Years ended April 30
VOLUME OF BUSINESS
Net Operating Income (Loss)
Net Profit on Capital Transactions
Total Net Income (Loss) and Profits
DEPRECIATION & CASH FLOW
Cash Flow (1)
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
Number of Rentable Guest Rooms
Percentage of Room Occupancy
Number of Employees
Number of Stockholders
(l)Cash How: 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 oj the Officers, these values nonetheless are 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 to various market 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 excess of depreciation deductions over the estimated average for the hotel industry. For information regarding Adjusted Earnings see Chairman of the Board's Report.
Per share figures (1962 adjusted for 2% stock dividend) 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.
♦Includes twenty hotel properties affiliated with Sheraton, under Sheraton franchise or operated under management
agreements. Excludes Sheraton*Rltz Hotel, Minneapolis, Minnesota and Puerto Rico-Sheraton Hotel, San Juan,
Puerto Rico, both of which open subsequent to April 1963.