* Trust revenue from continuing operations totaled $13.4 million for the nine months ended October 31, 2003, a decrease of 8.8% from the prior year period of $14.7 million.
* Net loss from continuing operations was $1.3 million for the nine months ended October 31, 2003, which was consistent with the prior year period.
* Net loss from continuing operations was $649,000 for the three months ended October 31, 2003 compared to a loss of $883,000 in the prior year period.
* Recurring FFO for the first nine months was $(380,000) compared to $76,000 in the prior year period.
InnSuites Hospitality Trust reported revenue from continuing operations of $13.4 million for the nine months ended October 31, 2003, a decrease of 8.8% from $14.7 million for the prior year period. This decrease reflects the sluggish economy during the first nine months of fiscal year 2004.
The Trust reported revenue from continuing operations of $4.0 million for the three months ended October 31, 2003, a decrease of 6.1% from $4.2 million for the prior year period.
The Trust's total net loss attributable to Shares of Beneficial Interest for the nine months ended October 31, 2003 was $1.6 million, or $(0.80) per diluted share, compared to a loss of $1.1 million, or $(0.52) per diluted share, during the first nine months of the prior fiscal year. During the nine months ended October 31, 2003, the Trust recorded a loss on impairment relating to the Buena Park, California property of $329,000, of which $168,000 was attributable to Shares of Beneficial Interest.
The Trust's net loss from continuing operations for the nine months ended October 31, 2003 was $1.3 million, or $(0.62) per diluted share, which was consistent with the prior year period loss from continuing operations of $1.3 million, or $(0.62) per diluted share.
The Trust's total net loss attributable to Shares of Beneficial Interest for the three months ended October 31, 2003 was $759,000, or $(0.37) per diluted share, compared to a loss of $978,000, or $(0.49) per diluted share, during the same three month period in the prior fiscal year.
The Trust's net loss from continuing operations for the three months ended October 31, 2003 was $649,000, or $(0.31) per diluted share, which was an improvement of $234,000 over the prior year period loss from continuing operations of $883,000, or $(0.44) per diluted share. This improvement reflects the return of hotel revenues to near the prior year levels in addition to a decrease in total expenses due to the effects of cost cutting programs.
The Trust had Recurring Funds From Operations (FFO) of $(380,000) for the nine months ended October 31, 2003. Recurring FFO decreased $456,000 from $76,000 in the prior year period. The decrease was due to decreased revenues caused by the challenging economic environment during the first nine months of fiscal year 2004.
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