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Hot Shoppes, Inc., 1956 Annual Report
Image 4
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Marriott Hot Shoppes. Hot Shoppes, Inc., 1956 Annual Report - Image 4. 1956. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. August 10, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/787/show/774.

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. (1956). Hot Shoppes, Inc., 1956 Annual Report - Image 4. 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/787/show/774

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., 1956 Annual Report - Image 4, 1956, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed August 10, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/787/show/774.

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., 1956 Annual Report
Creator (LCNAF)
  • Marriott Hot Shoppes
Publisher Marriott Hot Shoppes
Date 1956
Description Hot Shoppes, Inc. Annual Report for the fiscal year ending on July 29, 1956.
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 4
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_028_004.jpg
Transcript a message / to our stockholders: Your Company has just completed a year of extensive expansion. During fiscal 1956, we have opened sixteen new restaurant operations, bringing the total operating units to 66. Our sales volume has risen to $29,170,667 for an increase of 24% over 1955. OPERATING RESULTS This $5,619,046 sales increase was derived from old and new locations alike, with our new restaurants accounting for some three-fourths of the total increase. The sixteen new units were open for only a portion of the year, and consequently their normal sales contribution to our business can be expected to be greater than the total realized in fiscal 1956. Net profits before taxes in 1956 were $1,845,830 as compared to $1,829,248 in 1955. This stability of earnings in the face of increased sales is attributed to the expenses incurred in opening the new operations. Expansion programs impose heavy burdens on a company's managerial and financial resources, and the planning and absorbing of new units always involve certain non-recurring expenses on both the administrative and operating levels. Operating profits at locations open during the previous year have been satisfactory. We did, however, suffer some loss of profits when our drive-in restaurant at 4110 Wisconsin Ave., N.W., Washington, D. C, was destroyed by fire. A new service restaurant will be built at this location. Federal and state income taxes in 1956 of $997,843 compared with $993,945 in 1955. 1956 net profits after taxes totaled $847,987 and again closely approximated 1955's net of $835,303. Dividends paid in 1956 totaled $299,413, or 35% of 1956 earnings. These dividends represent a continuation of the established quarterly rate of 150 per share of Common Stock. FINANCIAL CONDITION Our current asset position remains strong. Cash of $3,677,922 exceeds by some one-half million dollars our total current liabilities of $3,160,497, and Hot Shoppes' current ratio of 1.9 to 1 in 1956 compares well to that of 2.1 to 1 in 1955 in spite of sizeable expenditures for fixed assets. The Statement of Consolidated Financial Condition shows that the Company has invested a substantial sum in buildings, improvements, furniture and fixtures; and we have acquired several additional sites for further expansion. In addition, we have over $2,500,000 invested in the construction of the Marriott Motor Hotel. This project has been financed temporarily through a construction loan from the Riggs National Bank. Permanent financing for the Marriott Motor Hotel has been arranged with the Equitable Life Assurance Society of the United States. MANAGEMENT CHANGES The past year saw a number of organizational changes in your Company. At a special meeting of the Board of Directors in March, the position of Executive Vice President was created, and our former Vice President and Treasurer, Mr. Milton A. Barlow, was elected to this position. This senior executive position was created to reduce the operating load which the President has been carrying, enabling him thereby to devote his time and efforts to broad policy plans and programs. Another major change was the election, by the Board of Directors, of Mr. Woodrow D. Marriott to the position of Vice President in charge of Store Operations. Mr. Marriott succeeded Mr. John S. Daniels, who has been elevated to the position of Vice