Viad Corp Announces 2012 Financial Results

                  Viad Corp Announces 2012 Financial Results

Full Year Income from Continuing Operations Per Share of $0.26 versus $0.43

Full Year Income Before Other Items Per Share of $1.09 versus $0.55

PR Newswire

PHOENIX, Feb. 1, 2013

PHOENIX, Feb. 1, 2013 /PRNewswire/ --Viad Corp (NYSE:VVI) today announced
full year 2012 income from continuing operations of $5.3 million, or $0.26 per
diluted share, compared to $8.8 million, or $0.43 per share, in 2011. Viad's
2012 income before other items was $22.0 million, or $1.09 per diluted share,
which excludes unfavorable tax matters of $0.67 per share and restructuring
charges of $0.16 per share. This compares to full year 2011 income before
other items of $11.1 million, or $0.55 per share.

  oRevenue of $1.0 billion was up $82.9 million, or 8.8 percent, from 2011.
  oSegment operating income of $41.9 million was up 65.0 percent from 2011.
  oFree cash flow was $37.1 million versus $10.0 million in 2011.
  oCash and cash equivalents were $114.2 million at December 31, 2012.
  oDebt was $2.2 million, with a debt-to-capital ratio of 0.6% at December
    31, 2012.

Paul B. Dykstra, chairman, president and chief executive officer, said, "We
achieved strong growth in 2012, hitting more than $1 billion in revenue. Both
business units delivered solid results consistent with guidance for the year.
Marketing & Events Group revenue increased 7.3 percent to $902.0 million with
U.S. base same-show revenue growth of 6.5 percent compared to 2011. Revenue in
the Travel & Recreation Group increased 21 percent to $123.2 million as we
benefitted from the first peak season contributions from Alaska Denali Travel
and the Banff International Hotel, as well as the newly renovated rooms at the
Many Glacier Hotel and increased organic revenue. For the year, total revenue
increased 8.8 percent, operating margins increased 140 basis points to 4.1
percent and income before other items per share nearly doubled compared to
2011."

Viad's fourth quarter loss from continuing operations was $21.2 million, or
$1.07 per share. Viad's seasonal fourth quarter loss before other items was
$6.7 million, or $0.34 per share, which excludes unfavorable tax matters of
$0.68 per share and restructuring charges of $0.05 per share. This compares to
the company's prior guidance of a loss before other items of $0.43 per share
to $0.33 per share and the 2011 fourth quarter loss before other items of
$0.27 per share.

The fourth quarter charge related to unfavorable tax matters of $0.68 per
share represented a valuation allowance recorded in connection with the
Company's analysis of its deferred tax assets. During the fourth quarter, it
was determined that certain deferred tax assets associated with foreign tax
credits no longer met the "more-likely-than-not" test contained in the
accounting standards regarding the realization of those assets. Accordingly,
the Company recorded a non-cash charge of $13.4 million to income tax expense.

Business Group Highlights

                  Fourth Quarter                  Full Year
($ in millions)  2012     2011     Change        2012     2011   Change
Revenue:
Marketing &
Events Group:
U.S.              $ 136.0  $ 132.7  $ 3.4 2.5%    $ 676.8  $      $     7.2%
                                                           631.4  45.4
International     59.9     59.2     0.7   1.2%    240.1    218.6  21.5  9.8%
Intersegment      (3.2)    (2.1)    (1.1) -53.5%  (14.9)   (9.4)  (5.4) -57.4%
eliminations
Total             192.8    189.8    3.0   1.6%    902.0    840.6  61.5  7.3%
Travel &          9.8      7.6      2.2   28.5%   123.2    101.8  21.4  21.0%
Recreation Group
Total            $ 202.6  $ 197.4  $5.1  2.6%    $        $      $     8.8%
                                                  1,025.2  942.4  82.9
Segment operating income
(loss):
Marketing &
Events Group:
U.S.              $ (6.7)  $ (7.3)  $ 0.7 9.2%    $ 5.6    $      $     **
                                                           (6.3)  11.8
International     2.7      4.1      (1.4) -34.9%  12.3     11.4   0.9   7.6%
Total             (4.0)    (3.2)    (0.8) -23.9%  17.9     5.2    12.7  **
Travel &          (4.4)    (4.0)    (0.4) -10.8%  24.0     20.2   3.8   18.6%
Recreation Group
Total            $ (8.4)  $ (7.2)  $     -16.7%  $ 41.9   $      $     65.0%
                                    (1.2)                  25.4   16.5
Operating
margins:
Marketing &       -2.1%    -1.7%    - 40bps      2.0%     0.6%   140bps
Events Group
Travel &          -44.7%   -51.8%   710bps       19.5%    19.8%  -30bps
Recreation Group
Total            -4.1%    -3.6%    - 50bps      4.1%     2.7%   140bps
** Change is greater than +/- 100 percent.

