InnSuites Hospitality Trust (IHT) Reports Its Fiscal 2012 Results
Adjusted EBITDA Doubles
PHOENIX, May 2, 2012 - InnSuites Hospitality Trust (NYSE AMEX:IHT)
InnSuites Hospitality Trust Adjusted EBITDA was $1.8 million for the 2012 fiscal year ended January 31, 2012 compared to $744,000 in the prior year, an increase of $1.1 million or 143%. Net loss attributable to controlling interests was approximately $1.1 million for fiscal year 2012, which represented approximately $902,000 in additional income attributable to controlling interests, as compared to fiscal year 2011. Non-cash depreciation for fiscal years 2012 and 2011 was $1.7 million and $1.9 million, respectively.
For the twelve months ended January 31, 2012, InnSuites Hospitality Trust had total revenue of $17.1 million compared to $15.7 million for the twelve months ended January 31, 2011, an increase of approximately $1.3 million or 8.3%. During fiscal year 2013, we expect improvements in occupancy and modest improvements in rates resulting in further increase in profit.
InnSuites Hospitality Trust (NYSE Amex: IHT) announced that its 2012 annual meeting of shareholders will be held at the InnSuites Hotels Phoenix Best Western Plus, 1615 E. Northern Avenue, Phoenix, Arizona 85020, on Thursday, August 9, 2012, at 11:00 A.M., local time. The Board of Trustees has set June 22, 2012 as the record date for the annual meeting.
The Trust increased equity to over $4.0 million to regain compliance with the NYSE Amex Company Guide during the first quarter of the current fiscal year (February 1, 2012 to April 30, 2013) and expects to further increase equity in the current fiscal year through, among other potential actions, the sale of non-controlling interest in Ontario hotel property.
Non-GAAP Financial Measures and Reconciliation
Adjusted EBITDA is a non-GAAP financial measure that management believes provides meaningful insight into the Trust’s financial performance and its operating profitability before non-operating expenses (such as interest and “other” non-core expenses) and non-cash charges (depreciation and amortization).
A reconciliation of Adjusted EBITDA to net loss attributable to Shareholders of Beneficial Interest for the fiscal years ended January 31 follows:
Net loss attributable to
controlling interest $(1,078,741) $(2,007,691)
Depreciation 1,734,734 1,853,164
Interest expense 1,527,507 1,588,760
Non-controlling interest (369,603) (689,065)
Interest income (3,721) (1,297)
ADJUSTED EBITDA $1,810,176 $743,871
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 and 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.
SOURCE InnSuites Hospitality Trust
InnSuites Hospitality Trust
Web Site: http://www.innsuitestrust.com