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Marriott Corporation, 1982 Annual Report
Image 41
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Marriott International, Inc.. Marriott Corporation, 1982 Annual Report - Image 41. 1982. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. October 23, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1296/show/1284.

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.

Marriott International, Inc.. (1982). Marriott Corporation, 1982 Annual Report - Image 41. 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/1296/show/1284

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.

Marriott International, Inc., Marriott Corporation, 1982 Annual Report - Image 41, 1982, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed October 23, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1296/show/1284.

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 Marriott Corporation, 1982 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1982
Description Marriott Corporation Annual Report for calendar year 1982.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Marriott International, Inc.
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • Image
Original Item Location Marriott Hotels Collection
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 41
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_054_041.jpg
Transcript and acquisitions, and depreciation and amortization by principal business segment are (in millions): Net Assets Employed* 1982 1981 543.2 182.3 238.3 166.4 37.3 Hotels $ 729.9 Contract Food Services 274.8 Restaurants 401.5 Theme Parks 160.9 Corporate 67.4 Total *Net assets employed represent identifiable assets less identifiable current liabilities. 1980 $435.3 142.2 204.5 164.2 31.5 1982 Capital Expenditures Identifiable Assets and Acquisitions 1981 1980 1982 1981 1980 1982 1981 Depreciation and Amortization 909.7 373.3 452.2 169.0 158.4 675.2 239.8 274.4 172.0 93.5 533.6 191.4 239.8 170.4 79.1 $371.5 127.7 199.6 10.6 11.9 $247.8 42.6 54.1 10.8 2.6 5132.9 27.1 57.1 16.3 5.7 $22.7 22.9 25.1 12.4 2.7 $20.6 13.1 19.1 11.3 2.3 1980 $18.3 9.8 15.7 10.1 2.0 $1,634.5 $1,167.5 $977.7 $2,062.6 $1,454.9 $1,214.3 $721.3 $357.9 $239.1 $85.8 $66.4 $55.9 ACQUISITIONS AND DISPOSITIONS In 1982, subsidiaries of the company acquired the outstanding common stock of Host International, Inc. (Host) and Gino's Inc. (Gino's) for cash. Both acquisitions were financed through the company's available revolving bank loan commitments and were accounted for as purchases. The aggregate purchase price and long-term liabilities assumed were $151,300,000 and $53,425,000 for Host and $48,119,000 and $64,606,000 for Gino's, respectively. Excess of cost over values assigned (goodwill) of $8,576,000 for Host is being amortized on a straight line basis over 40 years. Host is a diversified company operating a number of airline terminals, specialty restaurants and retail merchandising facilities. In connection with the acquisition, the company honored option agreements granted by Host to DFS Group Limited and sold certain of Host's duty-free operations for $20,000,000 plus $11,857,000 for inventories. The results of operations for Host are included in the consolidated financial statements from the date of acquisition, March 3,1982. Operating results of Host have been identified with the company's existing businesses and are included within the Contract Food Services and Restaurant segments. Summarized below are the unaudited pro forma consolidated results from continuing operations as if Host had been acquired at the beginning of 1981 (in thousands except per share amounts): 1982 1981 Sales $2,590,555 $2,294,448 Net Income 93,175 79,988 Earnings Per Share 3.39 2.97 (fully diluted) The above unaudited pro forma results of operations pertaining to the periods prior to the acquisition include adjust ments to reflect the interest expense on borrowed funds used to finance the acquisition, additional depreciation on revalued purchased assets and the elimination of results from discontinued operations. Gino's was a fast food and restaurant company acquired primarily to obtain prime real estate sites and to convert them into Roy Rogers Restaurants. Operating profits for Gino's are recorded as a reduction in the cost of units being converted to Roy Rogers. Gino's assets that will be sold have been recorded at their estimated net realizable value as of the acquisition date, February 5, 1982. By the end of 1983, the company plans to convert 175 of Gino's 540 restaurants into Roy Rogers and to sell a significant portion of the remaining Gino's restaurants and operations. On August 6,1982, the company sold 69 Gino's units to KFC Corporation for $15,077,000. Additionally, an agreement in principle was signed on December 10,1982 for the sale of 108 of Gino's Rustler Restaurants. Closing on the sale is anticipated in 1983. "Assets from acquisitions held for sale" at fiscal year- end includes primarily Gino's restaurants to be disposed of, at net realizable value, net of related capital lease obligations of $27,357,000. On March 9,1982, the company sold its Farrell's Ice Cream Parlour Restaurant Division for $15,000,000 plus $1,886,000 for inventories. Farrell's sales and operating income for 1982 through the disposition date were $8,376,000 and $970,000 (including gain on sale) and were $50,531,000 and $3,646,000 for 1981, and $51,646,000 and $2,770,000 for 1980. 39