Viad Corp Announces Third Quarter 2013 Financial Results

           Viad Corp Announces Third Quarter 2013 Financial Results

Income from Continuing Operations per Share of $0.53

Income Before Other Items per Share of $0.69

PR Newswire

PHOENIX, Oct. 25, 2013

PHOENIX, Oct. 25, 2013 /PRNewswire/ --Viad Corp (NYSE:VVI) today announced
third quarter 2013 income from continuing operations of $10.8 million, or
$0.53 per diluted share. Viad's income before other items of $14.1 million, or
$0.69 per diluted share, excludes restructuring charges of $0.02 per diluted
share and non-cash impairment charges of $0.14 per diluted share. This
compares to the company's prior guidance of income before other items in the
range of $0.54 to $0.64 per share and 2012 third quarter income before other
items of $1.01 per share. The expected decline from 2012 was driven primarily
by negative show rotation in the Marketing & Events Group.

  oRevenue was $236.5 million as compared to $307.5 million in 2012.
  oSegment operating income was $24.6 million as compared to $34.2 million in
    2012.
  oFree cash flow was $21.8 million as compared to $45.2 million in 2012.
  oCash and cash equivalents were $120.1 million at September 30, 2013.
  oDebt was $1.7 million, with a debt-to-capital ratio of 0.4% at September
    30, 2013.

Paul B. Dykstra, chairman, president and chief executive officer, said, "Our
results for the third quarter of 2013 beat our prior guidance. As previously
indicated, results for the quarter were impacted by significant negative show
rotation of about $70 million in revenue at our Marketing & Events Group.
Despite this headwind, the Marketing & Events Group posted solid results for
the quarter, with same-show revenue growth of 5.2 percent and continued
progress against our margin improvement initiatives. The Travel & Recreation
Group turned in a very good performance with all three of its business units
posting higher revenue and operating income as compared to the 2012 third
quarter."

Business Group Highlights

                                               
              Third Quarter
                                               September 30 Year-to-Date
($ in         2013    2012    Change            2013       2012     Change
millions)
Revenue:
 Marketing
& Events
Group:
 U.S.  $       $       $(47.9)  -28.4%   $          $        $(46.4) -8.6%
              120.5   168.4                     494.4      540.7
       40.3    67.8    (27.4)   -40.5%   169.0      180.2    (11.2)  -6.2%
International

Intersegment  (4.4)   (5.9)   1.5      25.9%    (10.3)     (11.7)   1.4     12.0%
eliminations
 Total 156.5   230.3   (73.8)   -32.1%   653.1      709.3    (56.2)  -7.9%
 Travel &
Recreation    80.0    77.2    2.8      3.7%     117.9      113.4    4.5     4.0%
Group
Total         $236.5  $307.5  $(71.0)  -23.1%   $771.0     $822.7   $(51.7) -6.3%
Segment
operating
income
(loss):
 Marketing
& Events
Group:
 U.S.  $       $       $ (3.2)  **       $ 13.0     $ 12.2   $ 0.7   6.0%
              (3.7)   (0.6)
       (4.2)   3.4     (7.6)    **       5.8        9.6      (3.8)   -39.6%
International
 Total (7.9)   2.8     (10.8)   **       18.8       21.9     (3.1)   -14.1%
 Travel &
Recreation    32.5    31.3    1.2      3.8%     29.5       28.3     1.2     4.2%
Group
Total         $ 24.6  $ 34.2  $ (9.6)  -28.0%   $ 48.3     $ 50.2   $ (1.9) -3.7%
Operating
margins:
 Marketing
& Events      -5.1%   1.2%    -630  bps       2.9%     3.1%       -20     bps
Group
 Travel &
Recreation    40.7%   40.6%   10    bps       25.1%    25.0%      10      bps
Group
Total         10.4%   11.1%   -70   bps       6.3%     6.1%       20      bps


** Change is greater than +/- 100 percent.

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

Marketing & Events Group
For the third quarter of 2013, Marketing & Events Group revenue was $156.5
million with an operating loss of $7.9 million, which was in line with the
company's prior guidance.

U.S. segment revenue was $120.5 million with an operating loss of $3.7
million, compared to 2012 third quarter revenue of $168.4 million and an
operating loss of $585,000. Results for the U.S. segment were primarily
impacted by negative show rotation revenue of approximately $57 million,
partially offset by continued focus on margin improvement initiatives and
same-show growth. In connection with ongoing efforts to optimize its U.S.
service delivery network, the company sold its New Jersey facility and
recognized a pre-tax gain of $4.8 million during the quarter. Base same-show
revenue, defined as revenue from shows that the company produced out of the
same city in both the current year quarter and the prior year quarter,
increased 5.2 percent for the third quarter.

