Local TV

Gray Nudges Up Q4 Revenue Guidance

Total revenues expected to run 11% to 12% higher than 2007, between $93.5 million and $94 million. 12/19/2008 05:47:00 AM Eastern

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.

Want to read more stories like this?
Get our Free Newsletter Here!