Professional Documents
Culture Documents
xls
1978
1979
1980
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
1,174.1
1,426.0
1,633.9
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
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
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%
Lodging:
Sales
Operating profit
Identifiable assets
Depreciation
Capital expenditures
1982
1983
1984
1985
$1,091.7
132.6
909.7
22.7
371.5
$1,320.5
139.7
1,264.6
27.4
377.2
$1,640.8
161.2
1,786.3
31.3
366.4
$1,898.4
185.8
2,108.9
32.4
808.3
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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
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
Exhibit 3
Aritmetic (a)
Average
Return
Equity (b)
Beta
22.40%
1.11
13.30%
0.76
28.80%
1.35
-6.40%
0.89
11.70%
1.36
-3.20%
1.45
20.30%
1.45
MARRIOTT CORPORATION
(owns, operates, and manages hotels, restaurants,
and airline and institutional food services.)
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
(owns and franchises restaurants and gaming businesses.)
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FRISCH'S RESTAURANTS
56.90%
0.57
15.10%
0.76
22.50%
0.94
4.60%
1.32
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%
7.58%
4.17%
6.45%
11.15%
14.26%
17.30%
10.28%
5.24%
4.82%
3.05%
2.70%
18.96%
Page 3
6.97%
3.45%
6.04%
10.87%
14.17%
340201749.xls
1986
1987
19.85%
-0.27%
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%
7.92%
20.78%
26.94%
14.35%
15.58%
13.70%
14.76%
35.35%
6.77%
6.06%
8.82%
12.11%
Page 4
20.31%
26.70%
13.15%
15.84%
340201749.xls
1981-85
1986
1987
-3.47%
-1.38%
5.50%
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
This worksheet contains the data from the following exhibits:
Exhibit
Exhibit
Exhibit
Exhibit
1:
2:
3:
4:
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340201749.xls
er share amounts)
MORE > > > > > >
1981
1982
1983
1984
1985
1986
1,905.7
2,458.9
2,950.5
3,524.9
4,241.7
5,266.5
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
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
1,454.9
1,167.5
607.7
52.1%
421.7
2,062.6
1,634.5
889.3
54.4%
516.0
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
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%
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%
t, 1982-1987
1986
1987
$2,233.1
215.7
2,236.7
37.1
966.6
$2,673.3
263.9
2,777.4
43.9
1,241.9
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2,236.1
154.9
1,070.2
61.1
448.7
2,969.0
170.6
1,237.7
75.3
112.7
797.3
79.1
562.3
38.1
64.0
879.9
82.4
567.6
42.1
79.6
ompanies
Market (c)
Leverage
1987
Revenues
($ billions)
41%
6.52
14%
0.77
79%
1.66
69%
0.17
65%
0.75
4%
0.39
10%
0.57
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6%
0.14
1%
0.23
23%
4.89
21%
1.05
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Bond Rates
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administrative situation
ment, 1982-1987
nt Companies
ected Securities
down menu
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1987
6,522.2
489.4
90.5
398.9
175.9
223.0
223.0
472.8
5,370.5
4,247.8
2,498.8
58.8%
810.8
1.67
1.67
0.170
6.82
30.00
118.8
22.2%
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