-----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, Gn8ONptu2rMWj9UB2TUo0qdiLStZGh0yJ8kW80kZ0J/DgMNpwB4c0QAPJxS+h2Ub 5EVEcFhK+O1fZJJCqaoIJg== 0000884219-97-000017.txt : 19970515 0000884219-97-000017.hdr.sgml : 19970515 ACCESSION NUMBER: 0000884219-97-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIAD CORP CENTRAL INDEX KEY: 0000884219 STANDARD INDUSTRIAL CLASSIFICATION: SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840] IRS NUMBER: 361169950 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11015 FILM NUMBER: 97603680 BUSINESS ADDRESS: STREET 1: DIAL TOWER STREET 2: DIAL CORPORATE CNTR CITY: PHOENIX STATE: AZ ZIP: 85077 BUSINESS PHONE: 6022074000 MAIL ADDRESS: STREET 1: DIAL TOWER STREET 2: 1850 NORTH CENTRAL AVE CITY: PHOENIX STATE: AZ ZIP: 85077 FORMER COMPANY: FORMER CONFORMED NAME: DIAL CORP /DE/ DATE OF NAME CHANGE: 19930823 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 1997 Commission file number 001-11015 VIAD CORP (Exact name of registrant as specified in its charter) DELAWARE 36-1169950 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1850 N. CENTRAL AVE., PHOENIX, ARIZONA 85077 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (602) 207-4000 Indicate by check mark whether the registrant (1) has filed all Exchange Act reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes x No --------- --------- As of April 30, 1997, 95,992,279 shares of Common Stock ($1.50 par value) were outstanding. PART I. FINANCIAL INFORMATION Item 1. Financial Statements VIAD CORP CONSOLIDATED BALANCE SHEET
March 31, December 31, (000 omitted) 1997 1996 ----------- ----------- ASSETS Current assets: Cash and cash equivalents $ 4,161 $ 4,422 Receivables, less allowance of $11,430 and $12,744 165,736 163,262 Inventories 101,974 93,730 Deferred income taxes 29,319 32,567 Other current assets 49,200 59,562 ---------- ---------- 350,390 353,543 Funds, agents' receivables and current maturities of investments restricted for payment service obligations, after eliminating $90,000 invested in Viad commercial paper 508,172 670,258 ---------- ---------- Total current assets 858,562 1,023,801 Investments restricted for payment service obligations 1,172,058 1,144,279 Property and equipment 478,614 473,039 Other investments and assets 117,301 125,705 Investment in discontinued operations 30,662 97,958 Deferred income taxes 50,084 47,904 Intangibles 544,888 540,626 ---------- ---------- $ 3,252,169 $ 3,453,312 ========== ==========
March 31, December 31, (000 omitted, except number of shares) 1997 1996 ---------- ---------- LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 154,191 $ 148,990 Accrued compensation 50,910 68,976 Other current liabilities 210,490 263,049 Current portion of long-term debt 18,426 2,348 ---------- ---------- 434,017 483,363 Payment service obligations 1,746,087 1,869,480 ---------- ---------- Total current liabilities 2,180,104 2,352,843 Long-term debt 498,118 518,779 Pension and other benefits 60,872 61,689 Other deferred items and insurance reserves 72,258 73,291 Minority interests 8,077 7,888 $4.75 Redeemable preferred stock 6,607 6,604 Common stock and other equity: Common stock, $1.50 par value, 200,000,000 shares authorized, 97,108,724 shares issued 145,663 145,663 Additional capital 278,989 282,203 Retained income 139,971 146,664 Cumulative translation adjustments (2,272) (1,519) Unearned employee benefits (110,396) (118,766) Unrealized gain (loss) on securities available for sale (4,312) 205 Common stock in treasury, at cost, 1,137,012 and 1,162,718 shares (21,510) (22,232) ---------- ---------- Total common stock and other equity 426,133 432,218 ---------- ---------- $ 3,252,169 $ 3,453,312 ========== ========== See Notes to Consolidated Financial Statements.
