Phoenix, AZ, June 4, 2009 - InnSuites Hospitality Trust (NYSE AMEX:IHT)
Highlights:
Adjusted EBITDA declined by 35.5% from $2.2 million to $1.4 million
Net income attributable to Shares of Beneficial Interest decreased to $532,000, or $0.06 per basic share, for the three months ended April 30, 2009 from $1.5 million, or $0.16 per basic share, for the three months ended April 30, 2008, primarily due to a decline in revenue due to lower occupancy and an increase of $479,000 in depreciation expense.
Revenues for the first quarter of fiscal 2010 of $5.5 million were down $1.3 million, or 19.0%, compared to $6.8 million in the prior year period, reflecting the current economic environment.
The Trust continues to proactively review and reduce operating expenses to offset declining revenue.
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