Gray Nudges Up Q4 Revenue Guidance
Total revenues expected to run 11% to 12% higher than 2007, between $93.5 million and $94 million.
By Brent Felgner -- Broadcasting & Cable, 12/19/2008 7:47:00 AM
Gray Television said Friday that it would come in near the high end of its fourth quarter revenue guidance, helped partly by a higher-than-expected kick from political ad sales.
Total revenues, less agency commissions, are now expected to run 11% to 12% higher than last year – between $93.5 million and $94 million. Broadcast political revenues after commissions are expected to range between $27.3 million and $27.4 million, up from the previously anticipated $26 million to $26.5 million.
Gray has been under threat of having its stock delisted from the New York Stock Exchange since last month because it was “below criteria,” trading at less than $1.00 per share over a 30-day consecutive trading period. The company is now in a six-month cure period to stave off further action.
Last Monday, Gray reached agreements in principle with 20 key MSOs for retransmission consent. Even so, its stock closed down 6-cents that day at $0.39 per share. Following Friday’s revised guidance, the stock was trading slightly up at $0.41 per share.
Gray earlier said it expected fourth quarter revenue of between $90 million and $95.5 million. It also said that it currently expects to be in compliance with the leverage test of its senior credit facility.
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