þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 36-1169950 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
1850 North Central Avenue, Suite 1900 | ||
Phoenix, Arizona | 85004-4545 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer þ | Non-accelerated filer o | Small reporting company o | |||
(Do not check if a smaller reporting company) |
Explanatory Note
This Form 10-Q/A amends the Quarterly Report on Form 10-Q of Viad Corp for the quarter ended June 30, 2011, as originally filed with the Securities and Exchange Commission on August 9, 2011, for the sole purpose of furnishing the Interactive Data Files in Exhibit 101 in accordance with Rule 405 of Regulation S-T. No other changes have been made to the Form 10-Q, and the Form 10-Q has not been updated to reflect additional events occurring subsequent to the original filing date.
Item 6. | Exhibits. |
Exhibit No. 31.1 | Certification of Chief Executive Officer of Viad Corp
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
|
Exhibit No. 31.2 | Certification of Chief Financial Officer of Viad Corp
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
|
Exhibit No. 32.1 | Certification of Chief Executive Officer of Viad Corp
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
|
Exhibit No. 32.2 | Certification of Chief Financial Officer of Viad Corp
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
|
Exhibit No. 101.INS | XBRL Instance Document** |
|
Exhibit No. 101.SCH | XBRL Taxonomy Extension Schema Document**
|
|
Exhibit No. 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document**
|
|
Exhibit No. 101.LAB | XBRL Taxonomy Extension Label Linkbase Document**
|
|
Exhibit No. 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document** |
* | Filed as an exhibit to the
Form 10-Q. |
** |
Furnished herewith. In accordance with
Rule 406T of Regulation S-T, the Interactive Data Files in
Exhibit 101 shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, and
shall not be incorporated by reference into any registration statement or other
document filed under Sections 11 or 12 of the Securities Act of 1933, as
amended, except as expressly set forth by specific reference in such filings,
and are not otherwise subject to liability under those sections.
|
VIAD CORP
|
||||
September 1, 2011
|
By | /s/ G. Michael Latta | ||
(Date)
|
G. Michael Latta | |||
Chief Accounting Officer Controller (Chief Accounting Officer and Authorized Officer) |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
In Thousands, except Share data |
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Current assets: | Â | Â |
Allowance for doubtful accounts | $ 1,332 | $ 1,172 |
Viad Corp stockholders' equity: | Â | Â |
Common stock, par value | $ 1.50 | $ 1.50 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 24,934,981 | 24,934,981 |
Treasury stock, shares | 4,561,649 | 4,710,988 |
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Revenues: | Â | Â | Â | Â |
Convention and event services | $ 174,319 | $ 155,097 | $ 408,806 | $ 333,856 |
Exhibits and environments | 40,416 | 40,813 | 90,267 | 78,994 |
Travel and recreation services | 23,957 | 22,389 | 29,717 | 29,802 |
Total revenues | 238,692 | 218,299 | 528,790 | 442,652 |
Costs and expenses: | Â | Â | Â | Â |
Costs of services | 190,238 | 166,712 | 415,037 | 347,551 |
Costs of products sold | 38,592 | 43,862 | 86,632 | 87,177 |
Corporate activities | 1,576 | 2,058 | 2,847 | 2,702 |
Interest income | (176) | (88) | (390) | (184) |
Interest expense | 380 | 473 | 792 | 966 |
Restructuring charges | 1,206 | 559 | 1,475 | 2,612 |
Total costs and expenses | 231,816 | 213,576 | 506,393 | 440,824 |
Income before income taxes | 6,876 | 4,723 | 22,397 | 1,828 |
Income tax expense | 2,588 | 1,790 | 8,488 | 1,998 |
Net income (loss) | 4,288 | 2,933 | 13,909 | (170) |
Net loss attributable to noncontrolling interest | 197 | 95 | 363 | 216 |
Net income attributable to Viad | $ 4,485 | $ 3,028 | $ 14,272 | $ 46 |
Diluted income per common share | Â | Â | Â | Â |
Net income attributable to Viad common stockholders | $ 0.22 | $ 0.15 | $ 0.70 | $ 0 |
Weighted-average outstanding and potentially dilutive common shares | 20,121 | 20,375 | 20,102 | 20,338 |
Basic income per common share | Â | Â | Â | Â |
Net income attributable to Viad common stockholders | $ 0.22 | $ 0.15 | $ 0.70 | $ 0 |
Weighted-average outstanding common shares | 19,816 | 20,059 | 19,797 | 20,055 |
Dividends declared per common share | $ 0.04 | $ 0.04 | $ 0.08 | $ 0.08 |
Impact of Recent Accounting Pronouncements
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Impact of Recent Accounting Pronouncements [Abstract] | Â |
Impact of Recent Accounting Pronouncements |
Note 17. Impact of Recent Accounting Pronouncements
In May 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance related to
fair value measurement and disclosure requirements, which is codified in Accounting Standards
Codification (“ASC”) Topic 820. The new guidance is intended to clarify the application of existing
fair value measurement and disclosure requirements, and also changes certain principles and
disclosures. The guidance is effective for fiscal years and interim periods beginning after
December 15, 2011, and Viad is currently evaluating whether or not the new guidance will have a
material impact on its financial condition and results of operations.
