Thank you for joining Reading International's Earnings Call to discuss our 2017 Second 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 risk, 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 second quarter earnings release on the company's website. In today's call, we will also use an industry accepted financial measure court 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 all about the financial results for the 2017 second quarter and 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've tried to address many of your questions in our prepared remarks. And as always, we are available for follow-up calls to discuss our operations and strategy. As you saw in our earnings release the $19 million of net income represented highest net income for any quarter in Reading's history. This was largely driven by 2 one-time events. First, the full recognition of the gain on the sale of our Burwood property in Melbourne, that sale contract was executed in May 2014. Further terms of the May 2014 contract, we received a partial prepayment on June 19, 2017 of $16.5 million, due to an early partial sale by the purchase of Burwood. Once we received this partial prepayment, the relevant accounting standards allowed us to recognize the full gain, on the sale of Burwood. Additionally, our record setting net income was driven by another onetime event. The second quarter gain generated by our receipt of Courtenay Central insurance proceeds related to the November, 2016 Earthquake in Wellington, New Zealand. Dev will give you a bit more color on each of these events in few minutes. And while these onetime items help drive our record net income for the quarter, we also continue to deliver solid operating performance. At $72.4 million our total operating revenues for the second highest of any company quarter on record, and up 8% over the same period in 2016. Over this last quarter, our cinemas in Australia reported total revenues up $25.4 million, which represented the second highest on record. In addition, our cinemas in New Zealand generated total revenues of $8.6 million, which is also the second highest quarter on record. And in the U.S., despite a weaker film slate,…

Thank you, Ellen. Now I’ll discuss the financial results for 2017 second quarter. As Ellen mentioned, revenue for the second quarter of 2017 represented the second highest level achieved for any quarter in the history of the company. Our net income for the second quarter represented the highest level for any quarter in the company's history. Our results were assisted by two onetime items, a gain on sale of our Burwood property in Australia and the receipt of insurance proceeds relating to our Courtenay Central ETC in Wellington, New Zealand. Consolidated revenues for the second quarter of 2017, increased by 8% to $72.4 million. This is mainly due to higher admissions and increased food and beverage revenues in our Australian Cinemas, business interruption proceeds for the closure period of our Courtenay Central ETC in Wellington, and settlement proceeds relating to Stomp currently playing at our Orpheum Theatre in New York. Our Courtenay Central ETC has since reopened on March 29, 2017. Our revenues for the first half of 2017 also increased by 8% or $10.2 million to a $141.9 million for similar reasons. Net income increased by $16.1 million to $19 million for the second quarter of 2017, and by $16.9 million to $22.1 million for the first half of the year. For the quarter, EPS earnings per share increased by $0.69 to $0.82 due to firstly, and $885,000 increase net of taxes in segment operating income due to higher operating results, including the impact of business interruption insurance recoveries, which offset loss profits recognized during the first quarter of 2017. These increased our basic earnings per share by $0.04. Secondly, a $6.7 million gain net of taxes on the sale of our Burwood property, which contributed $0.29 increase in our basic EPS. And thirdly, an $8.4 million gain net…

Thanks, Dev. First, I’d like to thank our stockholders for holding [ph] questions to our Investor Relations e-mail. We were very pleased with the number of inquiries we have received. We have compiled the 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 to us.

Our first question was regarding stock buyback program, can you comment on that? And how many shares did you repurchase during the quarter?

I will fill that answer. In early March of this year, the Reading board authorized stock repurchase program to repurchase up to $25 million of shares Reading shares, this was the largest stock repurchase authorized in the company's history. The program demonstrates our confidence in the business plan, our future prospects, and our commitment to driving stockholder value. The company chose not to be in the market during the period when we close the window for trading via insiders. We prefer to maintain the flexibility and making buyback decisions rather than adopting a 10b5-1 plan. As result, in the trading window between the first and second quarters, we were active in the market to the tune of 169,050 shares at a cost of approximately $2.7 million. At this point, the company has repurchased 210,949 shares, at cost of $3.4 million under the currently authorized plan. I would like to further note that the company subject to the technical rules of the SEC and NASDAQ that limit the timing and the number of shares that can be purchased.

Our second question we have received. What have been your efforts to unlocking stockholder value? Have you considered instituting a dividend? Will, let Dev handle that one.

