Phoenix: Viad Corp Announces Q1/2010 Results

April 23, 2010 06:00 AM Eastern Daylight Time

Viad Corp Announces First Quarter Results

Net Loss per Share of $0.15

Loss Before Other Items per Share of $0.02

PHOENIX--(BUSINESS WIRE)--Viad Corp (NYSE: VVI) today announced its first quarter 2010 net loss of $3.0 million, or $0.15 per diluted share. Viad’s loss before other items was $461,000, or $0.02 per diluted share, which excludes restructuring charges and the resolution of tax matters. This compares to the company’s prior guidance of a loss before other items per share of $0.20 to $0.05 and 2009 first quarter income before other items of $0.15 per share.

• Revenues of $224.4 million were down $16.6 million from 2009 (6.9%), reflecting base same-show declines of 10 percent and negative show rotation of approximately $8 million, partially offset by favorable currency translation of approximately $7 million.
• Segment operating income was $199,000 as compared to $6.7 million in 2009, reflecting lower revenues.
• Free cash flow was an inflow of $1.9 million versus an outflow of $27.5 million in 2009, reflecting changes in working capital and lower capital expenditures.
• Cash and cash equivalents were $131.0 million at March 31, 2010.
• Debt was $11.6 million, with a debt-to-capital ratio of 2.9% at March 31, 2010.
• Restructuring charges were $2.1 million pre-tax related to continued reorganization activities within the Marketing & Events Group.

Paul B. Dykstra, chairman, president and chief executive officer, said, “Our results for the 2010 first quarter reflect solid execution against our key initiatives to drive productivity and cost structure improvements, while maintaining focus on winning market share and delivering an excellent customer experience. Although the weak economy continues to negatively impact the industries we serve, the declines are slowing and we’re seeing signs of improvement in certain exhibition industry sectors and select events. With the improving macro-economic environment and the actions we have taken, our business is positioned for improved results in 2010 and beyond.

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