InnSuites Hospitality Trust (IHT) Revenues, Net Income, Cash and Net Income per Share Grow

PHOENIX, AZ-(Marketwired - Sep 14, 2017) - InnSuites Hospitality Trust (NYSE American: IHT) (NYSE MKT: IHT)

InnSuites Hospitality Trust ("IHT") reported revenues of approximately $5.46 million for the six months ended July 31, 2017 compared to revenues of approximately $4.70 million for the six months ended July 31, 2016, an improvement of approximately $760,000 or 16%. Consolidated Net Income was approximately $9.56 million for the six months ended July 31, 2017 compared with a small net loss for the six months ended July 31, 2016, an improvement in reported earnings of approximately $9.81 million.

Included in consolidated net income was non-cash depreciation expense of approximately $604,000 for the six months ended July 31, 2017 compared to $161,000 for the six months ended July 31, 2016. Reported net income per share was $0.97 for the six months ended July 31, 2017 compared with a net loss per share of ($0.03) for the six months ended July 31, 2016. As of September 14, 2017, IHT's closing stock price was $1.58. The first fiscal six months improved results were due in part to the sale of one of the Trusts' hotel asses which was carried on the accounting books significantly below the sales/market price. Management believes that its other hotels assets as well as its IBC Hotels technology division are also carried at a book value significantly below the market value.

As of July 31, 2017, cash on hand was $7.5 million as compared to $478,000 as of January 31, 2017.

As of September, 1, 2017, InnSuites corporate office moved into a new more spacious building located at 1730 E Northern Avenue, Suite 122 Phoenix, Arizona 85020. The additional space and capacity is for our fast-growing technology division, IBC Hotels.

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. Forward-looking statements are not guarantees of future performance due to numerous risks and uncertainties such as local, national or international economic and business conditions, including, without limitation, conditions that may, or may continue to, affect public securities markets generally, the hospitality industry or the markets in which we operate or will operate; fluctuations in hotel occupancy rates; changes in room rental rates that may be charged by InnSuites Hotels in response to market rental rate changes or otherwise; seasonality of our business; our ability to sell any of our Hotels at market value, listed sale price or at all; interest rate fluctuations; changes in, or reinterpretations of governmental regulations; competition; availability of credit or other financing; our ability to meet, refinance or extend present and future debt service obligations; insufficient resources to pursue our current strategy; concentration of our investments in the InnSuites Hotels® brand; loss of membership contracts; the financial condition of franchises, brand membership companies and travel related companies; our ability to develop and maintain positive relations with "Best Western Plus" or "Best Western" and potential future franchises or brands; our ability to carry out our strategy, including our strategy regarding IBC Hotels; the Trust's ability to remain listed on the NYSE MKT; effectiveness of the Trust's software program; the need to periodically repair and renovate our Hotels at a cost at or in excess of our standard 4% reserve; our ability to cost effectively integrate any acquisitions with the Trust in a timely manner; increases in the cost of labor, energy, healthcare, insurance and other operating expenses as a result of changed or increased regulation or otherwise; terrorist attacks or other acts of war; outbreaks of communicable diseases attributed to our hotels or impacting the hotel industry in general; natural disasters, including adverse climate changes in the areas where we have or serve hotels; airline strikes; transportation and fuel price increases; adequacy of insurance coverage; data breaches or cybersecurity attacks; and other factors. Such uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained.

FOR FURTHER INFORMATION: Marc Berg Executive Vice President 602-944-1500 email: mberg@innsuites.com

Innsuites Hospitality (AMEX:IHT)
Historical Stock Chart
From Mar 2024 to Apr 2024