VIAD CORP STATEMENT OF CONSOLIDATED INCOME
Three months ended March 31, 1997 1996 (000 omitted, except per share data) ---------- ---------- REVENUES $ 569,726 $ 531,723 ---------- ---------- Costs and expenses: Costs of sales and services 531,016 496,261 Unallocated corporate expense and other items, net 7,983 9,027 Sale of accounts receivable expense 1,088 514 Interest expense 14,263 13,490 Minority interests 364 154 ---------- ---------- 554,714 519,446 ---------- ---------- Income before income taxes 15,012 12,277 Income taxes 4,492 3,765 ---------- ---------- INCOME FROM CONTINUING OPERATIONS 10,520 8,512 Income from discontinued operations 15,982 ---------- ---------- Income before extraordinary charge 10,520 24,494 Extraordinary charge for early retirement of debt, net of tax benefit of $4,554 (8,458) ---------- ---------- NET INCOME $ 2,062 $ 24,494 ========== ========== INCOME (LOSS) PER COMMON SHARE: Continuing operations $ 0.11 $ 0.09 Discontinued operations 0.18 ---------- ---------- Income before extraordinary charge 0.11 0.27 Extraordinary charge (0.09) ---------- ---------- NET INCOME PER COMMON SHARE $ 0.02 $ 0.27 ========== ========== Dividends declared per common share $ 0.08 $ 0.16 ========== ========== Average outstanding common and equivalent shares 93,006 90,783 ========== ========== See Notes to Consolidated Financial Statements.
VIAD CORP STATEMENT OF RETAINED INCOME
Three months ended March 31, 1997 1996 (000 omitted) ---------- ---------- Balance, beginning of year $ 146,664 $ 322,439 Net income 2,062 24,494 Dividends on common and preferred stock (7,552) (14,432) Adjust distribution of consumer products business to Viad stockholders for post- closing settlements (1,216) Other 13 ---------- ---------- Balance, end of period $ 139,971 $ 332,501 ========== ========== See Notes to Consolidated Financial Statements.
VIAD CORP STATEMENT OF CONSOLIDATED CASH FLOWS
Three months ended March 31, 1997 1996 (000 omitted) ---------- ---------- CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES: Net income $ 2,062 $ 24,494 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 19,372 18,087 Deferred income taxes 4,128 (598) Income from discontinued operations (15,982) Extraordinary charge for early retirement of debt 8,458 Other noncash items, net 2,689 1,539 Change in operating assets and liabilities: Receivables and inventories (10,570) (32,155) Payment service assets and obligations, net 33,607 41,196 Accounts payable and accrued compensation (12,865) (5,351) Other assets and liabilities, net (29,186) (18,886) ---------- ---------- Net cash provided by operating activities 17,695 12,344 ---------- ---------- CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES: Capital expenditures (13,849) (12,552) Acquisitions of businesses, net of cash acquired (17,555) Proceeds from sales of property and equipment 277 330 Investments restricted for payment service obligations: Proceeds from sales and maturities of securities classified as available for sale 178,557 215,962 Proceeds from maturities of securities classified as held to maturity 6,841 Purchases of securities classified as available for sale (150,726) (155,780) Purchases of securities classified as held to maturity (65,352) (91,511) Investments in and advances from discontinued operations, net, including $70,000 proceeds from the sale of the Star/Ship Atlantic in 1997 66,080 26,586 ---------- ---------- Net cash provided (used) by investing activities 4,273 (16,965) ---------- ---------- CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES: Payments on long-term borrowings (58,528) (103) Premium paid upon early retirement of debt (13,012) Net change in short-term borrowings 53,856 10,844 Dividends on common and preferred stock (7,552) (14,432) Proceeds from sales of treasury stock 5,164 13,077 Net change in receivables sold 1,039 Cash payments on interest rate swaps (2,157) (1,254) ---------- ---------- Net cash (used) provided by financing activities (22,229) 9,171 ---------- ---------- Net (decrease) increase in cash and cash equivalents (261) 4,550 Cash and cash equivalents, beginning of year 4,422 17,945 ---------- ---------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 4,161 $ 22,495 ========== ========== See Notes to Consolidated Financial Statements.
