<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEPTEMBER 30, 1999 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF
GRAY COMMUNICATIONS SYSTEMS, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CURRENCY> U.S. DOLLARS

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               SEP-30-1999
<EXCHANGE-RATE>                                      1
<CASH>                                       3,870,013
<SECURITIES>                                         0
<RECEIVABLES>                               23,189,912
<ALLOWANCES>                                 1,276,000
<INVENTORY>                                    988,416
<CURRENT-ASSETS>                            33,849,659
<PP&E>                                      88,793,036
<DEPRECIATION>                              36,993,099
<TOTAL-ASSETS>                             479,294,658
<CURRENT-LIABILITIES>                       25,323,451
<BONDS>                                    285,423,164
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                 13,500,000
<COMMON>                                    67,667,863
<OTHER-SE>                                  39,652,656
<TOTAL-LIABILITY-AND-EQUITY>               479,294,658
<SALES>                                     99,951,135
<TOTAL-REVENUES>                            99,951,135
<CGS>                                                0
<TOTAL-COSTS>                               85,668,052
<OTHER-EXPENSES>                              (560,275)
<LOSS-PROVISION>                               569,129
<INTEREST-EXPENSE>                          20,890,500
<INCOME-PRETAX>                             (6,047,142)
<INCOME-TAX>                                (1,438,585)
<INCOME-CONTINUING>                         (4,608,557)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                (4,608,557)
<EPS-BASIC>                                      (0.45)
<EPS-DILUTED>                                    (0.45)