Marriott Corp. has reported net income of $94.3 million for its 1982 fiscal year, an increase of 10 percent from $86.1 million in 1981.
Earnings per share for 1982 were $3.44, up 8 percent from $3.20 last year. Sales totaled $2.5 billion, a gain of 27 percent over 1981 sales of $2 billion.
President J. W. Marriott Jr. said yesterday the company had strong overall results considering the difficult economy last year, particularly in view of reduced business travel and the airline industry's financial problems.
Marriott said the firm's performance was aided by unit growth, contributions from Host International acquired last March and extensive cost-cutting programs that helped offset the adverse economy.
For the fourth quarter of 1982, Marriott reported net income of $25 million (91 cents), up 16 percent from $21.7 million (81 cents) in 1981. Sales were $792.6 million, up 28 percent from $620.7 million a year ago.
During 1982, Marriott opened 20 hotels and expanded five more. Its restaurant division grew by 88 Roy Rogers outlets--most of them converted Gino's--and by 50 restaurants acquired in the Host deal.
The Chesapeake Corp. of West Point, Va., reported a 69 percent decline in its 1982 earnings. The company blamed a bad business environment that reduced demand for paper and forest products.
The paper products company said its 1982 net income was $8.1 million, down from a record $26.2 million in 1981, while net sales declined 15 percent, from 1981's $282.6 million to $239.9 million.
Shipments of mill products were down approximately 6 percent from 1981 and corrugated container shipments declined 14 percent, the company said.