Phoenix, AZ, May 27, 2022 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported a strong annual rebound with revenues ballooning by a 53% increase to $6.410 million for the most recent Fiscal Year 2022 (February 1, 2021, to January 31, 2022), which is up from the $4.203 million reported in the prior Fiscal Year. Total Consolidated Fiscal Year Net Income increased to a profit of $1,539,735, an improvement of approximately $4.4 million from the prior Fiscal Year loss of $2,827,840. Earnings Per Share based on this Consolidated Net Income amount were $0.03, up $0.34 from prior year loss of ($0.31), and also far exceeding their pre-Covid counterpart of Fiscal Year 2020.
Total Trust Equity increased to $4,132,041 at the end of Fiscal Year 2022, up more than $1.6 million, from the $2,509,572 reported at the end of the prior Fiscal Year 2021.
Net Income before non-cash depreciation expense was $979,524 for the Fiscal Year ended January 31, 2022, compared to ($794,694) for the Fiscal Year ended January 31, 2021, which is an increase of approximately $1.8 million.
IHT hotel operations are contributing to a solid start in the current 2023 Fiscal First Quarter, with both the Tucson Hotel and Albuquerque Hotel achieving record results for the combined months of February, March, and April 2022 of the current Fiscal Year.
These are all positive signs for InnSuites and the Southwest Travel Industry, 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.
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 currently 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.
UniGen Power Inc. management recently reported substantial progress on several fronts of the InnSuites Hospitality Trust (IHT) efficient clean energy innovation diversification investment including the following:
- Despite Covid travel and supply chain disruptions including “reshoring” of a portion of UniGen parts, UniGen management targets the UPI 1000 NG first prototype to be in operation on or before August 2022 subject to continuing supply chain delay challenges.
- The UniGen “Dyno” test facility is scheduled for completion in time for testing the prototype engine assuming no unexpected additional delays.
- Due to Covid, global economic events, an increasingly unreliable American power grid, inflation, and supply chain pressures, the UniGen marketing team estimates the UniGen market has grown, and the planned power plant price has been increased. The initial order for thirty units was recently reaffirmed.
- UniGen Recently raised an additional $1.3 million through early existing UniGen warrant exercises, including a $300,000 commitment from IHT as part of a pre-production GenSet capital raise.
- Overall the IHT UniGen Investment is progressing.
Said James Wirth President, CEO, and IHT Board Chairman:
“With 2023 Fiscal First quarter revenues continuing to rebound, the recently completed Fiscal Year 2022 strong upward trend, and with continuing progress on the UniGen diversification Investment nearing the testing of the first prototype, IHT management believes that due to select real estate held on the books of IHT at values believed to be significantly below current market value and due to the high potential of the UniGen diversification investment, the IHT future looks bright, and 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. 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 Covid slow travel year, believed to now place IHT in compliance with NYSE American listing terms.”
Fiscal Year 2022 extended IHT’s uninterrupted, continuous annual dividends to over 50 years, since 1971, with semi-annual dividends paid January 31, 2022, and is scheduled for July 31, 2022.
For more information, visit www.innsuitestrust.com and www.innsuites.com.
Forward-Looking Statements
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 a reverse merger partner, the success of and timing 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
602-944-1500
email: mberg@innsuites.com
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