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

Marketing & Events Group

Marketing & Events Group 2012 full year revenue increased 7.3 percent to
$902.0 million with operating income of $17.9 million, compared to revenue of
$840.6 million and operating income of $5.2 million in 2011. The increases
from 2011 reflect same-show growth, new business wins, positive show rotation
revenue of approximately $16 million from non-annual shows that took place
during 2012 and continued focus on operating efficiencies, with throughput for
the year at 20.7 percent.

U.S. segment revenue increased 7.2 percent in 2012 to $676.8 million with
operating income of $5.6 million compared to 2011 revenue of $631.4 million
and an operating loss of $6.3 million. Base same-show revenue, or revenue
derived from shows that take place in the same city during the same quarter
each year, increased 6.5 percent to $281.2 million from $264.0 million in
2011.U.S. segment revenue was impacted by positive show rotation totaling
approximately $21 million from non-annual shows that took place during the
year.

International segment revenue increased 9.8 percent to $240.1 million with
operating income of $12.3 million compared to 2011 revenue of $218.6 million
and operating income of $11.4 million. The improved performance was primarily
driven by work that the Melville GES unit in the U.K. delivered for the 2012
London Summer Olympics and Paralympic Games, partially offset by net negative
show rotation of approximately $5 million. Foreign exchange rate variances had
an unfavorable impact on revenue and operating income of $4.6 million and
$160,000, respectively, as compared to 2011.

Dykstra said, "2012 was a very positive year for GES. Revenue on a
year-over-year basis increased 7.3 percent and we achieved significant cost
savings and efficiencies from continuing to rationalize our Service Delivery
Network. Since 2008 we have reduced our U.S. facility footprint by
approximately 1.2 million square feet and have realized annualized cost
savings in excess of $6 million. Add to that our initiative to more
efficiently manage labor utilization throughout the year, and GES' operating
margin for 2012 increased to 2.0 percent for the year from 0.6 percent in
2011. While we will not benefit in 2013 from non-annual shows as we did in
2012, we are targeting a full year operating margin of 2.5 percent for GES in
2013 as we win new business and operate the business even more efficiently.

"Internationally we continue to make progress in building out the necessary
infrastructure to support a growing business. We recently entered into a
10-year agreement to be the preferred exhibition services supplier for London
ExCel, a leading international exhibition and convention center in the metro
London area. This collaboration positions us for expanded new business
opportunities in the UK. In January, we announced the opening of a new office
in Amsterdam with an eye toward expanding our reach in continental Europe.
Since the opening of that office we have been awarded an extensive portfolio
of 30 events, to take place in 2013 and 2014, by global business-to-business
events organizer, UBM Live. We expect that our international business will
continue to grow in the coming years.

"We are also very pleased that GES was recognized by J.D. Power and Associates
for excellence in call center customer satisfaction for the fifth consecutive
year, with customer service scores at a record high in 2012. We are dedicated
to providing exceptional service to our customers and this recognition is a
concrete validation of our commitment."

In the fourth quarter of 2012, Marketing & Events Group revenue increased 1.6
percent to $192.8 million compared to $189.8 million in the fourth quarter of
2011. Operating loss for the quarter was $4.0 million versus $3.2 million in
last year's fourth quarter.

U.S. Marketing & Events Group revenue increased 2.5 percent to $136.0 million
compared to $132.7 million in the prior year's fourth quarter with an
operating loss of $6.7 million versus an operating loss of $7.3 million in the
fourth quarter of 2011. Base same-show revenue for the quarter was
essentially flat, reflecting growth across the majority of base same-shows
offset by a decline in a major show in the government sector.

International Marketing & Events Group revenue for the fourth quarter of 2012
increased 1.2 percent to $59.9 million with operating income of $2.7 million
compared to revenue of $59.2 million in the fourth quarter of 2011 and
operating income of $4.1 million. These results reflect a less profitable mix
of business compared to the 2011 quarter, as well as higher selling, general
and administrative expenses to support business growth. Additionally, foreign
exchange rate variances had a favorable impact on revenue of $743,000 and an
unfavorable impact on operating income of $22,000 as compared to 2011.

