Phoenix, AZ, May 02, 2023 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported a strong annual improvement of results in Fiscal Year 2023, (February 1, 2022, to January 31, 2023), with Net Income Attributable to Controlling Interests doubling, increasing by 106%, to $523,171 as compared to $254,144.
Earnings Per Share based on this Net Income Attributable to Controlling Interest amount was $0.06, also more than doubling, up $0.03 from the prior year of $0.03.
Total Revenues increased to approximately $7.5 million, which is an approximate increase of 11% from the same prior Fiscal Year total of $6.7 million.
Consolidated Net Income before non-cash depreciation expense was $1,439,437 for the Fiscal Year ended January 31, 2023.
IHT hotel operations are contributing to a solid start in the current 2024 Fiscal First Quarter, with both the Tucson Hotel and Albuquerque Hotel achieving record results for the combined months of February, March, and April 2023 of the current Fiscal Year.
These are all positive signs for InnSuites, as progress continues heading in the right direction as the Travel Industry, and InnSuites Hospitality Trust (IHT) specifically, continue to rebound and thrive.
InnSuites Hospitality Trust (IHT), in late 2019, made a diversification investment in new development privately held UniGen Power, Inc. (UniGen), a company developing a patented, high profit potential, efficient clean energy generation innovation. IHT holds convertible bonds and warrants that, when fully exercised, could result in IHT holding an approximate 25% ownership stake in UniGen.
UniGen has confirmed that prototype design engineering for the UPI 1000 NG engine is now complete. Parts and tooling are arriving, and continue to arrive weekly. Engineering work is on hold, while UniGen concentrates on its next round of capital raising.
UniGen is a high risk investment offering high potential investment return when successful.
Based on a 96 core "super computer " simulated test together with advanced software, UniGen has confirmed that the UPI 1000 NG engine with the addition of recent technological advancements, is approximately 33% more fuel efficient than first estimated and will emit only approximately 25% of the maximum admissions allowed by CARB, the strictest of the regulatory standards issued by the state of California. The UniGen design is to produce generators fueled not only with relatively clean natural gas but also with other even cleaner fuels such as ethanol and hydrogen (that emits only water).
Said James Wirth President, CEO, and IHT Board Chairman:
"With 2024 Fiscal First quarter revenues continuing to increase to record levels, the recently completed profitable Fiscal Year 2023, which is IHT's second consecutive profitable Fiscal Year in a row, also confirming this strong upward trend, and with continuing progress on the UniGen diversification, IHT management believes that due to real estate held on the books of IHT at book values believed to be significantly below current market value and due to the high diversification profit potential ahead, the IHT future looks bright. IHT continues its stock buyback program due to the belief that market IHT stock valuations, significantly understate the future potential of IHT."
Said Sylvin Lange Chief Financial Officer (CFO):
"IHT's strong hotel operating results and IHT's increasingly strong balance sheet, both reflect significant improvements, reflected in two successful, consecutive profitable Fiscal Years."
Fiscal Year 2023 extended IHT's uninterrupted, continuous annual dividends to 52 years, since 1971, with semi-annual dividends paid February 1, 2023, and anticipated for July 31, 2023.
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 alternative diversification investments, 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 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 diversification 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 CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