In June 2011, the FASB issued new guidance related to the presentation of comprehensive
income, which is codified in ASC Topic 220. The new guidance requires entities to present the total
of comprehensive income, the components of net income and the components of other comprehensive
income in one of two formats: 1) in a single continuous statement, or 2) in two separate but
consecutive statements. The guidance also requires the presentation of reclassification adjustments
from other comprehensive income to net income on the face of the financial statements. The guidance
is effective for fiscal years and interim periods beginning after December 15, 2011, and will not
have an impact of Viad’s financial condition or results of operations.
|
Document and Entity Information (USD $)
In Millions, except Share data |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2011
|
Jul. 31, 2011
|
Jun. 30, 2010
|
|
Document and Entity Information [Abstract] | Â | Â | Â |
Entity Registrant Name | VIAD CORP | Â | Â |
Entity Central Index Key | 0000884219 | Â | Â |
Document Type | 10-Q | Â | Â |
Document Period End Date | Jun. 30, 2011 | ||
Amendment Flag | false | Â | Â |
Document Fiscal Year Focus | 2011 | Â | Â |
Document Fiscal Period Focus | Q2 | Â | Â |
Current Fiscal Year End Date | --12-31 | Â | Â |
Entity Well-known Seasoned Issuer | Yes | Â | Â |
Entity Voluntary Filers | No | Â | Â |
Entity Current Reporting Status | Yes | Â | Â |
Entity Filer Category | Accelerated Filer | Â | Â |
Entity Public Float | Â | Â | $ 353 |
Entity Common Stock, Shares Outstanding | Â | 20,373,132 | Â |
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Goodwill and Other Intangible Assets
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Goodwill and Other Intangible Assets [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets |
Note 6. Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill for the six months ended June 30, 2011 were as
follows:
A summary of other intangible assets as of June 30, 2011 is presented below:
A summary of amortized other intangible assets as of December 31, 2010 is presented
below:
Intangible asset amortization expense for the three months ended June 30, 2011 and 2010 was
$188,000 and $240,000, respectively, and $383,000 and $483,000 for the six months ended June 30,
2011 and 2010, respectively. Estimated amortization expense related to amortized intangible assets
for future periods is expected to be as follows:
|
Income Per Share
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
|
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Income Per Share [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Per Share |
Note 11. Income Per Share
The following is a reconciliation of the numerators and denominators of basic and diluted per
share computations for net income attributable to Viad:
Options to purchase 330,000 and 480,000 shares of common stock were outstanding during the six
months ended June 30, 2011 and 2010, respectively, but were not included in the computation of
dilutive shares outstanding because the effect would be anti-dilutive. Additionally, 305,000 and
316,000 share-based compensation awards were considered dilutive and included in the computation of
diluted income per share during the three months ended June 30, 2011 and 2010, respectively. During
the six months ended June 30, 2011 and 2010, 305,000 and 283,000 share-based compensation awards
were considered dilutive and included in the computation of diluted income per share, respectively.
|
Share-Based Compensation
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
|
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Share-Based Compensation [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation |
Note 2. Share-Based Compensation
The following table summarizes share-based compensation expense for the three and six months
ended June 30:
In addition, $124,000 and $509,000 of costs associated with share-based compensation
(including $43,000 for the six months ended June 30, 2010 of restricted stock units and PBRS units
presented below) were included in restructuring charges during the six months ended June 30, 2011
and 2010, respectively.
