Viad Corp (NYSE:VVI) today announced third quarter 2011 net income of $1.2 million, or $0.06 per diluted share. Viad’s income before other items of $1.2 million, or $0.06 per diluted share, excludes the favorable resolution of tax matters of $103,000 and restructuring charges of $47,000 after tax. This is in line with the company’s prior guidance of income per share of $0.03 to $0.13 and compares to 2010 third quarter income before other items of $0.23 per share.
- Revenues of $216.2 million were up $1.0 million (0.5%) from 2010.
- Segment operating income was $5.4 million as compared to $9.9 million in 2010.
- Free cash flow was $23.8 million compared to $23.0 million in 2010.
- Cash and cash equivalents were $104.6 million at September 30, 2011.
- Denali Backcountry Lodge and Denali Cabins were purchased on September 16 for $15.3 million in cash.
- 250,760 shares of common stock were repurchased at an aggregate cost of $4.6 million.
- Debt was $3.6 million, with a debt-to-capital ratio of 0.9% at September 30, 2011.
Paul B. Dykstra, chairman, president and chief executive officer, said, “Viad’s third quarter 2011 earnings reflect strong performance from our Travel & Recreation Group, which realized significant growth during its busiest quarter. This growth was driven by the addition of two properties to our Glacier Park portfolio and organic revenue growth at Brewster. Our Marketing & Events Group realized base same-show revenue growth of nearly 11 percent. As a result of this increase and growth in other lines of business, the Marketing & Events Group substantially offset the impact of expected declines from negative show rotation as a number of major trade shows that took place in the 2010 third quarter are every-other-year shows that will occur again in 2012.”