IHT FIRST FISCAL QUARTER REVENUES, PROFITS AND EQUITY
Phoenix, AZ, July 01, 2022 (GLOBE NEWSWIRE) — InnSuites Hospitality Trust (NYSE American: IHT) continued its strong rebound with the first quarter of fiscal 2023 (February 1, 2022 to April 30, 2022) revenue of approximately $2.136 million, up 53% from the first quarter of the prior fiscal year .
Total consolidated net earnings for the first quarter of the fiscal year increased by 139% to reach $376,187.
Earnings per share based on fiscal first quarter consolidated net income was $0.05 per share, up $0.03 from prior year revenue of $0.02, an all-time high for the first fiscal quarter.
The trust’s total equity increased to $4,312,186 at the end of the first quarter of fiscal 2023, up 56%, or $1,551,898 million, from $2,760,288 reported at the end of the first quarter of the previous year.
Non-cash net income before amortization was $359,806 for the fiscal first quarter ended April 30, 2022, up 358%, or $281,269, from the prior fiscal quarter ended April 30, 2022. April 30, 2022.
Total revenue for the twelve-month period ending April 30, 2022 was approximately $7.15 million, up 72% from the prior twelve-month period.
Operating profit for the same consecutive twelve-month period (ended April 30, 2022) improved by $2.8 million compared to the same prior twelve-month period (ended April 30, 2021).
Consolidated net income was approximately $1 million for the last twelve-month period (ended April 30, 2022), an improvement of $3.3 million over the same twelve-month period of the year previous year (closed on April 30, 2021).
IHT’s hotel operations contribute to a strong start to the second quarter of current fiscal year 2023, with Hotel Tucson and Hotel Albuquerque achieving record revenues for the combined months of May and June 2022 of current fiscal year , indicating that financial results are progressing positively as the hospitality industry, and InnSuites Hospitality Trust (IHT) in particular, continues to rebound and recover.
In late 2019, InnSuites Hospitality Trust (IHT) made a diversification investment in privately-held UniGen Power, Inc. (UniGen), a company developing a patented, high-profit and efficient innovation for clean energy generation. UniGen is progressing with development and is pursuing three valuable additional patents. IHT holds convertible bonds and warrants which, when fully exercised, could result in IHT holding an approximate 25% equity interest in UniGen.
Said James Wirth, Chief Executive Officer and Chairman of the Board of IHT:
“With fiscal 2023 first quarter revenue and earnings continuing to rebound, as well as the recently completed profitable fiscal 2022, the strong upward trends continue. IHT management believes that due to the hotel real estate held on IHT’s books at low book values considered to be significantly below current market value and due to the high potential for the diversification investment of UniGen, IHT’s future looks bright. IHT management continues to believe that recent market valuations of IHT shares, particularly in these turbulent and uncertain times, do not fully reflect IHT’s future potential. 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 previous travel year, which should now place IHT in compliance with the terms of NYSE American Listing.”
On June 29, 2022, IHT’s Board of Directors 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 unbroken 52-continued. historical year of annual dividends, since 1971, with semi-annual dividends paid on January 31, 2022 and scheduled for July 29, 2022.
The Board of Directors of IHT has approved, and notice is hereby given, that the annual meeting of shareholders of IHT for the fiscal year 2022 will be held at the registered office of InSuites Hospitality Trust located at 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020 (tel: 602-944-1500) on Tuesday, August 16, 2022, at 1:00 p.m. local time. Registered shareholders of IHT as of the close of business on July 7, 2022 are entitled to vote at the 2022 annual meeting of shareholders and any adjournment or postponement thereof.
For more information, visit www.innsuitestrust.com and www.innsuites.com.
Except for historical information, matters discussed in this press release may include “forward-looking statements” within the meaning of federal securities laws. All statements regarding IHT’s review and exploration of potential strategic, operational and structural alternative diversification investments, and the associated expected costs and benefits, are forward-looking in nature. Actual developments and business decisions may differ materially from those expressed or implied by these forward-looking statements. Important factors, among others, that could cause actual results and future actions of IHT to differ materially from those described in the forward-looking statements include the uncertain outcome, impact, effects and results of the success of IHT to find qualified potential buyers for its host properties or find a reverse merger partner, the success of the timeline and/or available development cash flow of UniGen’s clean energy diversification innovation, the continuation of semi-annual dividends in future years and other risks discussed in IHT’s filings with the SEC. IHT expressly disclaims any obligation to update any forward-looking statements contained in this press release to reflect events or circumstances that may occur after the date hereof, all of which are expressly qualified by the foregoing, except as required by applicable law. required.
FOR MORE INFORMATION:
Marc Berg, Executive Vice President
email: [email protected]
CENTER HOTEL INNSUITES
1730 E. NORTH AVENUE, #122
Phoenix, Arizona 85020