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RESORT INCOME INVESTORS INC. REPORTS SECOND QUARTER RESULTS

 RESORT INCOME INVESTORS INC. REPORTS SECOND QUARTER RESULTS
 GOLDEN, Colo., Aug. 10 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today reported earnings for its second quarter ended June 30, 1992. Net income for the quarter was $1,090,306, or $0.26 per share, based on 4,156,000 shares outstanding, compared to $1,269,424, or $0.31 per share, for the same period last year with the same number of shares outstanding.
 For the six months ended June 30, 1992, net income was $2,149,088, or $0.52 per share, compared to $3,049,631, or $0.73 per share, a year earlier.
 Net income for the recent quarter and six months was lower than the previous year due to the fact that first and second quarter 1991 earnings each included approximately $500,000 in Bonus Interest.
 Resort Income Investors today also announced that it has relocated its corporate office from Los Angeles to Golden. The move reflects management's desire to be geographically closer to the Bullwhackers casinos in Black Hawk and Central City, Colo., which serve as collateral on certain of the affiliated loans made by the company. Bullwhackers in Central City began operations on June 15, 1992, and operations in Black Hawk began on July 17, 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 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 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. 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 June 30: 1992 1991
 Income:
 Interest and net fee
 income on mortgage
 loans to related
 parties $1,164,907 $984,521
 Interest and net fee
 income on demand
 loans to related parties 108,679 0
 Interest income on cash
 and cash equivalents 131,806 563,362
 Total 1,405,392 1,547,883
 Operating expenses:
 Investment management
 fee-related party 52,686 42,874
 Other operating expenses 262,400 235,585
 Total 315,086 278,459
 Net income $1,090,306 $1,269,424
 Net income per share $0.26 $0.31
 RESORT INCOME INVESTORS INC.
 Statement of Income
 (Unaudited)
 Six Months Ended June 30: 1992 1991
 Income:
 Interest and net fee
 income on mortgage
 loans to related
 parties $2,128,625 $2,336,833
 Interest and net fee
 income on demand
 loans to related parties 192,051 0
 Interest income on cash
 and cash equivalents 384,633 1,260,146
 Total 2,705,308 3,596,979
 Operating expenses:
 Investment management
 fee-related party 93,493 96,624
 Other operating expenses 462,728 450,724
 Total 556,221 547,348
 Net income $2,149,088 $3,049,631
 Net income per share $0.52 $0.73
 -0- 8/10/92
 /CONTACT: Greg Hooper of Resort Income Investors, 303-271-2558, or Gary Maier of Erickson Consulting Group, 310-829-4601, for Resort Income Investors/
 (RII) CO: Resort Income Investors Inc. ST: Colorado IN: LEI SU: ERN


LS-AL -- LA008 -- 8361 08/10/92 08:32 EDT
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Date:Aug 10, 1992
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