Gray Television Wednesday reported hitting a record high of $237.6 million in revenue during the fourth quarter of 2016, up 40% from the year before, a number fueled by political revenue and acquisitions.
Among the highlights during the three months ending Dec. 31 are:
- Political revenue hit $48.5 million, tying the fourth quarter of 2014 and in line with revised guidance.
- Net income increased $20.8 million, or 139%, to $35.8 million.
- Broadcast cash flow was $109.5 million, a 61% year-over-year increase.
Highlights for full-year 2016 include:
- Total revenue increased $215.1 million, or 36%, to $812.5 million.
- Political revenue hit $90.1 million, in line with revised guidance.
- Net income increased $23 million, or 58%, to $62.3 million.
- Broadcast cash flow was $338.8 million for 2016, a 51% increase from 2015.
“We began 2016 with the successful acquisition of the Schurz television stations. Today we are pleased to announce that we continued to grow throughout 2016, setting all-time records for total revenue, political revenue, net income and broadcast cash flow,” CEO Hilton Howell, Jr. said in a statement.
“We are pleased to have reached these milestones in 2016 despite a most unexpected and challenging political season that affected both our company and our entire industry. We believe we are positioned for continued success in 2017 and beyond.”