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RESORT INCOME INVESTORS INC. REPORTS FIRST QUARTER RESULTS; REVENUES AND NET INCOME 20 PERCENT HIGHER

 GOLDEN, Colo., April 7 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today reported results for its first quarter ended March 31, 1993. Revenues for the quarter climbed 20 percent to $1,558,017 vs. $1,299,917 a year ago. Net income for the same period rose 20 percent to $1,268,847, or $0.305 per share, compared to $1,058,782, or $0.255 per share, a year earlier.
 Christopher B. Hemmeter, chairman, noted that results for the quarter 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 March 31,
 1993 1992
 Revenues:
 Base interest and net fee
 income from loans to
 related parties $1,408,060 $963,718
 Interest income on demand
 loans to related parties 147,717 83,372
 Interest income on cash
 and cash equivalents 2,240 252,827
 Total 1,558,017 1,299,917
 Operating expenses:
 Investment management fee
 - related party 57,472 40,807
 Other operating expenses 231,698 200,328
 Total 289,170 241,135
 Net income $1,268,847 $1,058,782
 Net income per share $0.305 $0.255
 Shares outstanding 4,156,000 4,156,000
 -0- 4/7/93
 /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: LEI SU: ERN

LS-JL -- LA010 -- 3657 04/07/93 08:31 EDT
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Publication:PR Newswire
Date:Apr 7, 1993
Words:442
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