BETHESDA, MD, July 16, 2009 /PRNewswire-FirstCall/ -- Marriott International, Inc. ("Marriott") (NYSE:MAR) today reported second quarter 2009 adjusted income from continuing operations attributable to Marriott of $84 million, a 56 percent decline over the year-ago quarter, and adjusted diluted earnings per share ("EPS") from continuing operations attributable to Marriott shareholders of $0.23, down 55 percent.
J.W. Marriott, Jr. (top right photo), chairman and chief executive officer of Marriott International, said, "In the midst of a continued difficult environment for the travel and tourism industry, our company retains its focus on driving revenue, reducing costs and strengthening the balance sheet.
The company's EPS guidance for the 2009 second quarter, disclosed on April 23, 2009, totaled $0.20 to $0.23.
The reported income from continuing operations attributable to Marriott was $37 million in the second quarter of 2009 compared to reported income from continuing operations attributable to Marriott of $153 million in the year-ago quarter.
J.W. Marriott, Jr. (top right photo), chairman and chief executive officer of Marriott International, said, "In the midst of a continued difficult environment for the travel and tourism industry, our company retains its focus on driving revenue, reducing costs and strengthening the balance sheet."In the second quarter, we delivered impressive house profit margins as a result of ongoing cost controls and operational improvements, despite a significant decline in revenue per available room.
"Our efficient delivery of high quality products and services continues to get solid reviews from owners and franchisees as we manage through the difficult economy. Our 110,000-room global hotel development pipeline demonstrates owners' and franchisees' ongoing confidence in our brands and management expertise.
"Across the enterprise our lodging brands continue to show significant REVPAR premiums as our teams launch quick-to-market and focused revenue generation initiatives.
"Our timeshare business rolled out a successful 25th Anniversary stimulus promotion in the second quarter, which significantly improved timeshare contract sales compared to first quarter levels, while significant cost reductions helped the bottom line.
"We expect timeshare to deliver positive cash flow in 2009."Most importantly, both customer and associate satisfaction levels remain high in both our lodging and timeshare businesses. As a result, we remain confident in the long term prospects for our company."
For a complete copy of the company's news release and financials, please contact:
Tom Marder of Marriott International, Inc., +1-301-380-2553,
Web Site: http://www.marriott.com/
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