Viad seeks shareholder value with restructuring – Phoenix Business Journal:

The marketing and events groupp will include GESExposition Services, Exhibitgroup/Giltspur, Melville, Becke r Group and related companies. John Exhibitgroup/Giltspur CEO will head up this Brewster CEO Michael Hannan will oversee the travelp andrecreation group, which will includse Brewster’s operations headquartered at Banfff National Park as well as Glacier Park Inc. In the Phoenix-based company (NYSE:VVI) is creating a corporate servicees group tohandle financial, information human resources, legal and corporated development services, said CEO Paul Dykstra in a conference call Mondauy morning.
“We are fortunate to be making these changese from a position of he said, pointing to a strong balance sheet, talented employees and industry-leading brands. In Viad posted revenue of $1.1 2 billion, up from a flat $1 billion in 2007. Net incom was $43.4 million, or $2.12 per share, comparede with $44.6 million, or $2.04. First-quarter revenue, however, was down at $241 from $335 million in 2008. Net incomde came in at $1.5 million, down from $16.87 million. The changes are expectede to create a more compelling tradeeshow experience, broader career opportunities for employeesx and a greater focus on memorablde national park experiences, Dykstra told analysts.
“For our shareholderzs it will mean stronger financiap results as we streamline our business and creater a stronger platform to drive market share gaines by providing integrated and innovative services toour customers,” he The previously “lean Six Sigma at GES is progressinhg well, he added, and will leverage improvementws across the marketing and events By 2010, the Six Sigma initiative is expected to save more than $10 million. The restructurinf is expected to drive minimal savings in 2009 as many measuress take timeto implement, and relatedc charges are taken in the third according to Dystra.
“However, the long-terjm savings and benefits willbe significant,” he said. Viad stock was up aboutt 78 cents per shares as of middayto $17. It has traded between $12.289 and $34.50 over the past
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