Thank you for joining Reading International's earnings call to discuss our 2019 second quarter results. My name is Andrzej Matyczynski, I'm Reading's Executive Vice President of Global Operations. With me, as usual, are Ellen Cotter, our President and Chief Executive Officer; and Gilbert Avanes, our Interim Chief Financial Officer and Treasurer. 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 2019 second 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, TLCF, which is theater level revenue less direct theater level expenses and property level cash flow, PLCF, which is property level revenue 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-Q. So with that behind us, I'll turn it over to Ellen, who will review some of the business highlights from the second quarter 2019, and then Gilbert will provide a more detailed financial review. Ellen?

Thanks, Andrzej, and thanks, everyone, for listening 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. Now let's turn to our business highlights for the second quarter. At $76.1 million, the consolidated revenue for the second quarter of 2019 represented the second highest quarter on record for the company. This is a decrease of 10% compared to the second quarter of 2018, which set the record high consolidated revenue for Reading. Q2 2018 was an exceptional quarter at the box office. Thanks not only to the major studios who delivered Avengers: Infinity War, Incredibles 2, Deadpool 2 and Jurassic World: Fallen Kingdom, but also the U.S. specialty distributors who released movies like RBG, Disobedience, Won't You Be My Neighbor? Isle of Dogs and First Reformed. While the second quarter of 2019 saw a relatively softer box office in comparison, the blockbuster success of films like Avengers: Endgame, Aladdin and Toy Story 4, picked up during the quarter. A couple of unique characteristics about our cinema circuit to keep in mind when analyzing our results versus the industry. First, about 25% to 30% of our U.S. cinema results are generated by our specialty or Angelika brand theaters. When the specialty film market from distributors like Fox Searchlight, Focus Features, Sony Pictures Classics or A24 is not as strong, Reading will be impacted more heavily than other circuits who rely predominantly on movies from the major studios. And in 2018, over 50% of our cinema box office revenue was generated in Australia and New Zealand. So when the Australian and New Zealand dollars weaken in value, our U.S. dollar results are impacted. In…

Thank you, Ellen. 2019 had a relatively slow start compared with the prior year due to a soft film product. However, attendance and box office revenue have picked up during the second quarter with the release of blockbuster movies, such as Avengers: Endgame, Aladdin and Toy Story 4. With that being said, we continue to look forward to the rest of the year for better box office results. Consolidated revenue for the second quarter of 2019 decreased by 10% to $76.1 million. For the 6 months ended June 30, 2019, revenue decreased by 14% to $137.6 million compared to the same period in the prior year. As previously mentioned, this was driven by a soft film product in both commercial and specialty categories and competing against last year's strong performance. These combined factors resulted in a decrease in attendance in our U.S., Australia and New Zealand circuits. These results were further impacted by an 8.5% decline in Australian dollar and a 6.1% decline in New Zealand dollar for the 6 months ended June 30, 2019, over a comparable period in 2018. As mentioned earlier, our cinema operating results in New Zealand were also adversely impacted by the temporary closure of our cinema at Courtenay Central in Wellington, which used to be the top performer in New Zealand circuit. At the same time, the partial closure of Courtenay Central property as a result of seismic concern was one of the key drivers of unfavorable result of our real estate segment in New Zealand. Net income to RDI common stockholders decreased by 52% to $2.4 million for the second quarter of 2019 compared to the same period in prior year. Basic earnings per share for the quarter ended June 30, 2019, was $0.10, a decrease of $0.12 from the prior year quarter.…

Thanks, Gilbert. Firstly, I'd like to thank our stockholders for forwarding questions to our Investor Relations e-mail. We've compiled a set of questions and answers, representing the most common questions and recurring themes e-mailed to us. As always, we are available after the webcast to address any additional questions and encourage you to continue reaching them.

So the first question, which I will handle, has the board considered increasing the repurchase plan to be able to be more aggressive? As previously discussed in our Q1 conference call, we maintain a balanced approach to capital allocation between investing in projects that will drive long-term value and returning capital directly to stockholders. With that in mind, but recognizing the clear value proposition that our share price offers currently, we have been more active in our share repurchase program since April 1st of this year. We bought back 559,627 shares of Class A stock for $8.8 million between March 2, 2017 and March 31, 2019. And since that day, brought an additional 269,637 shares of Class A stock for $3.6 million, therefore, leaving us $12.6 million available for future purchases. As a result, we believe that this continues to show our commitment to the share repurchase program as a means of returning value directly to stockholders and that we have enough current board approved funding to achieve this goal. So the next question, which will go to Gilbert, you have at least a full year of overall upgrade at Cal Oaks. How is it faring versus your internal expectation? What was the ROI expected and being achieved? Can you discuss Reading's experience with its first U.S. foray deploying dine-in experience via your Spotlight or similar service? Gilbert?

