Gray Television announced financial results for its second quarter (the three-month period ended June 30th) today, reporting a 1% increase in revenue for the period compared to last year.
“We are pleased with our operating results for the second quarter of 2011,” the company said, in announcing the financial results. “Our total revenue increased for the second quarter of 2011 when compared to the second quarter of 2010 even though 2011 is an ‘off year’ in the two-year political election cycle.”
Making up for a 59% decrease in political advertising, Gray saw notable increases in internet advertising (up 56% to $4.9 million), local advertising (up 4% to $47.8 million), and retrans revenue (up 8% to $5.1 million) for the quarter.
For the six-month period ended June 30th, the company is reporting a 47% increase in internet advertising, a 2% increase in local advertising, and a 9% increase in retrans revenue. Gray also brought in $1.1 million in consulting revenue for the period from its agreement with Young Broadcasting.