Gray Television, Inc (GTN) has reported 16.85 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $10.50 million, or $0.14 a share in the quarter, compared with $8.99 million, or $0.12 a share for the same period last year. Revenue during the quarter grew 17.12 percent to $203.46 million from $173.72 million in the previous year period. Total expenses were 78.59 percent of quarterly revenues, down from 79.21 percent for the same period last year. This has led to an improvement of 62 basis points in operating margin to 21.41 percent.
Operating income for the quarter was $43.56 million, compared with $36.11 million in the previous year period.
For the second-quarter, Gray Television forecasts revenue to be in the range of $218 million to $223 million.
Operating cash flow turns negative
Gray Television, Inc has spent $0.48 million cash to meet operating activities during the quarter as against cash inflow of $29.71 million in the last year period. The company has spent $293.39 million cash to meet investing activities during the quarter as against cash outgo of $420.16 million in the last year period.
The company has spent $7.77 million cash to carry out financing activities during the quarter as against cash inflow of $413.79 million in the last year period.
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