DALLAS (AP) _ Ashford Inc. (AINC) on Wednesday reported first-quarter net income of $948,000, after reporting a loss in the same period a year earlier.

The Dallas-based company said it had net income of $3 per share. Earnings, adjusted for non-recurring costs and stock option expense, came to $1.50 per share.

The asset management company serving the hospitality industry posted revenue of $134 million in the period.

Ashford shares have decreased 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.90, an increase of 43% in the last 12 months.

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