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Gray Television's CEO Discusses Q1 2011 Results - Earnings Call Transcript

Gray Television (GTN)

Q1 2011 Earnings Call

May 09, 2011 11:00 am ET

Executives

Robert Prather - President, Chief Operating Officer, Director and Member of Executive Committee

Hilton Howell - Vice Chairman, Chief Executive Officer and Member of Executive Committee

James Ryan - Chief Financial Officer and Senior Vice President

Analysts

Barry Lucas - Gabelli & Co.

Aaron Watts - Deutsche Bank

Marci Ryvicker - Wells Fargo Securities, LLC

Bishop Cheen - Wachovia

Presentation

Operator

Good day, everyone, and welcome to the Gray Television First Quarter 2011 Earnings Release Conference Call. Today's call is being recorded. For opening remarks and introductions, I would like to turn the call over to Mr. Hilton Howell. Please go ahead, sir.

Hilton Howell

Thank you very much, operator, and good morning, everyone. As the operator mentioned, my name is Hilton Howell and I will make a few brief comments followed by Bob Prather, our Chief Operating Officer and then Jim Ryan, our Chief Financial Officer. All-in-all, we were very pleased with our results this quarter. Although our revenue is essentially flat, decreasing about 1% or $740,000, this is primarily due to 3 factors.

First, reduced political advertising this quarter compared to last year. In the first quarter of 2011, we reported $1.4 million in political advertising. This compares to first quarter last year at $2.7 million, a $1.3 million drop. Second, we received no political-related advertising this quarter. And in 2009, we received approximately $2.8 million Olympic advertising revenue on our NBC-affiliated stations. Finally, the Super Bowl was broadcast on FOX this year and our one primary FOX-affiliated station and 4 FOX affiliated secondary digital channels generated approximately $200,000 in ad revenue this quarter, compared to last year when the Super Bowl was broadcast on CBS and our 17 CBS-affiliated primary channels generated approximately $900,000 of Super Bowl revenue.

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