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RESORT INCOME INVESTORS INC. REPORTS FIRST QUARTER EARNINGS, PARTIAL LOAN REPAYMENT

 RESORT INCOME INVESTORS INC. REPORTS FIRST QUARTER EARNINGS,
 PARTIAL LOAN REPAYMENT
 LOS ANGELES, May 5 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today reported earnings for its first quarter ended March 31, 1992. Net income for the quarter was $1,058,782, or $0.25 per share, based on 4,156,000 shares outstanding, compared to $1,780,206, or $0.43 per share, for the same period last year with the same number of shares outstanding.
 Net income for the recent quarter was lower than the previous year because of the fact that 1991 results included approximately $500,000 in bonus interest earnings.
 Resort Income Investors also announced that on April 30, 1992, the company received a partial repayment of $667,937 on its Las Vegas loan. The repayment reflects the sale of 34 acres of raw land within the city limits of Las Vegas.
 The Las Vegas loan has an outstanding principal balance of approximately $1,532,000, which is secured by the remaining 340 acres of raw land in Las Vegas. The Las Vegas loan matures on May 29, 1992, unless extended for another year by the borrower.
 The company operates as a real estate investment trust (REIT) under the provisions of the Internal Revenue Code. As such it is required to distribute to shareholders at least 95 percent of its taxable income each year to continue to qualify as a REIT.
 Resort Income Investors Inc. is a Los Angeles-based REIT. RII is a lender specializing in resort and gaming developments. The investment manager, which is an affiliate of Hemmeter Partners, is responsible for reviewing investment options and making investment recommendations to the RII board of directors.
 Hemmeter Partners is an entity founded and headed by Christopher B. Hemmeter, a recognized leader in the development of fantasy vacation destinations. Previous developments of the Hemmeter organization include the Hyatt Regency at Waikiki, Hemmeter Center in Honolulu, the Hyatt Regency Maui, the Westin Kauai Lagoons, the Westin Maui and the Hyatt Regency Waikoloa on the Big Island of Hawaii.
 RESORT INCOME INVESTORS INC.
 Statement of Income
 Three months ended March 31, 1992 and 1991
 (Unaudited)
 March 31, 1992 March 31, 1991
 Income:
 Interest and net fee
 income on mortgage
 loans to related
 parties $963,718 $1,352,312
 Interest and net fee
 income on demand
 loan to related party 83,372 0
 Interest income on cash
 and cash equivalents 252,827 696,784
 Total 1,299,917 2,049,096
 Operating expenses:
 Investment management
 fee-related party 40,807 53,750
 Other operating expenses 200,328 215,139
 Total 241,135 268,889
 Net income $1,058,782 $1,780,206
 Net income per share $0.25 $0.43
 -0- 5/5/92
 /CONTACT: Greg Hooper of Resort Income Investors, 310-557-1359; or Gary Maier of Erickson Consulting Group, 310-829-4601, for Resort Income Investors/
 (RII) CO: Resort Income Investors Inc. ST: California IN: CST FIN SU: ERN


KJ-EH -- LA010 -- 6368 05/05/92 08:33 EDT
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Publication:PR Newswire
Date:May 5, 1992
Words:495
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