InnSuites Hospitality Trust reported net income attributable to controlling interest of $97,000, or $0.01 per diluted share, in the first fiscal quarter of 2011, which ended 4/30/2010. The company earned net income of $532,000, or $0.04 per diluted share, in the corresponding quarter of fiscal 2010.
InnSuites Hospitality Trust reported that revenues in the first quarter of fiscal 2011 fell on a year over year basis, from $5.5 million in the first quarter of fiscal 2010 to $4.9 million in the quarter that just ended.
The management of InnSuites Hospitality Trust cited the current economic environment for the decline in profit and revenues, and expects this to continue in fiscal 2011. The company intends to work on sales efficiency and better cost controls.
InnSuites Hospitality Trust is also refurbishing selected properties and increasing marketing to promote the value proposition of its chain. The company is instituting promotional pricing at some properties, including the Presidential Jacuzzi Suites for $99 a night.
InnSuites Hospitality Trust owns moderately priced hotel properties located in Arizona, New Mexico, Texas and California. The company owns 843 rooms and licenses its brand as well.
For more information on the company, go to www.innsuites.com