InnSuites Hospitality Trust (IHT) Revenues, Net Income, Cash and Net Income per Share Grow
September 14 2017 - 10:38PM
Marketwired
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
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