Events May Be Canceled Into Q1, Emerald Chief Says

Q1 events are “certainly at risk” given state-level restrictions and the potential for venue closings due to COVID-19 government restrictions and venue takeovers, said Emerald interim CEO Brian Field. “We have already canceled some of our first quarter events and postponed others.” That includes the Kitchen + Bath Business Industry Show, scheduled virtually Feb. 9-11. Canceled trade shows cost CEDIA Expo owner Emerald Holding $68 million in Q3, said the company Monday, reporting an 89% revenue drop from the year-ago quarter to $8.5 million. It canceled “substantially all” trade events in the quarter due to COVID-19, it said. It canceled 94 in 2020 and hasn't staged an in-person one since mid-March, said Chief Financial Officer David Doft. The canceled gatherings generated about $236 million of 2019 revenue. Net loss narrowed to $15.3 million vs. $19.7 million. Emerald received an additional $39.8 million of payments in Q3 and $9.5 million so far in Q4 for insurance claims, with an additional $15.8 million recently approved and pending receipt, said Doft.