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Marriott Corporation, 1984 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1984 Annual Report - Image 23. 1984. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 12, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/439/show/413.

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.. (1984). Marriott Corporation, 1984 Annual Report - Image 23. 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/439/show/413

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, 1984 Annual Report - Image 23, 1984, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 12, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/439/show/413.

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, 1984 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1984
Description Marriott Corporation Annual Report for calendar year 1984.
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 23
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_056_023.jpg
Transcript FINANCIAL REVIEW Marriott Corporation continued to meet its principal financial goals of maintaining 20% average annual earnings per share (EPS) growth and high capital productivity. □ EPS from continuing operations grew 28% to $5.01, producing a five-year compound annual growth rate of 24%. □ Discretionary Cash Flow from continuing operations increased 20% to $271 million. □ Return on Shareholders' Equity (ROE) was 22%. Earnings and ROE performance maintain Marriott among the top 20% of Standard & Poor's 500 firms. Comparisons of Marriott's performance to the S&P indices are shown in the charts below. Profit Growth Continues Sales and operating income both increased 19%, reflecting strong performance in all major lines of business, primarily as a result of sales gains from unit growth and increased customers. Lodging sales rose 24%, driven by an additional 5,000 company-operated rooms, a one and one-half percentage point improvement in comparable unit occupancy rates, and room rate increases that substantially exceeded inflation. Operating income increased 19%, excluding the impact of nine hotels sold to Chesapeake Hotel Limited Partnership in 1984. Contract Food Services sales increased 17% and operating income rose 23%. Results reflected expansion of domestic airline catering service, improved international airline catering results, and new accounts in airport operations, highway restaurants and food service management Restaurant sales and operating income increased 14% and 24%, respectively. Operating income gains were strong in all divisions, reflecting unit expansion, reduced administrative expenses and aggressive marketing which produced increased customer counts and higher average checks. Income from continuing operations increased 25°/o because of improved operating income and reduced interest costs, onset by a higher effective 1984 tax rate. Net interest expense declined 12%, primarily due to the effect of hotels sold to Chesapeake Hotel Limited Partnership. Discretionary Cash Flaw from continuing operations increased20°/o to0271 million, as reflected in the Current Value Statement. Discretionary Cash Flow reports Funds Provided from Operations less actual capital expenditures (rather than accounting depreciation) required to maintain the competitive position of existing fixed assets. The table below shows that Discretionary Cash Flow has averaged over 95% higher than accounting earnings since 1980. Discretionary Cash Flow vs. Net Income ($ in millions) Year Cash Flow Net Income 1984 1983 1982 1981 1980 $278 246 192 157 125 $140 115 94 86 72 Earnings Per Share Growth Marriott vs. Standard & Poor's 500 Return on Equity Marriott vs. Standard & Poor's 500 80 81 82 83 84 ■ Marriott ■ S&P 500 S&P 500 is estimated for 1984. I 80 81 82 83 84 ■ Marriott ■ S&P 500 S&P 500 is estimated for 1984. 21