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Gray TV 1Q loss narrows on higher ad revenue

By Associated Press
May 9, 2008 | Comments (0)

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Gray Television Inc.'s first-quarter loss narrowed as higher political and online advertising boosted revenue, the television station operator said Friday.

Gray reported a loss of $3.9 million, or 8 cents per share, after posting a loss of $11.3 million, or 24 cents per share, in the year-ago period.

The loss was narrower than the 10 cents per share expected by analysts in a Thomson Financial poll.

Revenue rose 2 percent to $71 million from $69.7 million, boosted by higher political and online advertising. The company said its Web traffic rose after it posted more local content and promoted the sites more.

Analysts expected revenue of $70 million.

Gray TV shares rose 1 cent to $4.07 in midday trading.

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