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The financial strength of Hilton Hotels Corporation
was further increased in 1958. Working capital at
the year-end amounted to $20,917,237, or $5.42
per share of common stock, compared with
$15,106,748, or $3.84 per share a year earlier. Current assets totaled $55,032,244, of which cash
amounted to $31,392,070. The 1957 year-end balance sheet showed current assets of $44,746,273,
including cash of $22,178,587.
Unrealized profits from the sale of properties
amounted to $15,327,204 at the 1958 year-end.
This is equal, after provision for taxes at the current
capital gains rate, to $2.98 per share, based on the
common shares outstanding at December 31, 1958.
This profit will be taken into the Corporation's
income as realized over the ensuing eight years.
1949 1950 1951 1952 1953 1954 1955 1956 1957 1958
THE HILTON DOLLAR
INCOME FROM OPERATIONS
Telephone B.. Jf
Store & Office Building Rentals ,...
Payroll & Related Expenses
Cost of Goods Sold
Repairs and Maintenance (excluding payroll).
Interest on Borrowed Money. .
Reinvested in the Business. .. .
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Regular installments on the Company's funded and
long term debt were paid in 1958 in the total
amount of $7,416,697, in addition to the conversion
into common stock of $488,300 of Ay2% fifteen-
year convertible debentures. These reductions are
detailed in the accompanying analysis.
The long term debt was increased by three transactions. One was a $13,000,000, five-year, 5% term
loan from a group of banks headed by The First
National Bank of Boston. Repayments on this loan
are being made from the proceeds the Company
receives from certain property sales made in prior
years. Hilton Hotels International, Inc., drew down
$500,000 pursuant to the provisions of a loan agreement with The First National Bank of Boston,
represented by a three-year 5% promissory note.
The debentures of Metropolitan Hotel Corporation,
of which $2,750,000 are outstanding in the hands
of the public, were issued in connection with the
financing of the Hilton Hotel in Portland, Oregon.