See more news releases in Banking & Financial Services | Hotels and Resorts | Travel Industry | Earnings

InnSuites Hospitality Trust (IHT) Reports Improved First Fiscal Half Results

PHOENIX, Sept. 14, 2012 IHT reported revenues from hotel operations, which include Room, Food and Beverage, Telecommunications and Other revenues, increased 3.4% to $8.2 million for the six months ended July 31, 2012, from $7.9 million for the six months ended July 31, 2011.

Net loss attributable to controlling interest improved by $87,000 for the six month period ended July 31, 2012 to a loss of $222,000, or $0.03 per basic share, from a loss of $309,000, or $0.04 per basic share, during the six months ended July 31, 2011.

Occupancy was 68.51% for the six months ended July 31, 2012, an increase of 3.66% from the prior year period. ADR decreased $3.33, or 4.6%, to $69.58. The decrease in ADR and increased occupancy resulted in an increase of $0.39 in REVPAR to $47.67 from $47.28 in the prior year period.

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.

For more information visit www.innsuitestrust.com or www.sec.gov

SOURCE InnSuites Hospitality Trust