ATP and SPP percentages remained relatively flat compared to the income decreased by 78 percent to $305,000 in the first quarter 2019 compared to the prior year's quarter. As I mentioned earlier, our New Zealand cinema revenues were not only negatively impacted by a weaker film slate and foreign exchange, but also adversely impacted by the January 2019 closure of Courtney Central.
With respect to our international box office industry performance, our first quarter 2019 Australian Cinema box office was relatively in line with Australian with the Australian cinema industry decline of 9.5%. With a less than 1 percentage points difference on a functional currency basis. And 19 box office of our New Zealand cinemas division fell behind the New Zealand cinema industry by 19.3 accretionary. Looking forward through 2019, we're all encouraged by the remaining movie lineup and still have great hopes for another strong year at the box office. The summer will start with a bang with Godzilla Toy Story 4, Spiderman, and Hobbs and Shaw.
And frozen frozen, a jumanji and the Star Wars will open up during the 2019 holiday season. In the first quarter of 2019, we continued executing on our the in cinema improvements and upgrades. In the US, we continued our top to bottom renovation at our consolidated theater in Mililani, in Hawaii. By the end of 2018, we had converted all fourteen screens In the first quarter of this year, we began upgrades to the kitchen and lobby, and we anticipate opening the full lobby and launching an elevated F and B offering, including the addition of liquor in the second quarter of 2019. As I mentioned before, we also constructed 2 additional gold lounge screens in a new kitchen and brand new lounge area at our Reading cinemas at the Harbour Town Shopping Center in Queensland.
And we added their select upgrades to our food and beverage offerings. This new amenity working on upgrades to another eight screens to recliners with 1 TITAN Luxe in the US. By the end of the second quarter in 2019, We will convert 2 auditoriums to TITAN Locks in Australia, and in New Zealand, we'll convert one screen to TITAN Locks and another to premium. Turning to our F And B initiatives. In the US, Our first quarter 2019 F and B revenue decreased by 11% over the first quarter of 2018 as a result of the lower attendance.
This was offset by an increase in F And B revenue at our newly renovated Reading Cinema in Murrieta, California. Which now features Spotlight, our first dine in concept that experienced its 1st full quarter of operation in the second quarter of 2018. The first quarter of 2019 F and B revenues for Australia and New Zealand cinema divisions decreased by 23% 42% respectively. Impacted principally by lower attendance and by the decline in the Australian and New Zealand dollars. And the closure of the Courtney Central cinema in New Zealand.
Again, our focus our F and B business plan continued throughout each circuit during the first quarter. Our US and New Zealand SPPs set records for the highest first quarter ever on a functional currency basis. The US SPP for the first quarter was $5.18, And in New Zealand, the SPP in New Zealand dollars was $4.45. In January 2019, we began selling beer wine and spirits at our newly acquired cinema in Devonport, Tasmania. And in our recently renovated cinema in Harbour Town, we now offer beer, wine, and spirits in all sixteen auditoriums.
We continue to use our digital platforms to drive revenues. We achieved a 1st quarter record for US on line revenue being the prior year quarter record by 14%. Online sales consisted of 25% of our global box office revenue, which is a 1st quarter record and represents an 18% increase from the prior year period. Our continued improvements to our website naps in the US and improved global online sales infrastructure are enabling us to better serve high sales volume. Now turning to the new cinema opportunities in our Australian business.
Our recently acquired 4 screen cinema in Tasmania has in operation as a Reading Cinemas since January 30 2019. With this purchase, ReadingNow operates in all six states in Australia. Our cinema pipeline includes 4 new cinemas with 25 new screens in Australia. As we mentioned at our annual stockholders meeting, these are at Burwood in Melbourne, Terralgan outside Melbourne, Ginda Lee in Queensland, and South City Square, Brisbane. The most exciting opportunity us is in the Melbourne suburb of Burwood.
Construction on the Burwood property has progressed well throughout the first quarter. This theater will be our first to feature recliner seating in all 6 auditoriums, represents Melbourne's first premium type luxe auditorium with Dolby Atmosound, and we'll offer a new new and elevated F and B program throughout. The theater is the world's 1st shopping center to achieve the living building challenge certification, which means it will generate more energy than it consumes on an annual basis. And this theater in Burr was targeted to open by theendof2019. Now let's turn our attention to our real estate business.
