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Gray Television’s Q2 Profit Soars

Aug 6, 2004  •  Post A Comment

Gray Television on Friday reported a 73 percent surge in second-quarter profit, as advertising revenue and political campaign spending helped fuel growth in the period.

The Atlanta-based owner of 29 network-affiliated television stations reported a second-quarter profit of $12.2 million, or 22 cents a share, compared with a year-earlier profit of $7 million, or 12 cents a share. Revenue rose 10 percent to $84.4 million.

Broadcast revenue rose 12 percent in the quarter to $71.2 million, driven by a 9 percent increase in nonpolitical local advertising and a 3 percent rise in nonpolitical national advertising. Political advertising was $5.4 million, up from $1.6 million in the 2003 quarter.