GES parent shows improvement

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Thursday, Jan. 23, 2003 | 10:58 a.m.

The parent company of GES Exhibition Services of Las Vegas reported improved earnings for its fourth quarter and ended the year profitably despite lower demand in its exhibits and trade show division.

Phoenix-based Viad Corp. reported fourth quarter net income of $26.9 million, 31 cents a share, before accounting and restructuring charges, on revenues of $383.4 million, surpassing analysts' estimates of 26 cents a share. That compares with fourth quarter 2001 net income of $13.6 million, 15 cents a share, on revenue of $375.5 million.

Robert Bohannon, chief executive officer of Viad, said convention and event services revenue fell 5.1 percent in the quarter to $160.4 million. For the year, revenue was down 11.1 percent to $786.2 million. Bohannon said the company's exhibit construction division, Exhibitgroup, suffered most of the decline because demand was down for new displays.

But GES, the company's convention production unit based in Las Vegas, was profitable, Viad said.