-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JKWr+54c00rUl6KYrMRFkvE0lWlXr59rffDv5iYnbiN8ZAV86MrDCiyxN8SpsE1G zuwK2HJLfMQJ1l9gvGKhbQ== 0001157523-04-006966.txt : 20040728 0001157523-04-006966.hdr.sgml : 20040728 20040728082313 ACCESSION NUMBER: 0001157523-04-006966 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040728 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIAD CORP CENTRAL INDEX KEY: 0000884219 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 361169950 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11015 FILM NUMBER: 04934537 BUSINESS ADDRESS: STREET 1: 1850 N CENTRAL AVE STREET 2: SUITE 0807 CITY: PHOENIX STATE: AZ ZIP: 85004 BUSINESS PHONE: 6022074000 MAIL ADDRESS: STREET 1: 1850 NORTH CENTRAL AVE STREET 2: SUITE 0807 CITY: PHOENIX STATE: AZ ZIP: 85077 FORMER COMPANY: FORMER CONFORMED NAME: DIAL CORP /DE/ DATE OF NAME CHANGE: 19930823 FORMER COMPANY: FORMER CONFORMED NAME: NEW DIAL CORP DATE OF NAME CHANGE: 19921106 8-K 1 a4690008.txt VIAD CORP. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 July 28, 2004 Date of Report (Date of earliest event reported) VIAD CORP (Exact name of registrant as specified in its charter) DELAWARE 001-11015 36-1169950 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1850 N. Central Ave., Phoenix, Arizona 85004 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (602) 207-4000 Item 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Not applicable. (b) Not applicable. (c) Exhibits 99.1 - Press Release dated July 28, 2004. Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On July 28, 2004, Viad Corp (the "Company") issued a press release announcing its unaudited financial results for the second quarter 2004. A copy of the Company's press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The information in this current report on Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this current report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. VIAD CORP (Registrant) July 28, 2004 By: /s/ G. Michael Latta ----------------------------- G. Michael Latta Vice President - Controller (Chief Accounting Officer and Authorized Officer) EX-99.1 2 a4690008ex991.txt PRESS RELEASE EXHIBIT 99.1 Viad Corp Announces Second Quarter 2004 Results Earnings Per Share of $0.42 PHOENIX--(BUSINESS WIRE)--July 28, 2004--Viad Corp (NYSE:VVI) today announced second quarter 2004 diluted earnings per share of $0.42 on revenue of $207.4 million, segment operating income of $18.9 million, and net income of $9.2 million. On June 30, 2004, the company completed the previously announced spin-off of its payment services business, MoneyGram International, Inc. (NYSE:MGI). In accordance with accounting principles generally accepted in the United States, the transaction was accounted for as a reverse spin-off and, accordingly, the results discussed in this earnings press release do not include the results of MoneyGram. Robert H. Bohannon, chairman, president and chief executive officer said, "Good second quarter results are attributable to solid performance at GES and improving visitation by Travel and Recreation customers. Results at Exhibitgroup/Giltspur continue to be depressed due to weak demand for new exhibit construction. As compared to the 2003 second quarter, results were down due to negative show rotation and lower revenues at Exhibitgroup. The 2004 third quarter will benefit from positive show rotation, which we expect will drive a substantial increase in third quarter results as compared to last year." Spin-Off Complete On July 1, 2004, Viad announced the completion of the spin-off of MoneyGram. Shares of MoneyGram common stock were distributed, effective 11:59 p.m., New York City time, on June 30, 2004, to Viad stockholders. One share of MoneyGram common stock was distributed for each share of Viad common stock outstanding on the close of business on June 24, 2004. The distribution was tax-free to Viad and its stockholders for U.S. federal income tax purposes. Effective immediately following and in connection with the distribution, Viad effected a one-for-four reverse stock split whereby each four outstanding