Political ads boost Gray Television Q4 profit
EmptyATLANTA -- Gray Television Inc., operator of local TV stations affiliated with the CBS network, on Thursday said it swung to a fourth-quarter profit, helped by political advertising.
Net income totaled $7.8 million, or 16 cents per share, from a loss of $7.1 million, or 15 cents per share during the same period a year ago.
Revenue grew 40% to $101.9 million, from $73 million a year ago.
Analysts polled by Thomson Financial expected net income of 19 cents per share on revenue of $101.2 million.
The company said results were aided by record political advertising revenue in a non-presidential election year.
For the year earnings totaled $7.8 million, or 16 cents per share, versus a loss of $7.4 million, or 15 cents per share in 2005.
Revenue grew 26% to $101.9 million, from $81.2 million in 2005.