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Marriott Corporation, 1976 Annual Report
Image 26
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Marriott International, Inc.. Marriott Corporation, 1976 Annual Report - Image 26. 1976. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 6, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/956/show/941.

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.. (1976). Marriott Corporation, 1976 Annual Report - Image 26. 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/956/show/941

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, 1976 Annual Report - Image 26, 1976, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 6, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/956/show/941.

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, 1976 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1976
Description Marriott Corporation Annual Report for the 52 weeks ending on July 30, 1976.
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 26
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_047_026.jpg
Transcript 1976 Sales and Earnings by Quarter (In Thousands, Except Per Share) 1975 (53 weeks) (52 weeks) Sales Net Income Per Share Quarter Sales Net Income Per Share Quarter 1st $187,993 $ 7,381 $.22 1st $165,577 $ 6,597 $.20 2nd 242,855 6,869 .20 2nd 209,123 4,603 .14 3rd 203,939 7,587 .22 3rd 174,668 5,448 .16 4th* 255,616 9,008 .26 4th 183,028 5,170 .16 Totals $890,403 $30,845 $.90 Totals $732,396 $21,818 $.66 * Fourth Quarter 1976 includes 13 wee ;s; fourth quarter 1975 includes 12 w eeks. in 1975, but consolidated net income declined by 12% —primarily because: 1. The Company's cruise ship operations lost $5.8 million before income taxes, reducing net income by $3.7 million, or $2.7 million more than the cruise ship loss in fiscal 1974. The loss resulted from: (a) the loss of cruise business due to the Greek-Turkish war in Cyprus, the increased cost of air fares to Europe and the 1974-1975 economic recession; (b) the effects of substantially increased fuel prices; and (c) significantly increased marketing expenses including non-recurring losses incurred in an unsuccessful joint venture program. 2. Certain costs and expenses increased at a significantly faster rate than sales. Advertising and sales promotion expenses increased 46% due to aggressive marketing of existing and new units by the Hotels and Restaurant Operations Groups and the cruise ship marketing efforts. Pre- opening and development expenses increased 36% because of new unit openings and the writeoff of approximately $500,000 in development expenses for six hotel projects which were discontinued because their projected return failed to meet the Company's criteria for profitability. The increase in other operating costs and expenses was primarily the result of increased sales and operating units. 3. Non-operating income before income taxes declined approximately $1 million from the prior year principally because in 1975 the Company incurred a $400,000 loss on the disposition of its controlling interest in 18 Italian In-Flite units (annual sales of $15,000,000 in fiscal 1974) whereas in 1974 there was a gain of $800,000 on the disposal of excess land in Toronto. 4. Net interest expense increased 12%. Total interest cost, including interest capitalized, increased 33% in 1975 due to the $93 million increase in debt, incurred primarily to finance corporate expansion including theme park construction. This also accounts for the increase in capitalized interest from $5,144,000 in 1974 to $10,353,000 in 1975. 5. The Company's effective gross income tax rate increased from 46.2% to 50.9% in 1975 due largely to the impact on consolidated net income of foreign operating losses for which no tax benefits were accrued. However, investment tax credits were substantially greater in 1975 as a result of the completion of four new hotels in the United States. CAPITAL EXPENDITURES AND FUNDS FROM OPERATIONS (In $ millions) | Funds from Operations 1H Non-Theme Park Capital Expenditures Theme Paik Capital Expenditures 24 Total Capital Expenditures $143.2 J159.2 S114.2 J103.S (67.9