VIAD CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE A--Basis of Preparation The Consolidated Financial Statements of Viad Corp ("Viad") include the accounts of Viad and all of its subsidiaries. This information should be read in conjunction with the financial statements set forth in the Viad Corp Annual Report to Stockholders for the year ended December 31, 1996. Accounting policies utilized in the preparation of the financial information herein presented are the same as set forth in Viad's annual financial statements except as modified for interim accounting policies which are within the guidelines set forth in Accounting Principles Board Opinion No. 28, "Interim Financial Reporting." The interim consolidated financial information is unaudited. In the opinion of management, all adjustments, consisting only of normal recurring accruals, necessary to present fairly Viad's financial position as of March 31, 1997, and its results of operations and its cash flows for the three months ended March 31, 1997 and 1996 have been included. Interim results of operations are not necessarily indicative of the results of operations for the full year. NOTE B--Investments Restricted for Payment Service Obligations Investments restricted for payment service obligations include the following debt and equity securities:
March 31, December 31, 1997 1996 (000 omitted) ----------- ----------- Securities available for sale, at fair value (amortized cost of $720,374 and $748,642) $ 713,304 $ 748,977 Securities held to maturity, at amortized cost (fair value of $456,523 and $403,278) 464,287 405,921 ----------- ---------- 1,177,591 1,154,898 Less current maturities (5,533) (10,619) ----------- ---------- $ 1,172,058 $ 1,144,279 =========== ==========
NOTE C--Debt At March 31, 1997 and December 31, 1996, Viad classified as long- term debt $137,856,000 and $84,000,000, respectively, of short- term borrowings supported by unused commitments under a $400,000,000 long-term revolving bank credit agreement. As discussed in Liquidity and Capital Resources, in late March 1997, Viad repurchased $58,414,000 par value of its 10.5 percent subordinated debentures at a premium, resulting in an extraordinary charge of $8,458,000. NOTE D--Income Taxes A reconciliation of the provision for income taxes and the amount that would be computed using statutory federal income tax rates on income before income taxes for the three months ended March 31, is as follows:
1997 1996 (000 omitted) ------------ ------------ Computed income taxes at statutory federal income tax rate of 35% $ 5,254 $ 4,297 Nondeductible goodwill amortization 1,039 883 Minority interests 127 54 State income taxes 829 493 Tax-exempt income (4,199) (2,831) Adjustment to estimated annual effective rate 1,750 825 Other, net (308) 44 ----------- ----------- Provision for income taxes $ 4,492 $ 3,765 =========== ===========
NOTE E--Supplementary Information--Revenues and Operating Income
Three months ended March 31, ----------------------------------------------------- Revenues Operating Income ------------------------- -------------------------- 1997 1996 1997 1996 (000 omitted) ----------- ----------- ----------- ----------- Airline Catering and Services $ 211,829 $ 193,263 $ 13,147 $ 12,305 Convention Services 209,327 195,012 18,489 17,134 Travel and Leisure and Payment Services (1) 148,570 143,448 7,074 6,023 ----------- ----------- ----------- ----------- Total principal business segments $ 569,726 $ 531,723 38,710 35,462 =========== =========== Unallocated corporate expense and other items, net (7,983) (9,027) Sale of accounts receivable expense (1,088) (514) ----------- ----------- $ 29,639 $ 25,921 =========== =========== (1) Viad's payment services subsidiary is investing increasing amounts in tax- exempt securities. On a fully taxable equivalent basis, revenues and operating income would be higher by $6,460,000 and $4,355,000 for the 1997 and 1996 quarter, respectively.