Third quarter International segment revenue was $40.3 million with an
operating loss of $4.2 million, compared to 2012 third quarter revenue of
$67.8 million and operating income of $3.4 million. Negative show rotation of
approximately $13 million impacted results for the quarter as did the absence
of revenue earned in 2012 in support of the Summer Olympic Games in London.
Foreign exchange rate variances had an unfavorable impact on revenue of
approximately $642,000 and a favorable impact on operating income of $172,000,
compared to the 2012 quarter.

Dykstra said, "The Marketing & Events Group continues to benefit from our
margin improvement initiatives, which helped to partially offset the impact of
significant negative show rotation during the third quarter. Notably, we
completed the relocation of our Washington DC area operations and we closed on
the sale of our New Jersey facility, which will enable us to relocate those
operations into a more efficient facility during the 2013 fourth quarter. We
also successfully renewed contracts with a number of large customers and
achieved a number of competitive takeaways during the third quarter.
Year-to-date we've made good progress in improving operating costs and we're
also seeing good traction on the sales side. We expect these benefits to be
more fully reflected in 2014 and beyond."

Travel & Recreation Group
Third quarter results for the Travel & Recreation Group exceeded the company's
prior guidance with revenue of $80.0 million and operating income of $32.5
million, as compared to 2012 third quarter revenue of $77.2 million and
operating income of $31.3 million. Foreign exchange rate variances had an
unfavorable impact on revenue and operating income of $1.8 million and
$812,000, respectively, versus the comparable quarter in 2012.

Dykstra said, "The momentum that was building in the second quarter, prior to
the flooding in Canada, reemerged during the third quarter. Brewster, Glacier
Park and Alaska Denali Travel all reported increased revenue and operating
income as compared to the third quarter of 2012, spurred by greater visitation
to our attractions and higher occupancy rates at most of our lodges and
hotels. We are particularly pleased with the performance at Brewster, which
recovered nicely from the flooding that occurred in late June, and Glacier
Park where we had a record year. All of our Glacier Park properties, both
inside and outside of the park, posted higher third quarter RevPAR in 2013 as
compared to the prior year. Glacier Park's Grouse Mountain Lodge, which we
purchased in 2011, experienced significant year-over-year growth resulting
from our refresh efforts.

"I'm also excited to report that construction of the Glacier Skywalk is now
essentially complete and the breathtaking visitor experience that we
envisioned is coming to fruition. We began offering tours for the media and
travel industry professionals earlier this month and the feedback has been
very positive."

Non-Cash Impairment Charges
Approximately 49 percent of the revenue generated by Viad's Glacier Park, Inc.
("Glacier Park") business unit in 2012 was earned under a contract to provide
concessions within Glacier National Park (with the consolidated Glacier Park
business contributing $5.6 million of the Travel & Recreation Group's total
segment operating income for that year). During the 2013 third quarter, and as
previously announced in August 2013, Viad was notified by the National Park
Service that the new concession contract, commencing in 2014, was awarded to
another concessionaire. As a result, management revised its outlook for future
revenues and earnings from Glacier Park, and performed an impairment
evaluation of goodwill. Based on this evaluation, management determined that
impairment charges were necessary and recorded non-cash charges of $4.5
million pretax ($2.2 million after-tax and non-controlling interest, or $0.11
per share) representing all goodwill at Glacier Park. Following the expiration
of its concession contract, Glacier Park is entitled to receive cash payments
of approximately $30 million from the National Park Service and the new
concessionaire.

The 2013 third quarter impairment charges also included $952,000 pre-tax
($600,000 after-tax, or $0.03 per share) related to the write-off of certain
assets within Viad's Marketing & Events Group.

Viad uses a discounted cash flow methodology to estimate the fair value of its
reporting units and intangible assets, which requires estimates and
assumptions regarding expected future cash flows, terminal values and a
discount rate. The estimates and assumptions are based on historical
experience, financial forecasts and industry trends and conditions and have
inherent uncertainties. Different assumptions could lead to materially
different results.

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 realized improved results year-to-date as compared to 2012,
reflecting growth in the Travel & Recreation Group and lower costs within the
Marketing & Events Group and the corporate office. We remain committed to
achieving our goal of a 2.5 percent operating margin for the Marketing &
Events Group in 2013. Looking ahead to 2014, we are confident that the
operational and financial performance of our Marketing & Events Group will
benefit from positive show rotation, contract renewals, new business wins and
a more efficient cost structure in our U.S. service delivery network. We are
also heartened by the strength exhibited in our Travel & Recreation Group
during the 2013 season, which is essentially complete, and we look forward to
the grand opening of the Glacier Skywalk at the beginning of the 2014 season."

