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Gray Reports Loss as Revenue Declines 11%

(Image credit: Gray Television)

Gray Television reported a second-quarter loss but said business appears to be improving.

The net loss was $2 million, or 2 cents per share, compared to net income of $31 million, or 31 cents a share.

Revenue was down 11% to $451 million. 

Local advertising fell 28% to $162 million and national advertising fell 36% to $36 million. Political advertising was $21 million, up 320%. 

Retransmission revenue was $220 million, up 19%.

Excluding political advertising, total core revenue was down 30%, although it improved throughout the quarter. It was down 38% in April, 34% in May and 17% in June. 

The company said that for the full year, it expects that political advertising revenue will be between $250 million to $275 million and the company will remain free cash flow positive.

Gray said it repurchased $43.4 million of its own common stock during the quarter.

The company said it did not access any stimulus or relief grants or loans from the government during the first half of the year.