Gray Regains NYSE Compliance
October 1, 2009
Television has received notice from the New York Stock Exchange that it’s now
in compliance with listing rules. Gray (NYSE: GTN, GTN.A) was notified last
Nov. 4 that the price of its common stock was trading beneath the Exchange’s
required minimum. Shares must close at a minimum of $1 for 30 consecutive days
to be in compliance. GTN shares fell below that last year and wound up on
NYSE’s BC list.
“At the close of trading on Sept. 30, 2009, our average closing price of our
common stock for the previous 30 trading days was above $1 per share. Accordingly,
we have resumed compliance with all NYSE continued listing requirements and the
.BC indicator following our stock symbol will be removed by the NYSE,” Gray
Gray’s recovery in September started after Wall Street reacted favorably to the
news it would launch mobile DTV. After spending
much of the year between 75 cents and a dollar, A shares of GTN jumped
to $3.45 Sept. 21 before settling back down at about $2.30, where it traded
Gray operates 36 television stations serving 30 markets.
Entravision received a similar notice from the Exchange today. See “Entravision Shares Come Into NYSE Compliance.”
More on Gray:
September 3, 2009: “Gray Conducts
Successful Mobile DTV Tests”
Gray Television mobilized DTV in Omaha, the broadcast group announced
today. Gray said it commenced its first successful mobile DTV signal at
WOWT-TV, its NBC affiliate in Omaha, Nebr., on July 24.
August 10, 2009: “Gray’s 2Q Reflects
Gray Television’s 36 TV stations beat the company’s own second-quarter
estimates but fell short of analyst expectations. Gray (NYSE: GTN) posted a net
loss of $6.6 million on revenues of $65 million for the three months ending
June 30. Wachovia had GTN coming in with revenues of $66 million for the
July 22, 2009: “Gray Tapped to Run
Reorganized Young Stations”
Gray Television will run the 10 TV stations that went to senior lenders in
the Young Broadcasting bankruptcy, pending court approval.
May 8, 2009: “Gray
Television Revenues Drop 14 Percent”
Gray Television’s 36 TV stations posted a net loss of $8.9 million for the
first quarter, a 132 percent increase from a $3.95 million loss a year ago.
Revenues were down 14 percent to $61.4 million compared to $71 million in 1Q08.
March 16, 2009: “Gray Posts
Loss on $339 Million Impairment”
Revenues for Gray’s 36 TV stations ticked up in 2008 and 4Q08, but losses
widened on impairment. Gray (NYSE: GTN) posted full-year revenues of $327
million, up 6 percent from 2007. Revenues for 4Q08 totaled $94.8 million, up 12
percent from the same period a year previous.
February 9, 2009: “Gray TV Stations Get
Gray Television (NYSE: GTN) will launched interactive TV technology from
Backchannelmedia, a Boston-based firm specializing in TV click-throughs.
December 30, 2008: “Gray Expects $11
Million From Retrans in ’09”
Gray Television announced that it has reached agreements “in principle”
with 27 cable operators comprising 3.3 million subscribers. The deals on deck
plus previous ones completed with EchoStar and Cox Cable are expected to
generate $11 million in revenue next year, compared to $3 million in retrans
revenue for 2008.
November 26, 2008: “Gray TV Executes
Gray Television has repurchased 883,200 shares of its own common stock at
20 cents per plus commission. The Atlanta broadcast group made the repurchase
Nov. 21 on the open market. Gray’s board previously authorized the action, and
Gray can buy another 279,200 shares of common or Class A stock under the same
July 16, 2008: “Gray
Television Issues $25 Million in Stock”
Gray Television issued $25 million worth of Series D preferred stock in a
private placement in order to make a voluntary prepayment on its outstanding
term loan. Net proceeds from the placement totaled about $23 million, which
reduced Gray’s term loan balance to $832.5 million.
July 2, 2008: “Gray
Television Puts $65 Million Toward Debt”
Gray Television made a voluntary $65 million payment on an outstanding loan on
June 26. The payment left the Atlanta media company owing $858 million,
compared to $925 million, on the outstanding term loan. A portion of the $69
million in proceeds from a previous $75 million Series D Stock liquidation was
also used for a voluntary loan prepayment.