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TheStreet Open House

Gray Television's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Gray Television (GTN)

Q4 2011 Earnings Call

February 24, 2012 10:00 am ET

Executives

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

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

James C. Ryan - Chief Financial Officer and Senior Vice President

Analysts

Aaron Watts - Deutsche Bank AG, Research Division

Bishop Cheen - Wells Fargo Securities, LLC, Research Division

Marci Ryvicker - Wells Fargo Securities, LLC, Research Division

Barry L. Lucas - Gabelli & Company, Inc.

Presentation

Operator

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

Hilton H. Howell

Thank you very much, operator, and good morning, everyone. Welcome to the Fourth Quarter and 2011 Year-to-Date Gray Television Earnings Call. I will begin with a brief overview of our results, followed by Bob Prather, our President and Chief Operating Officer, who will add his thoughts concerning our performance this year. And then Jim Ryan, our Chief Financial Officer, will follow with a brief discussion in financial highlights. Questions will be answered at the conclusion of our comments.

All in all, we are quite happy with our results for the fourth quarter and full year 2011. Although our total revenue dropped by 26% to $84.6 million (sic) [$84.7 million] for the quarter and dropped 11% to $307.1 million for the year, this was entirely due to 2011 being an off-year political cycle.

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