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Marriott Corporation, 1979 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1979 Annual Report - Image 32. 1979. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. January 18, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/637/show/630.

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.. (1979). Marriott Corporation, 1979 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/637/show/630

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, 1979 Annual Report - Image 32, 1979, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed January 18, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/637/show/630.

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, 1979 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1979
Description Marriott Corporation Annual Report for calendar year 1979.
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_051_032.jpg
Transcript fourth at the end of each of the first four years. Activity under the plans is summarized below. Shares Under Option Balance, December 30,1977 Granted Exercised Canceled Balance, December 29,1978 Granted Exercised Canceled Balance, December 28,1979 Number of Shares 1,208,790 185,600 (42,208) (108,631) 1,243,551 270,900 (80,263) (102,115) 1,332,073 Option Price Per Share $ 9.31-17.32 11.00-16.31 9.69-12.44 9.69-17.32 9.31-16.31 12.75-16.69 9.69-12.44 9.69-16.69 9.31-16.69 At December 28,1979 options for 742,315 shares were exercisable and 504,975 shares were available for granting of additional options. No accounting is made for options until they are exercised. The purchase price for the shares reserved under the employee qualified stock purchase plan is the market value at the beginning or end of the plan year, whichever is less. BUSINESS SEGMENT INFORMATION A summary of operations by principal business segment for the five fiscal years ended December 28,1979 appears on page 19. Also presented are net assets employed, identifiable assets, capital expenditures and acquisitions, and depreciation and amortization by principal business segment. QUARTERLY FINANCIAL RESULTS (Unaudited) The following is a summary of selected quarterly financial data for the years ended December 28,1979 and December 29,1978 (in thousands except per share amounts). 1979 First Second Third Fourth** Year 1978 First Second Third Fourth** Year Sales Income Before Income Taxes Net Income Primary Earnings Per Share Fully Diluted Earnings Per Share $ 302,643 353,346 396,303 457,665 $1,509,957 249,704 283,504 332,698 383,689 $ 21,294 30,205 43,352 28,294 $123,145 $11,767 $ .31 17,025 .45 24,872 .70 17,336 .51 $71,000 $1.96* $ 15,348 20,687 34,403 24,861 f 8,764 11,785 19,602 14,149 $1,249,595 $ 95,299 $54,300 $ .23 .31 .51 .37 $1.43* *The sum of the earnings per share for the four quarters is different from the annual earnings per share as a result of computing the quarterly and annual amounts on weighted average number of shares in the respective periods. **Each of the first three quarters consists of 12 weeks and the fourth quarter includes 16 weeks. CONSTANT DOLLAR INFORMATION (Unaudited) The accelerating rate of inflation and the rapid changes in prices of goods and services have focused attention on the inadequacies of traditional measures of income and assets. Financial statements prepared under generally accepted accounting principles report the actual number of dollars received or ex pended without regard to changes in the purchasing power of the currency or changes in the cost of goods consumed. Investments made over extended periods of time are added together as though the dollars involved were common units of measurement. Amortization of these prior-period costs is deducted from current revenues in calculations of net income even though the dollars involved represent different amounts of purchasing power. The following Constant Dollar information presents historical cost financial information which has been adjusted for changes that have occurred in the general purchasing power of the dollar as measured by the Consumer Price Index. Therefore, it is the traditional financial information restated to a common unit of measurement, average 1979 dollars. Summary of Consolidated Income Adjusted for Changing Prices for the Year Ended December 28,1979 (Average 1979 dollars) Net income as reported Constant dollar adjustments Cost of sales Depreciation and amortization of property and equipment Constant dollar net income Constant dollar gain from decline in purchasing power of net amounts owed $71,000,000 (5,203,000) (18,427,000) (23,630,000) $47,370,000 $55,109,000 Five-Year Comparison of Selected Supplementary Financial Data Adjusted for the Effects of Changing Prices (Average 1979 dollars) Fiscal Years Ended 1979 1978 1977 1976 1975 Net sales and other operating revenue $1,509,957,000 1,389,647,000 1,305,371,000 1,206,576,000 1,045,878,000 Cash dividends declared per com- mon share $.17 .14 .04 Market price per common share at year-end $16.53 12.99 13.73 16.88 20.17 Average Consumer Price Index 217.4 195.4 181.5 170.5 161.2 Constant Dollar net income per share was $1.31 for 1979, excluding the gain from the decline in purchasing power of net amounts owed. Shareholders' equity is $703,598,000 in average 1979 dollars. In accordance with Statement of Financial Accounting Standards No. 33, no adjustment has been made to the provision for income taxes. Accordingly, the effective income tax rate increases from 42.3% as reported in the financial statements to 52.4% in the 1979 Constant Dollar calculations. REPLACEMENT COST (Unaudited) The Company's annual report on Form 10-K contains unaudited information with respect to estimated replacement cost of productive capacity as of December 28,1979 and December 29,1978 and the approximate effect which replacement cost would have had on the computation of depreciation expense for the years then ended. Replacement cost of inventories would be essentially the same as historical cost. SUBSEQUENT EVENT On January 30, 1980, the Company announced an offer to purchase up to 10,600,000 shares of its outstanding common stock for $23.50 per share. At the close of the offer on February 28,1980, approximately 7,500,000 shares had been tendered. 30