Gray Increases Guidance for 3Q
Television, expects third-quarter results will be better than previously
anticipated. Gray (NYSE: GTN) said the three months ending Sept. 30, 2009 would
likely yield between $66 million and $66.5 million, compared to the earlier
forecast of $63 million to $64 million. The high estimate for broadcast operating
expenses was a bit less as well--$46.25 million versus $46.5 million.
The estimate for political ad revenues was raised significantly. GTN now
expects political to generate from $3 million to $3.1 million, versus the
previous estimate of $500,000 to $600,000.
Gray released its earlier 3Q projection Aug. 7. “Since that time, our
anticipated operating results have improved due to higher than expected
political issue advertising related to the current national debate on
healthcare reform. Also, we anticipate that our operating expenses will be at
the lower end of the previously issued range,” the company said in a statement.
Gray has 36 TV stations in 30 markets. The company’s A shares gained 9 percent
in early trading today, from around $2.15 to $2.35.
Sinclair Broadcast Group also recently advised that it would finish 3Q09 better
than previously expected. (See “Sinclair Revises 3Q
More on Gray:
October 1, 2009: “Gray
Regains NYSE Compliance”
Gray was notified last Nov. 4 that the price of its common stock was
trading beneath the Exchange’s required minimum
September 3, 2009: “Gray Conducts
Successful Mobile DTV Tests”
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 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 quarter.
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”
Revenues at Gray Television’s 36 TV stations were down 14 percent to
$61.4 million compared to $71 million in 1Q08.
March 16, 2009: “Gray Posts Loss on $339
Gray 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 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.
November 26, 2008: “Gray TV Executes
Gray Television has repurchased 883,200 shares of its own common stock at
20 cents per plus commission.
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 to make a prepayment on its outstanding term loan.
July 2, 2008: “Gray Television Puts
$65 Million Toward Debt”
Gray Television made a voluntary $65 million payment on an outstanding loan on