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RESORT INCOME INVESTORS INC. ANNOUNCES THIRD QUARTER EARNINGS

 RESORT INCOME INVESTORS INC. ANNOUNCES THIRD QUARTER EARNINGS
 GOLDEN, Colo., Oct. 23 /PRNewswire/ -- Resort Income Investors Inc. (RII) (AMEX: RII) today reported earnings for its third quarter ended Sept. 30, 1992. Net income for the quarter rose 44 percent to $1,444,247, or $0.35 per share, based on 4,156,000 shares outstanding, compared to $1,003,192, or $0.24 per share, for the same period last year with the same number of shares outstanding.
 For the nine months ended Sept. 30, 1992, net income was $3,593,335, or $0.87 per share, compared to $4,052,823, or $0.98 per share, a year earlier.
 Commenting on the results, Christopher B. Hemmeter, chairman and president, noted that, "Resort Income Investors' portfolio is fully invested at this time and contributed to the increase in earnings for the third quarter. Results year to date are slightly lower than the prior year due to the fact that no bonus interest has been earned through the third quarter of 1992, compared to $1.0 million in bonus interest last year."
 Resort Income Investors Inc. also announced that the special stockholders meeting, scheduled for today, has been adjourned in order to extend the solicitation period. The meeting has been rescheduled for Nov. 6, 1992.
 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 contribute 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 Advisers Inc. The investment manager is responsible for reviewing investment options and making investment recommendations to the RII board of directors.
 RII Advisers 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 Casino which recently opened 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 Sept. 30,
 1992 1991
 Revenues:
 Base interest and net fee
 income from loans to related
 parties $1,543,890 $585,400
 Interest income on demand
 loans to related parties 142,849 0
 Interest income on cash and
 cash equivalents (14,787) 634,921
 Total 1,671,952 1,220,321
 Operating Expenses:
 Investment management fee-
 related party 60,012 47,188
 Other operating expenses 167,693 169,941
 Total 227,705 217,129
 Net income $1,444,247 $1,003,192
 Net income per share $0.35 $0.24
 Shares outstanding 4,156,000 4,156,000
 RESORT INCOME INVESTORS INC.
 Statement of Income
 (Unaudited)
 Three months ended Sept. 30,
 1992 1991
 Revenues:
 Base interest and net fee
 income from to related
 parties $3,672,515 $2,922,233
 Interest income on demand
 loans to related parties 334,900 0
 Interest income on cash
 and cash equivalents 369,846 1,895,067
 Total 4,377,261 4,817,300
 Operating expenses:
 Investment management
 fee-related party 153,505 143,812
 Other operating expenses 630,421 620,665
 Total 783,926 764,477
 Net income $3,593,335 $4,052,823
 Net income per share $0.87 $0.98
 Shares outstanding 4,156,000 4,156,000
 -0- 10/23/92
 /CONTACT: Greg Hooper of Resort Income Investors, 303-271-2558, or Gary Maier of Erickson Consulting Group, 310-829-4601, for Resort Income Investors Inc./
 (RII) CO: Resort Income Investors Inc.; Hemmeter Partners ST: Colorado IN: CNO LEI SU: ERN


BP-EH -- LA026 -- 4296 10/23/92 15:51 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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