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Hilton Hotels, 1950 Annual Report
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Hilton Hotels Corporation. Hilton Hotels, 1950 Annual Report - Image 5. 1950. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. March 29, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/29/show/4.

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. (1950). Hilton Hotels, 1950 Annual Report - Image 5. 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/29/show/4

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, 1950 Annual Report - Image 5, 1950, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed March 29, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/29/show/4.

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, 1950 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1950
Description Hilton Hotels Annual Report for calendar year 1950.
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 5
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_003_005.jpg
Transcript REPORT ON 1950 OPERATIONS Detailed results of the operations of Hilton Hotels Corporation and its subsidiaries for 1950 are given on the following pages, accompanied by financial statements as reported on by Harris, Kerr, Forster & Company, independent public accountants. Gross Revenue and Earnings Gross revenue amounted to $45,656,736 in the year ended December 31, 1950, compared with $42,- 227,028 in 1949. The 1950 net profit, after all charges including Federal income tax, was $4,035,646, as against $3,983,233 in the preceding year. After providing for payment of dividends on convertible preference stock, the 1950 net profit was equal to $2.56 a share on the 1,498,217 common shares outstanding in the hands of the public on December 31, last. This compared with $2.52 a share on the 1,480,592 shares outstanding on the last day of 1949. The foregoing figures do not include the interest of Hilton Hotels Corporation in the undistributed earnings of its partially owned subsidiaries, aggregating $900,405 in 1950. Of this amount, $581,467 represented a 58.13 per cent interest in the net profits of the Hotel Waldorf-Astoria Corporation. The 69.81 per cent interest in the Mayflower Hotel Corporation accounted for $400,021, of which $108,754.40 was paid to Hilton Hotels in dividends and $291,267 remained undistributed. In 1949 the Hilton Hotels Corporation's equity in the Waldorf- Astoria earnings was $72,507, and equity in the Mayflower earnings amounted to $281,681. Of this, $81,547.80 was paid in dividends and the balance remained in Mayflower Hotel Corporation. GROSS REVENUE 2 1946t 1947 1948 1949 NET PROFITS 1950 In 1950 Hilton Hotels Corporation's equity in the undistributed earnings of these partially owned subsidiaries was equal to 60 cents a share on Hilton common stock, compared with 18 cents a share in 1949. Net income of the corporation, plus the equity in earnings of unconsolidated subsidiaries, represented $3.16 a common share in 1950, and $2.70 in 1949. Dividends The regular quarterly dividend of 25 cents a share on the common stock was paid March 1, 1950. On May 5, the annual dividend rate was increased from $1.00 to $1.20 a share, and the new quarterly amount of 30 cents a share was paid on June 1, September 1 and December 1. Total payments for the year were $1.15 a share. The increase in dividend payments reflected the opinion of the Board of Directors that larger disbursements to shareholders were warranted in view of the corporation's sustained earnings. Regular quarterly dividends of 50 cents a share were paid on all convertible preference stock not under option to the corporation. Total dividend distribution of $1,808,461 represented 45 per cent of the net profit for the year. This compared to $1,614,762 or 41 per cent of the net profit disbursed in 1949. Funded and Long Term Indebtedness There was an increase in funded and long term indebtedness during the year of $4,324,178 as shown on the accompanying schedule. The major changes were the borrowing of an additional $2,500,000 on the Stevens Mortgage and the new obligations entered into as an installment purchase contract in the acquisition of property in Beverly Hills. debt secured by property Amount December December Interest Property Mortgaged 31, 1950 31, 1949 Rate Palmer House $15,040,000.00 $15,360,000.00 3^% Plaza 5,453,697.47 5,830,518.99 4 Stevens 4,500,000.00 2,000,000.00 4 Town House 350,000.00 350,000.00 4^ El Paso Hilton 91,500.00 106,500.00 4 DEBT SECURED BY CREDIT OF CORPORATION Beverly Hills Purchase Contract and Note 2,550,000.00 —0— It Various Notes of Predecessor Corporations__9J7i01_L_41 111,011.41 4 Totals $28,082,208.88 $23,758,030.40 * This contract and note call for interest at 1 per cent a year until November 22, 1952, 2 per cent a year November 23, 1952 to November 22, 1954, and 4 per cent thereafter. 1946+ 1947 1948