Marriott International Announces 30 Percent Increase in Cash
Marriott International Announces 30 Percent Increase in Cash Dividend; Board Also Approves Adoption of Calendar Fiscal Year Beginning in 2013
BETHESDA, Md., May 4, 2012 - Marriott International, Inc. (NYSE: MAR) today announced that its board of directors approved a 30 percent increase in the company’s quarterly cash dividend from ten cents ($0.10) to thirteen cents ($0.13) per share of common stock. The dividend is payable on June 22, 2012 to shareholders of record on May 18, 2012.
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The board also approved a resolution changing the company’s fiscal year to a calendar year-end beginning with 2013. During 2012, Marriott is upgrading its accounting and financial reporting tools, which will enable the conversion of the entire organization from a 13-period year to a 12-month accounting calendar. The company believes these changes will allow the simplification of transaction and reporting processes to support future growth. The company will not restate historical results as a part of this change. The company’s fiscal year 2013 will begin on December 29, 2012 and will end on December 31, 2013.
Marriott International, Inc. (NYSE: MAR) is a leading lodging company based in Bethesda, Maryland, USA with more than 3,700 properties in 73 countries and territories and reported revenues of over $12 billion in fiscal year 2011. The company operates and franchises hotels and licenses vacation ownership resorts under 17 brands, including Marriott Hotels & Resorts,The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance, Autograph Collection, AC Hotels by Marriott, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Marriott Executive Apartments,Marriott Vacation Club, Grand Residences by Marriott, and The Ritz-Carlton Destination Club. There are approximately 300,000 employees at headquarters, managed and franchised properties. Marriott is consistently recognized as a top employer and for its superior business operations, which it conducts based on five core values: put people first, pursue excellence, embrace change, act with integrity, and serve our world. For more information or reservations, please visit our website at http://www.marriott.com, and for the latest company news, visit http://www.marriottnewscenter.com.
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Marriott International, Inc.
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