Travel & Recreation Group

Travel & Recreation Group 2012 full year revenue increased 21.0 percent to
$123.2 million and operating income increased 18.6 percent to $24.0 million
compared to 2011 revenue of $101.8 million and operating income of $20.2
million. Operating margin for the year was 19.5 percent, roughly equivalent to
19.8 percent in 2011. Revenue for the year was favorably impacted by increased
passenger traffic at Brewster's attractions, including the Banff Gondola, the
Columbia Icefield Glacier Adventure and the Banff Lake Cruise. Alaska Denali
Travel and the Banff International Hotel provided their first peak season
contributions since being acquired. The St. Mary Lodge & Resort and Grouse
Mountain Lodge, both in their second year as part of the Travel & Recreation
Group, also posted improved results over 2011. The Many Glacier Hotel provided
a full revenue contribution in 2012 from rooms that were under renovation in
2011. Foreign exchange rate variances had an unfavorable impact on revenue and
operating income of $2.0 million and $726,000, respectively, as compared to
full year 2011.

For the seasonally slow fourth quarter, Travel & Recreation Group revenue was
$9.8 million with an operating loss of $4.4 million compared to fourth quarter
2011 revenue of $7.6 million and an operating loss of $4.0 million. These
results reflect the seasonal operating loss at the Banff International Hotel,
which was acquired in March 2012 and was accretive to full year results.
Additionally, foreign exchange rate variances had a favorable impact on
revenue of $239,000 and an unfavorable impact on operating income of $31,000
as compared to 2011.

Dykstra said, "We are very pleased with the 2012 performance of the Travel &
Recreation Group. We achieved revenue growth of more than 20 percent from a
combination of acquisitions and improved performance from our existing
assets."

2013 Outlook

Guidance provided by Viad is subject to change as a variety of factors can
affect actual results. Those factors are identified in the safe harbor
language at the end of this press release.

Dykstra said, "We enter 2013 with a lot of positive momentum. Both the
Marketing & Events Group and the Travel & Recreation Group are executing very
well and we're expecting another year of improved profits from both business
units. The fundamental drivers of our industries continue to trend in a
positive direction and we see opportunities ahead to gain additional market
share in our international business."

2013 Full Year Guidance

Marketing & Events Group

  oTotal revenue is expected to decrease at a low to mid single-digit rate
    compared to 2012.

       oBase same-show revenue is expected to increase at a low to mid
         single-digit rate in the U.S. Base same shows are defined as shows
         that take place in the same city during the same quarter each year.
       oShow rotation is expected to have a net negative impact on full year
         revenue of $55 million to $60 million. Show rotation refers to shows
         that occur less frequently than annually, as well as annual shows
         that shift quarters from one year to the next.

First quarter show rotation is expected to positively impact revenue by
approximately $10 million.
Second quarter show rotation is expected to positively impact revenue by
approximately $10 million.
Third quarter show rotation is expected to negatively impact revenue by
approximately $80 million.
Fourth quarter show rotation is expected to positively impact revenue by
approximately $5 million.

  oOperating margins are expected to reach approximately 2.5 percent, driven
    primarily by continued improvements in U.S. segment profitability.

Travel & Recreation Group

  oRevenue is expected to increase at a mid single-digit rate from 2012.
  oOperating margins are expected to approximate 20 percent, up from 19.5
    percent in 2012.

Corporate & Other

  oCorporate activities expense is expected to approximate $9 million.
  oExchange rates are assumed to approximate $1.00 U.S. Dollars per Canadian
    Dollar and $1.60 U.S. Dollars per British Pound (on a weighted-average
    basis). Currency translation is not expected to have a meaningful effect
    on 2013 results.
  oThe effective tax rate on income before other items is assumed to
    approximate 33 percent, as compared to 28.6 percent in 2012.

2013 First Quarter Guidance

For the first quarter, Viad's income per share is expected to be in the range
of $0.21 to $0.31. This compares to 2012 first quarter income before other
items of $0.12 per share. Revenue is expected to be in the range of $268
million to $287 million as compared to $268.8 million in the 2012 first
quarter. Segment operating income is expected to be in the range of $8.0
million to $11.5 million as compared to $5.5 million in the 2012 first
quarter.

