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(May 16, 2018)
Phoenix, AZ, May 16, 2018 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE AMERICAN: IHT) InnSuites Hospitality Trust (“IHT”) reported Consolidated Net Income of $6,808,000 for the fiscal year ended January 31, 2018 (“FY 2018”) compared to Consolidated Net Loss of $2,627,000 for the fiscal year ended January 31, 2017 (“FY 2017”), an improvement of $9,435,000. FY 2018 Consolidated Net Income and FY 2017 Consolidated Net Loss included non-cash depreciation and amortization of $2,224,000 and $1,463,000, respectively. FY 2018 Consolidated Net Income before non-cash depreciation and amortization was $9,032,000. FY 2017 Consolidated Net Revenues jumped $1,571,000 as FY 2018 Revenues were $10,768,000 compared with FY 2017 Revenues of $9,197,000. FY 2018 Net Income Per Share was $0.71 as compared to FY 2017 Net Loss Per Share of ($0.27) for an increase of $0.98 per Share.
FY 2018 strong financial results resulted our continued strategy to sell hotel assets at top market prices. Our Ontario, California hotel sold in June 2017 for $17.5 million which assisted in our strong financial results. We continue to invest strongly in our technology division as we anticipate continued strong revenue growth.
With the exception of historical information, the matters discussed in this news release may include “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance due to numerous risks and uncertainties such as local, national or international economic and business conditions, including, without limitation, conditions that may, or may continue to, affect public securities markets generally, the hospitality industry or the markets in which we operate or will operate; fluctuations in hotel occupancy rates; changes in room rental rates that may be charged by InnSuites Hotels in response to market rental rate changes or otherwise; seasonality of our business; our ability to sell any of our Hotels at market value, listed sale price or at all; interest rate fluctuations; changes in, or reinterpretations of governmental regulations; competition; availability of credit or other financing; our ability to meet, refinance or extend present and future debt service obligations; insufficient resources to pursue our current strategy; concentration of our investments in the InnSuites Hotels® brand; loss of membership contracts; the financial condition of franchises, brand membership companies and travel related companies; our ability to develop and maintain positive relations with “Best Western Plus” or “Best Western” and potential future franchises or brands; our ability to carry out our strategy, including our strategy regarding IBC Hotels; the Trust’s ability to remain listed on the NYSE MKT; effectiveness of the Trust’s software program; the need to periodically repair and renovate our Hotels at a cost at or in excess of our standard 4% reserve; our ability to cost effectively integrate any acquisitions with the Trust in a timely manner; increases in the cost of labor, energy, healthcare, insurance and other operating expenses as a result of changed or increased regulation or otherwise; terrorist attacks or other acts of war; outbreaks of communicable diseases attributed to our hotels or impacting the hotel industry in general; natural disasters, including adverse climate changes in the areas where we have or serve hotels; airline strikes; transportation and fuel price increases; adequacy of insurance coverage; data breaches or cybersecurity attacks; and other factors. Such uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained.
CONTACT: FOR FURTHER INFORMATION: Marc Berg, Executive Vice President 602-944-1500 email: [email protected]
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