Earnings
Gray Television Expects Lower 2009 Sales
The Associated Press
03/16/09 - 02:10 PM EDT
ATLANTA (AP) Television broadcaster Gray Television Inc. said Monday it expects 2009 revenue to come in much lower than in 2008 as the economic downturn curtails ad spending.
The company forecast sales of $58.5 million to $60 million, or 15 percent to 18 percent lower than 2008 sales. It expects local advertising revenue to decline 15 percent, and national ad sales to fall 25 percent, from 2008 levels.
"The current national economic recession has severely impacted our short term revenue generation and has made revenue forecasting more difficult than in prior periods," the company said in a statement.
Also on Monday, Gray Television reported a loss after paying preferred dividends of $208.6 million, or $4.32 per share, for the 2008 year, hurt by impairments on the value of goodwill and broadcasting licenses. Sales edged up 6 percent to $327.2 million, helped in part by a boost in political advertising during the last months of the presidential election cycle.
The company's stock was unchanged at 41 cents in afternoon trading.