NOTE F--Discontinued Operations The caption "Income from discontinued operations" presented in the Statement of Consolidated Income for the quarter ended March 31, 1996, includes the following, after income taxes where applicable:
(000 omitted) Consumer products business (spun off August 15, 1996 as The Dial Corporation) $ 17,648 Canadian intercity bus transportation business, net of applicable minority interests (disposed of May 31, 1996) (268) Cruise line business (1) (1,398) ----------- Income from discontinued operations $ 15,982 =========== (1) In February 1997, Viad's Board of Directors approved plans to dispose of Viad's cruise line business, operated by Premier Cruise Lines. The Star/Ship Majestic, formerly on charter to a European operator, was sold in December 1996. In mid-March 1997, Viad sold the Star/Ship Atlantic. In April 1997, Viad finalized the sale of Premier Cruise Lines, which continues to operate the Star/Ship Oceanic.
NOTE G--Dividends Declared Per Common Share The first quarter 1997 common stock dividend of $0.08 per share, when added together with The Dial Corporation's first quarter 1997 dividend declaration of $0.08 per common share, results in a combined quarterly dividend rate for Viad and The Dial Corporation comparable to the dividend rate of The Dial Corp prior to the spin-off. NOTE H--Earnings Per Share In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings Per Share." The Statement requires the dual presentation of basic and diluted earnings per share ("EPS") on the face of the earnings statement and requires a reconciliation of the numerators and denominators of basic and diluted EPS calculations. The Statement will be effective for Viad's 1997 fiscal year. Early adoption of the Statement is not permitted. Adoption of this Statement would not have had a material impact on the EPS calculations for the 1997 and 1996 first quarters. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS: There were no material changes in the nature of Viad's business, nor were there any other changes in the general characteristics of its operations as described and discussed in the first paragraph of the results section of Management's Discussion and Analysis of Results of Operations and Financial Condition presented in the Viad Corp Annual Report to Stockholders for the year ended December 31, 1996. COMPARISON OF FIRST QUARTER OF 1997 TO THE FIRST QUARTER OF 1996: In the first quarter of 1997, revenues increased $38.0 million, or 7.1 percent, to $569.7 million from $531.7 million in 1996. The 1997 first quarter operating income of Viad's principal business segments increased $3.2 million, or 9.2 percent, over that of 1996. Viad's payment services subsidiary continues to invest increasing amounts in tax-exempt securities. On a fully taxable equivalent basis, revenues rose 7.5 percent and operating income was up 13.4 percent. Income from continuing operations for the first quarter of 1997 was $10.5 million, or $0.11 per share, compared to income from continuing operations of $8.5 million, or $0.09 per share, for the 1996 quarter. There were 2.2 million more average common and equivalent shares outstanding in 1997 than in 1996, due primarily to the effects of stock option exercises and other issuances related to employee benefit and dividend reinvestment plans. Net income for the first quarter of 1997 was $2.1 million, or $0.02 per share, after deducting an extraordinary charge of $8.5 million (net of tax benefit of $4.6 million), or $0.09 per share, for the early retirement of debt. Net income for the first quarter of 1996 was $24.5 million, or $0.27 per share, which included income from discontinued operations of $16.0 million, or $0.18 per share. See Note F of Notes to Consolidated Financial Statements and Liquidity and Capital Resources. AIRLINE CATERING AND SERVICES. The first quarter 1997 revenues of the Airline Catering and Services group were $211.8 million, a 9.6 percent increase from the 1996 first quarter revenues of $193.3 million. On a fully comparable basis, the revenue increase was 6.8 percent, as the reported 1996 revenues did not include two catering kitchens which had only been 50 percent owned in 1996. Operating income increased $800,000, or 6.8 percent, over that of the 1996 first quarter. Revenues and operating income increased due to new catering customers gained since the first quarter of 1996. Revenues and operating income from the airplane fueling and ground handling business were essentially even. Operating margins