Marriott Corp.

July 03, 1991

Declining earnings for the quarter were partly related to start-up losses, including financing costs, for a number of hotels owned by Marriott Corp., according to J. W. Marriott Jr., chairman.

"Excluding these losses and the impact of prior years' dispositions, earnings per share declined 16 percent in the latest quarter from a year ago," Mr. Marriott said.

In addition to high start-up losses for hotels, results for the second quarter were "constrained by the ongoing recession and the oversupply of rooms in the lodging industry," Mr. Marriott said.

Travel activity during the quarter continued below year-ago levels, affecting several segments of Marriott's business, including lodging, airport and highway operations, he said.

Three months ended 6/14/91

.. .. .. Revenue.. .. .. . Net.. .. .. .. Share

'91.. 1,940,000,000.. 27,000,000 .. .. ...27

'90.. 1,764,000,000.. 46,000,000 .. .. ...46

% change.. +10.. .. .. .. -41.3.. .. .. .-41.3

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