Gray Television total revenue increased $22.9 million, or 27%, to $107.2 million for the second quarter of 2014 compared to the same quarter of 2013.
The increase, the company said, was primarily due to increases in the majority of its revenue categories. Recently acquired 17 full- or low-power television stations (plus various satellite stations) accounted for approximately $8.9 million of total revenue.
Local advertising revenue increased $5.8 million, or 11%, to $56.7 million.
National advertising revenue decreased $0.2 million, or 2%, to $14.8 million.
Internet advertising revenue increased $0.9 million, or 15%, to $7.2 million.
Political advertising revenue increased $7.9 million, or 1047%, to $8.6 million due to increased advertising from political candidates, political parties and special interest groups in the “on year” of the two-year election cycle.
Retransmission consent revenue increased $8.3 million, or 88%, to $17.7 million.
Other revenue increased $0.3 million, or 16%, to $2.3 million.
The principal components of Gray’s revenue were:
- Local advertising revenue increased $5.8 million, or 11%, to $56.7 million.
- National advertising revenue decreased $0.2 million, or 2%, to $14.8 million.
- Internet advertising revenue increased $0.9 million, or 15%, to $7.2 million.
- Political advertising revenue increased $7.9 million, or 1047%, to $8.6 million.
- Retransmission consent revenue increased $8.3 million, or 88%, to $17.7 million.
- Other revenue increased $0.3 million, or 16%, to $2.3 million.
Excluding revenue attributable to the new stations and political advertisers, Gray’s five largest advertising categories on a combined local and national basis by customer type for the second quarter of 2014 demonstrated the following changes in revenue during the second quarter of 2014 compared to the second quarter of 2013: automotive increased 6%; medical increased less than 1%; restaurant increased less than 1%; communications decreased 2%; and furniture and appliances decreased 10%.Broadcast expense (before depreciation, amortization and gain or loss on disposal of assets) increased $14.2 million, or 27%, to $66 million for the second quarter of 2014 compared to the second quarter of 2013 due primarily to increases in compensation expense of $8.1 million and non-compensation expense of $6.1 million.
Read the company’s report here.
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