Gray TV Earnings Rise 34% - Broadcasting & Cable

Gray TV Earnings Rise 34%

Acquired stations help pace Atlanta-based broadcaster
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Gray Television reported second quarter revenue of $143.5 million, a record second quarter for the group and a 34% increase over the previous year’s second quarter. Gray also trumpeted record broadcast cash flow, net income and retransmission revenue in the quarter.

Acquisitions helped pace Gray, including KMVT and KSVT in Twin Falls, Idaho, and KOSA in Odessa, Texas.

Gray also offered “Combined Historical Basis" figures, which added Gray's historical revenue and broadcast expenses with those of each of the 2014 acquired stations from Jan. 1, 2013. Total revenue increased $9.7 million, or 7%, by that measure.

Gray anticipates both local and national advertising in the third quarter to climb 20% to 22%. On a combined historical basis, Gray forecasts third quarter total revenue to be approximately $145 million, roughly equal to the third quarter of 2014. The recently acquired stations are expected to kick in $31 million in revenue.

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