decreased slightly to 6.2 percent from 1996's 6.4 percent due to the effects of consolidating the two joint venture kitchens in 1997. CONVENTION SERVICES. Convention Services first quarter 1997 revenues increased $14.3 million, or 7.3 percent, to $209.3 million from $195 million in the 1996 first quarter. Operating income increased $1.4 million, or 7.9 percent, and operating margins remained even at 8.8 percent. Efficiencies gained from the consolidation of Giltspur Inc. operations with Exhibitgroup offset the effects of a major rotating show included in the 1996 first quarter, but not repeating this year. TRAVEL AND LEISURE AND PAYMENT SERVICES. Revenues of the Travel and Leisure and Payment Services companies were $148.6 million for the first quarter of 1997, up $5.1 million, or 3.6 percent, from those of the 1996 first quarter. Operating income increased 17.5 percent to $7.1 million. On a fully taxable equivalent basis, first quarter revenues and operating income would have been higher by $6.5 million and $4.4 million in 1997 and 1996, respectively. Operating margins on the fully taxable equivalent basis would have been 8.7 percent in the first quarter of 1997, up from 7 percent in the 1996 first quarter. The first quarter revenue increase was 7.3 percent on a comparable basis, as the Oakbrook Hills Hotel & Resort, sold June 30, 1996, had contributed revenues in the 1996 quarter. On the fully taxable equivalent basis, payment services revenues and operating income increased $5.8 million and $1.4 million, respectively, over those of 1996's first quarter, primarily as a result of increased investment income arising from larger investment balances. Duty Free and shipboard concession revenues and operating income increased $800,000 and $100,000, respectively, over those of the 1996 first quarter, due primarily to an increase in the number of shipboard passenger days. Travel tour service revenues and operating income increased $4.0 million and $700,000, respectively, over those of the 1996 first quarter. Revenues increased primarily as a result of higher passenger and hotel guest volumes. Operating income increased as a result of the revenue increase, partially offset by higher volume-related costs to provide services. Food service companies 1997 first quarter revenues decreased $100,000 from those of the 1996 first quarter. Increased revenues at General Motors (due to strikes at certain General Motors plants in 1996) and increased business at America West Arena (due to the addition of Phoenix Coyotes hockey) was offset by the closure of certain locations in 1996. Operating income increased $1.6 million, primarily due to improved cost efficiencies compared to the strike effects on 1996 operations. UNALLOCATED CORPORATE EXPENSE AND OTHER ITEMS, NET. Unallocated corporate expense and other items, net, decreased $1.0 million from those in the first quarter of 1996. INTEREST EXPENSE. Interest expense increased $800,000 over 1996's first quarter, as proceeds of the Star/Ship Atlantic sale were not received until late in the 1997 quarter and effective rates were slightly higher than in the 1996 quarter. INCOME TAXES. The effective tax rate in the 1997 first quarter was 29.9 percent, down from 30.7 percent in 1996. The reduction in the effective tax rate results primarily from the increased use of tax-exempt investments by Viad's payment services subsidiary. LIQUIDITY AND CAPITAL RESOURCES: In late March 1997, Viad repurchased $58.4 million par value of its 10.5 percent subordinated debentures at a premium, resulting in an extraordinary charge of $8.5 million (net of tax benefit of $4.6 million), or $0.09 per share. The tender offer was financed with general corporate funds, operating cash flow, proceeds from the sale of certain assets and short-term borrowings. Viad expects ongoing interest expense to be reduced as a result of the repurchase. Viad's total debt at March 31, 1997 was $516.5 million compared with $521.1 million at December 31, 1996. The debt-to-capital ratio at March 31, 1997 was 0.54 to 1, unchanged from December 31, 1996. Fluctuations in the balances of payment service assets and obligations result from varying levels of sales of money orders and other payment instruments, the timing of the collections of agents' receivables and the timing of the presentment of such instruments. There were no other material changes in Viad's financial condition nor were there any substantive changes relative to matters discussed in the Liquidity and Capital Resources