Gray Television Wednesday reported hitting a record high of $237.6 million in revenue during the fourth quarter of 2016, up 40% from the year before, a number fueled by political revenue and acquisitions.
Among the highlights during the three months ending Dec. 31 are:
- Political revenue hit $48.5 million, tying the fourth quarter of 2014 and in line with revised guidance.
- Net income increased $20.8 million, or 139%, to $35.8 million.
- Broadcast cash flow was $109.5 million, a 61% year-over-year increase.
Highlights for full-year 2016 include:
- Total revenue increased $215.1 million, or 36%, to $812.5 million.
- Political revenue hit $90.1 million, in line with revised guidance.
- Net income increased $23 million, or 58%, to $62.3 million.
- Broadcast cash flow was $338.8 million for 2016, a 51% increase from 2015.
“We began 2016 with the successful acquisition of the Schurz television stations. Today we are pleased to announce that we continued to grow throughout 2016, setting all-time records for total revenue, political revenue, net income and broadcast cash flow,” CEO Hilton Howell, Jr. said in a statement.
“We are pleased to have reached these milestones in 2016 despite a most unexpected and challenging political season that affected both our company and our entire industry. We believe we are positioned for continued success in 2017 and beyond.”
(Photo via Pictures of Money's Flickr. Image taken on March 1, 2017 and used per Creative Commons 2.0 license. The photo was cropped to fit 9x16 aspect ratio.)
