Political Boon Leads Gray To Up Estimates

The station owner says higher-than-expected campaign advertising changes its previously announced revenue estimates for political and full-year 2012 to record-setting $85 million+ and $400 million+, respectively.

Gray Television Inc. today announced an increase in its record revenue estimates for the quarter ending Dec. 31.

On Oct. 31, Gray issued guidance on certain expected fourth quarter 2012 operating results. Now, it says: “Through Nov. 6 (Election Day in the United States), we have earned significantly more political advertising revenue than previously anticipated. Accordingly we are updating our guidance relating to certain operating results for the fourth quarter of 2012.

“The updated political advertising revenue estimates for the fourth quarter of 2012 would represent new record levels for a fourth quarter; the previous actual record was $33.1 million in 2010. For the year ending Dec. 31, 2012, we anticipate total political advertising revenue to range between $85 million and $86 million, compared to our previous annual record political advertising revenue of $57.6 million in 2010.

“We also currently anticipate that our total annual revenue for 2012 will exceed $400 million, compared to our previous annual record revenue of $346.1 million in 2010.”

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