ATLANTA: Gray 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 Expectations Upward.”)
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 Off-political Year”
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 Million Impairment”
Grayposted 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 Click-through Technology”
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 Repurchase”
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 June 26.
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