Marriott Corp.: The Washington-based lodging and contract-services...
From Times Staff and Wire Service Reports
Marriott Corp.: The Washington-based lodging and contract-services company said net income fell 24% to $177 million for fiscal 1989. Sales rose 14% to $7.5 billion from the previous year. 1988 full-year and fourth-quarter results were restated to reflect the restaurant businesses as discontinued operations. Results for 1989 included a gain on the divestiture of Marriott’s airline catering operations, restructuring charges and writeoffs from continuing operations. For the fourth quarter, net income was $1 million, compared to $65 million in 1988, on sales of $2.5 billion, up 19% from the restated 1988 results.
Tables, D12
