Phoenix, AZ, Sept. 20, 2022 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) maintained its strong rebound in the First Half of Fiscal 2023 (February 1, 2022, to July 31, 2022), with revenues of approximately $3.8 million, up 25% from the prior Fiscal Year First Half.
Total Consolidated Fiscal Second Quarter Net Income increased 271% or approximately $450,000, to $283,605.
Earnings Per Share based on this First Fiscal Half Consolidated Net Income was $0.03 per share, up $0.05 from the prior First Fiscal Half last year of ($0.02), an all-time First Fiscal Half rebound.
Total Trust Equity increased to $4,058,266 at the end of Fiscal First Half 2023, up 28%, or $898,736 million, from the $3,159,530 reported at the end of the prior Year Fiscal First Half.
Net Income before non-cash depreciation expense was $628,041 for the Fiscal First Half ended July 31, 2022, up 218%, or $430,433, compared to prior Year Fiscal First Half ended July 31, 2022.
Total Revenues for the Twelve Month Trailing Period ended July 31, 2022, were approximately $7.2 million, up 46% from the previous Twelve Month Trailing period.
Operating Income for the same Twelve Month Trailing period (ended July 31, 2022), improved by $1.6 million, compared to the same previous twelve month period (ended July 31, 2021).
Consolidated Net Income of approximately $812,355 for the most recent twelve month period (ended July 31, 2022), was an improvement of $1.46 million, up from the same prior year twelve month period (ended July 31, 2021).
IHT hotel operations continued to contribute to the solid start in the current 2023 Fiscal Third Quarter, with both the Tucson Hotel and Albuquerque Hotel achieving near record revenue for the Fiscal First Half of 2023 (ended July 31, 2022). With the rate of improvement declining some in the current Fiscal Third Quarter (August 1, 2022, to October 31, 2022), increased Hotel Operations, Revenues, and Profits are increasingly facing the headwinds of a higher interest-rate potential recessionary environment.
On December 16, 2019, IHT committed to a $1 million diversification Investment in UniGen Power Inc., efficient clean energy natural gas electric generation innovation. Subsequently IHT exercised 275,000 of UniGen warrants increasing total IHT investment to approximately $1,398,750,currently, with approximately two million Warrants and one million potential shares from convertible debentures outstanding which, if fully exercised could increase the IHT percentage ownership in UniGen to approximately 25%.
In early 2020 worldwide Covid restrictions were put in place which slowed down Innovation development and restricted vendor related travel. Subsequently UniGen experienced several developmental delays and increased costs.
UniGen is currently seeking additional funding to allow its first prototype to be assembled within the next six months with potential new funding from a number of sources including a possible additional infusion of debt and/or equity funds from IHT which, if consummated, could potentially increase the fully diluted ownership of IHT above 25% UniGen ownership.
The UniGen diversified Investment is speculative and it may require additional time and additional IHT investment. IHT management believes that, although highly speculative, over time, the UniGen investment will be successful, and if so, highly profitable.
Said James Wirth President, CEO, and IHT Board Chairman:
“With 2023 Fiscal First Half revenues and profits continuing to rebound, along with the recently completed profitable Fiscal Year 2022, strong positive upward trends continue. IHT management believes that due to hotel real estate held on the books of IHT at low book values believed to be significantly below current market value and due to the high potential of the UniGen diversification investment, the future of IHT looks promising. IHT management continues to believe that recent market IHT stock valuations, especially in the current turbulent and uncertain times, do not fully reflect the future potential of IHT. Accordingly, IHT continues its corporate stock buyback program.”
Said Sylvin Lange Chief Financial Officer (CFO):
“IHT’s strong operating results and IHT’s increasingly strong balance sheet, both reflect a significant rebound from the prior Covid slower travel. The NYSE American has confirmed IHT is in full compliance with NYSE American listing terms.”
On June 29, 2022, the Board of Trustees of IHT announced a semi-annual dividend of $0.01 per share, which was paid on July 29, 2022, to shareholders of record as of July 15, 2022. This announcement continues an uninterrupted, continuous 52-year history of annual dividends, since its initial NYSE listing in 1971, with semi-annual dividends paid January 31, 2022, and July 29, 2022.
With the exception of historical information, matters discussed in this news release may include “forward-looking statements” within the meaning of the federal securities laws. All statements regarding IHT’s review and exploration of potential strategic, operational, and structural alternative diversification investments, and expected associated costs and benefits are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause IHT’s actual results and future actions to differ materially from those described in forward-looking statements include the uncertain outcome, impact, effects and results of IHT’s success in finding potential qualified purchasers for its hospitality real estate or finding a reverse merger partner, the success of timing, and/or available development cash of the UniGen clean energy diversification innovation, the continuation of semi-annual dividends in the year(s) ahead, and other risks discussed in IHT’s SEC filings. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.
FOR FURTHER INFORMATION:
Marc Berg, Executive Vice President
INNSUITES HOSPITALITY CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020