<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MARCH
31, 2000 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRAY
COMMUNICATIONS SYSTEMS, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-START>                             JAN-01-2000
<PERIOD-END>                               MAR-31-2000
<CASH>                                       1,826,156
<SECURITIES>                                         0
<RECEIVABLES>                               26,426,634
<ALLOWANCES>                                 1,112,000
<INVENTORY>                                    906,339
<CURRENT-ASSETS>                            34,230,359
<PP&E>                                     121,850,844
<DEPRECIATION>                              43,366,600
<TOTAL-ASSETS>                             646,354,334
<CURRENT-LIABILITIES>                       28,414,275
<BONDS>                                    376,627,920
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                 13,500,000
<COMMON>                                   117,909,198
<OTHER-SE>                                  32,928,564
<TOTAL-LIABILITY-AND-EQUITY>               646,354,334
<SALES>                                     38,887,801
<TOTAL-REVENUES>                            38,887,801
<CGS>                                                0
<TOTAL-COSTS>                               34,787,196
<OTHER-EXPENSES>                               (63,301)
<LOSS-PROVISION>                               132,896
<INTEREST-EXPENSE>                           9,724,508
<INCOME-PRETAX>                             (5,560,602)
<INCOME-TAX>                                (1,712,000)
<INCOME-CONTINUING>                         (3,848,602)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                (3,848,602)
<EPS-BASIC>                                      (0.27)
<EPS-DILUTED>                                    (0.27)