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Gray Television Q1 Profits Plunge

May 5, 2005  •  Post A Comment

Gray Television, an Atlanta-based owner of 31 television stations, on Thursday said its first-quarter profit plunged 62 percent, hurt by a sharp decline in political advertising revenue.

The company, which also owns publishing operations, posted a profit of nearly $2.1 million, compared with a year-earlier figure of $5.5 million, while revenue slipped 4 percent to $71.6 million.

Broadcasting revenue declined 6 percent to $58.3 million, thanks to political advertising revenue tumbling to $293,000 in the 2005 quarter from $3.5 million a year ago. That was partially offset by a 5 percent rise in local nonpolitical advertising to $39.1 million, the addition of UPN channels in three existing Gray markets and results from WCAV-TV, the Charlottesville, Va., station that began operations in August 2004.