Phoenix, AZ, Dec. 26, 2019 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) IHT reported fiscal third quarter revenues of approximately $1.50 million for the three months August 1, 2019 to October 31, 2019 up slightly from revenues of approximately $1.49 million for the same prior year period. Basic earnings per share for the three months ended October 31, 2019 was ($0.02) compared with $2.00 for the three months ended October 31, 2018, which reflected profitable asset sales.
For the 12-month trailing periods November 1, 2018 to October 31, 2019, and November 1, 2017 to October 31, 2018, total revenue was approximately $6.5 million, up sharply from approximately $12.0 million in the prior 12-month period. Total reported earnings were approximately $658,000. This compared to earnings of approximately $8,274,000 million in the prior 12-month period. For the same two 12-month trailing periods, non-cash depreciation and amortization was approximately $987,000 and approximately $1.8 million, respectively. Earnings before non-cash depreciation and amortization was approximately $1.6 million in the most recent 12 months. This compared to $8.3 million for the same prior 12-month trailing period. 12-month trailing basic earnings per share was $1.05 compared to $2.00 for the same prior 12-month trailing period.
Said James Wirth, President, CEO, and Board Chairman:
"Management believes IHT stock continues to trade below its true underlying value due in part to the company’s small capitalization and substantial profits coming from asset sales. The company continues to hold assets promising further substantial future profits. The company strategy of pursuing investment opportunities and a reverse merger partner seeking a NYSE American listing is progressing. As part of the IHT diversification, IHT invested $1.0 million in convertible debentures with warrants of UniGen Power, holding a recent patent for clean, efficient energy, one-million watt electric generators.”
For more information, visit www.innsuitestrust.com.
With the exception of historical information, the 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, 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