Political ads boost Gray Television Q4 profit

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ATLANTA -- 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.

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