Gray Issues Correction to Previously Reported Operating Results for the Three Months and Nine Months Ended September 30, 2006
November 08 2006 - 2:41PM
PR Newswire (US)
ATLANTA, Nov. 8 /PRNewswire-FirstCall/ -- Gray Television, Inc.
("Gray") (NYSE:GTN) today announced results from operations for the
three months ("third quarter") and nine months ended September 30,
2006 as compared to the three months and nine months ended
September 30, 2005. The Comments on Guidance section of the release
contained an error concerning Gray's projected fourth quarter local
and national advertising revenues. The erroneous text contained in
the Comments on Guidance section read as follows: On a pro forma(1)
basis, after giving effect to the acquisition of television
stations WSAZ and WNDU local revenue for all stations, excluding
political revenue, is expected to increase approximately 4% over
the pro forma results for the fourth quarter of 2005 while national
advertising revenue is expected to decrease 1% over the same
period. The text should have read as follows: On a pro forma(1)
basis, after giving effect to the acquisition of television
stations WSAZ and WNDU local revenue for all stations, excluding
political revenue, is expected to decrease approximately 2% over
the pro forma results for the fourth quarter of 2005 while national
advertising revenue is expected to decrease 7% over the same period
reflecting in part the usage of available commercial time for
political advertising in lieu of local and national advertising.
DATASOURCE: Gray Television, Inc. CONTACT: Bob Prather, President,
+1-404-266-8333, or Jim Ryan, Chief Financial Officer,
+1-404-504-9828, both of Gray Television, Inc. Web site:
http://www.gray.tv/
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