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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Under Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 13, 1998
NEW MARRIOTT MI, INC.
(To Be Renamed "Marriott International, Inc.")
(Exact name of registrant as specified in its charter)
Delaware 52-2055918
(State of incorporation) (IRS Employer Identification No.)
1-13188
(Commission File No.)
10400 Fernwood Road, Bethesda, Maryland 20817
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (301) 380-3000
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
Financial data for the Registrant for 1997 and 1996, by quarter is given
below. The financial data is unaudited, and should be read in conjunction with
the combined financial statements and notes thereto included in the Registrant's
Annual Report on Form 10-K for the fiscal year ended January 2, 1998.
QUARTERLY FINANCIAL DATA - UNAUDITED
<TABLE>
<CAPTION>
($ in millions, except per share data) 1997 (1)
--------------------------------------------------------------------------
First Second Third Fourth Fiscal
Quarter Quarter Quarter Quarter Year
---------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
SALES
Lodging
Rooms $ 898 $ 1,061 $ 991 $ 1,338 $ 4,288
Food and beverage 321 393 314 549 1,577
Other 231 260 299 353 1,143
---------- ----------- ----------- ----------- ----------
1,450 1,714 1,604 2,240 7,008
Contract Services 459 481 469 629 2,038
---------- ----------- ----------- ----------- ----------
1,909 2,195 2,073 2,869 9,046
---------- ----------- ----------- ----------- ----------
OPERATING COSTS AND EXPENSES
Lodging
Departmental direct costs
Rooms 197 232 227 308 964
Food and beverage 239 289 253 414 1,195
Other operating expenses 893 1,050 993 1,344 4,280
---------- ----------- ----------- ----------- ----------
1,329 1,571 1,473 2,066 6,439
Contract Services 445 465 464 624 1,998
---------- ----------- ----------- ----------- ----------
1,774 2,036 1,937 2,690 8,437
---------- ----------- ----------- ----------- ----------
OPERATING PROFIT
Lodging 121 143 131 174 569
Contract Services 14 16 5 5 40
---------- ----------- ----------- ----------- ----------
Operating profit before corporate expenses
and interest 135 159 136 179 609
Corporate expenses (20) (20) (20) (28) (88)
Interest expense (7) (8) (3) (4) (22)
Interest income 5 6 8 13 32
---------- ----------- ----------- ----------- ----------
INCOME BEFORE INCOME TAXES 113 137 121 160 531
Provision for income taxes 44 53 47 63 207
---------- ----------- ----------- ----------- ----------
NET INCOME $ 69 $ 84 $ 74 $ 97 $ 324
========== =========== =========== =========== ==========
EARNINGS PER SHARE (2,3)
Pro Forma Basic Earnings per Share $0.27 $0.33 $0.29 $0.38 $1.27
========== =========== =========== =========== ==========
Pro Forma Diluted Earnings per Share $0.26 $0.31 $0.27 $0.36 $1.19
========== =========== =========== =========== ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
1996 (1)
--------------------------------------------------------------------------
First Second Third Fourth Fiscal
Quarter Quarter Quarter Quarter Year
---------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
SALES
Lodging
Rooms $ 781 $ 856 $ 836 $ 1,146 $ 3,619
Food and beverage 303 327 271 460 1,361
Other 189 205 194 286 874
---------- ----------- ----------- ----------- ----------
1,273 1,388 1,301 1,892 5,854
Contract Services 236 308 344 525 1,413
---------- ----------- ----------- ----------- ----------
1,509 1,696 1,645 2,417 7,267
---------- ----------- ----------- ----------- ----------
OPERATING COSTS AND EXPENSES
Lodging
Departmental direct costs
Rooms 184 191 196 272 843
Room and beverage 231 239 220 348 1,038
Other operating expenses 764 843 784 1,130 3,521
---------- ----------- ----------- ----------- ----------
1,179 1,273 1,200 1,750 5,402
Contract Services 229 294 330 504 1,357
---------- ----------- ----------- ----------- ----------
1,408 1,567 1,530 2,254 6,759
---------- ----------- ----------- ----------- ----------
OPERATING PROFIT
Lodging 94 115 101 142 452
Contract Services 7 14 14 21 56
---------- ----------- ----------- ----------- ----------
Operating profit before corporate expense
and interest 101 129 115 163 508
Corporate expenses (14) (15) (15) (29) (73)
Interest expense 8 (23) (12) (10) (37)
Interest income 9 9 7 12 37
---------- ----------- ----------- ----------- ----------
INCOME BEFORE INCOME TAXES 104 100 95 136 435
Provision for income taxes 40 38 36 51 165
---------- ----------- ----------- ----------- ----------
NET INCOME $ 64 $ 62 $ 59 $ 85 $ 270
========== =========== =========== =========== ==========
EARNINGS PER SHARE(2,3)
Pro Forma Basic Earnings per Share $0.25 $0.24 $0.23 $0.33 $1.06
========== =========== =========== =========== ==========
Pro Forma Diluted Earnings per Share $0.22 $0.23 $0.22 $0.31 $0.99
========== =========== =========== =========== ==========
</TABLE>
(1) The quarters consist of 12 weeks, except the fourth quarter, which includes
16 weeks in 1997 and 17 weeks in 1996.
(2) Pro forma earnings per share data reflect the adoption, in the fourth
quarter of 1997, of Statement of Financial Accounting Standards No. 128,
"Earnings Per Share."
(3) The sum of the earnings per share for the four quarters differs from the
annual per share data due to the required method of computing weighted
average number of shares in interim periods.
<PAGE>
SIGNATURES
Under the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
NEW MARRIOTT MI, INC.
By: /s/ Stephen E. Riffee
---------------------------
Stephen E. Riffee
Vice President, Finance and
Chief Accounting Officer
Date: March 13, 1998
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