Professional Documents
Culture Documents
ms_office
1979
1980
1981
1982
Summary of Operations
Sales
Earnings before interest
expense and income taxes
Interest Expense
Income before income taxes
Income taxes
Income from continuing operations
Net Income
Funds provided from cont. operations(b)
1,174.1
1,426.0
1,633.9
1,905.7
2,458.9
107.1
23.7
83.5
35.4
48.1
54.3
101.2
133.5
27.8
105.6
43.8
61.8
71.0
117.5
150.3
46.8
103.5
40.6
92.9
72.0
125.8
173.3
52.0
121.3
45.2
76.1
86.1
160.8
205.5
71.8
133.7
50.2
83.5
94.3
203.6
1,000.3
826.9
309.9
37.5%
418.7
1,080.4
891.9
365.3
41.0%
413.5
1,214.3
977.7
536.6
54.9%
311.5
1,454.9
1,167.5
607.7
52.1%
421.7
2,062.6
1,634.5
889.3
54.4%
516.0
0.25
0.29
0.026
2.28
2.43
183.6
13.9%
0.34
0.39
0.034
2.58
3.48
160.5
17.0%
0.45
0.52
0.042
2.49
6.35
125.3
23.8%
0.57
0.64
0.051
3.22
7.18
130.8
23.4%
0.61
0.69
0.063
3.89
11.70
132.8
20.0%
Lodging:
Sales
Operating profit
Identifiable assets
1982
1983
1984
1985
1986
1987
$1,091.7
132.6
909.7
$1,320.5
139.7
1,264.6
$1,640.8
161.2
1,786.3
$1,898.4
185.8
2,108.9
$2,233.1
215.7
2,236.7
$2,673.3
263.9
2,777.4
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190509318.xls.ms_office
Depreciation
Capital expenditures
22.7
371.5
27.4
377.2
31.3
366.4
32.4
808.3
37.1
966.6
43.9
1,241.9
Contract Services:
Sales
Operating profit
Identifiable assets
Depreciation
Capital expenditures
819.8
51.0
373.3
22.9
127.7
950.6
71.7
391.6
26.1
43.8
1,111.3
86.8
403.9
28.9
55.6
1,586.3
118.6
624.4
40.2
125.9
2,236.1
154.9
1,070.2
61.1
448.7
2,969.0
170.6
1,237.7
75.3
112.7
Retaurants:
Sales
Operating profit
Identifiable assets
Depreciation
Capital expenditures
547.4
48.5
452.2
25.1
199.6
679.4
63.8
483.0
31.8
65.0
707.0
79.7
496.7
35.5
72.3
757.0
78.2
582.6
34.8
128.4
797.3
79.1
562.3
38.1
64.0
879.9
82.4
567.6
42.1
79.6
MARRIOTT CORPORATION
Aritmetic (a)
Average
Return
Equity (b)
Beta
Market (c)
Leverage
1987
Revenues
($ billions)
22.40%
1.11
41%
6.52
13.30%
0.76
14%
0.77
28.80%
1.35
79%
1.66
-6.40%
0.89
69%
0.17
11.70%
1.36
65%
0.75
-3.20%
1.45
4%
0.39
Hotels:
HILTON HOTELS CORPORATION
(owns, manages, and licenses hotels.
Operates casinos.)
HOLIDAY CORPORATION
(Owns, operates, and licenses hotels and restaurants.
Operates casinos.)
Restaurants:
CHURCH'S FRIED CHICKEN
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190509318.xls.ms_office
20.30%
1.45
10%
0.57
56.90%
0.57
6%
0.14
15.10%
0.76
1%
0.23
22.50%
0.94
23%
4.89
4.60%
1.32
21%
1.05
FRISCH'S RESTAURANTS
(Operates and franchises restaurants.)
LUBY'S CAFETERIAS
(Operates Cafeterias.)
MCDONALD'S
(Operates, franchises, and services restaurants.)
WENDY'S INTERNATIONAL
(Operates, franchises, and services restaurants.)
Arimethic
Average
Years
Standard
Deviation
3.54%
1.01%
3.67%
7.80%
10.32%
6.16%
5.46%
0.94%
0.40%
0.56%
0.83%
0.75%
0.19%
0.22%
4.58%
4.14%
2.39%
1.95%
17.85%
24.44%
-2.69%
Page 3
7.58%
4.17%
6.45%
11.15%
14.26%
17.30%
10.28%
190509318.xls.ms_office
5.24%
4.82%
3.05%
2.70%
18.96%
19.85%
-0.27%
6.97%
3.45%
6.04%
10.87%
14.17%
8.19%
9.64%
12.01%
10.90%
11.87%
14.81%
15.49%
18.47%
5.23%
20.55%
27.18%
13.57%
14.60%
13.92%
17.94%
30.50%
Exhibit 5
Arimethic
Average
Years
Standard
Deviation
8.47%
9.89%
8.20%
7.01%
5.17%
12.31%
-0.23%
20.60%
27.18%
13.71%
14.60%
14.15%
17.92%
30.61%
7.43%
6.76%
9.48%
12.86%
-2.36%
-5.97%
Page 4
20.78%
26.94%
14.35%
15.58%
13.70%
14.76%
190509318.xls.ms_office
1987
7.92%
35.35%
6.77%
6.06%
8.82%
12.11%
-3.47%
-1.38%
5.50%
20.31%
26.70%
13.15%
15.84%
13.59%
14.72%
34.06%
Professor Richard S. Ruback prepared this case as a basis for class discussion
rather than to illustrate either effective or ineffective handling of an administrative situation
WORKSHEET NAVIGATION
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190509318.xls.ms_office
Each exhibit in this worksheet has been named using the <Formula>
<Define> <Name> commands in Excel. This allows you to easily move
from one section of the worksheet to another. Either of the following
techniques will allow you to move from one exhibit to another.
Click on <Formula> in the menu bar, then select <Go to...> from pulldown menu
A dialog box will appear listing the exhibits
Click on the exhibit you wish to view, then click on <OK>.
OR
You may use the scroll bar or arrow keys to page down through the list
of exhibits if the one you wish to view is not immediately apparent.
SCROLL TO A1 TO GO TO FIRST EXHIBIT...
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190509318.xls.ms_office
1984
1985
1986
1987
2,950.5
3,524.9
4,241.7
5,266.5
6,522.2
247.9
62.8
185.1
76.7
108.4
115.2
272.7
297.7
61.6
236.1
100.8
135.3
139.8
322.5
371.3
75.6
295.7
128.3
167.4
167.4
372.3
420.5
60.3
360.2
168.5
191.7
191.7
430.3
489.4
90.5
398.9
175.9
223.0
223.0
472.8
2,501.4
2,007.5
1,071.6
53.4%
628.2
2,904.7
2,330.7
1,115.3
47.9%
675.6
3,663.8
2,861.4
1,192.3
41.7%
848.5
4,579.3
3,561.8
1,662.8
46.7%
991.0
5,370.5
4,247.8
2,498.8
58.8%
810.8
0.78
0.83
0.076
4.67
14.25
134.4
20.0%
1.00
1.04
0.093
5.25
14.70
128.8
22.1%
1.24
1.24
0.113
6.48
21.58
131.0
22.1%
1.40
1.40
0.136
7.59
29.75
130.6
20.6%
1.67
1.67
0.170
6.82
30.00
118.8
22.2%
s depreciation,
Page 7