Keyword
in
Collection
Date
to
Marriott Corporation, 1978 Annual Report
Image 25
Citation
MLA
APA
Chicago/Turabian
Marriott International, Inc.. Marriott Corporation, 1978 Annual Report - Image 25. 1978. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 24, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/828/show/812.

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.. (1978). Marriott Corporation, 1978 Annual Report - Image 25. 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/828/show/812

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, 1978 Annual Report - Image 25, 1978, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 24, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/828/show/812.

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.

URL
Embed Image
Compound Item Description
Title Marriott Corporation, 1978 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1978
Description Marriott Corporation Annual Report for the year ending on July 31, 1978.
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 25
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_049_025.jpg
Transcript Board of Directors intends also to increase the cash dividend as earnings grow. Fiscal Year Changed The company announced a change in its fiscal reporting to a year ending on the Friday closest to December 31. The new fiscal year approximates the calendar year and will permit full- season reporting of Theme Park Group results on an annual basis. The company will release in November, 1978, the results for the 12 weeks ending October 20,1978. A subsequent announcement in February, 1979, will cover the 52 weeks ending December 29,1978 and December 30, 1977. New FASB Requirements Met Commencing in fiscal 1978, Marriott is reporting operating profits by business segments in accordance with new Financial Accounting Standards Board (FASB) requirements. Accordingly, corporate administrative expense, unallocated corporate charges, net interest expense, and gains and losses on the disposition of operations and idle property have been excluded. Also in 1978, the company capitalized all outstanding capital leases to conform with an FASB requirement. Prior years have been restated, increasing total capital and debt. The accounting change reduced earnings per share by 2 cents in 1977 and by about 1.5 cents in 1978. Yearly Comparisons Reviewed In fiscal 1977, company sales increased 15% and net income gained 17% over 1976, primarily from improved productivity in some divisions, the first full season of theme park operations, higher prices in most divisions, the opening of new facilities and high occupancies in hotels and on cruise ships. Advertising and sales promotion expense in both 1978 and 1977 in creased at a faster rate than sales due to expanded marketing programs in almost all Groups. The increase in other costs and expenses in fiscal '78 and '77 was generally due to increases in sales, operating units and employees. Net interest expense declined in 1978 as a result of reduction in debt. The increase in net interest in 1977 was due to the financing for the theme parks; interest on these borrowings was capitalized prior to the parks' opening. In fiscal 1978, the effective net income tax rate increased primarily because favorable tax benefits had been recorded on dispositions in 1977. This was partially offset by an increase in '78 investment tax credits (ITC). In fiscal 1977 the tax benefits from dispositions substantially offset the effects of lower ITC compared to 1976 when the two theme parks had opened. Stock Information The range of Marriott stock prices by fiscal quarters has been as follows: Fiscal Quarters 1978 1977 Ended During High Low High Low October $10% $ 914 $14% $12'/8 February 11% 8V4 14 9% May 14 10% 103/4 91/4 July 14 103/4 ll'/4 9i/4 Marriott common stock (MHS) is listed on the New York, Pacific, Midwest and Philadelphia Stock Exchanges. $120 Capital Expenditures '74 '75 '76 '77 '78 CASH FLOW TOPS $100 MILLION Cash flow from operations hits a record $114 million in 1978, or almost double 1974 figure. Capital expenditures total $104 million excluding acquisitions. 23