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Sheraton Corporation of America, 1967 Annual Report
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1967 Annual Report - Image 6. 1967. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 23, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1346/show/1331.

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. (1967). Sheraton Corporation of America, 1967 Annual Report - Image 6. 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/1346/show/1331

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, 1967 Annual Report - Image 6, 1967, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 23, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1346/show/1331.

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, 1967 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1967
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1967.
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 6
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_026_006.jpg
Transcript m ■ 4 Years Ended April 30 1 A Total Assets at Estimated Values (a) 2A Total Assets at Book Values 20- 3A Gross Income YearG 4A Book Depreciation rowth F 5A Modified Depreciation (b) ecord ( 6A Cash Flow (c) )onsolida 7A Basic Earnings (d) ted (OOO'i SA Reported Net Operating Income (Loss) (e) omitted) 9A Net Profits on Capital Transactions (e) 10A Total Reported Net Income and Net Profits (e) 11 A "Economic Performance" i.e., Estimated Net Asset Value Increase Plus Dividends Paid (f) 12 A "Modified Earnings" (a) (b) (a) 1967 $392,691 $282,777 $286,676 $19,559 $10,101 $24,637 $39,601 $5,078 $ 355 $5,433 $33,292 $10,753 1966 366,184 282,569 276,303 19,661 9,943 22,206 36,311 2,545 3,205 5,750 20,685 8,376 1965 343,031 274,885 248,372 19,446 9,736 19,598 31,423 152 238 390 5,510 5,978 1964 328,934 264,396 232,925 18,845 9,410 17,490 29,956 (1,355) 5,271 3,916 3,961 4,306 1963 346,554 281,961 227,885 18,129 9,114 17,078 30,811 (1,051) 1,295 244 (42,675) 4,358 1962 393,984 280,580 215,199 18,887 9,417 19,691 32,601 804 317 1,121 ( 6,674) 6,486 1961 400,445 276,741 205,701 17,828 8,849 20,092 32,512 2,264 1,166 3,430 8,377 7,652 1960 390,620 273,401 204,882 16,511 8,194 19,623 33,260 3,112 270 3,382 17,744 8,103 1959 346,910 245,503 171,474 13,735 6,838 17,430 29,267 3,695 2,001 5,696 17,809 7,833 1958 304,007 217,325 159,014 13,693 6,804 17,547 29,405 3,854 1,101 4,955 7,113 7,987 1957 304,645 219,866 153,792 11,690 5,783 15,979 28,150 4,289 654 4,943 17,201 7,833 1956 243,697 172,468 121,672 8,098 4,034 12,534 21,748 4,436 2,215 6,651 17,561 6,874 1955 193,033 134,543 89,376 5,390 2,619 9,504 16,622 4,114 4,760 8,874 15,150 5,777 1954 132,520 89,568 72,771 4,507 2,137 7,924 14,302 3,417 1,878 5,295 11,327 4,839 1953 129,475 91,313 68,142 3,857 1,846 6,772 12,625 2,915 1,007 3,922 11,319 4,122 1952 113,524 82,459 62,773 3,490 1,646 6,062 11,096 2,572 1,196 3,768 7,184 3,678 1951 101,861 74,982 56,071 3,253 1,534 6,375 10,629 3,122 1,191 4,313 16,694 4,153 1950 87,874 73,029 39,739 2,626 1,237 4,619 7,949 1,993 1,436 3,429 13,449 2,826 1949 60,279 54,541 31,605 1,795 844 4,069 5,896 2,274 1,470 3,744 2,686 2,845 1948 55,710 47,643 28,663 1,569 737 3,495 5,481 1,926 68 1,994 2,378 2,425 Years Ended April 30 1B Estimated Net Asset Values (a) (g) 2B Quoted Market Price 20 3B Book Depreciation ■Year F 4B Modified Depreciation Cb) [ecord 5B Cash Flow (c) of Pert 6B Cash Dividends Paid During Year ormance 7B Increase or (Decrease) in Estimated Net Asset Value During Year s Per Comrr 8B "Economic Performance" i.e.. Estimated Net Asset Value Increase