Gray Increases Guidance for the Three-Month Period Ended September 30, 2009
October 15 2009 - 6:00AM
PR Newswire (US)
ATLANTA, Oct. 15 /PRNewswire-FirstCall/ -- Gray Television, Inc.
("Gray," "we" or "us") (NYSE:GTN) today announced that its expected
results from operations for the three-month period ended September
30, 2009 (the "third quarter") will be better than previously
anticipated as summarized in the following table: Third Quarter
2009 Guidance Updated Previously Issued Low High Low High Selected
operating data Range Range Range Range (in thousands) OPERATING
REVENUE: Revenue (less agency commission) $66,000 $66,500 $63,000
$64,000 OPERATING EXPENSES: (before depreciation, amorti- zation
and other expenses) Broadcast $46,000 $46,250 $46,000 $46,500
Corporate and administrative $ 3,300 $ 3,400 $ 3,300 $ 3,600 OTHER
SELECTED DATA: Broadcast political revenues (less agency
commissions) $ 3,000 $ 3,100 $ 500 $ 600 Comments on Improved
Guidance: Previously on August 7, 2009, we issued guidance for our
anticipated third quarter 2009 operating results. Since that time
our anticipated operating results have improved due to higher than
expected political issue advertising related to the current
national debate on health care reform. Also, we anticipate that our
operating expenses will be at the lower end of the previously
issued range. Gray Television, Inc. Gray Television, Inc. is a
television broadcast company headquartered in Atlanta, GA. We
currently operate 36 television stations serving 30 markets. Each
of the stations are affiliated with either CBS (17 stations), NBC
(10 stations), ABC (8 stations) or FOX (1 station). In addition, we
currently operate 38 digital second channels including 1 ABC, 4
Fox, 7 CW, 16 MyNetworkTV and 1 Universal Sports Network affiliates
plus 8 local news/weather channels and 1 "independent" channel in
certain of our existing markets. Cautionary Statements for Purposes
of the "Safe Harbor" Provisions of the Private Securities
Litigation Reform Act The comments on our current expectations of
operating results for the third quarter of 2009 and other future
events are "forward-looking statements" for purposes of the Private
Securities Litigation Reform Act of 1995. Actual results of
operations are subject to a number of risks and uncertainties and
may differ materially from the current expectations discussed in
this press release. All information set forth in this release and
its attachments is as of October 15, 2009. We do not intend, and
undertake no duty, to update this information to reflect future
events or circumstances. Information about potential factors that
could affect our business and financial results and cause actual
results to differ materially from those in the forward-looking
statements are included under the captions, "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," in our Annual Report on Form 10-K for the
year ended December 31, 2008 which is on file with the SEC and
available at the SEC's website at http://www.sec.gov/. Web site:
http://www.gray.tv/ DATASOURCE: Gray Television, Inc. CONTACT: Bob
Prather, President and Chief Operating Officer, +1-404-266-8333,
Jim Ryan, Senior V. P. and Chief Financial Officer, +1-404-504-9828
Web Site: http://www.gray.tv/
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