shares of Viad common stock were converted into one share of "new" Viad common stock. Viad continues to trade under the symbol "VVI." MoneyGram common stock is now trading on the New York Stock Exchange under the ticker symbol "MGI." In connection with the spin-off, Viad repaid all of its outstanding commercial paper, redeemed its outstanding preferred stock and repurchased approximately 93 percent of its $18.5 million aggregate principal amount of Subordinated Debentures outstanding, and approximately 91 percent of its $35 million aggregate principal amount of Medium Term Notes outstanding. Bohannon said, "We are happy to have successfully completed this long-awaited transaction. MoneyGram now has its own pure-play equity currency and the remaining Viad business has a strong opening balance sheet and available capital to pursue growth opportunities. Both companies have management teams that are clearly focused on creating opportunities for growth and enhancing shareholder value." Second Quarter and Year-to-Date 2004 Financial Highlights Highlights of the 2004 second quarter, compared to second quarter 2003 results, and year-to-date results are presented below. Q2 2004 Q2 2003 Change ----------- ----------- --------- ($ in millions) Revenue $ 207.4 $ 236.2 -12.2% Segment operating income $ 18.9 $ 26.6 -29.0% Operating margins (a) 9.1% 11.3% -220 bps Net income (b) $ 9.2 $ 14.3 -35.7% Adjusted EBITDA (c) $ 19.7 $ 30.3 -35.1% Cash from operations $ 13.0 $ 22.0 -41.1% Free cash flow (c) $ 10.9 $ 17.2 -36.9% YTD 2004 YTD 2003 Change ---------- ---------- --------- ($ in millions) Revenue $414.9 $461.5 -10.1% Segment operating income $35.1 $42.2 -16.9% Operating margins (a) 8.5% 9.1% -60 bps Net income (b) $16.7 $19.0 -11.9% Adjusted EBITDA (c) $39.0 $47.9 -18.6% Cash from operations $20.8 $20.2 2.9% Free cash flow (c) $14.8 $13.5 9.3% (a) For operating margins, the change from the prior year period is presented in basis points. (b) In accordance with reverse spin accounting, all expenses relating to the spin-off of MoneyGram were recorded by MoneyGram and are not included in Viad's net income. (c) Adjusted EBITDA is defined by Viad as net income before interest expense, income taxes, depreciation and amortization, changes in accounting principles and the effects of discontinued operations. Free cash flow is defined by Viad as net cash provided by operating activities minus capital expenditures and dividends. Adjusted EBITDA and free cash flow are supplemental to results presented under accounting principles generally accepted in the United States of America (GAAP) and may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures are used by management to facilitate period-to-period comparisons and analysis of Viad's operating performance and liquidity. These non-GAAP measures are also used by management to assess the company's ability to service debt, fund capital expenditures and finance growth, and should be considered in addition to, but not as a substitute for, other measures of financial performance and liquidity reported in accordance with GAAP. Management believes these non-GAAP measures are useful to investors in benchmarking and trending the performance and value of Viad's business. See Table Two for a reconciliation of net income to Adjusted EBITDA, and of net cash provided by operating activities to free cash flow. Also, at the end of the second quarter 2004: -- Debt totaled $22.6 million and the debt-to-capital ratio was 5.2 percent. -- Cash and cash equivalents were $110.4 million. In addition, restricted cash totaled $24.0 million and will be used to pay Viad's preferred stock redemption liability. -- Viad had the following liabilities on its balance sheet related to the spin-off, which are expected to be paid during the third quarter of 2004: -- Amounts payable for banking, legal and other fees incurred to effect the spin-off in the amount of $11.3 million; -- Common stock dividends related to pre-spin operations in the amount of $8.1 million, declared on May 11, 2004 and paid on July 1, 2004; and -- Deferred compensation payable of $7.4 million related to a