Years ended April 30
VOLUME OF BUSINESS
Net Operating Income (Loss) $ 151,861 ($ 1,354,561) $ .02
Net Profit on Capital Transactions $ 237,919 $ 5,270,603 $ .04
Total Net Income (Loss) and Profits $ 389,780 $ 3,916,042 $ .06
DEPRECIATION & CASH FLOW
Depreciation $ 19,446,094 $ 18,845,232 $ 3.49
Cash Flow (1) $19,597,955 $17,490,671 $3.51
OTHER FINANCIAL INFORMATION
Total Assets at Estimated Value (2)
Estimated Net Asset Value (3)
Net Worth Profit (Loss) (4) .
Adjusted Earnings (5)
Shares Outstanding at Year Ends
Number of Hotels (6)
Number of Rentable Guest Rooms (6)
Percentage of Room Occupancy
(Non-Resort Hotels) (7)
Number of Employees (7)
Number of Stockholders
(1) Cash Flow: Represents reported earnings from operations to which depreciation reserves have been added back.
(2) Total Assets at Estimated Value: Represents the indicated market value of all the Company's assets. The real estate
values have been estimated by Company officers by capitalizing earnings using the yardsticks generally recognized by
real estate investors. (Note: no liabilities have been deducted in arriving at this amount.) Although estimated asset values
represent the best judgment of the Officers, these values nonetheless tire only theoretical. The estimated asset values should
not be given undue weight since their determination cannot be an exact science and may be subject to wide fluctuations due
It) various marhet conditions and other factors.
(3) Estimated Net Asset Value: Represents the common stock value based upon the above estimated total assets,
after deducting all known liabilities, minority interests, and preferred stock interests.
(4) Net Worth Profit: Represents total net income and profits including changes in estimated net asset values and differences arising from sales and purchases of common stock at more or less than net asset value.
(5) Adjusted Earnings: Represents net operating income adjusted by adding back the amount of depreciation deductions in excess of 6% of gross hotel sales. For information regarding Adjusted Earnings see Letter to Stockholders.
(6) Includes thirty-six hotel properties in 1965 and twenty-four properties in 1964 under Sheraton franchise or operated
under management agreements.
(7) Includes six hotel properties operated under management agreements.
Per share figures are based on common shares outstanding at the year ends.
Adjustment for preferred dividends was made in computing net operating income per share. Adjustments have also
been made for exercise of Warrants and conversion of 4%% Debentures in computing the per share amounts for estimated net asset values and net worth profit. The amounts shown for the year ended April 30, 1964 have been adjusted to
give effect to changes in income resulting from Federal Income Tax examinations for years prior thereto.