2013 Full Year Guidance

Marketing & Events Group

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

       oBase same-show revenue is expected to increase at a low 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 approximately $50 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 had a positive impact on revenue of
         approximately $10 million
         Second quarter show rotation had a positive impact on revenue of
         approximately $9 million
         Third quarter show rotation had a negative impact on revenue of
         approximately $70 million
         Fourth quarter show rotation is expected to have a slight positive
         impact on revenue.
       oExchange rate variances are expected to negatively impact revenue by
         approximately $5 million versus 2012.

  oOperating margins are expected to reach approximately 2.5 percent versus
    2.0 percent in 2012. The improvement in margins on lower revenues is
    expected to be driven by continued execution against our Service Delivery
    Network and Labor Management initiatives, in addition to lower
    administrative overhead expenses.

Travel & Recreation Group

  oRevenue is expected to increase by a low single-digit rate from 2012.
    Exchange rate variances are expected to negatively impact revenue by
    approximately $3 million versus 2012.
  oOperating margins are expected to be in the range of 19 percent to 20
    percent, as compared to 19.5 percent in 2012.

Corporate & Other

  oCorporate activities expense is expected to approximate $7 million.
  oExchange rates for the fourth quarter of 2013 are assumed to approximate
    $0.96 U.S. Dollars per Canadian Dollar and $1.57 U.S. Dollars per British
    Pound (on a weighted-average basis). Exchange rate variances are expected
    to negatively impact full year income by approximately $0.02 per share
    versus 2012.
  oThe effective tax rate on income before other items is assumed to
    approximate 30 to 32 percent, as compared to 28.6 percent in 2012.

2013 Fourth Quarter Guidance

For the fourth quarter, Viad's loss per share is expected to be in the range
of $0.25 to $0.16 as compared to 2012 fourth quarter loss before other items
of $0.34 per share. Revenue is expected to be in the range of $188 million to
$200 million as compared to $202.6 million in the 2012 fourth quarter. Segment
operating loss is expected to be in the range of $4 million to $1.5 million as
compared to the 2012 fourth quarter loss of $8.4 million. The expected profit
improvement primarily reflects an ongoing focus on margin improvement from the
Marketing & Events Group.

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

($ in millions)        Group Revenue             Group Operating Income (Loss)
                               2013 Guidance              2013 Guidance
                       2012    Low End High End  2012     Low End  High End
Marketing & Events     $ 192.8 $180    to  $190  $(4.0)   $ 1.0    to  $ 2.5
Group
Travel & Recreation    $ 9.8   $8      to  $10   $(4.4)   $(5.5)   to  $(3.5)
Group

Special Dividend Announcement
As announced in a separate press release today, the Viad Board of Directors
declared a special cash dividend of $2.50 per share, or approximately $50.8
million in the aggregate. The Board also expects to declare an additional
special cash dividend of $1.50 per share, or approximately $30.5 million in
the aggregate, which would be payable in January 2014.

Conference Call and Web Cast
Viad Corp will hold a conference call with investors and analysts for a review
of third quarter 2013 results on Friday, October 25 at 9 a.m. (ET). 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 (866) 460-9740 (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, composed of Global Experience Specialists and affiliates, and
its Travel & Recreation Group, composed of Brewster Travel Canada, 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 demand for
exhibition and event services, existing and new competition, industry
alliances, consolidation 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, as
well as the timing of receipt of possessory interest and personal property
payments in connection with the Glacier National Park concession contract,
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.

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,  keeping in mind that
forward-looking statements speak only as of the date made. Viad undertakes no
obligation to update any forward-looking statements, including prior
forward-looking statements, to reflect events or circumstances arising after
the date as of which the forward-looking statements were made.

