Gray Television Management Discusses Q2 2012 Results - Earnings Call Transcript

Gray Television (GTN)

Q2 2012 Earnings Call

August 03, 2012 11:00 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 Second Quarter 2012 Earnings Release Conference. As a reminder, today's presentation is being recorded. For opening remarks and introductions, I would like to turn the call over to Mr. Hilton Howell, Chief Executive Officer and Co-Chairman. Please go ahead, sir.

Hilton H. Howell

Thank you, operator. Good morning, welcome, everybody. I am Hilton Howell, as the operator mentioned. I'll be making a few brief comments; followed by Bob Prather, our President and Chief Operating Officer; and then Jim Ryan, our Chief Financial Officer and Senior Vice President, who will both have their own color and comments to this quarter's really outstanding results. We will then have questions at the conclusion of our comments.

It was quite simply an extraordinary quarter, another record. Revenue for the second quarter was the highest the company has ever reported in its entire history.

For the quarter, total revenue increased by 24% to $94.7 million from last year's $76.2 million. Similarly, the company reported record revenue for the first half of 2012 of $175.4 million, up 20.2% from $145.9 million last year. These truly extraordinary increases led us to report net income of $9.8 million for the quarter compared to a profit of $771,000 last year, and for the first half of the year, we reported net income of $12 million compared to a loss of $4.1 million for the 6 months of 2011.

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