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Phoenix, AZ, July 01, 2022 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) continued its strong rebound with 2023 First Fiscal Quarter (February 1, 2022, to April 30, 2022), revenues of approximately $2.136 million, up 53% from the prior Fiscal Year First Quarter.
Total Consolidated Fiscal First Quarter Net Income increased 139% to $376,187.
Earnings Per Share based on this First Fiscal Quarter Consolidated Net Income were $0.05 per share, up $0.03 from prior year income of $0.02, an all-time First Fiscal Quarter record.
Total Trust Equity increased to $4,312,186 at the end of Fiscal First Quarter 2023, up 56%, or $1,551,898 million, from the $2,760,288 reported at the end of the prior Year Fiscal First Quarter.
Net Income before non-cash depreciation expense was $359,806 for the Fiscal First Quarter ended April 30, 2022, up 358%, or $281,269, compared to prior Year Fiscal First Quarter ended April 30, 2022.
Total Revenues for the Twelve Month Trailing Period ended April 30, 2022, were approximately $7.15 million, up 72% from the previous Twelve Month Trailing period.
Operating Income for the same Twelve Month Trailing period (ended April 30, 2022), improved by $2.8 million, compared to the same previous twelve month period (ended April 30, 2021).
Consolidated Net Income was approximately $1 million for the most recent twelve month period (ended April 30, 2022), an improvement of $3.3 million, from the same prior year twelve month period (ended April 30, 2021).
IHT hotel operations are contributing to a solid start in the current 2023 Fiscal Second Quarter, with both the Tucson Hotel and Albuquerque Hotel achieving record revenue for the combined months of May and June 2022, of the current Fiscal Year indicating that financial results are progressing positively as the Hospitality Industry, and InnSuites Hospitality Trust (IHT) specifically, continue to rebound and recover.
InnSuites Hospitality Trust (IHT), in late 2019, made a diversification investment in privately held UniGen Power, Inc. (UniGen), a company developing a patented, high profit potential, efficient clean energy generation innovation. UniGen is making progress on development, and is in pursuit of three additional valuable patents. IHT holds convertible bonds and warrants that, when fully exercised, could result in IHT holding an approximate 25% ownership stake in UniGen.
Said James Wirth President, CEO, and IHT Board Chairman:
“With 2023 Fiscal First quarter revenues and profits continuing to rebound, along with the recently completed profitable Fiscal Year 2022, strong 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 and has recently increased 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 travel year, believed to now place IHT in 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, payable 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 1971, with semi-annual dividends paid January 31, 2022, and scheduled for July 29, 2022.
The IHT Board approved, and notice is hereby given that the Fiscal 2022 Annual Meeting of Shareholders of IHT will be held at the InnSuites Hospitality Trust corporate offices located at 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020 (phone: 602-944-1500) on Tuesday August 16, 2022, at 1:00 P.M., local time. Shareholders of record of IHT at the close of business on July 7, 2022, are entitled to vote at the 2022 Annual Meeting of Shareholders and any adjournments or postponements thereof.
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 HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020