The following table summarizes restricted stock and PBRS activity during the six months ended
June 30, 2011:
The unamortized cost of all outstanding restricted stock and PBRS awards as of June 30, 2011
was $5.2 million, which Viad expects to recognize in its consolidated financial statements over a
weighted-average period of approximately 2.4 years. During the six months ended June 30, 2011 and
2010, the Company repurchased 28,627 shares for $679,000 and 28,407 shares for $573,000,
respectively, related to tax withholding requirements on vested share-based awards. As of June 30,
2011, there were 1,000,853 total shares available for future grant.
The following table summarizes the liability-based award activity during the six months ended
June 30, 2011:
As of June 30, 2011 and December 31, 2010, Viad had liabilities recorded of $444,000 and
$407,000, respectively, related to restricted stock unit and PBRS unit liability awards. A portion
of the 2009 PBRS unit award vested effective December 31, 2009 and cash payouts of $52,000 and
$37,000 were distributed in January 2011 and March 2010, respectively.
As of June 30, 2011, Viad had a liability recorded of $259,000 related to PUP awards. The PUP
awards for the 2007-2009 period vested effective December 31, 2009 and a cash payout of $19,000 was
distributed in March 2010. No cash payouts of PUP awards were made during the six months ended June
30, 2011. In March 2011, 102,960 PUP awards were cancelled as the performance conditions related to
those awards for the 2008-2010 period were not achieved.
The following table summarizes stock option activity during the six months ended June 30,
2011:
The total unrecognized cost related to non-vested stock option awards was $957,000 as of
June 30, 2011, which Viad expects to recognize in the consolidated financial statements over a
weighted-average period of approximately 1.9 years. No stock options were granted during the six
months ended June 30, 2011.
In addition to the above, Viad had stock options outstanding which were granted to employees
of MoneyGram International, Inc. (“MoneyGram”) prior to the spin-off of that company in 2004. As of
June 30, 2011, there were 10,864 of such options outstanding and exercisable, both with exercise
prices ranging from $19.57 to $26.31. The weighted-average remaining contractual life of these
options outstanding was less than one year. During the six months ended June 30, 2011, 100 options
were exercised by MoneyGram participants at an exercise price of $19.57.
|
Debt
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Debt [Abstract] | Â |
Debt |
Note 8. Debt
On May 18, 2011, Viad entered into an amended and restated revolving credit agreement (the
“Credit Facility”). The Credit Facility provides for a $130 million revolving line of credit, which
may be increased up to an additional $50 million under certain circumstances. The term of the
Credit Facility is five years (expiring on May 18, 2016) and borrowings are to be used for general
corporate purposes (including permitted acquisitions) and to support up to $50 million of letters
of credit. The lenders have a first perfected security interest in all of the personal property of
Viad and GES, including 65 percent of the capital stock of top-tier foreign subsidiaries. On April
28, 2011, Viad paid off its outstanding borrowing under the previous credit facility of $4.2
million and as of June 30, 2011, Viad’s total debt of $4.2 million consisted entirely of capital
lease obligations. As of June 30, 2011, Viad had $125.4 million of capacity remaining under its
Credit Facility reflecting the outstanding letters of credit of $4.6 million.
Borrowings under the Credit Facility (of which GES is a guarantor) are indexed to the London
Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and
letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of
the Credit Facility are currently 0.35 percent annually.
Financial covenants include a fixed-charge coverage ratio of not less than 2.25 to 1 (and a
ratio of not less than 2.50 to 1 after the fiscal quarter ending September 30, 2012) and a leverage
ratio of not greater than 2.50 to 1. Additionally, Viad must maintain a consolidated minimum cash
and cash equivalents balance of $50 million. As of June 30, 2011, the fixed-charge coverage and
leverage ratios were 3.16 to 1 and 0.25 to 1, respectively. The terms of the Credit Facility allow
Viad to pay up to $10 million in dividends in the aggregate in any calendar year and also allow the
Company to purchase up to $10 million in any calendar year of the Company’s common stock.
Significant other covenants include limitations on: investments, additional indebtedness,
sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of June
30, 2011, Viad was in compliance with all covenants.
