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Hilton Hotels, 1947 Annual Report
Image 9
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Hilton Hotels Corporation. Hilton Hotels, 1947 Annual Report - Image 9. 1947. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 17, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/857/show/837.

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. (1947). Hilton Hotels, 1947 Annual Report - Image 9. 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/857/show/837

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, 1947 Annual Report - Image 9, 1947, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 17, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/857/show/837.

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, 1947 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1947
Description Hilton Hotels Annual Report for calendar year 1947.
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 9
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_018_009.jpg
Transcript reduction of the outstanding issue in times of prosperity with resulting lower interest charges at other times. Interest charges on the new bonds amount to $560,000 annually, while minimum sinking fund requirements during the first five years are $320,000 per annum, a total of $880,000 annually, as against requirements of $1,204,300 under indebtedness which has been retired. Last year store and lobby rentals at the Palmer House produced $1,014,923, or more than enough to service the interest and principal requirements of the new bonds. PRESENT CAPITAL STRUCTURE Your corporation in 1947 purchased in the open market 39,611-19/100 shares of convertible preference stock, having an aggregate par value of $1,980,559.50, at a cost of $1,557,036. This stock will be held in the treasury for application against future sinking fund requirements. It will be the policy of the corporation to continue to buy preference stock at advantageous terms to the extent funds are available. As of December 31, 1947, outstanding capitalization consisted of: Funded and long-term indebtedness $22,758,750 Convertible preference stock (4 per cent $50 par value) .... 197,401-35/100 shares Common stock ($5 par value) .... 1,618,578 shares Working capital position was strengthened during 1947. As of December 31st last, working capital amounted to $4,651,619 against $2,367,675 at the beginning of the year. Current assets totalled $9,405,880 at the end of 1947, of which $5,800,264 consisted of cash and equivalent. Current liabilities amounted to $4,754,261. The common stock was listed on the New York Stock Exchange in June and on the Los Angeles Stock Exchange in August. ACQUISITIONS AND SALES Hilton Hotels Corporation in August, 1947, paid $265,832 for an interest in Bermuda Development Company, Ltd. common stock. Properties of that concern are the Castle Harbour Hotel, the Ber- mudiana, the St. George and the Mid-Ocean Club. The Castle Harbour, the most modern hotel in Bermuda, is being rehabilitated and will be opened in 1949. The other two hotels are in operation and are enjoying good business. Your corporation will operate all three hotels and will receive 20 per cent of their gross operating profit under the management contract. The Hilton Long Beach Hotel was sold in September at a net profit of $743,558 after provision for applicable taxes. During the war years the hotel returned high profits, aided by the influx of war industry workers and naval personnel into that section of California. However, peacetime conditions do not lend themselves to operation of the property on the earnings level of recent years. The Palmer House Garage and equipment were sold for a profit of $261,731, aft^r provision for applicable taxes. Satisfactory arrangements were made for garage facilities for Palmer House guests. The Palmer House laundry was sold for the approximate book value. THE HILTON DOLLAR Where» came from. a. REPAIRS & MAINTENANCE (EXCLUSIVE OF PAYROLL Jagi .... 2.7 < b. REAl ESTA^IftjD PERSONAt PROPERTY TAXES—AND SUNDRY CAPITAL CHARGES-'S.i§|jj^|i|fl. 3.81 C. INTEREST ON BORROWED MONEY . . 1.9* d. DEPRECIATION & AMORTIZATION ... 4.6* e. FEDERAL INCOME TAXES . 'J&8iTiJL 6Ji€ f. CONVERT!^ PREFERENCE STOCK DIVIDENDS . . v'i|£ .... 1.1 < g. AVAILABLE FOR INVESTMENT, EXPANSION & COMMON STOCK DIVIDENDS $»»■; . . . JSSPSmK 9.5 £