Gabelli & Company Reports on Gray Television (GTN)

Gabelli & Company expressed no recommendation in a report released today on Gray Television (NYSE: GTN).Gabelli stated, “Gray reported fourth quarter results. Net revenues of $69.7 million, down just 1%. Local increased 1%, while national declined 7% largely reflecting the absence of the Olympics and an adverse Super Bowl shift together amounting to about $3.5 million. For 2Q2011, management guided toward a 2% decrease in net revenues, to about $74 million, with local up 4% and national increasing 1%. The company expects to earn base consulting revenues of $0.6 million in 2Q, but does not anticipate an incentive fee. We calculate a $4-5 per share PMV through the 2011-2012 political cycle.”Gabelli & Company maintains no recommendation on the company. Shares of Gray Television closed the trading day on Friday at $2.43, up $0.02 from Friday's open price of $2.41.