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RESORT INCOME INVESTORS INC. REPORTSINCREASED SECOND QUARTER/SIX-MONTH RESULTS

 GOLDEN, Colo., July 13 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today reported results for its second quarter ended June 30, 1993. Revenues for the quarter climbed 9.2 percent to $1,534,085 vs. $1,405,392 a year ago. Net income for the same period rose 14.9 percent to $1,252,383, or $0.30 per share, compared to $1,090,306, or $0.26 per share, a year earlier.
 For the six months ended June 30, 1993, revenues rose 14.3 percent to $3,092,102 from $2,705,309 for the same period last year. Net income was up 17.2 percent to $2,519,610, or $0.61 per share vs. $2,149,088, or $0.52 per share, last year.
 Christopher B. Hemmeter, chairman, noted that results for the quarter and six months reflect an increase in the principal amount of the company's loans outstanding compared to last year.
 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 Bullwhackers Casinos 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 Western 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)
 For the Three Months Ended
 June 30,
 l993 1992
 Revenues:
 Base interest and net fee income
 from loans to related parties $1,259,847 $1,164,907
 Interest income on demand
 loans to related parties 274,117 108,679
 Interest income on cash
 and cash equivalents 122 131,806
 Total 1,534,085 1,405,392
 Operating expenses:
 Investment management fee
 - related party 70,342 52,686
 Other operating expenses 211,360 262,400
 Total 281,702 315,086
 Net income $1,252,383 $1,090,306
 Net income per share $0.301 $0.262
 Shares outstanding 4,156,000 4,156,000
 RESORT INCOME INVESTORS INC.
 Statement of Income
 (Unaudited)
 For the Six Months Ended
 June 30,
 1993 1992
 Revenues:
 Base interest and net fee income
 from loans to related parties $2,667,907 $2,128,625
 Interest income on demand
 loans to related parties 421,834 192,051
 Interest income on cash
 and cash equivalents 2,362 384,633
 Total 3,092,102 2,705,309
 Operating Expenses:
 Investment management fee
 - related party 127,814 93,493
 Other operating expenses 444,678 462,728
 Total 572,492 556,221
 Net income $2,519,610 $2,149,088
 Net income per share $0.606 $0.517
 Shares outstanding 4,156,000 4,156,000
 -0- 7/13/93
 /CONTACT: Greg Hooper of Resort Income Investors, 303-271-2558; or Gary S. Maier of Pondel Parsons & Wilkinson, 310-207-9300, for Resort Income Investors/
 (RII)


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

EH-JL -- LA001 -- 0729 07/13/93 08:31 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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