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CURRENT REPORTDelaware001-1101536-1169950(State or other jurisdiction(Commission(IRS Employerof incorporation)File Number)Identification No.)VIAD CORP(Registrant)July 27, 2012By:/s/ G. Michael LattaG. Michael Latta
Chief Accounting Officer – ControllerBusiness Group HighlightsSecond QuarterJune 30 Year-to-Date($ in millions)20122011ChangeRevenue:Marketing & Events Group:U.S.10.2%$ (9.5)-2.5%International-18.4%-7.0%Intersegment eliminations-32.5%-55.9%Total1.0%-4.0%Travel & Recreation Group23.2%21.9%3.3%$
(13.6)-2.6%Segment operating income (loss):**-29.3%-64.7%-40.5%15.5%-33.4%-14.3%6.4%$ (11.1)-40.9%Operating margins:Marketing & Events Group3.7%3.2%50bps4.0%5.7%(170)bps8.7%12.6%(390)bps-8.3%-4.9%(340)bps4.3%4.1%20bps3.1%5.1%(200)bps** Change is greater than +/- 100 percent.Note: Calculated amounts presented above
(including totals and percentages) are calculated using dollars in thousands.The effective tax rateGroup RevenueGroup Operating Income (Loss)2012 GuidanceLow EndHigh Endto$ (20.2)$ (3.5)VIAD CORP AND SUBSIDIARIESTABLE ONE - QUARTERLY RESULTS(UNAUDITED)Three months
ended June 30,Six months ended June 30,(000 omitted, except per share data)$ Change% ChangeRevenues$ (13,568)Segment operating income$ (11,090)Corporate activities (Note A)-38.8%-39.2%Restructuring charges (Note B)43.8%-96.8%Net interest expense12.3%8.5%Income before income taxes8.4%-60.7%Income taxes12.9%67.2%Income from continuing operations21.3%-56.7%Income from discontinued operations (Note C)-Net income36.2%-52.2%Net loss attributable to noncontrolling interest26.9%27.3%Net income attributable to Viad35.8%$ (7,155)-50.1%Amounts Attributable to Viad Common Shareholders:21.5%$ (7,794)-54.6%Income from discontinued operationsDiluted income per common share (Note D):attributable to Viad common shareholders22.7%$ (0.38)-54.3%Income from discontinued
operationsNet income attributable to Viad commonshareholders36.4%$ (0.35)-50.0%Basic income per common share (Note D):Net income attributable to Viad
commonCommon shares treated as outstanding forincome per share calculations:Weighted-average outstanding shares-0.5%-0.6%Weighted-average outstanding and potentially dilutive shares-0.7%-0.8%** Change is greater than +/- 100
percentTABLE ONE - NOTES TO QUARTERLY RESULTS(A) Corporate Activities — The increase in corporate activities expense for the six months ended June 30, 2012 was primarily due to costs related to the amendment and restatement of the Company's shareholder rights plan and higher legal costs related to employee benefits associated with previously divested operations.(B) Restructuring
Charges — During the six months ended June 30, 2012 and 2011, Viad recorded restructuring charges of $2.9 million ($1.8 million after-tax) 'and $1.5 million ($905,000 after-tax), 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.(C) Income from Discontinued Operations — Income from discontinued operations of $639,000
related to the sale of land associated with previously sold operations.(D) Income per Common Share — Following is a reconciliation of net income attributable to Viad to net income allocated to Viad common shareholders:Three months ended June 30,Six months ended June
30,Less: Allocation to nonvested shares-46.8%47.6%Net income allocated to Viad common shareholders35.5%$ (6,979)-50.2%Basic income per common share attributable toViad common
shareholdersVIAD CORP AND
SUBSIDIARIESTABLE TWO - INCOME BEFORE OTHER ITEMS,ADJUSTED EBITDA AND FREE CASH FLOW(000 omitted)Income before other items (Note A):attributable to ViadRestructuring charges, net of tax40.5%Income before other items12.7%$ (6,866)-45.2%(per diluted share)Income before other items:Income from continuing
operations50.0%-80.0%11.5%$ (0.34)-45.3%Six
months ended June 30,Adjusted EBITDA (Note A):Interest expense20.5%16.7%Depreciation and amortization-9.8%Adjusted EBITDA8.6%$ (12,927)-34.2%Six months ended
June 30,Free Cash Flow (Outflow) (Note A):Net cash provided by (used in)operating activities$ (14,377)Less:Capital expenditures-27.8%-10.1%Dividends paid0.6%0.4%Free cash flow (outflow)$ (20,310)$
(8,458)** Change is greater than +/- 100 percentPK ! ;{ docProps/app.xml
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