Phoenix, AZ, April 08, 2024 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported continued strong annual results in Fiscal Year 2024, (February 1, 2023, to January 31, 2024), with Total Revenues increasing to approximately $7.5 million, which is an increase of from the same prior Fiscal Year total of $7.1 million.
Annual Net Income Attributable to Controlling Interests was $203,880.
Earnings Per Share based on this Net Income Attributable to Controlling Interest amount was $0.02.
Consolidated Net Income before non-cash depreciation expense was $956,333 for the Fiscal Year ended January 31, 2024.
IHT hotel operations were strong in the Fiscal Year ended January 31, 2024, and are contributing to a solid start in the current 2025 Fiscal First Quarter, with both the Tucson Hotel and Albuquerque Hotel achieving record results for the combined months of February and March, of the current Fiscal Year. Combined Revenue for both hotels surpassed $1.5 million for the first two months of Fiscal 2025.
These are all positive signs for InnSuites, as progress continues while the Travel Industry, and InnSuites Hospitality Trust (IHT) specifically, continue to grow 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. With the continued influx and popularity of electric cars, increased demand for electricity over the next five years is projected to approximately double. IHT holds convertible bonds and warrants that, when fully exercised, could result in IHT holding an approximate 20% or more ownership stake in UniGen.
UniGen is currently concentrating on its next round of capital raising.
UniGen is a high risk investment offering high potential investment return if and when successful.
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 clean energy diversification profit potential ahead, the IHT future looks bright. Accordingly, IHT continues its stock buyback program.
IHT's strong hotel operating results are reflected in three successful, consecutive profitable Fiscal Years, even after accounting for substantial non-cash depreciation expense.
Fiscal Year 2025 extended IHT's uninterrupted, continuous annual dividends to 54 years, since 1971, with semi-annual dividends paid February 5, 2024, and anticipated for July 31, 2024.
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 additional financing and timing of the UniGen clean energy diversification innovation, the continuation of semi-annual dividends in the year(s) ahead, collections of receivables, 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