terminated plan. -- Viad recorded restructuring charges of $853,000 ($530,000 after tax), primarily related to planned employee reductions. GES Exposition Services (GES) GES' revenue for the second quarter 2004 declined 7.0 percent to $137.4 million, down from $147.8 million in the second quarter 2003. Segment operating income was down 32.8 percent to $14.1 million compared with $21.0 million in 2003, and operating margins for the quarter were 10.3 percent compared with 14.2 percent in the second quarter of 2003. The decline from the prior year was due to negative show rotation. Bohannon said, "GES had a good quarter, with low double-digit operating margins. As expected, results were affected by negative show rotation. In the 2003 second quarter GES serviced the National Plastics Expo, one of the largest tradeshows in the world, as well as the Ford Centennial. Looking ahead to the third quarter, we expect GES to benefit as several large shows rotate in." Exhibitgroup/Giltspur (Exhibitgroup) Exhibitgroup's revenue was $52.7 million during the second quarter 2004, a decrease of 30.8 percent from $76.1 million in the second quarter 2003. Segment operating results for the quarter declined to approximately breakeven from income of $3.0 million and a margin of 3.9 percent in the 2003 second quarter. Bohannon said, "Exhibitgroup's revenue was down as expected due to weak demand for new exhibit construction, pricing pressure and negative show rotation. The show rotation relates to a large European air show that took place in the second quarter of 2003. This year, the show occurs in the third quarter. With respect to the weak demand and pricing pressure, we do not expect a notable improvement during the remainder of 2004. Accordingly, we continue to focus heavily on cost control and margin discipline, while leveraging our leading design talent, construction quality, and full-service offerings to compete for profitable new business." Travel and Recreation Services Travel and Recreation Services' revenue for the 2004 second quarter was $17.3 million, up 41.0 percent compared to $12.3 million in the second quarter 2003. Segment operating income was up 78.0 percent to $4.7 million compared to $2.6 million in 2003, and operating margins improved 560 basis points to 26.9 percent from 21.3 percent in the 2003 second quarter. Bohannon said, "Our Travel and Recreation Services segment is off to a terrific start this year, with substantial increases in visitation and advance bookings. After experiencing a few years of declining visitation due to various external factors, particularly at Brewster, we are very pleased to see improved results so far this year." 2004 Outlook Viad provides the following guidance for the remainder of 2004. This guidance is subject to change as a variety of factors can affect actual operating results. Those factors are identified in the safe harbor language at the end of the press release. Third Quarter 2004 -- Diluted earnings per share is expected to be in the range of $0.43 to $0.54, reflecting positive show rotation at GES and Exhibitgroup. -- GES segment revenue is expected to increase by $35 to $40 million compared to the 2003 amount of $96.3 million and segment operating income is expected to increase by $8 to $10 million compared to the 2003 amount of $1.2 million primarily due to positive show rotation. -- Exhibitgroup segment revenue is expected to increase by $4 to $8 million as compared to 2003 segment revenue of $36.0 million and segment operating results are expected to improve by $1 to $2 million as compared to the 2003 loss of $3.5 million due to positive show rotation. -- Travel and Recreation Services revenue is expected to increase by $4 to $6 million from the 2003 amount of $32.7 million and segment operating income is expected to increase by $3 to $4 million compared to the 2003 amount of $11.1 million. Fourth Quarter 2004 -- Diluted loss per share is expected to be in the range of $0.13 to $0.16, reflecting a seasonally slow pattern in the fourth quarter. -- GES segment revenue is expected to increase slightly from the 2003 amount of $87.1 million