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Gray Television, Inc. Raises Revenue and Earnings Guidance for
First Quarter 2004 and Sets Release Date for May 6, 2004
ATLANTA, April 14 /PRNewswire-FirstCall/ -- Gray Television, Inc. (NYSE: GTN;
GTN.A) announced today that it has increased its estimates of net revenues and
operating income for the three months ending March 31, 2004 based on stronger
than anticipated advertising revenues at Gray's television stations.
Updated Guidance for the First Quarter of 2004
The Company currently anticipates that its results of operations for the three
months ended March 31, 2004 will approximate the amounts presented in the table
below. The table also contains Gray's actual operating results for the three
months ended March 31, 2003 and the "high range" guidance the Company
previously issued on March 8, 2004.
Three Months Ended March 31,
2004 % Change Previous 2004
Revised From Actual "High Range"
Selected operating data: Guidance 2003 2003 Guidance
OPERATING REVENUES
Broadcasting
(less agency commissions) $61,900 18% $52,601 $60,000
Publishing 10,950 5% 10,397 10,700
Paging 1,850 -6% 1,977 1,800
TOTAL OPERATING REVENUES 74,700 15% 64,975 72,500
TOTAL OPERATING EXPENSES 55,475 4% 53,323 55,600
OPERATING INCOME $19,225 65% $11,652 $16,900
Other Selected Data
Political revenue $3,475 369% $741 $2,500
Depreciation and amortization $6,200 -12% $7,052 $6,100
The Company has increased the first quarter 2004 revenue guidance for the
broadcast operations based in part on stronger than expected political
revenues. Also, the Company has increased the first quarter 2004 revenue
guidance for the broadcast operations based in part on stronger than expected
local and national non-political time sale revenue. Currently, Gray
anticipates that first quarter 2004 non-political local time sales will
increase approximately 12% to 13% over the 2003 results of $33.0 million and
that national non-political time sales will increase approximately 8% to 9%
over the 2003 results of $14.9 million. The Company attributes the anticipated
increases in local and national advertising revenues to a generally broad based
improvement in the demand for advertising time on the Company's stations.
Earnings Release Date, Conference Call and Web cast Information
Gray Television, Inc. will release first quarter earnings and host a conference
call to discuss its first quarter operating results on May 6, 2004. The call
will begin at 2:00 PM Eastern Time. The live dial-in number is (888) 280-8771
and the reservation number is T492906G. The call will be web cast live and
available for replay at http://www.graytvinc.com/ . The taped replay of the
conference call will be available at (877) 888-3855 until May 20, 2004.
The Company
Gray Television, Inc. is a communications company headquartered in Atlanta,
Georgia, and currently owns 29 television stations serving 25 television
markets. The stations include 15 CBS affiliates, seven NBC affiliates and
seven ABC affiliates. Gray Television, Inc. has 22 stations ranked #1 in local
news audience and 22 stations ranked #1 in overall audience within their
respective markets based on the average results of the Nielsen February, May,
July and November 2003 ratings reports. The TV station group reaches
approximately 5% of total U.S. TV households. The Company also owns four daily
newspapers, three in Georgia and one in Indiana.
Cautionary Statements for Purposes of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act
The preceding comments on Gray's current expectations of operating results for
the first quarter of 2004 are "forward looking" for purposes of the Private
Securities Litigation Reform Act of 1995. Actual results of operations are
subject to a number of risks and may differ materially from the current
expectations discussed in this press release. See the Company's annual report
on Form 10K for a discussion of risk factors that may affect the Company.
DATASOURCE: Gray Television, Inc.
CONTACT: Bob Prather, President and Chief Operating Officer,
+1-404-266-8333, or Jim Ryan, Senior V. P. and Chief Financial Officer,
+1-404-504-9828, both of Gray Television, Inc.
Web site: http://www.graytvinc.com/