Keyword
in
Collection
Date
to
Sheraton Corporation of America, 1963 Annual Report
Image 4
Citation
MLA
APA
Chicago/Turabian
Starwood Hotels & Resorts. Sheraton Corporation of America, 1963 Annual Report - Image 4. 1963. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 15, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/390/show/373.

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.

Starwood Hotels & Resorts. (1963). Sheraton Corporation of America, 1963 Annual Report - Image 4. 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/390/show/373

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.

Starwood Hotels & Resorts, Sheraton Corporation of America, 1963 Annual Report - Image 4, 1963, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 15, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/390/show/373.

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.

URL
Embed Image
Compound Item Description
Title Sheraton Corporation of America, 1963 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1963
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1963.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Starwood Hotels & Resorts
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 4
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_024_004.jpg
Transcript • • Chairman of the Board's Report Sheraton's gross income for the fiscal year ended April 30, 1963 was $227,885,260 compared with $215,199,350 a year ago. Reported earnings, after setting aside as a reserve for depreciation $18,410,851, were $210,769 or $.03 per share. This compares with $946,998 or $. 16 per share a year ago. The depreciation reserves last year were $19,276,038. Capital gains included in this year's earnings, amounted to $1,294,520 compared with $316,898 a year ago. This was $.24 per share compared with $.06 a year ago. Cash flow, defined as earnings from operations after income taxes, but with depreciation reserves added back, was $3.20 per share compared with $3.67 a year ago. Capital gains are not included in these cash flow figures. Quarterly dividends of $.15 per share were paid during the fiscal year. Dividend payments were reduced as of May 1, 1963 to a $.10 quarterly rate. The customary 2% stock dividend was paid last year. It was again declared payable in August 1963. Performance and Net Asset Values This past year has been a difficult one in many respects. Growing competition from new regional hotels, uncertainty with respect to expense account deductibility and shorter average stopovers due to fast jet service have all combined to produce a second disappointing year. These were among the considerations which led the directors to reduce quarterly dividends from $.15 to $.10 per share. It is not so much the lack of reported earnings from operations which made the past fiscal year disappointing. Taking advantage of high permissible and sometimes optional depreciation reserves has long been a Sheraton policy, and is we believe, well understood and approved by a majority of Sheraton shareholders. It is the decline in so-called basic earnings (earnings before interest, depreciation and income taxes) which has affected the Company adversely. Reduced basic earnings, the yardstick that largely determines the market value of the Company's real estate, is a matter of greater concern, one that is severely challenging