Implicit within this guidance, are the following group revenue and operating
income (loss) expectations:

($ in millions)  Group Revenue                   Group Operating Income (Loss)
                           2013 Guidance                  2013 Guidance
                 2012      Low End   High End    2012     Low End  High End
Marketing &      $262.0    $262.0    to $277.0   $ 11.1   $14.0    to  $17.5
Events Group
Travel &         $   6.7 $   6.0 to $ 10.0  $ (5.6)  $(6.5)   to  $(5.5)
Recreation Group

Conference Call and Web Cast

Viad Corp will hold a conference call with investors and analysts for a review
of full year and fourth quarter 2012 results on Friday, February 1, 2013 at 9
a.m. (ET). During this call, Paul B. Dykstra, chairman, president and chief
executive officer of Viad Corp, will be discussing the historical performance
and outlook of Viad Corp, including the recent news that one of its major
shows, the International CES, has been awarded to a competitor for 2014. To
join the live conference, call (800) 857-4380, passcode "Viad," or access the
webcast through Viad's Web site at www.viad.com. A replay will be available
for a limited time at (888) 568-0721 (no passcode required) or visit the Viad
Web site and link to a replay of the webcast.

About Viad

Viad is an S&P SmallCap 600 company. Viad operates through its Marketing &
Events Group, comprised of Global Experience Specialists and affiliates, and
its Travel & Recreation Group, comprised of Brewster, Glacier Park, Inc. and
Alaska Denali Travel. 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 or renewal business, investment policies, productivity
improvements, ongoing cost reduction efforts, efficiency, competitiveness,
legal expenses, tax rates and other tax matters, foreign exchange rates, and
the realization of restructuring cost savings. Actual results could differ
materially from those discussed 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 and growth
patterns within the industries in which Viad competes, acquisitions, capital
allocations, adverse developments in liabilities associated with discontinued
operations 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 terrorist activities or war, a pandemic health crisis
and international conditions, could affect the forward-looking statements in
this press release. Additional information concerning business and other risk
factors that could cause actual results to materially differ from those in the
forward-looking statements can be found in Viad's annual and quarterly reports
filed with the Securities and Exchange Commission.

Contacts:
                        Carrie Long
Joe Diaz
                        Viad Corp
Lytham Partners
                        (602) 207-2681
(602) 889-9660
                        IR@viad.com
diaz@lythampartners.com

VIAD CORP AND SUBSIDIARIES
TABLE ONE - QUARTERLY AND FULL YEAR RESULTS
(UNAUDITED)
                      Three months ended December 31,        Year ended December 31,
(000 omitted, except  2012       2011      $ Change  %       2012       2011     $ Change  %
per share data)                                      Change                                Change
Revenues              $ 202,552  $         $        2.6%    $          $        $ 82,867  8.8%
                                 197,405   5,147            1,025,231  942,364
Segment operating     $         $        $         -16.7%  $        $       $ 16,486  65.0%
income (loss)         (8,351)    (7,157)   (1,194)          41,862     25,376
Corporate activities  (3,408)    (2,479)   (929)     -37.5%  (9,408)    (7,682)  (1,726)   -22.5%
(Note A)
Restructuring charges (1,431)    (2,232)   801       35.9%   (4,942)    (3,782)  (1,160)   -30.7%
(Note B)
Net interest expense  (164)      (155)     (9)       -5.8%   (710)      (732)    22        3.0%
Income (loss) from
continuing operations
before
income taxes          (13,354)   (12,023)  (1,331)   -11.1%  26,802     13,180   13,622    **
Income taxes (Note C) (7,759)    5,123     (12,882)  **      (20,843)   (3,888)  (16,955)  **
Income (loss) from    (21,113)   (6,900)   (14,213)  **      5,959      9,292    (3,333)   -35.9%
continuing operations
Income (loss) from
discontinued          (15)       451       (466)     **      624        451      173       38.4%
operations (Note D)
Net income (loss)     (21,128)   (6,449)   (14,679)  **      6,583      9,743    (3,160)   -32.4%
Net income (loss)
attributable to       (68)       142       (210)     **      (686)      (533)    (153)     -28.7%
noncontrolling
interest
Net income (loss)     $          $        $         **      $  5,897  $       $         -36.0%
attributable to Viad  (21,196)  (6,307)   (14,889)                     9,210    (3,313)
Amounts Attributable
to Viad Common
Stockholders:
Income (loss) from    $          $         $         **      $ 5,273    $ 8,759  $         -39.8%
continuing operations (21,181)   (6,758)   (14,423)                              (3,486)
Income (loss) from
discontinued          (15)       451       (466)     **      624        451      173       38.4%
operations
Net income (loss)     $          $        $         **      $         $       $        -36.0%
                      (21,196)  (6,307)   (14,889)          5,897     9,210   (3,313)
Diluted income per
common share (Note
E):
 Income (loss) from
 continuing           $        $        $ 
 operations           (1.07)     (0.35)   (0.72)   **      $ 0.26     $ 0.43   $ (0.17)  -39.5%
 attributable to Viad
 common shareholders
 Income (loss) from
 discontinued
 operations           -          0.03      (0.03)    **      0.03       0.02     0.01      50.0%
 attributable to Viad
 common shareholders
 Net income (loss)    $        $       $                                    $ 
 attributable to Viad (1.07)     (0.32)    (0.75)   **      $  0.29  $ 0.45   (0.16)    -35.6%
 common shareholders
Basic income per
common share (Note
E):
 Income (loss) from
 continuing           $        $       $ 
 operations           (1.07)     (0.35)    (0.72)   **      $ 0.26     $ 0.43   $ (0.17)  -39.5%
 attributable to Viad
 common shareholders
 Income (loss) from
 discontinued
 operations           -          0.03      (0.03)    **      0.03       0.02     0.01      50.0%
 attributable to Viad
 common shareholders
 Net income (loss)    $        $       $                $        $      $ 
 attributable to Viad (1.07)     (0.32)    (0.75)   **      0.29       0.45     (0.16)    -35.6%
 common shareholders
Common shares treated
as outstanding for
income per share
calculations:
  Weighted-average
  outstanding common  19,723     19,569    154       0.8%    19,701     19,719   (18)      -0.1%
  shares
  Weighted-average
  outstanding and     19,723     19,569    154       0.8%    20,005     20,055   (50)      -0.2%
  potentiallydilutive
  common shares
** Change is greater than +/-
100 percent



