Phoenix, AZ, May 27, 2022 (GLOBE NEWSWIRE) — InnSuites Hospitality Trust (NYSE American: IHT) reported a strong annual rebound with revenues ballooning by a 53% increase to $6.410 million for the most recent Fiscal Year 2022 (February 1, 2021, to January 31, 2022), which is up from the $4.203 million reported in the prior Fiscal Year. Total Consolidated Fiscal Year Net Income increased to a profit of $1,539,735, an improvement of approximately $4.4 million from the prior Fiscal Year loss of $2,827,840. Earnings Per Share based on this Consolidated Net Income amount were $0.03, up $0.34 from prior year loss of ($0.31), and also far exceeding their pre-Covid counterpart of Fiscal Year 2020.
Total Trust Equity increased to $4,132,041 at the end of Fiscal Year 2022, up more than $1.6 million, from the $2,509,572 reported at the end of the prior Fiscal Year 2021.
Net Income before non-cash depreciation expense was $979,524 for the Fiscal Year ended January 31, 2022, compared to ($794,694) for the Fiscal Year ended January 31, 2021, which is an increase of approximately $1.8 million.
IHT hotel operations are contributing to a solid start in the current 2023 Fiscal First Quarter, with both the Tucson Hotel and Albuquerque Hotel achieving record results for the combined months of February, March, and April 2022 of the current Fiscal Year.
These are all positive signs for InnSuites and the Southwest Travel Industry, and indicative that things continue to progress…
