Phoenix, AZ – Viad Corp., the parent company of GES Exposition Services and Exhibitgroup/Giltspur, said it would repurchase yet another one million shares of outstanding common stock.
The buyback will be in addition to a previously announced plan to repurchase up to two million shares. The company has already bought back 1,934,000 shares. In addition, Viad earlier authorized a repurchase plan to provide shares to cover stock options that were part of company compensation plans.
“With $131.9 million in cash and only $14.4 million in debt, Viad has a very strong balance sheet,” said Carrie Long, director of investor relations at Viad. “Because of our financial strength and the positive cash flows generated by our businesses, we are able to pursue a balanced capital deployment strategy aimed at increasing shareholder value, which includes investments to grow our existing businesses and strategic acquisitions to accelerate our growth.”
Long added that the repurchase would increase the return to existing shareholders.
Reach Carrie Long at (602) 207-2681 or firstname.lastname@example.org