Phoenix, AZ, Dec. 14, 2022 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) sustained its strong rebound in the First Three Quarters of Fiscal 2023 (February 1, 2022, October 31, 2022), with revenues of approximately $5.5 million, up 16% from the prior Fiscal Year First Three Quarters.
Total Consolidated Net Income for the First Three Fiscal Quarters increased 87% to approximately $730,000, from the prior year’s First Three Fiscal Quarters of $391,153.
The Total Consolidated Net Income for the current Third Fiscal Quarter was $107,995, which is an increase of $275,567, from the prior year Fiscal Third Quarter.
Earnings Per Share based on this First Fiscal Three Quarters Consolidated Net Income was $0.04 per share, up $0.09 from the prior First Fiscal Three Quarters of last year of ($0.05), an all-time First Fiscal Three Quarter recovery.
Total Trust Equity increased to approximately $4 million at the end of the Fiscal First Three Quarters of 2023, up 36%, or $1.1 million, from the $2.9 million reported at the end of the prior Year Fiscal First Three Quarters.
Net Income before non-cash depreciation expense was $1,259,734 for the Fiscal First Three Quarters ended October 31, 2022, up approximately 30%, or $291,037, compared to prior Year Fiscal First Three Quarters ended October 31, 2022.
Total Revenues for the Twelve Month Trailing Period ended October 31, 2022, were approximately $7.2 million, up 27% from the previous Twelve Month Trailing period.
Consolidated Net Income of approximately $1,080,365 for the most recent twelve month period (ended October 31, 2022), was an improvement of $1.12 million, up from a small loss for the same prior year twelve month period (ended October 31, 2021).
IHT hotel operations continued to contribute to the solid start in the current 2023 Fiscal Fourth Quarter, with both the Tucson Hotel and Albuquerque Hotel achieving near record revenue for the Fiscal First Three Quarters of 2023 (ended October 31, 2022). In the current Fiscal Fourth Quarter (November 1, 2022, to January 31, 2023), increased Hotel Operations, Revenues, and Profits are increasingly facing the headwinds of a higher interest-rate potential recessionary environment.
On December 16, 2019, IHT committed a $1 million diversification Investment in UniGen Power Inc., efficient clean energy natural gas electric generation innovation. Subsequently IHT exercised 320,000 UniGen warrants increasing the total IHT investment to approximately $1,413,750,currently, with approximately two million Warrants and one million potential shares from convertible debentures outstanding which, if fully exercised could increase the IHT percentage ownership in UniGen to approximately 25%.
UniGen has experienced both cost overruns and delays due to conditions including Covid restrictions which slowed Innovation development and restricted vendor related travel, as well as several positive but nevertheless time-consuming developmental improvements and increased supply chain costs and delays.
UniGen Power Inc. management during calendar year 2022, has reported progress on several fronts of the InnSuites Hospitality Trust (IHT) efficient clean energy innovation diversification investment including the following:
1. UniGen has confirmed that the major design work for the UPI 1000 NG engine is now complete.
2. Due to global travel and economic events, an increasingly unreliable American power grid, inflation, and supply chain pressures, the UniGen marketing team estimates product’s market has grown, and has increased the planned UPI 1000 NG price. The initial order for thirty units was recently reaffirmed.
3. UniGen raised an additional $1.3 million in 2022, through early existing UniGen warrant exercises, including a $300,000 investment from IHT, of which $160,000 has yet to be funded as part of a pre-production GenSet capital raise.
4. IHT may exercise up to 100,000 warrants at $1 each, on or before February 10, 2023, and up to 95,000 warrants at $1 each on or before May 10, 2023, to facilitate the ordering of parts and tooling with a target date of assembling the first prototype by June 30, 2023.
5. Based on a 96 core “super computer “ simulated test together with advanced software, UniGen has confirmed that the UPI 1000 NG engine with the addition of recent technological advancements, is approximately 33% more fuel efficient than first estimated and will emit only approximately 25% of the maximum admissions allowed by CARB, the strictest of the regulatory standards issued by the state of California.
6. The tooling parts and prototype assembly facilities are all currently being built by UniGen.
7. UniGen is in the process of design with steps to produce generators fueled not only with relatively clean natural gas but also with other even cleaner fuels such as ethanol and hydrogen (that emits only water).
8. Future UniGen generators will produce up to 4 megawatts of energy without an increase in size or weight.
The UniGen diversified Investment is potentially highly profitable but nonetheless speculative requiring additional time and additional IHT investment.
Said James Wirth President, CEO, and IHT Board Chairman:
“With a profitable Fiscal Year 2022 and 2023 Fiscal First Three Quarters revenues and profits continuing to rebound, and with hotel real estate held on the books of IHT at low book values believed to be significantly below current market value, plus the continued high potential of the UniGen diversification investment, the future IHT prospects look promising. Accordingly, IHT continues 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 slower travel.
The Board of Trustees of IHT continues an uninterrupted, 52-year history of annual dividends, since its initial NYSE listing in 1971, with the next $0.01 semi-annual dividend anticipated on January 31, 2023.
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 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
602-944-1500
email: mberg@innsuites.com
INNSUITES HOSPITALITY CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