and segment operating results are expected to improve $2 to $3 million from the 2003 loss of $2.2 million. -- Exhibitgroup segment revenue is expected to decrease by $5 to $7 million from the 2003 amount of $51.8 million and segment operating income is expected to decrease by $3 to $4 million from the 2003 amount of $4.4 million. -- Travel and Recreation Services segment results are expected to improve slightly from 2003 segment revenue of $4.9 million and segment operating loss of $2.0 million. Full Year 2004 -- Diluted earnings per share is expected to be in the range of $1.04 to $1.18, up from 2003 diluted earnings per share of $0.97. -- Viad's overall segment operating income is expected to increase by more than 7 percent from 2003 segment operating income of $51.2 million. -- GES segment revenue is expected to increase $25 to $30 million from 2003 segment revenue of $498.7 million. -- GES segment operating income is expected to increase $4 to $6 million compared to 2003 segment operating income of $40.2 million. -- Exhibitgroup segment revenue is expected to decrease $35 to $40 million compared to 2003 segment revenue of $218.6 million. -- Exhibitgroup segment operating results are expected to decrease $4 to $6 million compared to 2003 segment operating income of $1.1 million. -- Travel and Recreation Services revenue is expected to increase $10 to $12 million from 2003 segment revenue of $53.2 million. -- Travel and Recreation Services segment operating income is expected to increase $6 to $7 million from 2003 segment operating income of $10.0 million. -- Corporate activities are expected to be comparable to the 2003 amount of $15.2 million. Bohannon said, "GES and the Travel and Recreation Services segment are on track for an improved 2004, while Exhibitgroup continues to be hampered by weak demand for new exhibit construction and a highly competitive environment. Until we see evidence of a sustained increase in orders for new exhibits as well as increased marketing and event budgets, we will remain cautious in our outlook for Exhibitgroup's business." Bohannon concluded, "We believe that the relative strength and stability in GES' market over the past few years demonstrates the continuing significance of the tradeshow venue as a key marketing channel. We also believe that the reduced spending on new exhibit construction in the wake of September 11th and the implosion of the dot.com and telecom markets has created pent-up demand. We are hopeful that some of that pent-up demand will begin to release in 2005. With all of the hard work we have done in the past three years to reduce our fixed costs and become more efficient, we stand ready to drive significant margin improvement and EPS growth when Exhibitgroup's market rebounds. We also stand to gain nicely from the rebound in the Travel and Recreation Services segment, which we are already seeing." Viad is an S&P SmallCap 600 company. Major subsidiaries include GES Exposition Services of Las Vegas, Exhibitgroup/Giltspur of Chicago, Brewster Transport Company Limited of Banff, Alberta, Canada, and Glacier Park, Inc. of Phoenix. For more information, visit the company's Web site at www.viad.com. Forward Looking Statements As provided by the safe harbor provision under the "Private Securities Litigation Reform Act of 1995," Viad cautions readers that, in addition to historical information contained herein, this press release includes certain information, assumptions and discussions that may constitute forward-looking statements. These forward-looking statements are not historical facts, but reflect current estimates, projections, expectations, or trends concerning future growth, operating cash flows, availability of short-term borrowings, consumer demand, new business, investment policies, productivity improvements, ongoing cost reduction efforts, efficiency, competitiveness, tax rates, and the realization of restructuring cost savings. Actual results could differ materially from those projected in the forward-looking statements. Viad's businesses can be affected by a host of risks and uncertainties. Among other things