VIAD CORP AND SUBSIDIARIES
TABLE ONE - NOTES TO QUARTERLY AND FULL YEAR RESULTS
(UNAUDITED)
          Corporate Activities - The increase in corporate activities expense for the
(A)       year ended December 31, 2012 was primarily due to costs related to the
          amendment and restatement of the Company's shareholder rights plan as well as
          increased performance-based compensation expense. The increase in corporate
          activities expense for the fourth quarter of 2012 as compared to 2011 was
          primarily due to higher performance-based compensation expense.
          Restructuring Charges — During 2012 and 2011, Viad recorded restructuring
(B)       charges of $4.9 million ($3.3 million after-tax) and $3.8 million ($2.5
          million after-tax), respectively. Included in these amounts were charges of
          $1.4 million ($1.1 million after-tax) and $2.2 million ($1.5 million
          after-tax) incurred in the fourth quarters of 2012 and 2011, respectively.
          The charges primarily related to reorganization activities in the Marketing &
          Events Group, comprised of facility consolidations as well as the elimination
          of certain positions.
          Income Taxes - Included in the fourth quarter of 2012 was a charge related to
(C)       unfavorable tax matters of $0.68 per share representing a valuation allowance
          recorded in connection with the Company's analysis of its deferred tax
          assets. During the fourth quarter, it was determined that certain deferred
          tax assets associated with foreign tax credits no longer met the
          "more-likely-than-not" test in the accounting standards regarding the
          realization of those assets. Accordingly, the Company recorded a non-cash
          charge of $13.4 million to income tax expense.
          Income from Discontinued Operations - In 2012, Viad recorded income from
(D)       discontinued operations of $624,000 primarily related to the sale of land
          associated with previously sold operations. In 2011, Viad recorded income
          from discontinued operations of $451,000 related to the reversal of certain
          liabilities associated with previously divested operations.
(E)       Income per Common Share — Following is a reconciliation of net income
          attributable to Viad to net income allocated to Viad common shareholders:
                 Three months ended December 31,        Year ended December 31,
(000 omitted,                                   %                       $        %
except per share 2012       2011     $ Change   Change  2012    2011    Change   Change
data)
Net income
(loss)           $         $       $          **      $      $      $       -36.0%
attributable to  (21,196)   (6,307)  (14,889)          5,897   9,210   (3,313)
Viad
Less: Allocation
to nonvested     -          -        -          **      (157)   (248)   91       36.7%
shares
Net income
(loss) allocated $          $       $          **      $      $       $       -36.0%
to Viad common   (21,196)  (6,307)  (14,889)           5,740   8,962   (3,222)
shareholders
Weighted-average
outstanding      19,723     19,569   154        0.8%    19,701  19,719  (18)     -0.1%
common shares
Basic income
(loss) per
common share     $        $      $        **      $      $     $       -35.6%
attributable to  (1.07)     (0.32)   (0.75)             0.29   0.45    (0.16)
Viad common
shareholders
** Change is greater than +/- 100
percent



