Marriott rebounds, posts profit for fourth quarter

February 07, 1992|By Ross Hetrick

Marriott Corp., a hotel and food-services company based in Bethesda, reported yesterday income of $27 million, or 25 cents a share, in its fourth fiscal quarter, which ended Jan. 3, compared with a loss of $54 million, or 57 cents a share, in the same period a year ago.

The company's results for 1990 and 1991 were affected by unusual items, however, including the impact of recently opened hotels, accounting losses associated with the inability to sell some hotels, costs stemming from canceling development projects and expenses related to a reduction in the size of the corporation.

Although Marriott did not disclose precise figures, the earnings excluding the items would have declined by 2 percent and earnings per share would have been 6 percent lower.

Sales during the fourth quarter were $2.7 billion, up from $2.5 billion in the 1990 period.

Marriott said its income was $82 million, or 80 cents a share, for the full year, 74.5 percent more than in 1990, when the company earned $47 million, or 46 cents a share. Sales increased to $8.3 billion last year from $7.6 billion in 1990.

Excluding accounting losses and other charges in both years, net income was $138 million, or $1.35 a share, last year, about 10 percent lower than 1990's adjusted earnings of $153 million, or $1.50 a share.

J. W. Marriott Jr., chairman and president of Marriott, said the company "held its own" in lodging and food services despite the oversupply of hotel rooms and the impact of the recession and the gulf war.

"We made substantial progress on the financial goals we set in late 1990, without affecting customer service," Mr. Marriott said.

Three months ended 1/3/92

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

'91 ... ...2,729,000,000... ... ... 27,000,000... ... ... 0.25

'90... ... 2,541,000,000... ... .. (54,000,000)... ... (0.57)

% change... ... ... +7.4... ... ... ... ... . --... ... ... . --

Twelve months ended 1/3/92

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

'91... 8,331,000,000... ... ... 82,000,000... ... ... . 0.80

'90... 7,646,000,000... ... ... 47,000,000... ... ... . 0.46

% change... ... . +9.0... ... ... ... . +74.5... ... ... . +73.9

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