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Marriott Corporation, 1973 Annual Report
Image 32
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Marriott International, Inc.. Marriott Corporation, 1973 Annual Report - Image 32. 1973. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 15, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1696/show/1691.

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.. (1973). Marriott Corporation, 1973 Annual Report - Image 32. 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/1696/show/1691

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, 1973 Annual Report - Image 32, 1973, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 15, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1696/show/1691.

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, 1973 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1973
Description Marriott Corporation Annual Report for the 52 weeks ending on July 27, 1973.
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 32
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_044_032.jpg
Transcript est at the discounted amount of future rentals. These leases are made with corporations owned by the Marriott Foundation and provide for the recovery of principal and interest and a nominal profit. In addition to the foregoing leases, the Company has other leases which are not installment purchases and which have an average remaining term of 12 years as of July 27, 1973. Minimum annual rentals amount to approximately $12,600,000 as of July 27, 1973. Most of the leases require additional rentals under percentage clauses relating to sales and have renewal privileges. 5. CONVERTIBLE SUBORDINATED DEBT: As of July 27, 1973, the Company has outstanding $5,000,000, 41A% convertible subordinated notes due 1992. The conversion price ($43.90 per share) is subject to anti-dilution provisions. The notes have cash dividend restrictions, but at July 27, 1973, all retained earnings are unrestricted. Annual principal payments of $500,000 begin July, 1983. 6. STOCK COMPENSATION, STOCK PURCHASE PLAN AND OTHER RESERVED SHARES: The Company has a number of deferred stock compensation programs. Under these programs, contracts for 681,692 shares of common stock have been awarded of which 136,136 shares are fully vested at July 27,1973. Under some programs, shares are issued after the period earned; under other programs, restricted shares are issued prior to the period earned. The amounts payable in the future in stock and the unamortized compensation for shares already issued are as follows: July 27, 1973 July 28, 1972 Stock payable in future $3,093,569 $2,656,000 Unamortized compensation . (375,080) (417,978) Net $2,718,489 $2,238,022 10 Year Financial History (Dollars in Thousands) The Company has a qualified stock purchase plan for employees to purchase up to 249,741 shares of common stock. The purchase price for the shares to be purchased on January 31,1974, is the market value at January 2, 1973 ($36.10 per share, adjusted for the 1973, 21/2% stock dividend) or 100% of the market value at January 31, 1974, whichever is less. As of July 27, 1973, there was one warrant outstanding, expiring in 1981, to purchase 12,300 shares of common stock at $24.39 per share. 7. CAPITAL STOCK: 1,000,000 shares of preferred stock, without par value, are authorized. As of July 27, 1973, none has been issued. 45,000,000 shares of common stock with a par value of $1 per share are authorized, of which 30,272,896 were issued and outstanding at July 27, 1973, and 29,336,745 were issued at July 28, 1972, including treasury shares of 49,000. Total common stock shares reserved at July 27, 1973, for exercise of options, warrant and conversions of debt are 1,057,628. 1973 OPERATIONS Sales 538,193 % Increase for the year 27.3% Income before income taxes 36,278 Per sales dollar 6.7% United States and foreign income taxes (16,353) % to income before income taxes 45.1% Investment tax credit 1,715 Net income 21,640 % Increase for the year 22.0% Per sales dollar 4.0% Return on beginning shareholders' investment 12.4% Funds provided from operations (Note C) .... 52,079 Capital expenditures 103,869 ASSETS EMPLOYED Net working capital 9,771 Fixed assets 421,333 Other assets 51,256 DEBT AND EQUITY Mortgages and notes 173,802 Lease-purchase obligations 43,898 Construction financing 34,383 Deferred income taxes 21,132 Convertible subordinated debt 5,000 Shareholders' investment 200,623 PER SHARE DATA (Note A) Net income .72 Stock dividends Percent 2.5% Cash equivalent .82 Shareholders' investment 6.63 Quoted market price at year end 29.88 OTHER DATA (Note A) Weighted average shares outstanding 30,163,544 Shares outstanding 30,272,896 Number of shareholders 37,000 Number of employees 38,700 Number of operating units 570 30