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Hot Shoppes, Inc., 1964 Annual Report
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Marriott Hot Shoppes. Hot Shoppes, Inc., 1964 Annual Report - Image 2. 1964. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 14, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1400/show/1385.

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 Hot Shoppes. (1964). Hot Shoppes, Inc., 1964 Annual Report - Image 2. 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/1400/show/1385

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 Hot Shoppes, Hot Shoppes, Inc., 1964 Annual Report - Image 2, 1964, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 14, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1400/show/1385.

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 Hot Shoppes, Inc., 1964 Annual Report
Creator (LCNAF)
  • Marriott Hot Shoppes
Publisher Marriott Hot Shoppes
Date 1964
Description Hot Shoppes, Inc. Annual Report for the fiscal year ending on July 26, 1964.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Marriott Hot Shoppes
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 2
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_035_002.jpg
Transcript I TO OUR STOCKHOLDERS ■W I would like to welcome the many new stockholders who have joined us during 1964. Their expression oi confidence and continuing support of Hot Shoppes will mean much to our management team. Our sales have reached a record high of $84,726,000 in the fiscal year ended July 26, 1964. The increase of $10,129,000 or 13.6 percent over the previous year, represents an 84 percent growth in the last Eve years. Net income after taxes foi 1964 increased $731,000, or 31 percent, to a record $3,110,000, which represents a 68 percent growth in the last five years. Profit margins improved significantly on our higher sales, and the return on stockholders' net worth has also increased. Earnings per share are $1.48 in 1964 versus $1.13 last year, computed on the 2,099,920 shares presently outstanding. Our annual 4 percent stock dividend was equivalent to $.96 per share on the record date, April 17, 1964. Net working capital of $10.2 million exceeds last year by over a million dollars. We have maintained substantial cash reserves in order to finance our expansion program on a current basis. Cash flow from earnings, depreciation and deferred taxes was $6.1 million, equivalent to $2.91 per share. Stockholders' investment increased $3.1 million for the year and at year-end is $21.8 million, equivalent to $10.40 per share. We purchased 895 common shares for the treasury to be held for deferred stock bonus awards. Additional shares will be purchased next year for the same purpose. The 17 units opened in 1964, which brought the number of units in operation to 120, include Cafeterias Newport News, Virginia Cleveland Heights, Ohio New Smithsonian Building, Washington, D.C. Restaurants Cleveland Heights, Ohio-Sirloin & Saddle Salt Lake City, Utah-Char-Broilers Hyattsville, Maryland- Char-Broilers Sunshine Parkway Four Restaurants Delaware Turnpike One cafeteria One coffee shop Institutional Feeding General Electric Pan American Airways Two luxury apartments in Washington, D.C. Holton Arms Girls School, Bethesda, Md. Airline Right kitchen, O'Hare Field, Chicago We support an aggressive real estate and development department which is pushing our expansion on a very selective basis. Leases have been signed on ten new locations for 1964-65 and we are in the process of finalizing others. During the month of August, which is in the new fiscal year, we opened a cafeteria in Arlington, Virginia, and one in Washington and a Sirloin & Saddle restaurant in Washington, D.C. The rapid growth enjoyed by Hot Shoppes requires a strong and capable management. In the past year, our procurement department has been further strengthened by the appointment of a new director, General Merrill L. Tribe (ret.), former procurement head of the Quartermaster Corps, Department of the Army, and more recently head of the Army's food research center at Natick, Massachusetts. Our institutional feeding department has been reorganized under the management of G. Michael Hostage, and we anticipate considerable expansion in this area during the next Eve years. Rapid development is also expected in our motor hotel business under the able leadership of James E. Durbin, executive vice president of our Marriott Motor Hotel Division. We are building a magnificent 500-room motor hotel in Atlanta, Georgia, and starting another motor hotel in Saddle Brook, New Jersey, at the intersection of Interstate 80 and the Garden State Parkway. Many inquiries are being received by us for management of motor hotel operations on a fee basis as well as for new motor hotel sites. General H. H. Shaller, head of our Hot Shoppes Caterers (airline feeding division), is developing new outlets and adding new airline customers in the growing and dynamic airline business. Under Charles Baker, our Cafeteria Division continues to render a real service in new shopping centers, and this, we anticipate, will be one of our important areas for profitable expansion in the future. With the increased tourist traffic through the Washington area as a result of the World's Fair, our Service Restaurant Division under the able leadership of T. Lawson Combs has had a record year. In the coming year, Woodrow Marriott's Restaurant Division is opening a new pilot model Hot Shoppe Carry-Out Service to cater to the family business now patronizing 150 hamburger restaurants. Ours will be somewhat of a different approach with a new menu for this type of operation. The several different operating divisions of Hot Shoppes, as outlined in this report, enable your company to pursue an active diversiEed expansion program. We know of no other company in the restaurant-motor hotel industry that can claim such a wide diversification. Expansion of our business as well as growth in our sales of existing operations will require very special attention to economies in our operations, better equipment, and automation for more production per employee. Our young team of executives under the able leadership of J. Willard Marriott, Jr., is extremely enthusiastic about the future and is now planning for ten years of continued growth and improvement in all areas of our operations. I am extremely grateful for the loyal support of our management team, our stockholders, our employees, and our customers, which has made our progress possible. Sincerely \<K*<>^-^S /Py*~J&4 Pres sident