Our first quarter 2019 total real estate revenues which include our live theater revenue, totaled $5,400,000 with a decline of 10% or 5 $77,000 over the prior year's first quarter. Our real estate operating income totaled $1,200,000, which decreased by 31 percent or $523,000 when compared to the first quarter in 2018. These decreases were primarily due to a weak foreign currency exchange rate and a decrease in revenue from our New Zealand segment, print principally related to the closure of portions of Courtenay Central. Offset by a 56% increase in the live theater segment revenue. Now turning to our Australian Real Estate portfolio.
Our Australian Real Estate Revenue decreased by 6 percent or $238,000 to $3,900,000 compared to the first quarter in 2018. This decrease is due real estate business increased about 8% quarter over quarter with most of our main Australian centers New Market Village, Auburn Redyard, Belmont Common, enjoying increases in rental income over the first quarter in 2018. Turning to our assets in New Zealand. New Zealand real estate revenues decreased by 56% or $672,000 to $527,000 compared to the first quarter of 2018. This decrease was mainly due to the ongoing closure of portions of Courtney Central and was further negatively impacted by the weakening New Zealand dollar by 6.3%.
In early January 2019, we decided to close our Courtney Central Building after receiving a draft engineering report identifying potential risks in the cinema portion of our building if a major seismic event were to occur. As we reported to you last quarter, we took this action voluntarily and out of an abundance of caution and making the safety any place. Our Reading Cinemas and the group of tenants whose locations could be adversely impacted by a failure of the cinema portions of the property have remained closed pending further evaluation. Because we took this action voluntarily and without suffering physical damage from a particular event, we do not have an insurable loss. So insurance is not available to Reading for the period of this closure.
As we mentioned at our stockholders meeting, these unfortunate events haven't dampened our enthusiasm about Wellington. Which was again ranked the most livable city in the world in 2018 by Deutsche Bank. We were also very encouraged by the city council's recent announcement that it had filed a 450 page consent application detailing exciting plans for a a 179,000,000 New Zealand dollar convention and ex exhibition center right across the street from Courtney Central. The Wellington City Council estimates that the convention center will open its doors in 2022 and expects to draw about 300,000 annual visitors. The council also noted in its application that it doesn't have plans to construct a parking garage.
We anticipate that the parking or demolished as a result of the 2017 earthquake will benefit from this decision of the council. Our international development team has set its full attention to the redevelopment and the reinvention of the legacy Courtney Central Space, with the goal of breathing new and more immediate life into this space. As our Reading Cinema at Courtney Central, with our top performer in New Zealand, we will complete a top to bottom renovation of this theater. We hope to attract both the local Wellington community and the sizable tourist audience to a dynamic destination food hall on the ground floor. And we're looking to activate historically unused retail space with a big box user to compliment our other users.
As we focus our attention on the re imagination of this particular part of the overall master plan for Courtenay Central, we also be refining our plans for the Wakefield Street property directly across from the proposed Wellington Convention Center. And our potential car park on Torey Street. And now turning toward 2 undeveloped parcels, representing 70.4 Acres OR 200 and 85,000 Square Meters in Manakau Wherry, which is one of Auckland's premier industrial markets. As we reported earlier, in November 2018, along with 2 of our neighboring landowners who collectively with Reading makeup the Southern Gateway Consortium We lodged a resource consent application to complete the stage 1 key infrastructure works required by the Auckland City Council before we develop our land. To date, only design and planning costs have been incurred and have been shared consultants.
Fundamental government agencies. In 2020, the company will in parallel look to begin the actual construction of the infrastructure works and explore potential mon monetization events, which may include a possible joint venture with the joining property owners or a local institutional property group, the sale to a foreign or local buyer, or self development with prelease commitments. Now let's turn to our real estate business in the United States. First, I'll highlight that our live theatres had a strong first quarter. Revenue increased by 56 cent were $300,000 in the first quarter of 2019 compared to the same quarter in 2018.
