Phoenix, AZ, June 28, 2021 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported Fiscal First Quarter profit of $157,161 which is an increase of over $500,000 from the same prior year period of ($352,857). Revenues were approximately $1.4 million for the 2022 Fiscal First Quarter Ended April 30, 2021, remaining relatively flat from revenues of approximately $1.4 million for the same prior year period. Basic earnings per share for the Fiscal First Quarter ended April 30, 2021, increased approximately three cents per share, to ($0.01), compared with ($0.04) for the same Fiscal Quarter ended April 30, 2020. This increase was largely attributable to 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. These solid results have accelerated in Fiscal Q2 of the current year. These are all positive signs, and indicative that things are 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 second consecutive Quarter. Q1 of Fiscal Year 2022 and Q4 of Fiscal Year 2021 have both shown increased signs of strength, growth, and improvement, especially when compared to Q2 and Q3 of Fiscal Year 2021 (May 1, 2021-October 31, 2021).
Several areas of our hotel operations continue to perform well and maintain their solid start in the current 2022 Fiscal Year, ending January 31, 2022. Consolidated Net Income has increased more than $500,000 in Fiscal First Quarter 2022 compared to Fiscal First Quarter 2021, more than $425,000 over Fiscal First Quarter 2020, and approximately $450,000 greater than Fiscal First Quarter 2019, (the latter two both pre-Covid).
InnSuites Hospitality Trust (IHT) previously made an initial $1 million diversification investment in privately held UniGen Power, Inc. (UniGen), a company developing a patented, high profit potential, efficient clean energy generation innovation. The UniGen profit potential is promising, as evidenced by UniGen’s current pursuit of three additional valuable patents. In addition to the initial investment, which could be converted into 1 million UniGen shares, IHT also holds warrants that, if fully exercised, would provide IHT 2 million additional UniGen shares, and 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 two Prototypes scheduled to be operational later this year, despite delays related to China supplier travel restrictions.
IHT has confidence in the UniGen technical team based in Detroit and in the progress to date. UniGen’s future profit potential is encouraging for IHT investors, especially considering 18 months of successful design and development work is now complete.
Said James Wirth President, CEO, and IHT Board Chairman:
“IHT continues to execute our strategic plan of selling existing hotel real estate at market prices significantly above our low carrying (book) values, and moving toward IHT’s high potential diversification investment in the efficient, clean-energy power generation UniGen innovation, a positive move that is increasingly recognized by investors.”
“Management has long believed, as indicated in past IHT SEC Filings, that the investor community continues to value IHT well below its full potential and true underlying value. Even with the recent increased trading volume and share valuation, Management is of the opinion that IHT continues to trade well below its true potential, especially once the UniGen innovation is fully completed; which is not a certainty, but after investing for 18 months, Management believes is a likelihood.”
Fiscal Year 2021 extended IHT’s uninterrupted, continuous annual dividends to over 50 years. It is expected the IHT Board will again approve semi-annual dividends for July 2021, and January 2022, continuing this impressive record.
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 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
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020