Last $12.64 USD
Change Today -0.23 / -1.79%
Volume 335.5K
GTN On Other Exchanges
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As of 3:18 PM 07/23/14 All times are local (Market data is delayed by at least 15 minutes).

gray television inc (GTN) Snapshot

Open
$12.89
Previous Close
$12.87
Day High
$12.91
Day Low
$12.64
52 Week High
12/31/13 - $15.17
52 Week Low
08/15/13 - $6.01
Market Cap
724.7M
Average Volume 10 Days
437.6K
EPS TTM
$0.41
Shares Outstanding
52.5M
EX-Date
03/16/09
P/E TM
30.7x
Dividend
--
Dividend Yield
--
Current Stock Chart for GRAY TELEVISION INC (GTN)

gray television inc (GTN) Related Businessweek News

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gray television inc (GTN) Details

Gray Television, Inc. operates as a television broadcast company in the United States. As of February 1, 2014, the company owned and/or operated television stations in 34 television markets broadcasting a total of 110 programming streams, including 24 affiliates of the CBS Network, 14 affiliates of the NBC Network, 9 affiliates of the ABC Network, and 5 affiliates of the FOX Network. It also broadcasts secondary digital channels that are affiliated to CW Network or the CW Plus Network, MyNetworkTV, the MeTV Network, This TV Network, Antenna TV, Live Well Network, and Telemudo. In addition, the company broadcasts nine local news/weather channels. The company was founded in 1897 and is headquartered in Atlanta, Georgia.

2,093 Employees
Last Reported Date: 03/11/14
Founded in 1897

gray television inc (GTN) Top Compensated Officers

Vice Chairman, Chief Executive Officer, Presi...
Total Annual Compensation: $1.0M
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $610.7K
Senior Vice President of Business Affairs, Ge...
Total Annual Compensation: $610.7K
Compensation as of Fiscal Year 2013.

gray television inc (GTN) Key Developments

Gray Television, Inc. Enters into Second Amended and Restated Credit Agreement

On June 13, 2014, Gray Television Inc., as borrower, entered into a second amended and restated credit agreement, with Wells Fargo Bank, National Association, as administrative agent, Bank of America, N.A., as syndication agent, and the other agents and lenders party thereto. The new credit facility provides total commitments of $575.0 million, consisting of a $525.0 million term loan facility and a $50.0 million revolving credit facility. On the closing date, the company borrowed $525.0 million under the term loan. Proceeds from borrowings under the term loan were used to repay all amounts outstanding under the company's prior senior credit facility, which was then amended and restated, to fund the cash purchase price to complete the Hoak Acquisition and to pay related fees and expenses, as well as for general corporate purposes. Term loan borrowings bear interest, at the option of the company, at either the base rate plus 1.75%-2.0% or the London Interbank Offered Rate plus 2.75%-3.0%, subject to a LIBOR floor of 0.75%, in each case based on a first lien leverage ratio test as set out in the new credit facility. The term loan also requires the company to make quarterly principal repayments equal to 0.25% of the outstanding principal amount of the term loan beginning September 30, 2014. Borrowings under the revolving credit facility bear interest, at the option of the company, based on the base rate plus 1.0%-1.5% or LIBOR plus 2.0% -2.5%, in each case based on the First Lien Ratio Test. base rate is defined as the administrative agent's prime rate, the overnight federal funds rate plus 0.50% and one-month LIBOR plus 1.0%. The company is required to pay a commitment fee on the average daily unused portion of the revolving credit facility, which rate may range from 0.375% to 0.50% on an annual basis, based on the First Lien Ratio Test. The revolving credit facility matures on June 13, 2019 and the Term Loan matures on June 13, 2021.

Gray Television Announces Commencement of Senior Secured Debt Refinancing

Gray Television Inc. has commenced a senior secured debt refinancing, expected to consist of a $500 million term loan and a $50 million revolving credit facility. The proceeds from this new senior secured credit facility will be used primarily to complete pending acquisitions and refinance amounts outstanding under the existing senior secured credit facility. Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets are the lead arrangers for Gray's new senior credit facility. Gray currently expects to close the new senior secured credit facility and close all of its material pending acquisitions on or before June 30, 2014.

Gray Television Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Financial Guidance for 2014

Gray Television Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of $91,297,000 against $78,169,000 a year ago. Operating income was $17,410,000 against $15,060,000 a year ago. Income before income tax was $2,136,000 against $2,521,000 a year ago. Net income was $1,277,000 or $0.02 diluted and basic per share against $870,000 or $0.02 diluted and basic per share a year ago. Net cash provided by operating activities was $16,439,000 against $17,553,000 a year ago. Total revenue increased $13.1 million, or 17% primarily due to the increases in local advertising revenue and retransmission consent revenue, as well as an expected increase in political advertising revenue. The CapEx for the quarter was $3.8 million. The company expects total CapEx this year to be $25 million to $30 million, with the $30 million reflecting the pending acquisitions that are still awaiting closing. The run rate for retransmission revenue for this year would put in the $64 million, $65 million range for the entire year.

 

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Industry Analysis

GTN

Industry Average

Valuation GTN Industry Range
Price/Earnings 40.0x
Price/Sales 2.1x
Price/Book 4.2x
Price/Cash Flow 15.4x
TEV/Sales NM Not Meaningful
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