In February 2018, we entered into area of Amazon at the Minetta Lane Theatre. In April 2019, this agreement was extended through March 2020, with an option to further extend for 1 additional year through March 2021. Audible continue to produce plays and special engagements featuring 1 or 2 actors for live performance in our theater. And then record these productions, which will then be offered on audible.com. Enter Orfium theatre, stomp just celebrated its 25th anniversary at the theater in February 2019.
The producers launched impressive getting a press campaign, which generated great local and national press. Turning to 44 Union Square, our historic Tammany Hall project in New York City. As I mentioned from a construction perspective, we're near a completion of the base building. We believe we'll be ready to turn over space to a potential tenant by the end of the second quarter 2019. Also, our iconic glass dome should be completed around the same time.
If you go to 44 Union Square's Instagram page, you'll see re photos of the building would show the steel frame in the shape of cheap tamanans tortoise, almost complete. Our appraisers have indicated that just by completing the construction without any leasing done, we've created significant value for our stockholders. As we've reported publicly, we signed a letter of intent with a credit user for 90% of the leasable square footage. While we cannot provide assurances that the lease with this tenant will be finalized, we're focused on getting the lease done over the next couple months. At the same time, we're continuing to show the space to other potential tenants in pursuit of the best deal for our stockholders.
Reading is in a strong financial position and we're not gonna compromise our return with this one of the kind one of a kind asset for just any transaction. Turning to the cinema 1213. Our development property on the Upper East Side of New York City Across the Street from Bloomingdale. I told our stockholders at the 2019 annual stockholders meeting that our management team had decided to pursue a go with a loan strategy after trying for a long time to complete a mutually beneficial deal with our neighbors. As the Union Square project approaches its final stages, we can turn our US development focus to the cinema 1, 23.
In the next 6 to 9 months, we'll be focusing determining the maximum development potential for this site. A few topics that will be at the forefront. First, the purchase of air rights to increase our potential, which will add about 20% to our development potential. Our ability and placement of the subway entrance, which is right now outside our doors making our cinema the most convenient cinema on the upper east side. And to preserve the full optionality of our development will file a rezoning application for a best in class cinema.
We continue to believe that the cinema 1, 23 is a an irreplaceable asset in one of the world's best cities. The recently opened IKEA Metro store next door to the cinemas reinforces our view. We're moving forward with defining a plan for the standalone development of of approximately 96,000 square feet. In the interim, we'll continue to use the space as a cinema. With that, turn the call over to Gilbert for
2019 had a slow start due to a weak film slate. However, with the release of Avengers and game at end of April 2019, we have started to gain momentum and look forward to the rest of the year with new releases such as Lion King, Star Wars, the right of the rise of Skywalker and Frozen 2. Consolidated revenue for the first quarter 20 decreased by $14,300,000 to $61,600,000. This was again driven by a weak weaker film product, which resulted in a decrease in attendance in our US, Australia, and New Zealand Circuits. These results were further impacted by a 9.4% decline in Australian dollars and a 6.3% decline in the Zealand dollar for the quarter ended March 31 2019 compared to the quarter ended March 31 2018.
As mentioned previously, our New Zealand results were also negatively impacted by the closure of our Courtney Central cinema in Wellington due to seismic concerns, which have historically been top performer in New Zealand. Net income to RDI common stockholders decreased by 5 point to the same period the prior year. Basic earnings per share for the quarter ended March 31, 2019 decreased by $0.22 to a loss per share of $0.09 from the prior year quarter, mainly due to a significant decrease in revenue from both expenses for the quarter ended March 31, 2019 compared to the same period of the prior year decreased by 18%. Or $1,100,000 to $5,000,000. The decrease is primarily the result of $1,000,000 of lower legal expenses ending March 31, 2019 compared to the same period last year.
Income tax expense for the quarter ended March 31, 2019 decreased 189 percent or 2,200,000 compared to the equivalent prior year period. The change between 20192018 is primarily related pretax loss in 2019. Our adjusted EBITDA decreased by 7,800,000 to 4,800,000, primarily due to a net loss in the first quarter of 2019, offset by decrease in income, expense, and legal fees. We have adjusted the EBITDA for a certain item we believe to be external to our business and not reflective of our cost of doing business or results of operations. Such costs include, gain and insurance recoveries, legal expenses relating to extraordinary litigation, adjustments to the gain and losses relating to the property sales and any item that can be considered nonrecurring in accordance with the 2 year SEC requirement for determining an item is non recurring, infrequent, or unusual in nature.
