Exhibit 99.1

 

NEWS RELEASE

 

Gray Reports Operating Results

For the Three-Months and Year Ended December 31, 2013;

 

Gray Achieves Record Revenue for the Fourth Quarter and Full Year of an Off Political Year

 

Atlanta, Georgia – March 11, 2014. . . Gray Television, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN and GTN.A)

today announced results from operations for the quarter and year ended December 31, 2013.

 

Highlights:

 

For the quarter and year ended December 31, 2013, Gray reported record total revenue, Broadcast Cash Flow and Broadcast Cash Flow Less Cash Corporate Expenses (each non-GAAP terms as defined below) for an off year of the two-year political advertising cycle as follows:

 

 

fourth quarter of 2013 revenue was $95.6 million; previous off political year fourth quarter record was $84.7 million in the fourth quarter of 2011;

 

 

full year 2013 revenue was $346.3 million; previous full year record for an off political year was $307.1 million in 2011;

 

 

fourth quarter of 2013 Broadcast Cash Flow was $36.8 million; previous off political year fourth quarter record was $34.4 million in 2011;

 

 

full year 2013 Broadcast Cash Flow was $128.2 million; previous full year record for an off political year was $109.6 million in 2011;

 

 

fourth quarter of 2013 Broadcast Cash Flow Less Cash Corporate Expenses was $30.84 million; previous off political year fourth quarter record was $30.75 million in 2011; and

 

 

full year 2013 Broadcast Cash Flow Less Cash Corporate Expenses was $110.4 million; previous full year record for an off political year was $95.6 million in 2011.

 

Gray’s broadcast advertising revenues are typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups in advance of elections. This political spending typically is heaviest during the fourth quarter. As a result of this revenue and operational cyclicality, the Company believes that sequential period over period comparisons may not provide appropriate comparisons, and that it may be more appropriate to compare results from either the on year or the off year of the two-year political advertising cycle to the prior similar period.

 

 
 

The following information was filed by Gray Television Inc (GTN) on Tuesday, March 11, 2014 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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