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August 08, 2011 1:00 pm ET
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
Aaron Watts - Deutsche Bank AG
Marci Ryvicker - Wells Fargo Securities, LLC
Steven Pfeiffer - Wells Capital Management
Unknown Analyst -
Barry Lucas - Gabelli & Company, Inc.
Bishop Cheen - Wells Fargo Securities, LLC
Good day, everyone, and welcome to the Gray Television Second Quarter 2011 Earnings Release Conference. Today's call is being recorded. At this time, I'd like to turn things over to Mr. Hilton Howell. Please go ahead, sir.
Thank you, operator, and good afternoon, everyone. Welcome to the second quarter and 6 months review of Gray TV's financial performance. Thank you for joining us on this sort of infamous day for our country and our markets. We appreciate your interest very, very much.
As usual, I will begin with just a few brief comments followed by Bob Prather, our President and Chief Operating Officer, who will add more color to this quarter's performance; and then to Jim Ryan, our Chief Financial Officer, who will follow with a brief discussion of our financial information and more information on the release we let go this morning.
We are happy with our results this quarter and think it speaks well for the TV assets of Gray Television, as well as the resiliency of the broadcast television industry as a whole. Our total revenue for the quarter advanced a 1% to $76.2 million from $75.6 million in Q2 2010 and exceeded our initial estimates for the quarter this year as well. The increase was driven primarily by increases in local advertising and Internet advertising, which was 4% or $1.9 million and 56% or $1.7 million, respectfully. These gains were offset by expected decreases in political advertising during this off-year cycle and the national advertising, which decreased by 59% or $3.3 million and 3% or $400,000, respectfully.