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Marriott Corporation, 1968 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1968 Annual Report - Image 4. 1968. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. December 2, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/153/show/124.

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.. (1968). Marriott Corporation, 1968 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/153/show/124

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, 1968 Annual Report - Image 4, 1968, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed December 2, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/153/show/124.

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, 1968 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1968
Description Marriott Corporation Annual Report for the 52 weeks ending on July 28, 1968.
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 4
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_039_004.jpg
Transcript President's Message to Shareholders Fiscal 1968 was a year of historic sales and profits as well as significant growth, a pattern that has continued since we became a public company in 1953. 1968 sales, including Europe and Latin America, reached $197 million. The increase of $51 million or 35 per cent over last year's $146 million is the greatest one-year sales rise in the company's history. 1968 net income was $7.4 million, a 23 per cent gain over fiscal 1967. This is equivalent to 66 cents per share on the weighted average number of shares outstanding during the year, compared to 58 cents per share in 1967 (adjusted for the 2-for-1 stock split and 3 per cent stock dividend distributed in April 1968). These excellent results were achieved in spite of considerable burdens during the year which held down the growth in net income. The civil unrest in Washington last April and the resultant decline in tourists took a heavy toll in sales from our operations in this area. Estimated losses in sales for the third and fourth quarters total $1.4 million and profit before tax was off an estimated $460,000. We also were faced in fiscal 1968 with rising interest costs, higher state and local taxes, the new Federal surtax (which reduced profits by $329,000 or 3 cents per share) and the increased start-up costs of our expanded central commissary (the new Fairfield Farm Kitchens). While many of these problems will remain with us in 1969, we expect their impact to be significantly less. For example, concerning the impact of civil unrest in Washington on conventions and tourism, the Washington Board of Trade expects 1969 to be "the greatest year ever in so far as the Convention and Visitors Bureau is concerned." If true, this will be very helpful to us. Important changes have occurred in the company's consolidated balance sheet, as total assets at year end reached $174 million, including net working capital of $7.6 million. A new issue of $10 million 5 per cent subordinated notes was sold during the year, convertible into 374,532 shares of common stock at $26.70 per share, to provide working capital for the company's expansion program. At year end, 256 company operated units were in operation, an increase of 50 over last year's 206 units. During the year, we opened 30 new units and two relocated units. Four units were closed. In Europe, the company acquired 22 existing units, principally at airport operations which will provide a significant base for future expansion in Europe and the Middle East. Our expansion into overseas airline catering markets has continued since the end of fiscal 1968 with additional acquisitions in Argentina, Brazil, Chile, Peru and Mexico. Other new areas will be announced in fiscal 1969 as prospects now under consideration are finalized. Previously, we made acquisitions in Venezuela, Puerto Rico and the Virgin Islands, and in 1968 in Honolulu. Although initial contributions to sales and profits are minor, we feel that our move at this time will extend the