We believe adjusted EBITDA is an important supplemental measure of our performance. Shifting to cash $3,000,000 to a net quarter. This was primarily driven by $4,700,000 lower cash inflow from operating activities as well as a $1,500,000 decrease in net operating assets. Cash used in investing activities decreased by $10,900,000 in Q1 2019 due to decrease in our cinema refurbishment activities and the substantial completion of upgrading and expansion of our Australia ETC compared to the first quarter of 2018. However, it is anticipated that the spending on our cinema activities was $15,900,000 during the 3 months ended March 31, 2019, and was primarily related to to $22,300,000 of new borrowings offset by $6,100,000 of loan repayments.
Turning now to our financial position, our total assets increased $235,500,000 to $674,500,000. This large increase was primarily driven by implementation of the lease accounting standard effective January 1, 2019, which also resulted a similar increase in our liabilities. Our financial position remains strong with 179,900,000 in stockholders' equity supporting our assets. Additionally, our liquidity positions remained strong with $12,600,000 of cash on our balance sheet at March 31, 2019. Our total cash balance amount of $3,200,000 $700,000 were held by our Australian and New Zealand subsidiaries.
Respectively. We use the amounts that we received from our cinema and real estate business to pay down our long term borrowing and release savings from lower interest expenses. We then settle our operating expenses generally with a lag with traditional trade terms. This generates a working capital deficit, which is positive for the company we manage our cash, investment, and capital structure, so we are able to meet short term and long term obligations for our business. While maintaining financial $107,100,000 additional capacity under our borrowing arrangement in the U.
S, Australia and New Zealand with 83,500,000 of that 107,100,000 being unrestricted capacity. Our overall global operating strategy is to conduct business mostly on a self funding basis, except where it is organizationally and economically more attractive for us to move funds between the jurisdictions where we do business. On March 15, 2019, we amended our Revolve at corporate market loan facility with NAB from a facility comprised of Australian $66,500,000 loan facility with a maturity date of June 30, 2019, and a bank guarantee of $5,000,000 into $120,000,000 corporate loan facility with a due date of December 31, 2023. And a bank guarantee facility of $5,000,000. Of the $120,000,000, $80,000,000 is revolving and $40,000,000 is core.
With that, I
Thanks, Gilbert. First, I'd like to thank our stockholders for forwarding questions to our investor relations email. As Ellen mentioned earlier, we have tried to incorporate many of your questions in Ellen's prepared remarks. However, We have still compiled a set of questions and answers, representing the most common questions and recurring themes emailed to us and not addressed in those remarks. As always, we are available after the webcast to address any additional questions and encourage you to continue reaching out to us.
So the first question which I will answer is why is Reading not more aggressively repurchasing repurchasing shares? Well, we maintain a balanced approach to Capital and are committed to directing capital to areas where it can drive the greatest long term value for our stockholders through strategic investments in our cinemas and real estate development projects and returning capital directly to stockholders. Under our stock repurchase program, which was recently extended through March 2 2021. Reading has repurchased 559,620 7 shares
of
available for future class a stock repurchases over the next 24 months. And we are committed to our repurchase program as a means of returning value directly to stockholders. I would also add that as a company, we are fortunate to have strong pipeline of great projects from Tammany Hall in New York to Manaka in New Zealand. We will continue to review our cash needs and investment opportunities and deploy capital to areas where it can drive the greatest returns as part of our balanced approach. The second question regarding subscription plans domestically, do you expect to underperform attendance market ends given last year's benefit from movie parts and this year's ramping of domestic competitors.
Helen?
Today, the MoviePass and subscription plans are relevant to our US circuit as opposed to the global circuit. And we've always said that our US circuit is diversified enough that we make pricing decisions on a theater by theater basis, taking into account the particular market, demographic, film programming, and the impact of our strategic investments. In other words, have we converted to recliner seats added a tight and luxe or tight XC screen or made F and B upgrades or implemented F and B discount programs. This comprehensive approach to pricing has resulted increased attendance over the last few years in the US from both the major studios and specialty distributors was particularly weak. So, no, we not expecting to financially underperform the market based on MoviePass and subscription plans.