VIAD CORP AND SUBSIDIARIES
TABLE TWO - INCOME BEFORE OTHER ITEMS,
ADJUSTED EBITDA AND FREE CASH FLOW
(UNAUDITED)
                         Three months ended December 31,      Year ended December 31,
(000 omitted)            2012      2011     $ Change  %       2012      2011      $        %
                                                      Change                      Change   Change
Income (loss) before
other items (Note A):
  Income (loss) from     $         $        $                                     $
  continuing operations  (21,181)  (6,758)  (14,423)  **      $ 5,273   $ 8,759   (3,486)  -39.8%
  attributable to Viad
  Restructuring charges, 1,062     1,501    (439)     29.2%   3,287     2,453     834      -34.0%
  net of tax
  Unfavorable/resolution 13,415    -        13,415    **      13,415    (103)     13,518   **
  of tax matters
  Income (loss) before   $        $        $         -27.5%  $ 21,975  $ 11,109  $        97.8%
  other items            (6,704)   (5,257)  (1,447)                               10,866
(per diluted share)
Income (loss) before
other items:
  Income (loss) from     $        $        $                                    $ 
  continuing operations  (1.07)    (0.35)   (0.72)    **      $  0.26  $  0.43  (0.17)   -39.5%
  attributable to Viad
  Restructuring charges, 0.05      0.08     (0.03)    37.5%   0.16      0.12      0.04     -33.3%
  net of tax
  Unfavorable/resolution 0.68      -        0.68      **      0.67      -         0.67     **
  of tax matters
  Income (loss) before   $        $       $        -25.9%  $  1.09  $  0.55  $       98.2%
  other items            (0.34)    (0.27)   (0.07)                                0.54
                         Three months ended December 31,      Year ended December 31,
(000 omitted)            2012      2011     $ Change  %       2012      2011      $        %
                                                      Change                      Change   Change
Adjusted EBITDA (Note
A):
  Net income (loss)      $         $        $         **      $ 5,897   $ 9,210   $        -36.0%
  attributable to Viad   (21,196)  (6,307)  (14,889)                              (3,313)
  Loss (income) from
  discontinued           15        (451)    466       **      (624)     (451)     (173)    38.4%
  operations
  Interest expense       312       346      (34)      9.8%    1,303     1,511     (208)    13.8%
  Income taxes           7,759     (5,123)  12,882    **      20,843    3,888     16,955   **
  Depreciation and       7,171     7,244    (73)      1.0%    30,731    29,126    1,605    -5.5%
  amortization
  Adjusted EBITDA        $         $        $         -38.4%  $ 58,150  $ 43,284  $        34.3%
                         (5,939)   (4,291)  (1,648)                               14,866
                         Three months ended December 31,      Year ended December 31,
(000 omitted)            2012      2011     $ Change  %       2012      2011      $        %
                                                      Change                      Change   Change
Free Cash Flow (Outflow)
(Note A):
  Net cash provided by             $                                             $
  (used in) operating    $  380  (332)   $  712  **      $ 69,186  $ 34,736  34,450   99.2%
  activities
  Less:
        Capital          (7,763)   (4,287)  (3,476)   -81.1%  (27,675)  (21,538)  (6,137)  -28.5%
        expenditures
        Dividends paid   (2,025)   (806)    (1,219)   **      (4,454)   (3,241)   (1,213)  -37.4%
        Free cash flow   $         $        $         -73.4%  $ 37,057  $ 9,957   $        **
        (outflow)        (9,408)   (5,425)  (3,983)                               27,100
** Change is greater than +/- 100
percent
        Income before other items, Adjusted EBITDA and Free Cash Flow are supplemental to results
(A)     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. Management
        believes these non-GAAP measures are useful to investors in trending, analyzing and
        benchmarking the performance and value of Viad's business. These non-GAAP measures should
        be considered in addition to, but not as a substitute for, other similar measures
        reported in accordance with GAAP.





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SOURCE Viad Corp

Website: http://www.viad.com
 
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