(GRAY LOGO)   Exhibit 99
NEWS RELEASE
Gray Reports Operating Results
For the Three-Month Period and Year Ended December 31, 2008
Atlanta, Georgia – March 16, 2009. . . Gray Television, Inc. (“Gray,” “we” or “us”) (NYSE: GTN)
today announced results from operations for the three-month period (the “fourth quarter”) and year ended December 31, 2008 as compared to the three-month period and year ended December 31, 2007.
Highlights:
For the three-month period and year ended December 31, 2008, Gray is pleased to report that total net revenue and Broadcast expenses were as follows:
                                                 
    Three-month Period Ended   Year Ended
    December 31,   December 31,
            %           %
    2008   2007   Change   2008   2007   Change
    (in thousands except for percentages)
Revenues (less agency commissions)
  $ 94,803     $ 84,272       12 %   $ 327,176     $ 307,288       6 %
 
                                               
Broadcast expense (before
                                               
depreciation, amortization, impairment
                                               
and gain on disposal of assets)
    51,189       52,238       (2 )%     199,572       199,687       0 %
While the current national recession makes for a difficult operating environment, we believe our operating results validate our long-term strategy of focusing on leading local television stations in midsize to smaller markets.
Comments on Results of Operations for the Three-Month Period Ended December 31, 2008:
Revenues.
Total net revenue increased $10.5 million, or 12%, to $94.8 million due primarily to increased political and internet advertising revenue, partially offset by decreased local and national advertising revenue in the fourth quarter of 2008. The increase in political advertising revenue reflects increased advertising from political candidates in the 2008 general elections. Increased internet advertising revenue reflects our internet sales initiatives in each of our markets. The decrease in local and national revenue was largely due to the general weakness in the economy.
     Political advertising revenue increased $24.7 million, or 942%, to $27.4 million.
     Internet advertising revenue increased $0.6 million, or 21%, to $3.2 million.
     Local advertising revenue decreased $9.2 million, or 17%, to $45.0 million.
     National advertising revenue decreased $5.1 million, or 24%, to $16.1 million.
Operating expenses.
Broadcast expenses (before depreciation, amortization, impairment and gain on disposal of assets) decreased $1.0 million, or 2%, to $51.2 million. This decrease primarily reflects the impact of decreased payroll related costs partially offset by increased bad debt expense, consulting services and syndicated programming costs.
4370 Peachtree Road, NE * Atlanta, GA 30319
(404) 504-9828 * Fax (404) 261-9607

 


The following information was filed by Gray Television Inc (GTN) on Monday, March 16, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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