Marriott Announces Increase of Cash Dividend; Also Approves Increase in Share Repurchase Authorization to 25 Million Shares
WASHINGTON, Apr 30, 2004 /PRNewswire-FirstCall via COMTEX/ -- Marriott International, Inc. (NYSE: MAR) today announced that its board of directors declared a one cent increase in the company's quarterly dividend, to eight and one half cents per share of common stock. The increase in the quarterly cash dividend reflects the company's growing earnings, positive outlook and strong cash flow. The company and its predecessors (old Marriott International, Inc. and Marriott Corporation) have paid a dividend in every quarter since late 1977. The dividend is payable July 26, 2004, to shareholders of record as of June 24, 2004.
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Marriott also announced that the board has increased by 20 million shares the authorization to repurchase the company's common stock for a total outstanding authorization of approximately 25 million shares. The 25 million shares represent 11 percent of the outstanding common stock shares of the company. Shares may be purchased in the open market or in privately negotiated transactions. During 2003, the company repurchased 10.5 million shares, and to date in 2004 has repurchased approximately 7.4 million additional shares.
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading worldwide hospitality company with over 2,700 lodging properties in the United States and 68 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. Marriott is also in the synthetic fuel business. The company is headquartered in Washington, D.C., and has approximately 128,000 employees and was ranked as the lodging industry's most admired company and one of the best places to work for by FORTUNE(R). In fiscal year 2003, Marriott International reported sales from continuing operations of $9 billion. For more information or reservations, please visit our web site at marriott.com.
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SOURCE Marriott International, Inc.
Tom Marder of Marriott International, Inc., +1-301-380-2553, or thomas.marder@marriott.com /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030605/MARRIOTTLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840 /Company News On-Call: http://www.prnewswire.com/comp/532963.html
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