Viad Slips To Loss In Q2

(RTTNews) - Viad Corp (VVI) reported that its second-quarter net loss attributable to the company was $206.3 million or $10.19 per share, compared to income of $13.8 million or $0.67 per share in the 2019 second quarter.

The 2020 net loss included non-cash impairment charges of $114.0 million and unfavorable tax matters of $37.9 million, which includes a valuation allowance of $25.5 million against deferred tax assets and a reversal of the $12.4 million tax benefit recorded on impairment charges during the first quarter.

Loss before other items was $2.59 per share, compared to income per share of $1.44 in the previous year.

Revenue was $30.9 million, down 92.3% from the 2019 second quarter reflecting the acute impact of the COVID-19 pandemic that halted event activity and forced closures across Pursuit's collection of experiences.

Analysts polled by Thomson Reuters expected the company to report a loss of $1.29 per share and revenues of $30.45 million. Analysts' estimates typically exclude special items.