Marriott Declares Cash Dividend; Board Approves Increase In Stock Repurchase Authorization By 40 Million Shares
WASHINGTON, Aug 03, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Marriott International, Inc. (NYSE: MAR) today announced that its board of directors declared a quarterly cash dividend of 6 1/4 ($0.0625) cents per share of common stock. 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 October 13, 2006, to shareholders of record as of September 1, 2006.
Marriott also announced that the board has increased by 40 million shares the authorization to repurchase the company's common stock. When combined with the remaining balance in prior share repurchase authorizations, the Company is authorized to purchase roughly 51 million shares. Shares may be purchased in the open market or in privately negotiated transactions.
During 2005, the company repurchased approximately 51 million shares for $1.65 billion and in 2006 through July 31 has repurchased 24.3 million shares for $864 million.
All share amounts reflect the two-for-one stock split on June 9, 2006.
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading lodging company with nearly 2,800 lodging properties in the United States and 67 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 Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers and golf courses. The company is headquartered in Washington, D.C., and had approximately 143,000 employees at 2005 year-end. It is ranked as the lodging industry's most admired company and one of the best places to work for by FORTUNE(R) . The company is also a 2006 U.S. Environmental Protection Agency (EPA) ENERGY STAR(R) Partner. In fiscal year 2005, Marriott International reported sales from continuing operations of $11.6 billion. For more information or reservations, please visit our web site at http://www.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
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