It's been a little over year since we instituted a more vigorous Investor Relations program, and launched Cinema and real estate development priorities. We are pleased with our efforts thus far. Clearly, this is the work in progress, and there is more to be done over time. On the Investor Relations front, we are working to augment for the sales side analyst coverage, and additional investor outreach. We continue to execute on our 3 year business plan that we outlined earlier this year. And in addition, Andrzej talked about our new stock buyback program, as the Real Estate segment increases, as a percentage of our overall asset base over time, we will certainly further evaluate the efficacy of the instituting a dividend policy.

Thanks Dev.

The next question what should investors know about non-recurring transactions for the year thus far? Again, dev.

Thanks, Andrzej. Just to summarize, again, so three things here. We received enough of the sale proceeds from our Burwood property for us to be required to record the full gain on sale of that property. We've included this gain, with an adjusted EBITDA as we view ourselves in part as a real estate company and one that will over time would have sales of property in the normal course of business. Secondly, we've now received the full $25 million due to us for insurance related to damage to our Courtenay Central ETC. These amounts have been passed between insurance recovery for loss profits and costs incurred, while the property was closed, reimbursement for the basis of property, that had to be demolished and the balance is the gain on recovery from the insurance company, and this amount has been taken out of adjusted EBITDA for fuller disclosure. And then finally, Stomp settlement moneys received a $675,000.

Thanks, Dave. Our next question.

Why were your U.S. margins down substantially when the admission revenues was slightly down, and food and beverage revenue was strong? Ellen, could you handle this?

Compared to the second quarter in 2016, our U.S. Cinema box office decreased slightly by about 1%, while our U.S. Cinema operating income decreased by 35%. Our successful Olino Cinema in Hawaii opened during the fourth quarter of 2016 has strengthened the overall U.S. Cinema box office circuit in 2017. Also our U.S. Cinema F&B revenues were strong across the circuit increasing by 4% compared to the second quarter in 2016. These positive revenue enhancements could not out weight a few factors that have negatively impacted this circuit operating income. Firstly, the overall weaker film slate from the major studios affected our commercial theaters across the circuit. And a weaker film slate from the specialty film distributors negatively impacted our dedicated art houses. Last year, our dedicated art houses drive with films like, The Lobster and Love & Friendship. Despite this reduction in revenue, we can only reduce our operating expenses by so much, each theater has a certain level of fixed operating expense that just cannot be adjusted.

Thanks, Ellen. We have a question following up on the status of leasing of our unused corporate headquarter space

When will the G&A expenses reflect the $350,000 annual run rate savings from the headquarters building net leasing revenues?

I think I will address that one. We've completed the sit out and the occupation of our corporate headquarter space, and also brought the lease space to a pre fit-out level. Our recently revamped lease marketing campaign has borne fruit with several potential leasing tenants interested in the property. While operating expenses are in line with estimates, until we secure a tenant, our projected savings will not be reflected in our income statement.

The next question what do you believe the likelihood is that the California court in the cotter living trust litigation will order a sale of stock representing controlling interest in Reading, and what is the company's anticipated response to any such order? Ellen?

I'll respond to that question both on behalf of our company and on behalf of my sister Margaret and myself. At this time, it will be speculation to attempt to protect what the California court will do. Margaret and I believe that the applicable trust documents do not permit a sale of the Reading boarding stock held by the Cotter living trust, that have made that argument to the court. We have further revised the court that if there is to be a sale of these shares that Margaret and I intend to participate as potential purchasers of those shares. Margaret and I have great confidence in Reading's future. Our results over the past several years have been strong. We have a number of major real estate projects that are in various stages of development. Also, the board at Reading has established a special committee of non-cotter independent directors, which committee will evaluate matters related to any such event, and we'll take such steps that the committee believe to be in the best interest of the company and all of its stockholders.

And with that, we'll move to our last question. What are the next investment conferences, Reading plans to present at? And what additional proactive steps will the company take to attract both sell side analyst and buy side investors to the company?

This year, we presented at the B. Riley conference in May and the Gabelli Conference in June. We'll also participate in the Gateway conference in San Francisco in early September, as well as the B. Riley consumer conference in New York at the end of September. We are considering our participation in one more investor conference in mid-December in Chicago and will keep you updated. In addition to our goal of B. Riley, the company's first ever sell side analyst, Dev and I continue to have conversations with other sell side analysts to encourage them to initiate coverage of our company. To further that goal, Dev, and I will be doing a non road show in mid-August in the Milwaukee Chicago area. We will continue to communicate our value proposition to the market, and look forward to keeping stockholders updated on our progress.

With this last question, I'll wrap up the call. We hope you will found the information provided useful. As usual, Dev, Ellen and I are available 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. Thank you.