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Viad Corp Announces First Quarter Results

Viad Corp (NYSE:VVI) today announced first quarter 2011 net income of $9.8 million, or $0.48 per diluted share. Viad’s income before other items of $10.0 million, or $0.49 per diluted share, excludes net restructuring charges of $165,000 after tax. This compares to the company’s prior guidance of income per share of $0.25 to $0.40 and the 2010 first quarter loss before other items of $0.02 per share.

  • Revenues of $290.1 million were up $65.7 million (29.3%) from 2010.
  • Segment operating income was $17.3 million as compared to $199,000 in 2010.
  • Free cash flow improved by $10.0 million to $11.9 million, primarily due to higher net income.
  • Cash and cash equivalents were $148.4 million at March 31, 2011.
  • Debt was $8.9 million, with a debt-to-capital ratio of 2.2% at March 31, 2011.

Paul B. Dykstra, chairman, president and chief executive officer, said, “Viad’s first quarter 2011 earnings reflect better than expected results from our Marketing & Events Group. U.S. base same-show growth was 13.6 percent, driven by initiatives from our realigned sales force and an improved economy and industry conditions. Overall exhibitor spending was strong, and we had solid execution from our team. Our Travel & Recreation Group met our guidance for its seasonally slow quarter. Our entire organization remains focused on driving continued growth in revenues and profits by capitalizing on market opportunities and leveraging the productivity gains we made during the past two years to further increase efficiencies and drive down costs.”

First Quarter 2011 Business Group Highlights

          First Quarter
($ in millions) 2011       2010       Change
 
Revenues:
Marketing & Events Group:
U.S. $ 231.7 $ 169.4 $ 62.3 36.8 %
International 54.0 50.4 3.6 7.1 %
Intersegment eliminations   (1.3 )   (2.8 )   1.5   53.8 %
Total 284.3 216.9 67.4 31.1 %
Travel & Recreation Group   5.8     7.4     (1.7 ) -22.3 %
Total $ 290.1   $ 224.4   $ 65.7   29.3 %
 
Segment operating income (loss):
Marketing & Events Group:
U.S. $ 17.9 $ $ 18.0 **
International   3.8     2.6     1.1   43.5 %
Total 21.7 2.6 19.1 **
Travel & Recreation Group   (4.5 )   (2.4 )   (2.1 ) -86.7 %
Total $ 17.3   $ 0.2   $ 17.1   **
 
Operating margins:
Marketing & Events Group 7.6 % 1.2 % 640 bps
Travel & Recreation Group -77.4 % -32.2 % **
Total 5.9 % 0.1 % 590 bps
 
** Change is greater than +/- 100 percent.

Note: Calculated amounts presented above (including totals and percentages) are calculated using dollars in thousands.

 

Viad’s Marketing & Events Group

For the first quarter of 2011, Marketing & Events Group results improved substantially compared to the 2010 quarter, with revenues and operating income increasing by $67.4 million and $19.1 million, respectively, driven primarily by the U.S. segment.

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