MAR » Topics » Equity in (Losses) Earnings

This excerpt taken from the MAR 10-Q filed Apr 24, 2009.

Equity in (Losses) Earnings

Equity in losses of $34 million in the first quarter of 2009 increased by $61 million from equity in earnings of $27 million in the first quarter of 2008 and primarily reflected a $30 million impairment charge in the 2009 first quarter associated with a Luxury segment joint venture investment that we determined to be fully impaired (see the “Other Charges” caption in the “Restructuring Costs and Other Charges” section for more information). The decrease in joint venture equity earnings also reflected an unfavorable comparison to $15 million of equity earnings in the first quarter of 2008 from a joint venture, which sold portfolio assets and had significant associated gains, and $6 million of earnings in the first quarter of 2008 from another joint venture primarily reflecting insurance proceeds received by that joint venture. Further contributing to the decline were $7 million of decreased earnings from a joint venture, attributable to weak demand in 2009 for a Timeshare segment residential project in Hawaii, and $4 million of equity losses associated with a North American Limited-Service segment joint venture, which was hurt by the weak demand environment.

 

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These excerpts taken from the MAR 10-Q filed Jul 11, 2008.

Equity in (Losses) Earnings

Twelve Weeks. Equity in earnings decreased by $2 million from losses of $1 million in the second quarter of 2007 to losses of $3 million in the second quarter of 2008 and reflected an unfavorable $9 million impact associated with tax law changes in a country in which two international joint ventures operate, partially offset by a $3 million impact associated with insurance proceeds received by one of these same joint ventures and a $3 million increase reflecting favorable reportability in the 2008 period associated with a Timeshare segment fractional and residential project in Hawaii.

Twenty-four Weeks. Equity in earnings increased by $23 million from income of $1 million in the first half of 2007 to income of $24 million in the first half of 2008 and primarily reflected $15 million of increased earnings from a joint venture which sold portfolio assets in the 2008 period and had significant associated gains, $9 million of increased earnings from another joint venture primarily reflecting insurance proceeds received by that joint venture in the first half of 2008, $5 million of increased earnings from a third joint venture attributable to favorable reportability in the 2008 period for a Timeshare segment fractional and residential project in Hawaii, and increased earnings of $3 million from several other joint ventures, partially offset by an unfavorable $9 million impact associated with tax law changes in a country in which two international joint ventures operate.

Equity in (Losses) Earnings

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">Twelve Weeks. Equity in earnings decreased by $2 million from losses of $1 million in the second quarter of 2007 to losses of $3 million in the
second quarter of 2008 and reflected an unfavorable $9 million impact associated with tax law changes in a country in which two international joint ventures operate, partially offset by a $3 million impact associated with insurance proceeds received
by one of these same joint ventures and a $3 million increase reflecting favorable reportability in the 2008 period associated with a Timeshare segment fractional and residential project in Hawaii.

STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%">Twenty-four Weeks. Equity in earnings increased by $23 million from income of $1 million in the first half of 2007 to income of $24 million in the
first half of 2008 and primarily reflected $15 million of increased earnings from a joint venture which sold portfolio assets in the 2008 period and had significant associated gains, $9 million of increased earnings from another joint venture
primarily reflecting insurance proceeds received by that joint venture in the first half of 2008, $5 million of increased earnings from a third joint venture attributable to favorable reportability in the 2008 period for a Timeshare segment
fractional and residential project in Hawaii, and increased earnings of $3 million from several other joint ventures, partially offset by an unfavorable $9 million impact associated with tax law changes in a country in which two international joint
ventures operate.

This excerpt taken from the MAR 10-Q filed Oct 5, 2007.

Equity in (Losses) Earnings

Twelve Weeks. Equity in earnings increased $9 million from losses of $1 million in the third quarter of 2006 to earnings of $8 million in the third quarter of 2007. The increase is attributable to stronger performance in the 2007 third quarter associated with several joint ventures including, at one joint venture, the reopening of a hotel in Mexico which had been closed following a hurricane in 2005.

Thirty-six Weeks. Equity in earnings increased $7 million from $2 million in the first three quarters of 2006 to earnings of $9 million in the first three quarters of 2007 and reflected the mix of investments, compared to the year ago period, and stronger results at several joint ventures reflecting the strong demand environment including, at one joint venture, the reopening of a hotel in Mexico which had been closed following a hurricane in 2005.

This excerpt taken from the MAR 10-Q filed Jul 13, 2007.

Equity in (Losses) Earnings

Twelve Weeks. The $7 million decrease from earnings of $6 million in the second quarter of 2006 to losses of $1 million in the second quarter of 2007 attributable to our equity investments reflected weaker performance in the 2007 second quarter associated with two joint ventures and the mix of investments as some investments have been sold since the 2006 second quarter, partially offset by stronger results at other joint ventures reflecting the demand environment.

Twenty-four Weeks. Earnings of $3 million in the first half of 2006 compared to earnings of $1 million in the first half of 2007.

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