section of Management's Discussion and Analysis of Results of Operations and Financial Condition as presented in Viad Corp's Annual Report to Stockholders for the year ended December 31, 1996. RECENT DEVELOPMENTS: As discussed in Note F of Notes to Consolidated Financial Statements, Viad finalized the sale of Premier Cruise Lines in April 1997. PART II. OTHER INFORMATION Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The annual meeting of stockholders of Viad Corp was held May 13, 1997. (b) Not applicable--(i) proxies for the meeting were solicited pursuant to Regulation 14 under the Securities Exchange Act of 1934; (ii) there was no solicitation in opposition to management's nominees as listed in the proxy statement; and (iii) all such nominees were elected. (c) Matters voted upon at the annual meeting for which proxies were solicited pursuant to Regulation 14 under the Securities Exchange Act of 1934: 1. The election of Directors as follows: Robert H. Bohannon ------------------ Affirmative Vote . . . . . . . . . . . . . . . 82,218,703 Against. . . . . . . . . . . . . . . . . . . . . .612,695 Withheld . . . . . . . . . . . . . . . . . . . . . . . .0 Abstentions. . . . . . . . . . . . . . . . . . . . . . .0 Broker non-votes . . . . . . . . . . . . . . . . . . . .0 Douglas L. Rock --------------- Affirmative Vote . . . . . . . . . . . . . . . 81,933,173 Against. . . . . . . . . . . . . . . . . . . . . .898,225 Withheld . . . . . . . . . . . . . . . . . . . . . . . .0 Abstentions. . . . . . . . . . . . . . . . . . . . . . .0 Broker non-votes . . . . . . . . . . . . . . . . . . . .0 2. The appointment of Deloitte & Touche LLP to audit the accounts of Viad and its subsidiaries for the fiscal year 1997. Affirmative Vote . . . . . . . . . . . . . . . 82,081,243 Against. . . . . . . . . . . . . . . . . . . . . .440,953 Withheld . . . . . . . . . . . . . . . . . . . . . . . .0 Abstentions. . . . . . . . . . . . . . . . . . . .309,202 Broker non-votes . . . . . . . . . . . . . . . . . . . .0 3. The approval of performance goals and certain other terms under the 1997 Viad Corp Omnibus Incentive Plan. Affirmative Vote . . . . . . . . . . . . . . . 58,589,511 Against. . . . . . . . . . . . . . . . . . . . 17,000,135 Withheld . . . . . . . . . . . . . . . . . . . . . . . .0 Abstentions. . . . . . . . . . . . . . . . . . . .903,164 Broker non-votes . . . . . . . . . . . . . . . .6,338,588 Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibit No. 11 - Statement Re Computation of Per Share Earnings Exhibit No. 27 - Financial Data Schedule (b) No reports on Form 8-K were filed by the registrant during the quarter for which this report is filed. 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) May 14, 1997 By /s/ Richard C. Stephan ------------------------- Richard C. Stephan Vice President-Controller (Chief Accounting Officer and Authorized Officer) EX-11 2 Exhibit 11 Page 1 of 1 VIAD CORP STATEMENT RE COMPUTATION OF PER SHARE EARNINGS (000 omitted)
Three months ended March 31, ---------------------------- Primary: 1997 1996 ------------ ------------ Net income $ 2,062 $ 24,494 Less: Preferred stock dividends (282) (281) ------------ ------------ $ 1,780 $ 24,213 ============ ============ Average common shares outstanding before common equivalents 90,432 88,277 Common equivalent stock options 2,574 2,506 ------------ ------------ 93,006 90,783 ============ ============ Net income per share (dollars) $ 0.02 $ 0.27 ============ ============ Three months ended March 31, ------------------------------------------------------- 1997 1996 -------------------------- ---------------------------- Common Common Fully Diluted: Shares Income Shares Income ------------ ------------ ------------ ------------ Average common and equivalent shares and net income per above 93,006 $ 1,780 90,783 $ 24,213 Common equivalent stock options ------------ ------------ ------------ ------------ 93,006 $ 1,780 90,783 $ 24,213 ============ ============ ============ ============ Net income per share (dollars) $ 0.02 $ 0.27 ============ ============
EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM VIAD CORP'S FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000
Exhibit 27 VIAD CORP FINANCIAL DATA SCHEDULE DEC-31-1997 MAR-31-1997 3-MOS 4,161 0 177,166 11,430 101,974 858,562 875,151 396,537 3,252,169 2,180,104 498,118 145,663 6,607 0 280,470 3,252,169 0 569,726 0 531,016 9,071 0 14,263 15,012 4,492 10,520 0 (8,458) 0 2,062 0.02 0.02
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