natural disasters, gains and losses of customers, consumer demand patterns, labor relations, purchasing decisions related to customer demand for convention and event services, existing and new competition, industry alliances, consolidation, and growth patterns within the industries in which Viad competes and any deterioration in the economy may individually or in combination impact future results. In addition to factors mentioned elsewhere, economic, competitive, governmental, technological, capital marketplace and other factors, including further terrorist activities or war, could affect the forward-looking statements in this press release. Information about Viad Corp obtained from sources other than the company may be out-of-date or incorrect. Please rely only on company press releases, SEC filings and other information provided by the company. VIAD CORP AND SUBSIDIARIES TABLE ONE - QUARTERLY AND YEAR-TO-DATE RESULTS (UNAUDITED) Three months ended June 30, Six months ended June 30, --------------------------- --------------------------- (000 omitted, except per share data) 2004 2003 % 2004 2003 % --------- --------- ------- --------- --------- ------- Revenues (Note A) $207,378 $236,190 -12.2% $414,933 $461,528 -10.1% ========= ========= ======= ========= ========= ======= Segment operating income (Note A) $ 18,878 $ 26,579 -29.0% $ 35,084 $ 42,198 -16.9% Corporate activities and minority interests (3,835) (3,367) -13.9% (6,357) (7,030) 9.6% Restructuring (charges) recoveries (Note B) (853) 1,276 -166.8% (853) 1,276 -166.8% Net interest expense (265) (1,538) 82.8% (606) (2,334) 74.0% --------- --------- ------- --------- --------- ------- Income before income taxes 13,925 22,950 -39.3% 27,268 34,110 -20.1% Income tax expense (4,743) (8,668) 45.3% (10,527) (15,117) 30.4% --------- --------- ------- --------- --------- ------- Net income $ 9,182 $ 14,282 -35.7% $ 16,741 $ 18,993 -11.9% ========= ========= ======= ========= ========= ======= Diluted income per common share: $ 0.42 $ 0.66 -36.4% $ 0.77 $ 0.88 -12.5% ========= ========= ======= ========= ========= ======= Basic income per common share: $ 0.42 $ 0.66 -36.4% $ 0.77 $ 0.88 -12.5% ========= ========= ======= ========= ========= ======= Common shares treated as outstanding for net income per share calculations: Average outstanding shares 21,732 21,556 0.8% 21,705 21,529 0.8% ========= ========= ======= ========= ========= ======= Average outstanding and potentially dilutive shares 21,839 21,627 1.0% 21,811 21,604 1.0% ========= ========= ======= ========= ========= ======= VIAD CORP AND SUBSIDIARIES TABLE ONE - NOTES TO QUARTERLY AND YEAR-TO-DATE RESULTS (UNAUDITED) (A) Reportable Segments Three months ended June 30, Six months ended June 30, --------------------------- -------------------------- (000 omitted) 2004 2003 % 2004 2003 % --------- --------- ------ --------- --------- ------ Revenues: GES Exposition Services $137,392 $147,759 -7.0% $300,955 $315,254 -4.5% Exhibitgroup/ Giltspur 52,652 76,138 -30.8% 92,705 130,699 -29.1% Travel and Recreation Services 17,334 12,293 41.0% 21,273 15,575 36.6% --------- --------- ------ --------- --------- ------ Total revenues $207,378 $236,190 -12.2% $414,933 $461,528 -10.1% ========= ========= ====== ========= ========= ====== Segment operating income: GES Exposition Services $ 14,113 $ 20,991 -32.8% $ 34,671 $ 41,141 -15.7% Exhibitgroup/ Giltspur 96 2,965 -96.8% (2,933) 175 NM Travel and Recreation Services 4,669 2,623 78.0% 3,346 882 NM --------- --------- ------ --------- --------- ------ $18,878 $26,579 -29.0% $35,084 $42,198 -16.9% ========= ========= ====== ========= ========= ====== NM = not meaningful (B) Restructuring Charges and Recoveries -- Viad recorded restructuring charges of $853,000 ($530,000 after-tax) in the 2004 second quarter primarily related to planned employee reductions. In the 2001 third quarter, Viad recorded restructuring charges totaling $66.1 million ($39.9 million after-tax) consisting of costs associated with the closure and consolidation of certain facilities, severance and other employee benefits in the GES and Exhibitgroup segments. In the 