Stung by weakness in its travel and convention businesses,


(VVI) - Get Report

slashed its quarterly dividend by 89% Friday.

The Phoenix-based company declared a 4-cent dividend, payable Oct. 1 to shareholders of record Sept. 3. Viad had previously paid quarterly dividends at a 36-cent rate.

The move comes just two weeks after the company posted disappointing second-quarter earnings and warned of a second-half slowdown.

Viad shares were halted Friday morning at $21.98.