Gray Returns to Profit as Revenue Dips
Gray Television back in black for Q2.
By Robert Marich -- Broadcasting & Cable, 8/7/2008 6:42:00 AM
Gray Television made a return to profitability in second-quarter earnings released Thursday, although net revenue declined 1%.
Net income available to stockholders amounted to $3.1 million, or 6 cents per share, a reversal from a comparable loss of $10.8 million (23 cents) in the same quarter a year earlier. A year-ago $16.4 million write-off from early extinguishment of debt pulled down the 2Q 2007 earnings. Also, interest expense in the current quarter declined 19% compared with a year ago.
Revenue at the Atlanta-based broadcaster with 36 TV stations owner slipped to $78.7 million in the three months ended June 30 from $79.7 million as local and national advertising revenues fell.
Political ads soared 88% to $5 million, Internet advertising rose 34% to $3 million, local ad revenue declined 5% to $49.5 million and national advertising decreased 7% to $18.5 million.
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