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

VIAD CORP AND SUBSIDIARIES
TABLE ONE - QUARTERLY RESULTS
(UNAUDITED)
                   Three months ended September 30,     Nine months ended September 30,
(000 omitted,                                   %                                      %
except per share   2013     2012      $ Change  Change  2013      2012      $ Change   Change
data)
Revenues           $       $        $        -23.1%  $        $        $          -6.3%
                   236,473  307,457   (70,984)          770,950   822,679   (51,729)
Segment operating  $      $       $       -28.0%  $       $       $         -3.7%
income             24,624   34,182    (9,558)           48,332    50,213    (1,881)
Corporate
activities (Note   (2,034)  (2,036)   2         0.1%    (4,007)   (6,000)   1,993      33.2%
A)
Restructuring      (714)    (608)     (106)     -17.4%  (2,207)   (3,511)   1,304      37.1%
charges (Note B)
Impairment charges (5,413)  -         (5,413)   **      (5,413)   -         (5,413)    **
(Note C)
Net interest       (164)    (178)     14        7.9%    (508)     (546)     38         7.0%
expense
Income from
continuing         16,299   31,360    (15,061)  -48.0%  36,197    40,156    (3,959)    -9.9%
operations before
income taxes
Income taxes       (4,557)  (10,304)  5,747     55.8%   (10,605)  (13,084)  2,479      18.9%
Income from
continuing         11,742   21,056    (9,314)   -44.2%  25,592    27,072    (1,480)    -5.5%
operations
Income from
discontinued       1,006    -         1,006     **      1,006     639       367        57.4%
operations (Note
D)
Net income         12,748   21,056    (8,308)   -39.5%  26,598    27,711    (1,113)    -4.0%
Net income
attributable to    (893)    (1,080)   187       17.3%   (425)     (618)     193        31.2%
noncontrolling
interest
Net income         $      $       $               $       $       $   
attributable to    11,855   19,976    (8,121)   -40.7%  26,173    27,093    (920)     -3.4%
Viad
Amounts Attributable to
Viad Common Stockholders:
Income from        $      $       $               $       $       $ 
continuing         10,849   19,976    (9,127)   -45.7%  25,167    26,454    (1,287)   -4.9%
operations
Income from
discontinued       1,006    -         1,006     **      1,006     639       367        57.4%
operations
Net income         $      $       $       -40.7%  $       $       $       -3.4%
                   11,855   19,976    (8,121)           26,173    27,093    (920)
Diluted income per
common share (Note
E):
 Income from
 continuing
 operations
  attributable to  $     $      $              $      $      $   
  Viad common       0.53   0.99   (0.46)    -46.5%   1.24    1.31   (0.07)     -5.3%
  shareholders
 Income from
 discontinued
 operations
  attributable to
  Viad common      0.05     -         0.05      **      0.05      0.03      0.02       66.7%
  shareholders
 Net income
 attributable to
 Viad common
  shareholders     $     $      $      -41.4%  $      $      $       -3.7%
                    0.58   0.99   (0.41)             1.29    1.34   (0.05)
Basic income per
common share (Note
E):
 Income from
 continuing
 operations
  attributable to  $     $      $              $      $      $   
  Viad common       0.53   0.99   (0.46)    -46.5%   1.24    1.31   (0.07)     -5.3%
  shareholders
 Income from
 discontinued
 operations
  attributable to
  Viad common      0.05     -         0.05      **      0.05      0.03      0.02       66.7%
  shareholders
 Net income
 attributable to
 Viad common
  shareholders     $     $      $      -41.4%  $      $      $       -3.7%
                    0.58   0.99   (0.41)             1.29    1.34   (0.05)
Common shares
treated as
outstanding for
income per share
calculations:
  Weighted-average
  outstanding      19,868   19,721    147       0.7%    19,839    19,694    145        0.7%
  common shares
  Weighted-average
  outstanding and
  potentially
  dilutive common  20,191   20,017    174       0.9%    20,188    19,993    195        1.0%
  shares
** Change is greater than +/- 100 percent



VIAD CORP AND SUBSIDIARIES
TABLE ONE - NOTES TO QUARTERLY RESULTS
(UNAUDITED)
(A)  Corporate Activities - The decrease in corporate activities for the nine
     months ended September 30, 2013, was primarily due to lower performance-based
     compensation expense in the 2013 period as well as higher legal costs in 2012
     related to employee benefits associated with previously divested operations.
     Restructuring Charges — During the nine months ended September 30, 2013 and
(B)  2012, Viad recorded restructuring charges of $2.2 million ($1.5 million
     after-tax)
     and $3.5 million ($2.2 million after-tax), respectively. The charges
     primarily related to facility consolidations and the elimination of certain
     positions in the
     Marketing & Events Group.
(C)  Impairment Charges — Impairment charges during the three and nine months
     ended September 30, 2013 primarily related to the non-cash write-down of
     goodwill at Glacier Park of $4.5 million ($2.8 million after-tax). In
     addition, Viad recorded impairment charges of $952,000 ($600,000 after-tax)
     related to the
     write-off of certain assets within the Marketing & Events Group.
(D)  Income from Discontinued Operations — Income from discontinued operations for
     the nine months ended September 30, 2013 and 2012 was $1.0 million and
     $639,000, respectively. Both of these amounts related to the
     sale of land associated with previously sold 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 September     Nine months ended September
                   30,                              30,
  (000 omitted,                    $        %                       $       %
  except per share 2013    2012    Change   Change  2013    2012    Change  Change
  data)
  Net income       $     $     $              $     $     $  
  attributable to  11,855  19,976  (8,121)  -40.7%  26,173  27,093         -3.4%
  Viad                                                              (920)
  Less: Allocation
  to nonvested     (264)   (532)   268      50.4%   (605)   (735)   130     17.7%
  shares
  Net income                                                        $  
  allocated to     $     $     $      -40.4%  $     $            -3.0%
  Viad common      11,591  19,444  (7,853)          25,568  26,358  (790)
  shareholders
  Weighted-average
  outstanding      19,868  19,721  147      0.7%    19,839  19,694  145     0.7%
  common shares
  Basic income per
  common share
  attributable to
     Viad common   $     $     $             $     $     $  
     shareholders              (0.41)   -41.4%                     -3.7%
                   0.58   0.99                    1.29   1.34   (0.05)