2003 second quarter, $1.3 million of the reserve was reversed as certain costs originally anticipated in the restructuring plan were not incurred. VIAD CORP AND SUBSIDIARIES TABLE TWO - ADJUSTED EBITDA AND FREE CASH FLOW (UNAUDITED) Three months ended June 30, Six months ended June 30, ------------------------- ------------------------ (000 omitted) 2004 2003 % 2004 2003 % --------- -------- ------ -------- -------- ------ Adjusted EBITDA: Net income $ 9,182 $14,282 -35.7% $16,741 $18,993 -11.9% Interest expense 391 1,641 76.2% 958 2,565 62.7% Income tax expense 4,743 8,668 45.3% 10,527 15,117 30.4% Depreciation and amortization 5,368 5,748 6.6% 10,797 11,237 3.9% --------- -------- ------ -------- -------- ------ Adjusted EBITDA $19,684 $30,339 -35.1% $39,023 $47,912 -18.6% ========= ======== ====== ======== ======== ====== Three months ended June 30, Six months ended June 30, ------------------------- ------------------------ (000 omitted) 2004 2003 % 2004 2003 % --------- -------- ------ -------- -------- ------ Free Cash Flow: Net cash provided by operating activities $12,971 $22,009 -41.1% $20,776 $20,187 2.9% Less: Capital expenditures (2,112) (4,789) 55.9% (5,974) (6,640) 10.0% --------- -------- ------ -------- -------- ------ Free cash flow $10,859 $17,220 -36.9% $14,802 $13,547 9.3% ========= ======== ====== ======== ======== ====== VIAD CORP AND SUBSIDIARIES SUPPLEMENTAL TABLE A - DISCLOSURE OF HISTORIC VIAD REPORTABLE SEGMENTS (UNAUDITED) 2003 ------------------------------------------------ First First Second Third Fourth Full Quarter (000 omitted) Quarter Quarter Quarter Quarter Year 2004 --------- --------- --------- --------- -------- ------- Revenues by reportable segments: GES Exposition Services $167,495 $147,759 $96,332 $ 87,128 $498,714 $163,563 Exhibitgroup/ Giltspur 54,561 76,138 36,033 51,819 218,551 40,053 Travel and Recreation Services 3,282 12,293 32,703 4,925 53,203 3,939 --------- --------- --------- --------- --------- --------- Total revenues $225,338 $236,190 $165,068 $143,872 $770,468 $207,555 ========= ========= ========= ========= ========= ========= Operating income before restructuring charges and other items: GES Exposition Services $ 20,150 $ 20,991 $ 1,215 $ (2,185) $ 40,171 $ 20,558 Exhibitgroup/ Giltspur (2,790) 2,965 (3,515) 4,410 1,070 (3,029) Travel and Recreation Services (1,741) 2,623 11,120 (2,027) 9,975 (1,323) --------- --------- --------- --------- --------- --------- 15,619 26,579 8,820 198 51,216 16,206 Corporate activities (3,777) (3,355) (5,315) (2,743) (15,190) (2,617) --------- --------- --------- --------- --------- --------- 11,842 23,224 3,505 (2,545) 36,026 13,589 Interest income(1) 128 103 41 169 441 226 Interest (expense) recoveries (924) (1,641) (336) 3,981 1,080 (567) Restructuring (charges) recoveries: GES Exposition Services - 1,276 - 39 1,315 - Exhibitgroup/ Giltspur - - 200 3,500 3,700 - Minority interests 114 (12) (281) 69 (110) 95 --------- --------- --------- --------- --------- --------- Income before income taxes and change in accounting principle 11,160 22,950 3,129 5,213 42,452 13,343 Income tax expense(1) (6,449) (8,668) (1,182) (5,062) (21,361) (5,784) --------- --------- --------- --------- --------- --------- Net income $ 4,711 $ 14,282 $ 1,947 $ 151 $ 21,091 $ 7,559 ========= ========= ========= ========= ========= ========= Average outstanding and potentially dilutive shares 21,581 21,627 21,680 21,722 21,654 21,804 ========= ========= ========= ========= ========= ========= Diluted income per share $ 0.22 $ 0.66 $ 0.09 $ 0.01 $ 0.97 $ 0.35 ========= ========= ========= ========= ========= ========= Average outstanding shares 21,502 21,556 21,568 21,596 21,555 21,677 ========= ========= ========= ========= ========= ========= Basic income per share $ 0.22 $ 0.66 $ 0.09 $ 0.01 $ 0.98 $ 0.35 ========= ========= ========= ========= ========= ========= (1) Certain quarterly reclassifications have been made to the interest income and income tax expense amounts previously presented. CONTACT: Viad Corp Carrie Long, 602/207-2681 (Investor Relations) clong@viad.com -----END PRIVACY-ENHANCED MESSAGE-----