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RESORT INCOME INVESTORS INC. REPORTS THIRD QUARTER EARNINGS

     RESORT INCOME INVESTORS INC. REPORTS THIRD QUARTER EARNINGS
    LOS ANGELES, Nov. 11 /PRNewswire/ -- Resort Income Investors Inc. (AMEX: RII) today reported earnings for its third quarter ended Sept. 30, 1991.  Net income for the quarter was $1,003,192, or $0.24 per share, based on 4,156,000 shares outstanding, compared to $1,700,455, or $0.41 per share, for the same period last year with the same number of shares outstanding.
    Net income for the nine months ended Sept. 30, 1991 was $4,052,822, or $0.98 per share, compared to $4,287,703, or $1.03 per share, a year earlier.
    Commenting on the results, Christopher B. Hemmeter, chairman, stated that, "The 1991 third quarter and nine month results were lower than the previous year primarily due to the reduced principal amount of mortgage loans which the company had outstanding.  The company recently funded two $12,000,000 loans to acquire property and construct casinos in each of Central City and Black Hawk, Colo.
    Each of the loans is a five-year mini-permanent loan bearing 14.5 percent interest.  The borrowers will design premier gaming developments which will capture the frontier spirit and excitement of the Old West.  The casino developments will target visitors year- round from nearby Denver, in addition to skiers and other winter sports enthusiasts visiting the area."
    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 development 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 Sept. 30:       1991                  1990
      Income:
    Interest and net fee
     income on mortgage
     loans to related
     parties                      $585,400             $1,072,495
    Interest and net fee
     income on demand
     loan to related party               0                789,590
    Interest income on cash
     and cash equivalents          634,921                114,935
    Total                        1,220,321              1,977,020
      Operating expenses:
    Investment management
     fee-related party              47,188                 80,625
    Other operating expenses       169,941                195,940
    Total                          217,129                276,565
    Net income                  $1,003,192             $1,700,455
    Net income per share             $0.24                  $0.41
                       RESORT INCOME INVESTORS INC.
                           Statement of Income
                              (Unaudited)
    Nine months ended Sept. 30:     1991                1990
    Income:
     Interest and net fee income
      on mortgage loans to
      related parties            $2,922,233          $3,098,211
     Interest and net fee income
      on demand loan to
      related party                       0           1,606,781
     Interest income on cash
      and cash equivalents        1,895,066             350,414
    Total                         4,817,299           5,055,406
    Operating expenses:
     Investment management fee-
     related party                  143,812             241,875
     Other operating expenses       620,665             525,828
    Total                           764,477             767,703
    Net income                   $4,052,822          $4,287,703
    Net income per share              $0.98               $1.03
    -0-                       11/11/91
    /CONTACT:  Greg Hooper of Resort Income Investors, 310-557-1359, or Gary Maier of Erickson Consulting Group, 310-829-4601, for Resort Income Investors Inc./
    (RII) CO:  Resort Income Investors Inc. ST:  California IN: SU:  ERN SE-EH -- LA007 -- 2872 11/11/91 08:32 EST
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Publication:PR Newswire
Date:Nov 11, 1991
Words:586
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