Gray Television's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Gray Television (GTN)

Q1 2012 Earnings Call

May 02, 2012 11:30 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

Bishop Cheen - Wells Fargo Securities, LLC, Research Division

Marci Ryvicker - Wells Fargo Securities, LLC, Research Division

Aaron Watts - Deutsche Bank AG, Research Division

Barry L. Lucas - Gabelli & Company, Inc.

Lawrence Schnurmacher

Michael McCaffrey

Unknown Analyst

Presentation

Operator

Good day, everyone, and welcome to the Gray Television's First Quarter 2012 Earnings Release Conference Call. Today's call is being recorded. For opening remarks and introductions, I'd like to turn the call over to Mr. Hilton Howell. Please go ahead,.

Hilton H. Howell

Thank you, operator, and good morning, everyone. Welcome to the first quarter 2012 earnings call for Gray Television. As the operator mentioned, I am Hilton Howell, Vice Chairman and CEO of the company. I will make a few brief comments, followed by Bob Prather, our President and Chief Operating Officer; and then Jim Ryan, our Senior Vice President and Chief Financial Officer. They will all add on after this quarter's outstanding results. Questions will be answered at the conclusions of our comments.

Candidly, it was a fantastic quarter. Total revenues soared by 16% to $80.6 million from $69.7 million last year, a $10.9 million increase. Record-setting political advertising and retransmission consent revenue, coupled with strong growth and local advertising and Internet advertising, were behind this quarter's record-setting results. And what we see as a sign of things to come, Gray received $5 million in political advertising this quarter, a new record for first quarter political ad spends. To compare in 2011, for the first quarter, Gray received $1.4 million in political advertising, in 2010, we received $2.8 million and in 2009, we received $3.1 million.

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