Phoenix, AZ, March 24, 2021 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported fiscal 2021 third quarter revenues of approximately $1 million for the three month period of August 1, 2020 to October 31, 2020 compared to revenues of approximately $1.497 million for the same prior year period. Basic earnings per share for the three months ended October 31, 2020 was ($0.08) compared with ($0.02) for the three months ended October 31, 2019. This decline was largely attributable to the negative impact of the Covid-19 virus pandemic. Economic conditions improved for the Trust, however, in Q3 compared to Q2 of 2021. Fiscal 2021 third quarter revenues increased approximately $30,000 for the three month period of August 1, 2020 to October 31, 2020, compared to revenues for Fiscal 2021 second quarter revenues. Basic earnings per share for the three months ended October 31, 2020 improved by $0.06 and was ($0.08) compared with ($0.14) for the three months ended July 31, 2020.
Hospitality industry results for IHT for the third fiscal quarter of Fiscal 2021 reflected the continued economic and travel industry slowdown caused by the Covid-19 Virus, and various travel and lockdown restrictions. With the improvements reported above for Q3 compared to Q2 of this fiscal year, however, there are positive signs of improvements, which should continue in Q4 of Fiscal Year 2021 and beyond, as vaccines become more readily available.
In 2019, InnSuites Hospitality Trust (IHT) made an initial $1 million convertible diversification investment in privately held UniGen Power, Inc. (UPI), a company developing a patented high profit potential new efficient clean energy generation innovation. In addition to the initial investment, which could be converted into 1 million UPI shares, IHT also holds significant warrants that, upon conversion, would allow an additional investment of 2 million UPI shares, and consequently could result in IHT holding an approximate 25% ownership stake in UPI. IHT is informed that UPI has made positive progress to date on development of this innovation, with the first Prototype scheduled to be operational on or before June 30, 2021.
With the current filing of the third Fiscal Quarter now completed, IHT believes it is once again fully compliant with all filing requirements of the NYSE-American and the SEC.
For more information, visit www.innsuitestrust.com.
Forward-Looking Statements
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
602-944-1500
email: mberg@innsuites.com
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500