GES parent cites convention drop-off for decline

Friday, Oct. 19, 2001 | 9:59 a.m.

The parent company of Las Vegas-based GES Exposition Services, a major convention contractor, said the slowdown in the trade show industry following last month's terrorist attacks is partially responsible for a decline in earnings.

Viad Corp., Phoenix, reported third-quarter net income before restructuring charges and special items of $27.2 million, 31 cents a share, compared with $43.1 million, 47 cents a share, for the same period a year ago for the quarter ended Sept. 30. Quarterly revenue declined to $390 million from $429 million.

Convention and event services revenue decreased 25.1 percent for the quarter, with the division showing an operating loss of $7.1 million compared with operating income of $12.8 million in the prior year, the company said.

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