Hotel Investors Group Gains 8 Cents a Share

Hotel Investors Trust and Hotel Investors Corp., whose shares are paired and trade together, earned 8 cents a share in its second quarter ended Feb. 28 against 9 cents for the same period a year ago.

But net income rose to $1 million from $370,000. As of Feb. 28, the companies had more than 11.5 million shares outstanding, in contrast with about 4 million at the same time last year. The difference stems from a stock-swap merger in September and a public offering in October.

The companies said that year-ago results were boosted by $778,000, or 19 cents a share, in gains on property sales. That compared, they said, to a gain of just $55,000, or less than 1 cent a share, in the quarter just ended.

Revenue in that quarter was $16.3 million, up from $8.8 million.

For the last six months, the companies earned $2.6 million, or 24 cents a share, on revenue of $25.2 million. In the six-month period ending a year ago, earnings were $1.6 million, or 39 cents, on revenue of $18.3 million.

Hotel Investors is a real estate investment trust that has investment or management interests in 63 hotels in 21 states.