Phoenix, AZ, Dec. 28, 2021 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) hotel operations continue to perform substantially better Year to Date for the three quarters of Fiscal Year 2022, with Consolidated Net Income of approximately $390,000, which is an increase in excess of $2.7 million compared to the first three quarters of Fiscal Year 2021. Earnings Per Share based on this Consolidated Net Income amount were $0.04, up from prior year loss of ($0.26). Additionally, The First Three Quarters of Fiscal 2022 (February 1, 2021-October 31, 2021), profits far exceed their pre-Covid counterparts of Fiscal Year 2020 and Fiscal Year 2019 by over $1.3 million each year.
IHT continued to experience a steady increase in Hotel Operation earnings for both the third Fiscal Quarter and first three quarters of Fiscal 2022 (February 1, 2021, to January 31, 2022). In addition, the IHT efficient clean energy innovation diversification investment targets its first prototype under development since January 2020, to be in operation during the first Fiscal Quarter of Fiscal 2023 (February 1, 2022 to January 31, 2023).
The Trust reported a Fiscal 2022 Third Quarter loss of ($167,572), for the most recent three months, which is an improvement of over $600,000 from the same prior year period of ($767,939). Earnings Per Share based on this Consolidated Net Income amount were ($0.02), up from prior year of ($0.08).
Revenues were approximately $1.7 million for the 2022 Fiscal Third Quarter Ended October 31, 2021, an increase of over 56% or greater than $740,000 from revenues of approximately $952,000 for the same prior year period. The substantial increase in revenue and earnings in Fiscal Q3 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 increased domestic travel. These extremely solid results have continued to accelerate in Fiscal Q4 of the current 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. Economic conditions continued to improve for the Trust for the fourth consecutive Quarter. Q3, 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.
InnSuites Hospitality Trust (IHT) has 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, 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 Prototype now scheduled to be operational during the First Fiscal Quarter ahead.
Said James Wirth President, CEO, and IHT Board Chairman:
“IHT hotel profits continue their strong 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 moving new investments toward IHT’s high profit potential diversification investment in the efficient, clean-energy power generation UniGen innovation.”
“IHT Management has long believed, as indicated in past IHT SEC Filings, that the investor community continues to value IHT well below its 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, since 1971, with semi-annual dividends paid in July 2021, and scheduled for January 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 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
602-944-1500
email: mberg@innsuites.com
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
