IHT FIRST HALF TAX PROFIT UP 271%; REVENUES UP 25%;
Phoenix, AZ, Sept. 20, 2022 (GLOBE NEWSWIRE) — InnSuites Hospitality Trust (NYSE American: IHT) maintained its strong rebound in the first half of fiscal 2023 (February 1, 2022 to July 31, 2022), with revenue of approximately $3.8 million, up 25% from the first half of FY Previous exercice.
Total consolidated net income for the second quarter of the fiscal year increased by 271% or approximately $450,000 to $283,605.
Earnings per share based on this fiscal first half consolidated net income was $0.03 per share, up $0.05 from the prior fiscal first half of ($0.02), an unprecedented rebound in first fiscal semester.
The trust’s total equity increased to $4,058,266 at the end of the first half of fiscal 2023, up 28%, or $898,736 million, from $3,159,530 reported in the end of the first half of the previous financial year.
Net income before non-cash amortization expense was $628,041 for the fiscal first six months ended July 31, 2022, up 218%, or $430,433, from the fiscal first six months of the prior year closed on July 31, 2022.
Total revenue for the twelve-month period ending July 31, 2022 was approximately $7.2 million, up 46% from the prior twelve-month period.
Operating profit for the same consecutive twelve month period (ended July 31, 2022) improved by $1.6 million compared to the same prior twelve month period (ended July 31, 2021).
Consolidated net income of approximately $812,355 for the last twelve-month period (ended July 31, 2022) represents an improvement of $1.46 million, up from the same twelve-month period of the year previous year (closed on July 31, 2021).
IHT’s hotel operations continued to contribute to the strong start to the third quarter of current fiscal 2023, with Hotel Tucson and Hotel Albuquerque achieving near-record first-half revenue for fiscal 2023 (ended July 31, 2022). With the rate of improvement declining in the current fiscal third quarter (August 1, 2022 to October 31, 2022), the increase in hotel operations, revenues and profits is increasingly facing headwinds from a potential recessionary environment of higher interest rates.
On December 16, 2019, IHT committed to a $1 million diversification investment in UniGen Power Inc., an efficient innovation in clean-energy natural gas power generation. Subsequently, IHT exercised 275,000 UniGen warrants, bringing IHT’s total investment to approximately $1,398,750, currently with approximately two million warrants and one million potential shares of debentures outstanding convertible bonds which, if fully exercised, could increase IHT’s percentage ownership interest in UniGen to approximately 25%.
At the start of 2020, Covid restrictions around the world were put in place, which slowed the development of innovation and restricted supplier-related travel. Subsequently, UniGen experienced several development delays and increased costs.
UniGen is currently seeking additional funding to enable its first prototype to be assembled within the next six months with potential new funding from a number of sources, including possible additional infusion of debt and/or equity funds. properties of IHT which, if consumed, could potentially increase the fully diluted property of IHT above 25% property of UniGen.
UniGen Diversified Investing is speculative and may require additional time and additional IHT investment. IHT management believes that, although highly speculative, over time UniGen’s investment will be successful and, if so, highly profitable.
Said James Wirth, Chief Executive Officer and Chairman of the Board of IHT:
“With fiscal first half 2023 revenues and earnings continuing to rebound, as well as the profitable fiscal year 2022 just completed, strong positive upward trends continue. IHT management believes that in Due to the hotel real estate held on IHT’s books at low book values believed to be significantly below current market value and due to the high potential for UniGen’s diversification investment, the future of IHT looks IHT management continues to believe that recent market valuations of IHT shares, particularly in these turbulent and uncertain times, do not fully reflect IHT’s future potential. repurchase of company shares.
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 earlier Covid travel downturn. The NYSE American has confirmed that IHT is in full compliance with the NYSE American Listing Requirements.
On June 29, 2022, IHT’s Board of Directors announced a semi-annual dividend of $0.01 per share, which was paid on July 29, 2022 to shareholders of record as of July 15, 2022. This announcement continues a continuing and uninterrupted action . 52-year history of annual dividends, since its initial listing on the NYSE in 1971, with semi-annual dividends paid on January 31, 2022 and July 29, 2022.
For more information, visit www.innsuitestrust.com and www.innsuites.com.
Except for historical information, matters discussed in this press release may include “forward-looking statements” within the meaning of federal securities laws. All statements regarding IHT’s review and exploration of potential strategic, operational and structural alternative diversification investments, and the associated expected costs and benefits, are forward-looking in nature. Actual developments and business decisions may differ materially from those expressed or implied by these forward-looking statements. Important factors, among others, that could cause actual results and future actions of IHT to differ materially from those described in the forward-looking statements include the uncertain outcome, impact, effects and results of the success of IHT to find qualified potential buyers for its host properties or find a reverse merger partner, the success of the timeline and/or the available development cash flow of UniGen’s clean energy diversification innovation, the continuation of semi-annual dividends in future years and other risks discussed in IHT’s filings with the SEC. IHT expressly disclaims any obligation to update any forward-looking statements contained in this press release to reflect events or circumstances that may occur after the date hereof, all of which are expressly qualified by the foregoing, except as required by applicable law. required.
FOR MORE INFORMATION:
Marc Berg, Executive Vice President
INSUITES HOSPITALITY CENTER
1730 E. NORTH AVENUE, #122
Phoenix, Arizona 85020