-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QcX2h3QSmKwheVAbTATJhexnaVhbEkkjbUlLd1llFSlpnlNAnh8B+LmYI01VNiU6 Apak15iUTjY1xJZdIRQHfA== 0000950144-04-003862.txt : 20040414 0000950144-04-003862.hdr.sgml : 20040414 20040414161002 ACCESSION NUMBER: 0000950144-04-003862 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040414 ITEM INFORMATION: FILED AS OF DATE: 20040414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAY TELEVISION INC CENTRAL INDEX KEY: 0000043196 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 580285030 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13796 FILM NUMBER: 04733229 BUSINESS ADDRESS: STREET 1: 4370 PEACHTREE ROAD NE CITY: ALBANY STATE: GA ZIP: 30319 BUSINESS PHONE: 9128889390 MAIL ADDRESS: STREET 1: 4370 PEACHTREE ROAD NE CITY: ALBANY STATE: GA ZIP: 30319 FORMER COMPANY: FORMER CONFORMED NAME: GRAY COMMUNICATIONS SYSTEMS INC /GA/ DATE OF NAME CHANGE: 19950612 FORMER COMPANY: FORMER CONFORMED NAME: GRAY COMMUNICATIONS CORP DATE OF NAME CHANGE: 19911011 FORMER COMPANY: FORMER CONFORMED NAME: GRAY COMMUNICATIONS SYSTEMS INC DATE OF NAME CHANGE: 19880331 8-K 1 g88477e8vk.htm GRAY TELEVISION, INC. GRAY TELEVISION, INC.
 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 14, 2004   (April 14, 2004)

GRAY TELEVISION, INC.

(Exact Name of Registrant as Specified in its Charter)
         
Georgia   1-13796   58-0285030
 
(State or Other Jurisdiction
of Incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
     
4370 Peachtree Road, Atlanta, Georgia   30319
 
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code (404) 504-9828

(Former Name or Former Address, if Changed Since Last Report)

 

 

Item 12. Results of Operations and Financial Condition.

     The information set forth under this Item 12 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

     On April 14, 2004, Gray Television, Inc. issued a press release reporting updated guidance estimates for its financial results for the first quarter ended March 31, 2004. A copy of the press release is hereby attached as Exhibit 99.1 and incorporated herein by reference.

 

 

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  GRAY TELEVISION, INC.
(Registrant)
 		  
Dated: April 14, 2004  By:   /s/ James C. Ryan    
    James C. Ryan, Senior Vice President and   
    Chief Financial Officer   
 

 

 

EXHIBIT INDEX

     
99.1
  Press Release of Gray Television, Inc. issued April 14, 2004.

 

EX-99.1 3 g88477exv99w1.txt EX-99.1 PRESS RELEASE ISSUED APRIL 14, 2004 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. -----END PRIVACY-ENHANCED MESSAGE-----