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Marriott Corporation, 1975 Annual Report
Image 27
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Marriott International, Inc.. Marriott Corporation, 1975 Annual Report - Image 27. 1975. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. June 1, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1560/show/1546.

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 27. 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/1546

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 27, 1975, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed June 1, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1560/show/1546.

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 27
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_046_027.jpg
Transcript 5-YEAR SUMMARY OF OPERATIONS Sales Cost of sales and operating expenses Interest expense, net Income before income taxes U.S. and foreign income taxes Investment tax credit Net tax expense Net Income Earnings per share of common stock See Notes to Consolidated Financial Statements for summary of significant accounting policies and additional information. Fiscal Years Ended in July (In Thousands) 1975 1974 $640,439 1973 $538,193 1972 $422,928 1971 $732,396 $351,929 676,014 582,227 488,654 382,208 316,191 17,975 16,092 13,261 10,085 10,266 38,407 42,120 36,278 30,635 25,472 19,564 19,425 16,353 14,251 11,730 (2,975) (2,050) (1,715) (1,350) (35) 16,589 17,375 14,638 12,901 11,695 $ 21,818 $ 24,745 $ 21,640 $ 17,734 $ 13,777 $ .68 $ .78 $ .68 $ .57 $ .47 1975 COMPARED TO 1974 The many factors which affected fiscal 1975 results in comparison to the prior year are discussed in preceding pages of this Annual Report. In summary, the 14% increase in sales can be attributed to the opening of new facilities, higher prices, and higher customer counts in many operations. Earnings declined, however, by 12%—primarily because: 1—Sun Line Cruises lost $5.8 million, reducing earnings by 12^! a share or 9^ per share more than fiscal 1974. 2—General costs of doing business in the company's three principal operating areas were up significantly, particularly in energy, food, labor, advertising/ sales promotion and pre- opening/development. Advertising/sales promotion alone was up 46%, due to aggressive market- . ing of existing and new units by the Hotels and Restaurant Groups. Pre- opening and development expense rose 36% with new unit openings and the write-off of $500,000 in development expenses for certain canceled hotel projects. Net interest expense increased 12%. Total interest cost, including interest capitalized, increased 33% in 1975 due to the $93 million increase in debt, added primarily to finance theme park construction. This construction also accounts for most of the increase in interest capitalized, up from $5,144,000 in 1974 to $10,353,000 in 1975. The company's effective gross income tax rate rose from 46.2% to 50.9% in 1975 due largely to the impact on consolidated net income of foreign operating losses. However, investment tax credits were substantially greater in 1975. 1974 COMPARED TO 1973 Sales increased by 19% in fiscal 1974, primarily from a 21 % increase in operating units and price increases. Cost of sales and operating expenses, and income taxes, were each up 19% and net interest expense increased 21%, resulting in a 14% increase in net income. Expenses that increased at a significantly faster rate than sales were rent (up 26%), primarily because of the increase in leased units, and taxes (payroll, real estate and other—up 28%), because of increases in the wage and property bases and in the applicable tax rates. Interest expense increased as a result of new debt added and higher interest rates. Cruise ship results declined from a 2<f: per share profit in fiscal 1973 to a 3^! per share loss in fiscal 1974. The decrease is attributed to tripled fuel costs, sharp increases in other operating costs, and reduced passenger bookings because of the energy crisis, unrest in certain countries and large trans- Atlantic air fare increases during the year. SALES AND EARNINGS BY QUARTER (In Thousands) Sales Quarter 1975 1974 Net Income 1975 1974 Per Share 1975 1974 1st 2nd 3rd 4th $165,577 209,123 174,668 183,028 $142,895 182,867 154,247 160,430 $6,597 4,603 5,448 5,170 $5,978 5,463 7,084 6,220 21 $.19 14 .17 17 .22 16 .20 Totals $732,396 $640,439 $21,818 $24,745 $.68 $.78 25