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 CENTRE1730 E. NORTHERN AVENUE,
#122Phoenix, Arizona 85020Phone: 602-944-1500
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