Gray Television Updates 3Q Guidance

Gray Television Inc. today released updated guidance for anticipated results from operations for the three months ended Sept. 30, as compared to the same period last year. Gray previously issued guidance on the anticipated results of operations for the third quarter of 2013 on Aug. 8, 2013.

• The company said now it expects its revenue (less agency commissions) to be between $87.8 million and $88.3 million (including approximately $1.3 million to $1.4 million of political advertising revenue) for this year’s third quarter compared to $102.9 million (which included $24.5 million of political advertising revenue) for the quarter ended Sept. 30, 2012.

• It said it expects broadcast operating expenses to be between $53.5 million and $54.0 million, and corporate and administrative expenses to be between $4.5 million and $4.7 million, compared to $52.0 million and $4.0 million, respectively, for the 2012 third quarter.

Gray said it is still in the process of finalizing its financial results for the third quarter of 2013, and “this updated guidance has been prepared in good faith based upon Gray’s internal reporting for the third quarter of 2013. The above estimates represent the most current information available to Gray, but have not been subject to the normal financial closing and financial statement preparation processes. As a result, our actual reported results could be different and those differences could be material.”