Gray Television, Inc. (GTN) has reported 139.10 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $35.83 million, or $0.49 a share in the quarter, compared with $14.99 million, or $0.21 a share for the same period last year. Revenue during the quarter surged 40.20 percent to $237.62 million from $169.49 million in the previous year period. Total expenses were 64.70 percent of quarterly revenues, down from 74.10 percent for the same period last year. This has led to an improvement of 940 basis points in operating margin to 35.30 percent.
Operating income for the quarter was $83.87 million, compared with $43.90 million in the previous year period.
Hilton H. Howell, Jr., Grays chairman and chief executive officer, commented, "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. 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."
For the first-quarter, Gray Television forecasts revenue to be in the range of $192 million to $196 million.
Operating cash flow improves significantlyGray Television, Inc. has generated cash of $206.63 million from operating activities during the year, up 95.65 percent or $101.02 million, when compared with the last year. The company has spent $479.33 million cash to meet investing activities during the year as against cash outgo of $206.38 million in the last year.
Cash flow from financing activities was $500.57 million for the year, up 199.18 percent or $333.26 million, when compared with the last year.
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