EXHIBIT 99.1
NEWS RELEASE APRIL 14, 2004
GRAY TELEVISION, INC. RAISES REVENUE AND EARNINGS GUIDANCE
FOR FIRST QUARTER 2004 AND SETS RELEASE DATE FOR MAY 6, 2004
Gray Television, Inc. (NYSE: GTN and GTN.A) announced today that it has
increased its estimates of net revenues and operating income for the three
months ending March 31, 2004 based on stronger than anticipated advertising
revenues at Gray's television stations.
UPDATED GUIDANCE FOR THE FIRST QUARTER OF 2004
The Company currently anticipates that its results of operations for the three
months ended March 31, 2004 will approximate the amounts presented in the table
below. The table also contains Gray's actual operating results for the three
months ended March 31, 2003 and the "high range" guidance the Company previously
issued on March 8, 2004.
THREE MONTHS ENDED MARCH 31,
--------------------------------------------------------------
2004 % CHANGE PREVIOUS 2004
REVISED FROM ACTUAL "HIGH RANGE"
SELECTED OPERATING DATA: GUIDANCE 2003 2003 GUIDANCE
- ------------------------------------------ ------------------------ ----------- ------------------
OPERATING REVENUES
Broadcasting
(less agency commissions) $61,900 18% $52,601 $60,000
Publishing 10,950 5% 10,397 10,700
Paging 1,850 -6% 1,977 1,800
------- ------- -------
TOTAL OPERATING REVENUES 74,700 15% 64,975 72,500
TOTAL OPERATING EXPENSES 55,475 4% 53,323 55,600
------- ------- -------
OPERATING INCOME $19,225 65% $11,652 $16,900
======= ======= =======
OTHER SELECTED DATA
POLITICAL REVENUE $ 3,475 369% $ 741 $ 2,500
DEPRECIATION AND AMORTIZATION $ 6,200 -12% $ 7,052 $ 6,100
The Company has increased the first quarter 2004 revenue guidance for the
broadcast operations based in part on stronger than expected political revenues.
Also, the Company has increased the first quarter 2004 revenue guidance for the
broadcast operations based in part on stronger than expected local and national
non-political time sale revenue. Currently, Gray anticipates that first quarter
2004 non-political local time sales will increase approximately 12% to 13% over
the 2003 results of $33.0 million and that national non-political time sales
will increase approximately 8% to 9% over the 2003 results of $14.9 million. The
Company attributes the anticipated increases in local and national advertising
revenues to a generally broad based improvement in the demand for advertising
time on the Company's stations.
EARNINGS RELEASE DATE, CONFERENCE CALL AND WEB CAST INFORMATION
Gray Television, Inc. will release first quarter earnings and host a conference
call to discuss its first quarter operating results on May 6, 2004. The call
will begin at 2:00 PM Eastern Time. The live dial-in number is (888) 280-8771
and the reservation number is T492906G. The call will be web cast live and
available
for replay at www.graytvinc.com. The taped replay of the conference call will be
available at (877) 888-3855 until May 20, 2004.
FOR INFORMATION CONTACT:
BOB PRATHER JIM RYAN
PRESIDENT AND CHIEF OPERATING OFFICER SENIOR V. P. AND CHIEF
FINANCIAL OFFICER
(404) 266-8333 (404) 504-9828
WEB SITE: www.graytvinc.com
THE COMPANY
Gray Television, Inc. is a communications company headquartered in Atlanta,
Georgia, and currently owns 29 television stations serving 25 television
markets. The stations include 15 CBS affiliates, seven NBC affiliates and seven
ABC affiliates. Gray Television, Inc. has 22 stations ranked #1 in local news
audience and 22 stations ranked #1 in overall audience within their respective
markets based on the average results of the Nielsen February, May, July and
November 2003 ratings reports. The TV station group reaches approximately 5% of
total U.S. TV households. The Company also owns four daily newspapers, three in
Georgia and one in Indiana.
CAUTIONARY STATEMENTS FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT
The preceding comments on Gray's current expectations of operating results for
the first quarter of 2004 are "forward looking" for purposes of the Private
Securities Litigation Reform Act of 1995. Actual results of operations are
subject to a number of risks and may differ materially from the current
expectations discussed in this press release. See the Company's annual report on
Form 10K for a discussion of risk factors that may affect the Company.