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.
Read more:
Showing posts with label Innsuites. Show all posts
Showing posts with label Innsuites. Show all posts
Saturday, September 5, 2009
Friday, June 5, 2009
INNSUITES HOSPITALITY TRUST (IHT) REPORTS FIRST QUARTER EARNINGS
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.
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.