With that said, we'll continue to monitor the subscription plans and try to understand how these programs can survive economically and work beneficially into our relationships with the studios. We're planning to test our own subscription plan by the end of 2019 in one market but a key will be to avoid cannibalizing earnings or selling tickets at prices that don't reflect our costs. To put it simply, we're gonna evaluate this opportunity, but in a manner that focuses on building a strong and sustainable circuit in the US.
What was the Q1 impact from lease accounting changes and what was the 2018 impact? Gilbert?
As of Q1 2019, we are reporting according to accounting standard, codification 842, leases using the modified retrospective method The standard will have a material impact on our consolidated balance sheet, but not on our consolidated income statement or statement of cash low. The most significant impact will be the recognition of right of use asset and lease liability for operating leases, while our accounting capital leases remained substantially unchanged. Adoption of the standard will result in recognition of right of use of of $232,300,000 and operating lease liability of $245,300,000 as of January 1, 2 2019, as stated on our Q1 2019 Form 10 Q. We recognized the cumulative effect of the initially line the new lease standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard and effect for those periods
Thanks, Gilbert. Our next question, some of our stockholders inquired as to our plans with respect to the development of cinema locations in addition to the fore described at our annual meeting and then I'll send you. Ellen, could you address that?
At our annual meeting, we advised that our business plan of at least 10 new cinemas over the next 3 years. The 10 cinemas referred to include the 4 under contract in Australia. Additionally, based on our ongoing conversations with certain potential landlords overseas and in the United States, We're projecting that over the next few years, we'll organically add 6 more theaters, with half of those 6 being in Australia. Our discussions in the US relate to the expansion of the Angelica brand and oversees our expansion opportunities relate to the expansion of the Reading Cinema brand.
Our first question, could you please provide more details on the 3 year strategic plan?
Our 3 year strategic plan focuses on the upgrading of our existing cinemas to add luxury recliner seating, Titan branded auditoriums, and enhanced F and B options, the development in appropriate markets of new cinema opportunities, and the continued development and or redevelopment of our current real estate assets. We don't publicly disclose individual project investments and return goals, but we've said numerous times that we generally look for high single digit percentage returns on our real estate projects and mid teen percentage returns on our cinema renovation projects, and we expect higher returns on no on new build cinema projects. We've made significant investments over the last few years in both our cinema and real estate portfolios. At our recent stockholder meeting, Gilbert highlighted the relative increases in revenue and adjusted EBITDA over the last 3 years. From 2015 to 2018, our company's total revenues have increased by 20% and our adjusted EBIT off for this period went up 26%.
For further details, we direct you to our presentation section of our website as our 3 year plan provides the basis for all of our investor presentations.
Thanks again, Ellen. This one looks like for you Gilbert. Would Reading look to pay down debt before moving to other projects like cinema 123 given that the debt taken on the Finance of Union Square.
Our ability to make capital acquisition and or improvement from a financing perspective has been defined by our ability to generate strong cash flow as well as manage and service our debt. We take a long term view on our capital investments and assess each and every opportunity and its financing on its own merits. As our financial trend slide on our stockholders presentation show, our debt to adjusted EBITDA will fluct rate as we make these types of value added acquisitions improvements. We have and will continue to manage our balance sheet in a prudent and responsible manner.
Thanks, Gilbert. And we'll wrap up with the final question that I can field What additional steps will the company take to attract both sell side analysts and buy side investors to the company? To obtain a lower cost of capital and high evaluation. What are the next investment conferences Reading plans to presenter? Well, we'll continue to engage with the investment community through non deal road shows and presenting at investor conferences.
We are pleased to have secured coverage from free sell side analysts in just the last few years. We plan to attend the Gabelli conference in June and the B Riley Consumer Conference in early October this year. So the details will be made available through a press release in the new near future. Well, that marks the conclusion of the call. We as usual are available for any follow-up calls, so please do not hesitate to reach out.
We appreciate you listening to the call today, and thank you for your attention.