Printer Friendly

RESORT INCOME INVESTORS INC. REPORTS FOURTH QUARTER AND YEAR-END EARNINGS

 RESORT INCOME INVESTORS INC. REPORTS
 FOURTH QUARTER AND YEAR-END EARNINGS
 LOS ANGELES, Feb. 3 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today reported earnings for its fourth quarter and year ended Dec. 31, 1991. Net income for the quarter was $1,102,209, or $0.27 per share, based on 4,156,000 shares outstanding, compared to $1,763,237, or $0.42 per share, for the same period last year with the same number of shares outstanding.
 Net income for the 12 months ended Dec. 31, 1991 was $5,155,032, or $1.24 per share, compared to $6,050,940, or $1.46 per share, a year earlier.
 Commenting on the results, Christopher B. Hemmeter, chairman, stated that, "The 1991 fourth quarter and year-end results were somewhat lower than the previous year, primarily due to the reduced principal amount of mortgage loans which the company had outstanding for much of 1991. The company recently funded two $12,000,000 loans to acquire property and construct casinos in each of Central City and Black Hawk, Colo. In addition, a $2,600,000 demand loan secured by an interest in a wharf-front property in downtown New Orleans was also recently funded. In each case, the borrowers intend to engage in casino gaming-related activities."
 The company, based in Los Angeles, 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.
 Hemmeter Partners is an entity founded and headed by Christopher B. Hemmeter, a recognized leader in the developments 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
 (Unaudited)
 Three months ended Dec. 31: 1991 1990
 Income:
 Interest and net fee
 income on mortgage
 loans to related
 parties $725,989 $1,650,133
 Interest and net fee
 income on demand
 loan to related party 0 124,500
 Interest income on cash
 and cash equivalents 617,884 249,588
 Total 1,343,873 2,024,221
 Operating expenses:
 Investment management
 fee-related party 57,106 80,625
 Other operating expenses 184,557 180,359
 Total 241,663 260,984
 Net income $1,102,209 $1,763,237
 Net income per share $0.27 $0.42
 RESORT INCOME INVESTORS INC.
 Statement of Income
 (Unaudited)
 Twelve months ended Dec. 31: 1991 1990
 Income:
 Interest and net fee
 income on mortgage
 loans to related
 parties $3,648,222 $4,748,344
 Interest and net fee
 income on demand
 loan to related party 0 1,731,281
 Interest income on cash
 and cash equivalents 2,512,950 600,002
 Total 6,161,172 7,079,627
 Operating expenses:
 Investment management
 fee-related party 200,918 322,500
 Other operating expenses 805,222 706,187
 Total 1,006,140 1,028,687
 Net income $5,155,032 $6,050,940
 Net income per share $1.24 $1.46
 -0- 2/3/92
 /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: SU: ERN


EH-AL -- LA027 -- 6285 02/03/92 15:13 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 3, 1992
Words:574
Previous Article:PUBLIC SERVICE CO. OF NEW MEXICO ANNOUNCES 1991 EARNINGS
Next Article:U. S. SUGAR PAYS FINE
Topics:


Related Articles
RESORT INCOME INVESTORS INC. REPORTS THIRD QUARTER EARNINGS
RESORT INCOME INVESTORS INC. ANNOUNCES FOURTH QUARTER DISTRIBUTION
RESORT INCOME INVESTORS INC. ANNOUNCES THIRD QUARTER EARNINGS
RESORT INCOME INVESTORS INC. ANNOUNCES FOURTH QUARTER DISTRIBUTION
RESORT INCOME INVESTORS INC. REPORTS FOURTH QUARTER AND YEAR-END RESULTS; NET INCOME RISES 24 PERCENT FOR QUARTER
RESORT INCOME INVESTORS INC. REPORTS FIRST QUARTER RESULTS
RESORT INCOME INVESTORS TAKES SECOND QUARTER CHARGE TO EARNINGS
RESORT INCOME INVESTORS INC. REPORTSTHIRD QUARTER/NINE MONTH RESULTS
RESORT INCOME INVESTORS INC. REPORTS FOURTH QUARTER AND YEAR-END RESULTS
Vail Resorts Reports Record Results for Fiscal Year 1998 - Resort EBITDA Grows 21.4% to $106.1 Million -

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters