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Hilton Hotels, 1949 Annual Report
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Hilton Hotels Corporation. Hilton Hotels, 1949 Annual Report - Image 8. 1949. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 12, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/207/show/182.

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.

Hilton Hotels Corporation. (1949). Hilton Hotels, 1949 Annual Report - Image 8. 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/207/show/182

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.

Hilton Hotels Corporation, Hilton Hotels, 1949 Annual Report - Image 8, 1949, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 12, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/207/show/182.

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 Hilton Hotels, 1949 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1949
Description Hilton Hotels Annual Report for calendar year 1949.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Hilton Hotels Corporation
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 8
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_002_008.jpg
Transcript Stock of your Corporation. During the year 1949 the Corporation purchased 18,198 shares of Convertible Preference Stock, having an aggregate par value of $909,900, at a cost of $727,920. This is an average cost of $40 per share. Capital surplus was increased by $181,- 980 as a result of these transactions. In the 1948 Annual Report you were advised of the offer made on January 31, 1949, to the holders of the Convertible Preference Stock to purchase such stock at $40 per share on the following terms: 20% in cash and an option on 20% for each of the four following years; the shareholders to agree to waive dividends on said stock under option to the Corporation. A total of 71,002 shares were submitted to the Corporation on this basis, of which 14,206 shares were purchased and paid for and 56,796 shares were subjected to the Corporation's option. On July 25, 1949, a further offer was made to the holders of the Convertible Preference Stock to purchase said stock on substantially the same basis. As a result of this offer 19,948 shares were submitted to the Corporation, of which 3,992 were purchased and the balance of 15,956 were subjected to the Corporation's option. Accordingly, as of December 31, 1949, the amount of shares of outstanding Convertible Preference Stock had been reduced from 134,- 463 shares outstanding at the beginning of the year to 116,265 shares, of which 72,752 shares were under option to the Corporation. On January 31, 1950, the Corporation exercised its option to purchase 18,188 shares, thus reducing the amount of outstanding Convertible Preference Stock to 98,077 shares of which 54,564 shares are under option to the Corporation. Your Corporation also purchased in the open market 83,128 shares of its own Common capital stock at a cost of $778,201.91, an average of $9.36 per share. These shares are held in the Corporation treasury for future corporate use. A comparison of the outstanding capitalization at December 31, 1949 and December 31, 1948 is shown herewith: December December 31, 1949 31, 1948 Funded Long Term Indebtedness $23,758,030.40 $23,187,174.60 4% Convertible Preference Stock ($50 par) 5,813,250.00 6,723,150.00 Common Stock ($5.00 par). 8,065,400.00 8,073,225.00 Capital & Earned Surplus, . 16,499,281.14 14,044,744.80 $30,377,931.14 $28,841,119.80 Deduct Cost of Treasury Common Stock $ 1,109,118.94 $ 330,917.03 Net Worth $29,268,812.20 $28,510,202.77 4% CONVERTIBLE PREFERENCE STOCK — Shares Outstanding 116,265 134,463 COMMON STOCK — Shares Outstanding 1,498,852 1,583,545 Book Value Per Share of Common Stock After Deducting Par Value of 4% Convertible Preference Stock $ 15.65 $ 13.76 Net working capital on December 31, 1949 was $3,747,734, an increase of $1,205,152 over net working capital on December 31, 1948. Current assets totaled $9,091,469.73 of which $6,345,291.24 was in cash or equivalent, as compared with current assets of $7,552,253.63 at the end of 1948. Current liabilities were $5,343,735.40 as compared with current liabilities of $5,009,671.56 on December 31, 1948. The ratio of total current assets to current liabilities on December 31, 1949 was 1.70 to 1 as compared to 1.51 to 1 the prior year. Rooms Department During the last year room occupancy continued to decline slightly. In the widely diversified properties of your Corporation, which include both luxury and commercial hotels, large and small, room occupancy was 79.8% in 1949 as compared to 85.6% in 1948, a decrease of 6.7%. Wage rates under the new union contracts in force during 1949 were higher than for the previous year. By the exercise of careful management, however, the operating results in the rooms department were maintained at a satisfactory profit level. As disclosed in the accompanying table, net room sales decreased slightly, being $17,- 565,405 in 1949 as compared to $17,677,417 in 1948. Rooms department profit, however, increased to $12,351,635 or 70% of revenue as compared to $12,279,041 or 69% in 1948.