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Hot Shoppes, Inc., 1962 Annual Report
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Marriott Hot Shoppes. Hot Shoppes, Inc., 1962 Annual Report - Image 3. 1962. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. October 20, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/753/show/739.

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 Hot Shoppes. (1962). Hot Shoppes, Inc., 1962 Annual Report - Image 3. 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/753/show/739

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 Hot Shoppes, Hot Shoppes, Inc., 1962 Annual Report - Image 3, 1962, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed October 20, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/753/show/739.

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 Hot Shoppes, Inc., 1962 Annual Report
Creator (LCNAF)
  • Marriott Hot Shoppes
Publisher Marriott Hot Shoppes
Date 1962
Description Hot Shoppes, Inc. Annual Report for the fiscal year ending on July 29, 1962.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Marriott Hot Shoppes
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 3
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_033_003.jpg
Transcript TO OUR STOCKHOLDERS 1962 A RECORD YEAR We are pleased to report that during the fiscal year ended July 29, 1962 your Company established all-time highs in both sales and profits. Sales of $71.5 million were 22% greater than the $58.9 million volume of 1961. 1962 profits after taxes of $1.14 per share registered a 33% gain over the 86* earned in the prior year, and total profits after taxes of $2.2 million marked a record achievement in this our Thirty-Fifth Anniversary Year. Profits before taxes also increased to $3.9 million or $800,000 above the $3.1 million for 1961. These high sales and profits were made possible by the outstanding support we have continued to receive from our customers, our stockholders and our employees. We are grateful to each group. The 16 new units opened in 1961 provided a full year's revenue and profit in 1962, and the five operations opened this year also contributed to these revenues. Our constant expansion, while an essential part of our business philosophy, continued to involve heavy expenses which have been fully absorbed in the 1962 operating results. The Eastern Airlines strike, which started on June 24, also exerted an adverse effect on the sales and earnings of our Airline Catering Division for the last 5 weeks of fiscal 1962. FINANCIAL REVIEW Cash flow (profits plus depreciation and deferred taxes) increased in 1962 by 20% to $4.9 million, and this flow of funds is reflected in our cash balance of $7.9 million. This strong current position is further evidenced in our 1962 current ratio of 2.2 to 1 vs. 1.8 to 1 in 1961. Our cash balances alone exceed our total current liabilities, and provide a reservoir of financial strength to the Company as well as flexibility in expansion which enables us to proceed in the selective acceptance of good opportunities as they arise. These cash balances are kept fully invested during the year in short term securities, and have contributed to our 1962 profits. Stock dividends equivalent to 4% or 74,400 shares, having a market value of some $2.1 million, were distributed to our stockholders in 1962. We are again, pleased to note the substantial increase in the number of investors holding Hot Shoppes stock. Total shareholders in 1962 of 5,812 represent a 25% increase over the 4,660 in 1961 and a 53% increase over the total of 3,807 shareholders in 1960. EXPANSION AND RENOVATION New units in 1962 included drive-in restaurants in Springfield, Virginia, and North Miami Beach, Florida. The Miami restaurant is our second unit of this type in that area. In addition, a new public cafeteria was opened near Baltimore in the Reisterstown Plaza Shopping Center; and new airline feeding units catering to overseas flights were opened at the Idlewild International Airport in New York and at the Los Angeles International Airport. We also constructed and opened a new flight kitchen near Chicago, Illinois. Our restaurant at 3130 Lee Highway, Arlington, Virginia, was completely remodeled in 1962 and another unit at 4th & Florida Avenue, N. E., Washington, D. C. is currently closed for complete renovation. A new dining room was added to the Hot Shoppe at 4110 Wisconsin Avenue, N. W.F Washington, D. C, and the Baltimore Friendship Airport flight kitchen was substantially enlarged. The Marriott Motor Hotels in Dallas and Washington, D. C. (Twin Bridges) have improved their facilities with large convention room additions. The new Twin Bridges Persian Room seats 950 persons, and typifies our increasing interest in convention business. The Twin Bridges, Philadelphia and Dallas motor hotels will add still further exhibition hall facilities in 1963, and the sales and promotion staffs have been strengthened throughout the Motor Hotel Division. In 1962, the Marriott Motor Hotels put into operation their own credit card system, and our guest services have been supplemented in Washington, D. C. with the opening of the exclusive Windjammer Club at the Twin Bridges Marriott. Other plans for 1963 include the 200 room and exhibition hall enlargement of the Dallas Marriott, 7 new public restaurants and cafeterias already under