Plus Dividends Paid ion She 9B Reported Nat Operating Income (Loss) (h) re* 10 B Net Profits on Capital Transactions 11 B Total Reported Net Income an&sfcjet .SWOTrTsSft,) 12 B "Modified Earnings" (a) (b) (h) 13 B Price- "Modified Earnings" Ratio (Ratio of Market Price of Shares to "Modified Earnings") (a) (b) (h) 1967 $30.52 $17.00 $3.54 $1.83 $4.45 $.44 $5.59 $6.03 $.91 $.08 ( $.97 K $1.94 8.8 1966 24.93 11.25 3.53 1.79 3.98 .42 3.30 3.72 .45 .57 ■ ■—+-«2" 1.50 7.5 1965 21.63 9.63 3.49 1.75 3.51 .42 .57 .99 .02 .04 .06 1.06 9.1 1964 21.06 9.50 3.43 1.71 3.17 .40 .32 .72 ( .26) .96 .70 .77 12.3 1963 20.74 8.58 3.29 1.66 3.09 .54 ( 8.29) ( 7.75) ( .20) .23 .03 .78 11.0 1962 29.03t 14.18 3.42 1.71 3.55 .57 ( 1.78) ( 1.21) .13 .06 .19 1.16 12.2 1961 30.811 16.73 3.19 1.58 3.59 .56 .94 1.50 .40 .21 .61 1.36 12.3 1960 29.87t 17.09 « j 3.00 1.49 3.57 .55 2.68 3.23 .57 .05 .62 1.47 11.6 1959 27.19t 16.76 2.66 1.32 3.37 .54 2.91 3.45 .71 .39 1.10 1.52 11.0 1958 24.28 10.10 2.64 1.31 3.38 .53 .84 1.37 .74 .21 .95 1.54 6.6 1957 23.44 10.99 2.25 1.11 3.07 .45 2.86 3.31 .82 .13 .95 1.51 7.3 1956 20.58 9.78 1.55 .77 2.40 .38 2.99 3.37 .85 .43 1.28 1.32 7.4 1955 17.59 10.99 1.03 .50 1.82 .26 2.64 2.90 .79 .91 1.70 1.11 9.9 1954 14.95 5.08 .85 .40 1.50 .20 1.94 2.14 .65 .35 1.00 .91 5.6 1953 13.01 4.14 .71 .34 1.25 .17 1.93 2.10 .54 .19 .73 .76 5.4 1952 11.08 3.46 .64 .30 1.10 .17 1.14 1.31 .46 .22 .68 .67 5.2 1951 9.94 2.86 .60 .28 1.17 .17 2.93 3.10 .57 .22 .79 .76 3.8 1950 7.01 2.23 .48 .23 .83 .11 2.37 2.48 .35 .27 .62 .50 4.5 1949 4.64 1.54 .33 .15 .72 .11 .38 .49 .39 .27 .66 .50 3.1 1948 4.26 1.68 .28 .13 .61 .11 .32 .43 .33 .01 .34 .42 4.0 The amounts shown above have been adjusted to give effect to changes in income resulting from Federal Income Tax examinations for prior years. 'Adjusted for stock dividends and stock split-ups, and Estimated Net Asset Values at April 30, 1955 to 1966 allow for exercise of Warrants and conversion of 4%% Debentures. t Influenced by abnormal demand for income real estate presumed to have been caused by real estate syndicators. (a) Estimated by Company Officers. Although estimated asset values and "Modified Earnings" represent the best judgment of the Officers these nonetheless are based on methods of determination that have not as yet become generally accepted. They should not be given undue weight until subjected to more critical evaluation by independent and knowledgeable authorities, (b) "Modified Earnings" represents Net Operating Income adjusted by substituting for depreciation recorded on the books a charge equal to 47% of hotel book depreciation so as to take into account only the indicated "net" depreciation needs necessary to maintain property values, using calculated depreciation requirements averaged out over e fifteen year period. Income taxes calculated on the excess depreciation have been deducted in determining the "Modified Earnings" even though these provisions may not eventually be required. The concept of "Modified Earnings" should not be confused with "Adjusted Earnings" reported in previous years and which have not been computed in this report See discussion In Chairman's letter, page 3. (c) Net Operating Income plus Depreciation. (d) Before Interest, Depreciation and Income Taxes. (e) After Minority Interests. (f) Represents "Economic Performance" for outstanding Common Shares at the end of the respective years. Excludes amounts allowed for exercise of Warrants and conversion of 4%% Debentures. (g) After Liabilities. Minority Interests and Preferred Stock, (h) After Minority Interests and Preferred Dividends.