Thursday, television broadcasting company, Gray Television Inc.(GTN), said it now expects third quarter operating revenue above its previous projection, as a result of higher-than-expected political issue advertising related to the current national debate on health care reform.
The Atlanta, Georgia-based company now expects operating revenue, less agency commission for the third quarter to be in the range of $66 million - $66.5 million, up from its earlier forecast of $63 million - $64 million.
On average, analysts polled by Thomson Reuters expect the company to report revenue of $63.63 million for the quarter, with a low estimate of $63.39 million and a high estimate of $63.87 million. Analysts' estimate typically exclude one-time charges and gains.
For the preceding second quarter, Gray's revenue, less agency commissions for the second quarter dropped 17% to $65.06 million from $78.74 million in the same quarter last year, reflecting decreased local, national, political and internet advertising revenue, production and other revenue.
The company has now forecast broadcasting operating expenses excluding depreciation, amortization and other expenses, for the third quarter in the range of $46.00 million - $46.25 million, compared to earlier issued forecast of $46.00 million - $46.50 million, and corporate and administrative expenses within a range of $3.30 million - $3.40 million from the prior forecast of $3.30 million - $3.60 million.
Gray's broadcast expenses before depreciation, amortization and gain on disposal of assets for the second quarter had decreased 7% year-over-year to $45.2 million.
Broadcast political revenues less agency commissions for the third quarter is now anticipated in the range of $3.00 million - $3.10 million, compared to earlier issued forecast of $0.50 million - $0.60 million last year.
GTN is currently trading at $2.41, uo $0.04 or 1.69%, on a volume of 0.40 million shares on the NYSE.
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