The California Theater in California undertook a significant facility renovation and experienced its first fully operational quarter with Reading's first ever dine-in service, Spotlight in Q2 2018. We have now experienced a full year of operation after completing the top to bottom renovation at Cal Oaks. Even though we have gone through a full year of operations, we continuously strive to look for efficiencies as well as creating innovative food and beverage menu to serve our customer. Cal Oaks Continues to set records for the highest quarter ever in food and beverage revenue and food and average per cap in Q2 2019, and we expect this trend to continue. Although we do not publicly disclose the return on specific projects, our return on investment expectation for our capital renovation is in the mid-teens. Cal Oaks Is meeting and exceeding its target.

Thanks, Gilbert. The next question. Other major comps in the United States have been pushing hard on driving people through the door with various initiatives. What is RDI doing to drive attendance in down box office quotas? Or what are ideas that can be done going forward? Ellen?

In recent months, we've seen the rise and fall of certain third-party subscription services in the U.S., such as MoviePass and Sinemia. In the last 18 months, U.S. exhibitors are now competing through their own subscription plans. This development in the exhibition marketplace reflects what we've known for years, value is key to driving attendance in certain markets. Because of the diversity of our U.S. circuit in terms of geography and programming, we compete against AMC, Cinemark and Regal and their new subscription offerings in our different markets. Each of these new programs have their own unique discounts and rules. Our circuit size will not allow us to create one program that work seamlessly and profitably from Hawaii to New York City or markets where we only have one theater. We're studying each of these subscription programs and trying to evaluate their impact on our competitive cinemas to determine how to best proceed, if at all. Again, historically, because of the diversity of our U.S. circuit, pricing decisions are made on a theater by theater basis, taking into account the particular market, demographic, film programming and the impact of our strategic investments. Without a subscription plan over the years, we have successfully driven attendance with value offers. For instance, the launch of San Diego's Best Movie Value program, where we offer an $8.50 ticket and a $6 endless popcorn has created incremental cash flow for certain theaters. Our Wake Up program where guests get a significant ticket discount and a free coffee for all shows before noon drives attendance for the opening hours of our cinemas. Our After The Film program, where guests get a 50% discount off their F&B ticket after a movie has driven attendance and F&B sales. And our Mahalo Tuesdays in Hawaii, where we offer a big-ticket discount on Tuesdays, creates one of our highest attended days in our Hawaiian cinemas. We recognize that the changing dynamics of the marketplace and the popularity of the concept of subscription offer. We'll take the steps we need to appropriately address the changing marketplace. But we need to do it in a way that's deliberate and focused on financial sustainability.

Thank you, Ellen. The next question. Please clarify whether you do or don't include online ticket revenues as part of your average ticket price? When reporting Australia and New Zealand ATP and SPP figures, please clarify whether figures are in U.S. dollars and thus reflect currency headwinds? Gilbert?

Online ticket revenue is not included in the calculation of ATP. When reporting Australian and New Zealand ATP and SPP under SEC reporting guidelines, they are reported in U.S. dollar unless specifically referred to in the local or functional currency.

Thanks, Gilbert. Our next question. Can you help provide more clarity on the ongoing legal developments? Is the guardian ad litem reference separate from the trustee ad litem contemplated by the court previously? We were under the impression that the bulk of the legal issues had already been resolved or were quite close to it, so this came as a bit of a surprise. Ellen?

Some stockholders have requested an update on the trust litigation in California. Between myself, my sister, Margaret and our brother, Jim Carter, Jr. The trust litigation has been discussed at some length in our various SEC filings, and I'll refer you back to those filings for the more detailed discussions. Reading is not a party to the California Trust litigation. However, our company has made limited appearances and submitted certain filings in the trust litigation to educate the court on the potentially material impact of certain actions on the company. To date, the costs of our company's participation have not been material, and our company's participation is subject to the oversight of our Special Independent Committee of the Board. While there are a number of matters before the California Court in the trust litigation, Reading does not believe it likely that any imminent ruling would materially impact our company. However, if a material ruling impacting the company were to be made, the company will make prompt public disclosure and the Special Independent Committee will determine required actions in response, if any.

Thank you, Ellen. Well, that marks the conclusion of the call. We'll wrap it up here. We are available for any follow-up calls, as we said before, so please do not hesitate to reach out to us either by e-mail, letter or phone. We appreciate you listening to the call today, and thank you for your attention.