VIAD CORP AND SUBSIDIARIES
TABLE TWO - INCOME BEFORE OTHER ITEMS,
ADJUSTED EBITDA AND FREE CASH FLOW
(UNAUDITED)
                 Three months ended September 30,      Nine months ended September 30,
(000 omitted)    2013      2012     $ Change   %       2013      2012      $ Change  %
                                               Change                                Change
Income before
other items
(Note A):
  Income from
  continuing
  operations
    attributable $       $      $         -45.7%  $      $       $       -4.9%
    to Viad      10,849    19,976   (9,127)           25,167    26,454   (1,287)
  Impairment
  charges, net   2,815     -        2,815      **      2,815     -         2,815     **
  of tax
  Restructuring
  charges, net   436       392      44         -11.2%  1,500     2,225     (725)     32.6%
  of tax
  Income before  $       $      $         -30.8%  $      $       $      2.8%
  other items    14,100    20,368   (6,268)           29,482    28,679     803
(per diluted
share)
Income before
other items:
  Income from
  continuing
  operations
    attributable $      $     $               $      $      $   
    to Viad       0.53    0.99  (0.46)     -46.5%            1.31  (0.07)   -5.3%
                                                       1.24
  Impairment                                                     $   
  charges, net   0.14      -        0.14       **      0.14            0.14      **
  of tax                                                         -
  Restructuring
  charges, net   0.02      0.02     -          0.0%    0.07      0.11      (0.04)    36.4%
  of tax
  Income before  $      $     $               $      $      $   
  other items     0.69    1.01  (0.32)     -31.7%            1.42   0.03   2.1%
                                                       1.45
                 Three months ended September 30,    Nine months ended September 30,
(000 omitted)    2013      2012     $ Change   %       2013      2012      $ Change  %
                                               Change                                Change
Adjusted EBITDA
(Note A):
  Net income     $       $      $                 $      $       $   
  attributable   11,855    19,976   (8,121)   -40.7%  26,173    27,093    (920)   -3.4%
  to Viad
  Income from
  discontinued   (1,006)   -        (1,006)    **      (1,006)   (639)     (367)     57.4%
  operations
  Impairment     5,413     -        5,413      **      5,413     -         5,413     **
  charges
  Interest       286       331      (45)       13.6%   905       991       (86)      8.7%
  expense
  Income taxes   4,557     10,304   (5,747)    55.8%   10,605    13,084    (2,479)   18.9%
  Depreciation
  and            7,439     8,560    (1,121)    13.1%   21,777    23,560    (1,783)   7.6%
  amortization
  Adjusted       $       $      $          -27.1%  $      $       $      -0.3%
  EBITDA         28,544    39,171   (10,627)          63,867    64,089    (222)
                 Three months ended September 30,    Nine months ended September 30,
(000 omitted)    2013      2012     $ Change   %       2013      2012      $ Change  %
                                               Change                                Change
Free Cash Flow
(Outflow) (Note
A):
  Net cash
  provided by    $       $      $          -32.3%  $      $       $        -60.3%
  operating      35,068    51,821   (16,753)          27,333    68,806   (41,473)
  activities
  Less:
    Capital      (11,222)  (5,824)  (5,398)    -92.7%  (26,927)  (19,912)  (7,015)   -35.2%
    expenditures
    Dividends    (2,029)   (806)    (1,223)    **      (6,095)   (2,429)   (3,666)   **
    paid
    Free cash    $       $      $                  $      $       $ 
    flow         21,817    45,191   (23,374)  -51.7%  (5,689)   46,465   (52,154)  **
    (outflow)
** Change is greater than +/- 100 percent
(A) Income before other items, 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.
    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