Marriott International (MAR) 8-K Consolidated Statement of Income by Quarter

EXHIBIT 99

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MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENT OF INCOME BY QUARTER

Fiscal Year Ended January 2, 2004

($ in millions, except per share amounts)

	First Quarter10			Second Quarter10			Third Quarter10			Fourth Quarter10			Fiscal Year 20039
REVENUES
Base management fees	$	92		$	88		$	86		$	122		$	388
Franchise fees		52			56			61			76			245
Incentive management fees		29			28			18			34			109
Owned, leased, corporate housing and other1		137			145			132			219			633
Timeshare interval sales and services2		237			234			296			378			1,145
Cost reimbursements3		1,408			1,402			1,423			1,959			6,192
Synthetic fuel		68			63			93			78			302
Total Revenues		2,023			2,016			2,109			2,866			9,014
OPERATING COSTS AND EXPENSES
Owned, leased and corporate housing—direct4		110			119			118			158			505
Timeshare—direct		208			215			265			323			1,011
Reimbursed costs		1,408			1,402			1,423			1,959			6,192
General, administrative and other5		112			107			117			187			523
Synthetic fuel		127			105			96			78			406
Total Expenses		1,965			1,948			2,019			2,705			8,637
OPERATING INCOME		58			68			90			161			377
Gains and other income6		1			38			15			52			106
Interest expense		(26	)		(25	)		(26	)		(33	)		(110	)
Interest income		20			27			31			51			129
Provision for loan losses		(5	)		(1	)		(1	)		—			(7	)
Equity in earnings (losses)—Synthetic fuel7		—			—			—			10			10
—Other8		(1	)		3			(3	)		(16	)		(17	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTEREST		47			110			106			225			488
Benefit (provision) for income taxes		40			16			16			(29	)		43
INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST		87			126			122			196			531
Synthetic fuel minority interest		—			—			(29	)		(26	)		(55	)
INCOME FROM CONTINUING OPERATIONS		87			126			93			170			476
Discontinued operations
Income (loss) from Senior Living Services, net of tax		30			(1	)		—			(3	)		26
(Loss) Income from Distribution Services, net of tax		(1	)		—			(1	)		2			—
NET INCOME	$	116		$	125		$	92		$	169		$	502
EARNINGS PER SHARE—Basic
Earnings from continuing operations	$	0.37		$	0.54		$	0.40		$	0.74		$	2.05
Earnings (loss) from discontinued operations		0.13			—			(0.01	)		(0.01	)		0.11
Earnings per share	$	0.50		$	0.54		$	0.39		$	0.73		$	2.16
EARNINGS PER SHARE—Diluted
Earnings from continuing operations	$	0.36		$	0.52		$	0.38		$	0.69		$	1.94
Earnings (loss) from discontinued operations		0.12			(0.01	)		(0.01	)		—			0.11
Earnings per share	$	0.48		$	0.51		$	0.37		$	0.69		$	2.05

EXHIBIT 99

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MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENT OF INCOME BY QUARTER

Fiscal Year Ended January 3, 2003

($ in millions, except per share amounts)

	First Quarter 11			Second Quarter 11			Third Quarter 11			Fourth Quarter 11			Fiscal Year 2002 9
REVENUES
Base management fees	$	85		$	91		$	82		$	121		$	379
Franchise fees		51			54			55			72			232
Incentive management fees		32			52			25			53			162
Owned, leased, corporate housing and other1		139			165			150			197			651
Timeshare interval sales and services2		221			261			259			318			1,059
Cost reimbursements3		1,262			1,343			1,282			1,852			5,739
Synthetic fuel		5			53			55			80			193
Total Revenues		1,795			2,019			1,908			2,693			8,415
OPERATING COSTS AND EXPENSES
Owned, leased and corporate housing—direct4		117			126			123			214			580
Timeshare—direct		195			227			233			283			938
Reimbursed costs		1,262			1,343			1,282			1,852			5,739
General, administrative and other5		101			127			108			174			510
Synthetic fuel		11			96			87			133			327
Total Expenses		1,686			1,919			1,833			2,656			8,094
OPERATING INCOME		109			100			75			37			321
Gains and other income6		15			20			28			69			132
Interest expense		(19	)		(21	)		(19	)		(27	)		(86	)
Interest income		19			28			28			47			122
Provision for loan losses		—			—			—			(12	)		(12	)
Equity in earnings (losses)—Synthetic fuel7		—			—			—			—			—
—Other8		(6	)		6			—			(6	)		(6	)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND MINORITY INTEREST		118			133			112			108			471
(Provision) benefit for income taxes		(36	)		(6	)		2			8			(32	)
INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST		82			127			114			116			439
Synthetic fuel minority Interest		—			—			—			—			—
INCOME FROM CONTINUING OPERATIONS		82			127			114			116			439
Discontinued operations
Income (loss) from Senior Living Services, net of tax		4			3			10			(125	)		(108	)
Loss from Distribution Services, net of tax		(4	)		(1	)		(21	)		(28	)		(54	)
NET INCOME (LOSS)	$	82		$	129		$	103		$	(37	)	$	277
EARNINGS PER SHARE—Basic
Earnings from continuing operations	$	0.34		$	0.52		$	0.47		$	0.49		$	1.83
Earnings (loss) from discontinued operations		—			0.01			(0.04	)		(0.65	)		(0.68	)
Earnings (loss) per share	$	0.34		$	0.53		$	0.43		$	(0.16	)	$	1.15
EARNINGS PER SHARE—Diluted
Earnings from continuing operations	$	0.32		$	0.49		$	0.45		$	0.47	��	$	1.74
Earnings (loss) from discontinued operations		—			0.01			(0.04	)		(0.62	)		(0.64	)
Earnings (loss) per share	$	0.32		$	0.50		$	0.41		$	(0.15	)	$	1.10

EXHIBIT 99

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Notes:

¹ Owned, leased, corporate housing and otherrevenue includes revenue from the properties we own or lease, our ExecuStay business, land rent income and other revenue.

² Timeshare interval sales and services includes total timeshare revenue except for base fees, reimbursed costs and note sale gains.

³ Cost reimbursements include reimbursements from lodging properties for Marriott funded operating expenses. Marriott earns no markup on these expenses.

⁴ Owned, leased and corporate housing—directexpenses include operating expenses of our ExecuStay business unit, and owned or leased hotels including lease payments, pre-opening expenses and depreciation.

⁵ General, administrative and other expenses include the overhead costs allocated to our lodging business segments (including ExecuStay and timeshare) and our unallocated corporate overhead costs.

⁶ Gains and other income includes gains on the sale of real estate, timeshare note sale gains, and gains on the sale of our interests in joint ventures.

⁷ Equity in earnings (losses)—Synthetic fuel includes our share of the equity in earnings of the Synthetic fuel joint venture and the earnout we received from the Synthetic fuel joint venture partner beginning November 7, 2003. The earnout we received prior to November 7, 2003, along with the revenue generated from the previously consolidated Synthetic fuel joint venture, are included in Synthetic fuel revenue.

⁸ Equity in earnings (losses)—Other includes our equity in earnings (losses) of unconsolidated joint ventures.

⁹ Fiscal Year 2003 included 52 weeks. Fiscal Year 2002 included 53 weeks.

¹⁰ The quarters consisted of 12 weeks, except the fourth quarter 2003, which consisted of 16 weeks.

¹¹ The quarters consisted of 12 weeks, except the fourth quarter 2002, which consisted of 17 weeks.