The estimated fair value of total debt was $4.2 million and $9.2 million as of June 30, 2011
and December 31, 2010, respectively. The fair value of debt was estimated by discounting the future
cash flows using rates currently available for debt of similar terms and maturity.
|
Pension and Postretirement Benefits
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Pension and Postretirement Benefits [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Benefits |
Note 13. Pension and Postretirement Benefits
The net periodic benefit cost of Viad’s pension and postretirement benefit plans for the three
months ended June 30 included the following components:
The net periodic benefit cost of Viad’s pension and postretirement benefit plans for the
six months ended June 30 included the following components:
Viad expects to contribute $1.7 million to its funded pension plans, $959,000 to its
unfunded pension plans and $500,000 to its postretirement benefit plans in 2011. As of June 30,
2011, Viad had contributed $524,000 to its funded pension plans, $476,000 to its unfunded
pension plans and $71,000 to its postretirement benefit plans.
|
Stockholders' Equity
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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Stockholders' Equity [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity |
Note 9. Stockholders’ Equity
The following represents a reconciliation of the carrying amounts of stockholders’ equity
attributable to Viad and the noncontrolling interest for the six months ended June 30, 2011:
The following represents a reconciliation of the carrying amounts of stockholders’ equity
attributable to Viad and the noncontrolling interest for the six months ended June 30, 2010:
Viad has announced its intent to repurchase shares of the Company’s common stock from time
to time at prevailing market prices. No shares were repurchased during the six months ended June
30, 2011 or 2010. As of June 30, 2011, 304,381 shares remain available for repurchase. Subsequent to June 30, 2011 and prior to the filing of this quarterly report, during
the period from August 5, 2011 through August 8, 2011, Viad repurchased an additional 28,900 shares for $528,000.
Additionally, during the six months ended June 30, 2011 and 2010, the Company repurchased 28,627
shares for $679,000 and 28,407 shares for $573,000, respectively, related to tax withholding
requirements on share-based awards.
|
Accrued Liabilities and Other
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
|
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Accrued Liabilities and Other [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities and Other |
Note 7. Accrued Liabilities and Other
Other current liabilities consisted of the following:
Other deferred items and liabilities consisted of the following:
|
Acquisition of Businesses
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Businesses [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Businesses |
Note 3. Acquisition of Businesses
On June 29, 2011, Viad acquired St. Mary Lodge & Resort (“St. Mary”) for $15.3 million in
cash. St. Mary is a 115-room hotel located outside of Glacier National Park’s east entrance. It is
now operated by Glacier Park within the Travel & Recreation Group. The following information
represents the preliminary amounts assigned to the assets and liabilities of St. Mary as of the
date of acquisition:
The Company recorded $2.6 million of goodwill in connection with the transaction, which is
included in the Travel & Recreation Group. The primary factor that contributed to a purchase price
resulting in the recognition of goodwill relates to future growth opportunities. The entire amount
of the goodwill is expected to be deductible for tax purposes over a period of 15 years. The amount
assigned to other intangible assets includes $60,000 related to a non-amortized business license.
Transaction costs related to the acquisition were insignificant. The results of operations of St.
Mary have been included in Viad’s consolidated financial statements from the date of acquisition.
Supplemental pro forma information for St. Mary was not material to Viad’s financial results for
the three and six months ended June 30, 2011 and 2010.
On January 5, 2011, Viad acquired Grouse Mountain Lodge for $10.5 million in cash. Grouse
Mountain Lodge is a 145-room hotel located in Whitefish, Montana, and is operated by Glacier Park
within the Travel & Recreation Group. The following information represents the preliminary amounts
assigned to the assets and liabilities of Grouse Mountain Lodge as of the date of acquisition:
The Company recorded $1.3 million of goodwill in connection with the transaction, which is
included in the Travel & Recreation Group. The primary factor that contributed to a purchase price
resulting in the recognition of goodwill relates to future growth opportunities. The entire amount
of the goodwill is expected to be deductible for tax purposes over a period of 15 years. The amount
assigned to other intangible assets includes $400,000 related to a non-amortized business license.
Transaction costs related to the acquisition were insignificant. The results of operations of
Grouse Mountain Lodge have been included in Viad’s consolidated financial statements from the date
of acquisition. Supplemental pro forma information for Grouse Mountain Lodge was not material to
Viad’s financial results for the three and six months ended June 30, 2010.
|
Inventories
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | Â | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
Note 4. Inventories
The components of inventories were as follows:
|
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6 Months Ended
Income Taxes [Abstract]
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Income Taxes