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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): September 14, 1998
Hilton Hotels Corporation
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(Exact Name of Registrant as
Specified in Charter)
Delaware 1-3427 36-2058176
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(State or Other (Commission (IRS Employer
Jurisdiction of File Identification
Incorporation) Number) No.)
9336 Civic Center Drive
Beverly Hills, California 90210
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(Address of Principal
Executive Offices)
(310) 278-4321
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(Registrant's telephone
number, including area code)
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ITEM 5. OTHER EVENTS
A copy of the Registrant's press release dated September 14, 1998 is attached
hereto as Exhibit 99 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
7(c) Exhibits
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99 Press Release of Hilton Hotels Corporation, dated
September 14, 1998.
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Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
HILTON HOTELS CORPORATION
By: /s/ THOMAS E. GALLAGHER
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Name: Thomas E. Gallagher
Dated: September 14, 1998 Title: Executive Vice President and
General Counsel
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[LETTERHEAD]
EXHIBIT 99
Contact: Marc Grossman
310-205-4030
Kathy Shepard
310-205-7676
Geoff Davis
310-205-4541
HILTON 3Q98 EARNINGS TO BE LOWER THAN EXPECTED
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BEVERLY HILLS, Calif., September 14, 1998 -- Hilton Hotels Corporation
(NYSE:HLT) said today it expects net income per diluted share for the third
quarter ending September 30, 1998 to be in the low-30 cent range. For the
comparable 1997 period, Hilton reported earnings of $.35 per diluted share.
Primary factors impacting the current period's anticipated results
include: softness at the company's Honolulu and San Francisco hotels owing to
the continuing Asian economic crisis; lower-than-expected management fee
income from the company's international properties, particularly the Conrad
International Hong Kong, which is also impacted by the Asia situation;
comparatively low table game hold percentage Bally's Park Place in Atlantic
City, and a generally sluggish Las Vegas market resulting in
lower-than-expected RevPAR at the company's Las Vegas properties.
-more-
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3Q Prerelease
2-2-2-2
Apart from Honolulu and San Francisco, the company said most of its "Top
10" owned hotels -- including those in New York, Chicago, Washington and New
Orleans -- continue to post strong EBITDA and RevPAR gains versus the 1997
quarter. The company noted also that its Bally's Park Place property
continues to lead the Atlantic City market in EBITDA margin, while its Las
Vegas hotel-casinos are performing generally in line with current market
conditions.
Hilton said it expects fourth quarter 1998 operating results to be in
line with both company and Wall Street estimates.
# # #
Note: This press release contains "forward-looking statements" within the
meaning of federal securities law, including statements concerning business
strategies and their intended results, and similar statements concerning
anticipated future events and expectations that are not historical facts.
The forward-looking statements in this press release are subject to numerous
risks and uncertainties, including the effects of economic conditions; supply
and demand changes for hotel rooms; competitive conditions in the lodging and
gaming industries, relationships with clients and property owners; the impact
of government regulations; and the availability of capital to finance growth,
which could cause actual results to differ materially from those expressed in
or implied by the statements herein.
