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NYSE Drops Gray Common Stock
11/24/2008

Gray TV (NYSE: GTN) received notice today from the New York Stock Exchange that the share price of its common stock had fallen below the level required to stay listed on the Exchange. GTN was dropped because it has been trading at less than $1 for 30 consecutive days. The company has six months to “cure” the deficiency before the NYSE boots it off the board, and 10 days to tell the Exchange how it plans to do so.

Gray’s common stock is at around 44 cents; its Class A shares, listed separately, dropped from $1.40 to about $1.34 by mid-day. Both will remain on the board during the cure period.

Gray, based in Atlanta, meanwhile reported 3Q revenues of $82.6 million, up 12 percent from last year because of political and internet ad revenue. Net income was $1.48 million, up from a loss of nearly $4.2 million during the same period a year ago.

Political revenue during the quarter ending Sept. 30 (less agency commission) was more than $13 million, compared to $1.45 million last year. Internet advertising generated $3 million, up 18 percent from last year.

Local ad revenue fell 3 percent, to $46.3 million--56 percent of total revenues compared to 65 percent last year. National dropped 9 percent to $17.5 million.

Retransmission consent generated $762,000 for the quarter, compared to $501,000 last year. Network compensation amounted to $184,000, compared to $180,000 last year.

Gray is a pure-play TV broadcast company with 36 stations in 30 small to mid-sized markets.
3Q numbers up, share price down on delisting news

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