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Marriott Corporation, 1975 Annual Report
Image 26
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Marriott International, Inc.. Marriott Corporation, 1975 Annual Report - Image 26. 1975. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 13, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1560/show/1545.

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.. (1975). Marriott Corporation, 1975 Annual Report - Image 26. 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/1560/show/1545

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, 1975 Annual Report - Image 26, 1975, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 13, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1560/show/1545.

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, 1975 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1975
Description Marriott Corporation Annual Report for the 52 weeks ending on July 25, 1975.
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 26
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_046_026.jpg
Transcript 24 servative debt maturities provide Marriott maximum flexibility in its financial planning. INVESTMENT TAX CREDITS INCREASE Investment credits were substantial in 1975 as a result of the completion of four new hotels in the U.S. Further investment tax credit increases are expected in fiscal 1976 with completion of the two Great America theme parks. The tax credits arising from the two theme parks in 1976 should exceed the total of development and start-up costs associated with these ventures. NON-OPERATING INCOME DOWN 20 PER SHARE Over one-fourth .of the pre-tax profit decline resulted from lower non-operating income, primarily capital items. This reduced after-tax profits by almost 2tf per share. Capital items are not predictable. In 1975 we took a $400,000 loss on the disposition of our controlling interest in the Italian In-Flite operations, whereas in 1974 we had realized a gain of $800,000 on the disposal of excess land in Toronto. IMPROVING RETURN ON INVESTMENT PROJECTED Reduced earnings in 1975 lowered the return on shareholders' investment to 9.6%. Management has identified the improvement of this ratio as a major corporate financial objective for the remainder of this decade. Much improvement will occur naturally in 1976 through the evolution of large amounts of presently non-productive assets, principally theme parks, into productive assets at completion of construction. However, management also intends to accelerate and augment the process through intensive asset management. While Marriott's principal operating assets generate satis factory returns, programs to solve problems in special operating areas such as Sun Line are being implemented in fiscal 1976. A vigorous program of asset analysis and, where appropriate, asset redeployment has been initiated. Also, Marriott will continue to target its hotel expansion toward management under contract rather than ownership. This will materially improve investment returns. The sale and lease/management agreement of the Lincolnshire resort to a major life insurance company was an important step in the implementation of this plan. It is noteworthy that only one company-owned hotel will be opened in fiscal 1976. These programs and the natural evolution of non-productive assets to operating assets should improve return on investment in 1976 and future years. STOCK INFORMATION The range of Marriott common stock prices by quarter for two fiscal years is as follows: High Low CAPITAL EXPENDITURES AND FUNDS FROM OPERATIONS (in $ millions) ■■■Capital Expenditures ■■Funds Provided from Operations* 1975 Quarters 1st $17% $ 8 2nd 10% 61/8 3rd 16% 9V4 4th 16% 11V4 1974 Quarters 1st $ 301/4 $ 243/4 2nd 27 14V4 3rd 20% 14V4 4th 21% 15% Marriott common stock (MHS) is listed on the New York, Pacific, Midwest and Philadelphia-Baltimore-Washington Stock Exchanges. The board of directors declared a 2.5 percent stock dividend in March of 1975. The board has authorized a stock distribution, in the form of stock splits and/or dividends, every year since 1957. 159.2 j 1971 I 1972 I 1973 I 1974 I 1975I "Note: Funds provided from operations consist of net income plus depreciation, deferred taxes and other expenses not requiring current outlay of working capital. INVESTED CAPITAL (in $ minions) Convertible Subordinated Debt ■■Shareholders' Investment ■■Long-Term Debt TOTALS $307.9 $372.9 $456.2 5.0 200.4 $513.8 34.3 227.7 $616.6 32.2 254.4 6.1 330.0 152.7 192.6 250.8 251.8 1971 1 1972 1 1973 1 1974 1 1975 1