Phoenix, AZ, Dec. 15, 2017 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT)
InnSuites Hospitality Trust (IHT) earned approximately $8.7 million or $0.89 per share for the fiscal nine months ended October 31, 2017. This compares to a reported loss or approximately $2.1 million or $0.22 per share in the same fiscal nine months of the prior fiscal year.
Non-cash depreciation expense included in the nine months ended October 31, 2017 was approximately $953,000 compared to approximately $1,098,000 during the nine months ended October 31, 2016.
IHT has filed a proxy statement with the SEC for its fiscal 2017 annual meeting of shareholders to be held on January 29, 2018. In preparation for making IHT more marketable for a potential strategic transaction or potential return to its prior REIT taxation status, the Board of Trustees has reduced the number of Trustees from seven members to five members effective immediately following the 2017 annual meeting.
With the two fiscal quarters financial reporting equity exceeding $6.0 million, the Trust anticipates the Trust will be in compliance with the NYSE American’s continued listing standards within the next 30 days.
In order to meet our strategic objectives of a significantly expanded asset base and growing earnings, we continue to explore strategic merger opportunities and or sale of assets/divisions. There can be no assurance that IHT’s review and exploration of potential alternatives will result in a strategic change or any transaction being announced or agreed upon. There is no timetable for completion of the review process, and IHT does not intend to comment further on the progress or status of the review unless IHT determines that further disclosure is appropriate or required by law.
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 the Trust’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 the Trust’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 the Trust’s review of strategic, operational and structural alternatives, and the risks discussed in the Trust’s SEC filings. 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 American; 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. The Trust 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.