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Sheraton Corporation of America, 1961 Annual Report
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1961 Annual Report - Image 4. 1961. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. May 25, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1325/show/1300.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Starwood Hotels & Resorts. (1961). Sheraton Corporation of America, 1961 Annual Report - Image 4. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from https://digital.lib.uh.edu/collection/hiltonar/item/1325/show/1300

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Starwood Hotels & Resorts, Sheraton Corporation of America, 1961 Annual Report - Image 4, 1961, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed May 25, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1325/show/1300.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Compound Item Description
Title Sheraton Corporation of America, 1961 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1961
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1961.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Starwood Hotels & Resorts
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • Image
Original Item Location Conrad N. Hilton Papers
Digital Collection Annual Reports from the Hospitality Industry Archives
Digital Collection URL http://digital.lib.uh.edu/collection/hiltonar
Repository Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston
Repository URL http://www.uh.edu/hilton-college/About/hospitality-industry-archives
Use and Reproduction No Copyright - United States
File Name index.cpd
Item Description
Title Image 4
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_023_004.jpg
Transcript President's Report Financial Performance Sheraton's gross income for the fiscal year ended April 30,1961 was $205,700,953 compared with $204,882,030 a year ago. Reported earnings for the period, expressed in accordance with conventional accounting practice, were $.61 per share compared with $.60 last year. Of these amounts $.39 a share represented income from operations this year compared with $.55 a year ago. Depreciation reserves of $18,181,468 this year and $16,833,225 last year included, as has been the custom in recent years, a substantial amount of accelerated depreciation. Reserves set up for depreciation in each of these two years were, in the opinion of Company officers, higher than needed to offset any actual decline in market value of Company properties. Sheraton has in recent years in almost all instances taken advantage of high depreciation in order to minimize income taxes, when permissible under U. S. Treasury regulations. These regulations are often liberal in order to provide an incentive for new construction. They provide a wide choice as to the methods by which depreciation is calculated. Cash flow (reported earnings from operations with depreciation reserves added back) amounted to $3.84 per share versus $3.80 a year ago. Capital gains have not been included in cash flow. Capital gains were $1,166,142 compared with $270,253 last year. The gains this year include the sale and leaseback of the Sheraton- Atlantic Hotel land. Regular quarterly dividends amounting to a total of $.60 per share together with the customary 2 per cent stock dividend were paid during the fiscal year. Subsequent to the year end, the usual August dividend of $.15 in cash and 2 per cent in stock was declared. Cash dividends have been paid without interruption for twenty years. As a result of stock dividends, stock split-ups, and occasional increases in the dividend rate, shareholders have had larger cash distributions than were paid in the preceding year in seventeen of these twenty years. Net Asset Values The indicated net asset value was $32.70 per share compared with $31.70 a year ago. Capitalized "basic" earnings (earnings from operations before interest, depreciation and income taxes) were used by Company officers as the principal factors in arriving at these estimates of net asset values in accordance with yardsticks customary in the industry. (For further clarification, and laBa sSn WEem ■■i