ATLANTA: Gray TV today reported a 28 percent boost in revenues on the power of political advertising. The company generated $85.3 million in its third quarter, ending Sept. 30. Political ad revenues totaled $16 million for the period, exceeding Gray’s own forecast.
“Based on our preliminary estimated results for the quarter ending Dec. 31, 2010, we presently believe that political advertising revenue will approximate $33 million for the period and that full year 2010 political advertising revenue will approximate $57.5 million; both setting all-time records for Gray,” the company said.
Gray reported the following key breakouts:
- Local revenues rose 8 percent in the quarter to $4.3 million.
- National rose 12 percent to $14.3 million.
- Internet increased 14 percent to $3.3 million.
- Political increased 422 percent to $16 million.
- Retransmission was up 8 percent to $4.7 million.
- Production and other revenues grew 17 percent to $2 million.
- The consulting agreement with Young Broadcasting brought in $600,000, up 76 percent from a year earlier.
Gray reported having $20.2 million in cash at the end of the quarter. Long-term debt, including current portion, was $845.9 million. Shares of Gray (NYSE: GTN) were trading mid-day today at $2.01, up 34 percent year-to-date.
-- Deborah D. McAdams
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