Quarterly report

Gray Reports Strong 4Q, Full-Year Results

In the quarter, local ad revenue increased 13%, to $57 million; national was up 7%, to $16.2 million; Internet ad revenue grew 6%, to $7.0 million; while retransmission consent revenue increased 35%, to $11.5 million
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TVNewsCheck,

While Gray Television reported fourth quarter and full year total revenues down from a year ago, the decrease was due to 2013’s lack of political revenue. When compared to the last political off year (2011), Gray posted record 4Q and full-year numbers as follows:

  • Fourth quarter of 2013 revenue was $95.6 million; previous off political year fourth quarter record was $84.7 million in the fourth quarter of 2011
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  • Full year 2013 revenue was $346.3 million; previous full year record for an off political year was $307.1 million in 2011.
  • Fourth quarter of 2013 broadcast cash flow was $36.8 million; previous off political year fourth quarter record was $34.4 million in 2011.
  • Full year 2013 broadcast cash flow was $128.2 million; previous full year record for an off political year was $109.6 million in 2011.
  • Fourth quarter of 2013 broadcast cash flow less cash corporate expenses was $30.84 million; previous off political year fourth quarter record was $30.75 million in 2011.
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  • Full year 2013 broadcast cash flow less cash corporate expenses was $110.4 million; previous full year record for an off political year was $95.6 million in 2011.

Commenting on the completed periods, Hilton H. Howell Jr., Gray's president-CEO, said: "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.

“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."

In the fourth quarter, local, national and Internet advertising revenue and retransmission consent revenue all increased, while, as expected, political advertising revenue, consulting revenue and other revenue decreased. Local, national and Internet advertising revenue increased primarily due to increased sales to customers in the automotive and medical industries. Retransmission consent revenue increased primarily due to increased rates.

Political advertising revenue decreased due to decreased advertising from political candidates and special interest groups in the "off year" of the two-year political advertising cycle. As a result of the foregoing, total revenue decreased $31.0 million, or 25%, to $95.6 million for the fourth quarter of 2013 compared to the fourth quarter of 2012.

In the 4Q:

  • Local advertising revenue increased $6.7 million, or 13%, to $57.0 million.
  • National advertising revenue increased $1.1 million, or 7%, to $16.2 million.
  • Internet advertising revenue increased $0.4 million, or 6%, to $7.0 million.
  • Retransmission consent revenue increased $3.0 million, or 35%, to $11.5 million.
  • Political advertising revenue decreased $41.5 million, or 96%, to $1.8 million.

  • Other revenue decreased $0.1 million, or 7%, to $2.0 million.

Gray’s five largest nonpolitical advertising customer categories on a combined local and national basis, by customer type: automotive increased 6%; medical increased 13%; restaurant was unchanged; furniture and appliances decreased 1%; and communications increased 5%.

For the full year:

  • Local advertising revenue increased $11.7 million, or 6%, to $203.1 million.
  • National advertising revenue increased $1.5 million, or 3%, to $58.3 million.
  • Internet advertising revenue increased $0.4 million, or 2%, to $25.4 million.
  • Retransmission consent revenue increased $6.0 million, or 18%, to $39.8 million.
  • Political advertising revenue decreased $81.4 million, or 95%, to $4.6 million.
  • Other revenue decreased $1.5 million, or 16%, to $8.0 million.
  • Consulting revenue increased $4.7 million to $7.1 million.

Gray’s five largest nonpolitical advertising customer categories on a combined local and national basis, by customer type: automotive increased 8%; medical decreased 1%; restaurant decreased less than 1%; communications increased 3%; and furniture and appliances increased 3%.

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Ratings

Overnights, adults 18-49 for September 29, 2016
  • 1.
    1.6/6
  • 2.
    1.2/4
  • 3.
    1.2/4
  • 4.
    0.9/3
  • 5.
    0.6/2
  • 6.
    0.3/1
Source: Nielsen

Reviews

  • Rob Owen

    Easily fall’s best broadcast network comedy pilot, NBC’s The Good Place offers a clever high-concept premise that’s complemented with intelligent, sometimes absurdist humor. Created by Michael Schur, co-creator of NBC’s Parks and Recreation, The Good Place is a highly serialized series that’s essentially set in heaven and stars Kristen Bell and Ted Danson. NBC made five episodes of The Good Place available for review, and the show not only holds up, but also it improves, deepening characters that initially feel one-note and frequently leaving viewers guessing with cliffhanger endings to many of the episodes. The combination of snappy dialogue and winning but flawed characters makes The Good Place a great bet for fans of smart TV comedy.

  • Maureen Ryan

    Pitch has swagger, for good reason. It gets the big things right; the Fox drama about the first female baseball player in the Major Leagues is one of the year’s most assured and exciting debuts. But part of what impresses about the pilot is also the way it confidently strings together so many small but telling details. Ginny (Kylie Bunbury) is the first woman to be called up from the minors to the big leagues, and no show since Friday Night Lights has done a better job of portraying the internal and external pressures that weigh heavily on young athletes asked to do much more than merely succeed on the field. Pitch will likely do a good job of getting viewers to root for it. The hope is that the show won’t be an impressive, short-lived curiosity, but rather a long-term phenomenon.

  • Kevin Fallon

    In a fall TV season that’s already making a splash for championing diverse, distinctive voices in an array of projects that they created, wrote, and starred in, Better Things on FX stands out. The show is created by, written by, and starsPamela Adlon. She plays Sam Fox, the single mother of three daughters modeled after her own reality-show-ready experience raising three girls in Los Angeles following a divorce. Sam is also, like Adlon, a working actress — on shows both raunchy, a la Californication, and animated for children, like her role on Recess. It’s a refreshingly blunt take on single motherhood without sacrificing the warmth of parental love, portraying the dance between selfishness and selflessness that’s at the heart of being a parent — especially one weathering the hormonal fireworks of a household of four women at different ages.

  • David Wiegand

    The fall TV season doesn’t count as much as it used to — we already know that. But no matter how many retreads the broadcast networks throw at viewers in the next few months, this fall will be memorable because of the premiere of Atlanta on Tuesday, Sept. 6, on FX. The half-hour comedy created by and starring Donald Glover (Community), simply and brilliantly recalibrates our expectations of what a TV comedy is and how black lives are portrayed on the medium.

  • Louisa Ada Seltzer

    The second reboot of the 1980s John Candy movie Uncle Buck, bumped by ABC from midseason, has the same tired jokes you'll find on any second-rate sitcom. Too bad, because Mike Epps is appealing and ABC would be wise to keep him around for future shows, but there’s just not enough to this show to suggest it will last past summer. It also airs against NBC’s America’s Got Talent, summer’s No. 1 program on broadcast, which may make it even harder to find an audience.

  • Neil Genzlinger

    Bryan Cranston brings his Tony Award-winning interpretation of President Lyndon B. Johnson to television in an adaptation of the Robert Schenkkan play All the Way, and it’s still quite a sight to behold, just as it was on Broadway in 2014. Nothing beats witnessing this kind of larger-than-life portrayal onstage, of course. But the television version, presented by HBO, offers plenty of rewards, allowing Cranston to work the close-ups and liberating him from the confines of a theater set. Cranston’s performance is a gem — in his hands, this accidental president comes across as an amazing bundle of contradictions, someone who seems at once too vulgar for the job and just right for it.

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