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Gray Television, Inc. (GTN)
Advertising Appears Resilient
Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX).
Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Q2 better than expected. Second quarter revenues of $508 million was better than our $504 million estimate and cash flow (adj. EBITDA) was better at $164 million versus our $158 million estimate.
- Key attributes. Local and Political advertising were better than our expectations and accounted for the largest upside variance in the quarter. These trends appear to...
*Analyst certification and important disclosures included in full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.