QUARTERLY REPORT

Gray Says Its 2Q Revenue Will Be Up 1%

A drop in national and political ad revenue from the same period in 2010 was offset by a 4% gain in local advertising, an 8% gain in retransmission consent money and a 56% gain in Internet ad revenue.

Gray Television Inc. today announced preliminary results for the three-month period ended June 30 that exceeded the company’s estimates made in May. It will release its actual numbers on Aug. 8.

On a preliminary basis, total revenue is expected to increase $600,000, or 1%, to $76.2 million for the second quarter of 2011 compared to the second quarter of 2010 due primarily to increased local and Internet advertising and retransmission consent revenue, partially offset by decreased national and political advertising revenue.

The principal components of the company’s revenue are anticipated to approximate the following amounts:

  • Local advertising revenue increasing $1.9 million, or 4%, to $47.8 million.
  • National advertising revenue decreasing $0.4 million, or 3%, to $13.4 million.
  • Internet advertising revenue increasing $1.7 million, or 56%, to $4.9 million.
  • Political advertising revenue decreasing $3.3 million, or 59%, to $2.3 million.
  • Retransmission consent revenue increasing $400,000, or 8%, to $5.1 million.
  • Production and other revenue increasing $200,000, or 9%, to $2.0 million.
  • Consulting revenue from our agreement with Young remains at $600,000.

Gray’s five largest local and national advertising categories on a combined basis by customer type for the second quarter of 2011 are expected to be as follows, and are presently expected to demonstrate the following changes during the second quarter of 2011 compared to the second quarter of 2010:

  • Automotive decreasing 1%
  • Restaurant increasing 7%
  • Medical increasing 16%
  • Communications increasing 10%
  • Furniture and appliances increasing 5%

Read the company’s report here.


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