INNSUITES HOSPITALITY TRUST (IHT) – FIRST FISCAL QUARTER EARNINGS FLAT. TWELVE MONTH TRAILING EARNINGS TOPS $13.1 MILLION; UP 101% OVER PRIOR TWELVE MONTH PERIOD
Phoenix, AZ, July 24, 2019 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) IHT reported fiscal first quarter revenues of approximately $2.09 million for the three months February 1, 2019 to April 30, 2019 compared to revenues of approximately $3.48 million for the same prior year period. Basic earnings per share for the three months ended April 30, 2019 was ($0.03) compared with ($0.03) for the three months ended April 30, 2018.
For the 12-month trailing periods May 1, 2018 to April 30, 2019, and May 1, 2017 to April; 30, 2018, total revenue was $5.8 million and $10.1 million, respectively. Total reported earnings was $13.1 million and $6.5 million, respectively up 101%. For the same two 12-month trailing periods, non-cash depreciation and amortization was $0.7 million and $1.6 million, respectively. Earnings before non-cash depreciation and amortization was $13.8 million and $8.1 million for the same 12-month trailing periods, while basic earnings per share was $1.20 and $0.70 for the same 12-month trailing periods.
Said James Wirth, President, CEO, and Board Chairman:
"The sense of the Board is that the IHT stock at less than 2x earnings is trading woefully below its true underlying value based on the stock being closely held, the company capitalization being small, and recent substantial profits coming from asset sales. The company continues to hold assets promising further substantial future profits, and the company strategy of pursuing a larger reverse merger partner seeking a NYSE listing is progressing, and if successful will alleviate these concerns. In the meantime, the Board has sharply increased its stock and convertible unit buyback program, by authorizing an additional 750,000 shares and/or convertible partnership units".
As approved by the IHT board, IHT will be paying its semi-annual dividend of $0.01 on July 31, 2019 to shareholders of record on July 19, 2019. This extends IHT’s uninterrupted, continuous 49 years of annual dividends.
For more information, visit www.innsuitestrust.com.
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. 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, 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