Phoenix, AZ, Dec. 07, 2023 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported a continuation of improved results for the Third Quarter of Fiscal 2024, (August 1, 2023, to October 31, 2023), as Total Revenues increased to $1,824,499, which is an increase of 7%, compared to the prior year Fiscal Third Quarter of $1,704,612. The First Three Quarters of Fiscal 2024, (February 1, 2023, to October 31, 2023), remain strong, with Total Revenues up $211,769, at $5,751,583, up over 4% compared to the First Three Quarters of Fiscal 2023 (February 1, 2022, to October 31, 2022).
Total Consolidated First Three Fiscal Quarters Net Income was $611,693.
Consolidated Net Income before non-cash depreciation expense was $1,113,790 for the Fiscal 2024 First Three Quarters ended October 31, 2023 (February 1, 2023, through October 31, 2023).
Net Income Attributable to Controlling Interests for the Fiscal First Three Quarters was $296,885. This represents the eighth consecutive Profitable Quarter dating back to Fourth Fiscal Quarter 2022 (November 1, 2021, through January 31, 2022).
Earnings Per Share based on Net Income Attributable to Controlling Interest amount was $0.03, flat from the prior year.
InnSuites Hospitality Trust (IHT), in late 2019, made a diversification investment in new development privately held UniGen Power, Inc. (UniGen), developing a high risk, high profit potential, efficient clean electricity energy generation innovation. The UniGen design is fueled not only with abundant relatively clean natural gas but also with other even cleaner fuels such as ethanol and hydrogen (that emits only water). IHT holds stock, convertible bonds, and warrants that, when fully converted/exercised, could result in IHT holding up to an approximate 25% ownership stake in UniGen. UniGen has confirmed that prototype design engineering for the UPI 1000TA engine is now materially complete, with a majority of the parts and tooling having been ordered.
UniGen management is now focused on firming up the next round of financing.
IHT management believes that with hotel revenues and profits now at record highs, plus due to real estate held at book values believed to be significantly below current market value and due to the high risk, but also high profit potential ahead of the UniGen diversification, the IHT future looks bright.
Fiscal Year 2024 extended IHT's uninterrupted, continuous annual dividends to 53 years, since 1971, with semi-annual dividends paid February 1, 2023, and 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, as well as statements related to continuation of its 53 years of uninterrupted payment of annual dividends, 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, continuation of growth of hospitality revenues and/or profit growth, timely collection of receivables, 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 HOSPITALITY CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
