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RESORT INCOME INVESTORS INC. REPORTS FOURTH QUARTER AND YEAR-END RESULTS; NET INCOME RISES 24 PERCENT FOR QUARTER

 GOLDEN, Colo., Jan. 28 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today reported results for its fourth quarter and year ended Dec. 31, 1992. Net income for the quarter rose 24 percent to $1,366,006, or $0.33 per share, compared to $1,102,209, or $0.27 per share, for the same period last year based on 4,156,000 shares outstanding in both periods.
 Net income for the 12 months ended Dec. 31, 1992, was $4,850,107, or $1.17 per share, compared to $5,155,032, or $1.24 per share, a year earlier with the same number of shares outstanding.
 Christopher B. Hemmeter, chairman, noted that fourth quarter and year-end results reflect a significant increase in the amount of mortgage loans outstanding compared to the same period last year.
 "While 1992 results did not include the payment of Bonus Interest and were slightly lower than last year, the company's strategic positioning in gaming-related projects in Colorado over the past year has uniquely established Resort Income Investors in an industry with tremendous growth potential," Hemmeter stated.
 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 lender specializing in resort and gaming developments and has a portfolio of participating pre- development mortgage loans, the majority of which are made to affiliates of Hemmeter Partners. The investment manager of RII is RII Advisors Inc. The investment manager is responsible for reviewing investment options and making investment recommendations to the RII board of directors.
 RII Advisors Inc. is an affiliate of Hemmeter Partners, a company founded and headed by Christopher B. Hemmeter, a recognized leader in the development of luxury destination resorts. Hemmeter Partners is the developer of the Bullwhackers Casinos currently operating in Central City and Black Hawk, Colo. Previous developments of Hemmeter Partners include the Hyatt Regency Waikiki at Hemmeter Center in Honolulu, the Hyatt Regency Maui, the Westin Kauai at Kauai Lagoons, the Westin Maui and the Hyatt Regency Waikoloa on the Big Island of Hawaii.
 RESORT INCOME INVESTORS INC.
 Statement of Income
 (Unaudited)
 Three months ended
 Dec. 31,
 1992 1991
 Income:
 Interest and net fee income
 on mortgage loans to related parties $1,422,036 $675,236
 Interest and net fee income
 on demand loans to related parties 156,687 50,753
 Interest income on cash
 and cash equivalents 7,520 617,883
 Total 1,586,243 1,343,872
 Operating expenses:
 Investment management fee-related party 59,091 57,106
 Other operating expenses 161,146 184,557
 Total 220,237 241,663
 Net income $1,366,006 $1,102,209
 Net income per share $0.329 $0.265
 Shares outstanding 4,156,000 4,156,000
 Twelve months ended
 Dec. 31,
 1992 1991
 Income:
 Interest and net fee income
 on mortgage loans to related parties $5,015,865 $3,597,469
 Interest and net income
 on demand loans to related parties 491,587 50,753
 Interest income on cash
 and cash equivalents 377,366 2,512,950
 Total 5,884,818 6,161,172
 Operating expenses:
 Investment management fee-related party 212,649 200,918
 Other operating expenses 822,062 805,222
 Total 1,034,711 1,006,140
 Net income $4,850,107 $5,155,032
 Net income per share $1.167 $1.240
 Shares outstanding 4,156,000 4,156,000
 -0- 1/28/93
 /CONTACT: Greg Hooper of Resort Income Investors, 303-271-2558; or Gary Maier of Erickson Consulting Group, 310-442-9891, for Resort Income Investors/
 (RII)


CO: Resort Income Investors Inc. ST: California IN: FIN SU: ERN

JL-LS -- LA010 -- 0047 01/28/93 08:31 EST
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Publication:PR Newswire
Date:Jan 28, 1993
Words:634
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