Q4 Earnings: Gray TV Revenue Down 25%

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By Merrill Knox Comment

Gray Television reported $95.6 million in revenue for the fourth quarter of 2013, a decrease of 25% compared to the year-ago quarter. Compared to the last non-election year fourth quarter (2011), however, the company’s revenue was up 13%.

Local, national and internet advertising revenue all increased for the quarter, as did retransmission revenue. As expected, political advertising revenue, consulting revenue and other revenue was down.

“I am proud of the significant strides the Company made in 2013, recording record results for an off political year.¬† Our results reflect our continued commitment to owning and/or operating top stations in our local markets, and to leveraging the benefits of our operational excellence in order to deliver value to our stockholders,” Gray CEO¬†Hilton H. Howell Jr. said in a statement. “We also entered into a number of significant transactions in 2013, and we continue to work toward completing the successful acquisition and integration of these operations, which we believe will further strengthen our Company.”