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Phoenix, AZ, Oct. 20, 2021 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) experienced a sharp increase in Hotel Operation earnings for both the second Fiscal Quarter and first half of Fiscal 2022 (February 1, 2021, to January 31, 2022). In addition, the IHT efficient clean energy innovation diversification investment targets its first prototypes under development since January 2020, to be in operation within the next six months.
IHT reported Fiscal 2022 Second Quarter profit of $401,564, for the most recent three months, which is an increase of over $1.6 million from the same prior year period of ($1,267,385). Earnings Per Share based on this Consolidated Net Income amount were $0.04, up from prior year loss of ($0.14).
Revenues were approximately $1.7 million for the 2022 Fiscal Second Quarter Ended July 31, 2021, an increase of over 81% or greater than $750,000 from revenues of approximately $925,000 for the same prior year period. The substantial increase in revenue and earnings in Fiscal Q2 was largely attributable to the continuation of the solid start the Trust’s operations are off to in the current Fiscal Year 2022 (February 1, 2021-January 31, 2022), along with the decreased impact of Covid-19, and decreased travel restrictions. These extremely solid results have continued to accelerate in Fiscal Q3 of the current year.
These are all positive signs, and indicative that things continue to progress positively and remain heading in the right direction as the Travel Industry, the Economy as a whole, and InnSuites Hospitality Trust (IHT) specifically, continue to rebound and recover. Economic conditions continued to improve for the Trust for the third consecutive Quarter. Q2 and Q1 of Fiscal Year 2022, as well as Q4 of Fiscal Year 2021 have all shown increased elevated signs of strength, growth, and continued positive profit improvement.
Our hotel operations continue to perform substantially better Year to Date for the first half of Fiscal Year 2022, with Consolidated Net Income of approximately $560,000, which is an increase in excess of $2.1 million compared to the first half of Fiscal Year 2021. Earnings Per Share based on this Consolidated Net Income amount were $0.06, up from prior year loss of ($0.18). Additionally, The First Half of Fiscal 2022 (February 1, 2021-July 31, 2021), profits far exceed their pre-Covid counterparts of Fiscal Year 2020 and Fiscal Year 2019 by over $1.2 million each year.
InnSuites Hospitality Trust (IHT) has made a diversification investment in excess of $1 million in privately held UniGen Power, Inc. (UniGen), a company developing a patented, high profit potential, efficient clean energy generation innovation. The UniGen profit potential is promising, as evidenced by UniGen’s current pursuit of three additional valuable patents. IHT holds convertible bonds and warrants that, if fully exercised, could potentially result in IHT holding up to an approximate 25% ownership stake in UniGen. IHT is informed that UniGen has made progress to date on development of this innovation, with the first two Prototypes now scheduled to be operational within the next six months in Fiscal in Q1 of 2022.
Said James Wirth President, CEO, and IHT Board Chairman:
“IHT hotel profits continue their strong recovery and rebound to levels higher than previous pre-Covid comparable periods, as IHT continues to execute our strategic plan of maximizing current hotel operating profits while redeploying hotel real estate profits; and moving toward IHT’s high potential diversification investment in the efficient, clean-energy power generation UniGen innovation, a positive move that is increasingly recognized by investors.”
“UniGen’s high profit potential is encouraging for IHT investors, with 22 months of design and development work now complete.”
“IHT Management has long believed, as indicated in past IHT SEC Filings, that the investor community continues to value IHT well below its full potential true underlying value (both real estate equity/hotel operations, and clean energy opportunity potential).”
Fiscal Year 2022 extended IHT’s uninterrupted, continuous annual dividends to over 50 years, with semi-annual dividends paid in July 2021, and scheduled for January 2022, continuing this impressive uninterrupted annual dividend record.
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 alternatives 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 review of strategic, operational and structural alternatives, IHT’s success in finding potential qualified purchasers for its hospitality real estate, or a reverse merger partner, the success of and timing of the UniGen clean energy 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