$GTN
GRAY TELEVISION INC

2016 Q1 Form 10-Q Financial Statement

#000143774916031169 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $173.7M $169.5M $133.3M
YoY Change 30.32% -4.72% 46.01%
Cost Of Revenue $108.6M $102.0M $86.80M
YoY Change 25.12% 18.06% 43.71%
Gross Profit $65.20M $67.50M $46.50M
YoY Change 40.22% -26.23% 50.49%
Gross Profit Margin 37.53% 39.83% 34.88%
Selling, General & Admin $15.70M $11.00M $6.800M
YoY Change 130.88% 44.74% 4.62%
% of Gross Profit 24.08% 16.3% 14.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.13M $17.10M $8.798M
YoY Change 26.46% 11.76% -8.35%
% of Gross Profit 17.06% 25.33% 18.92%
Operating Expenses $137.6M $24.10M $105.2M
YoY Change 30.75% 24.87% 697.31%
Operating Profit $36.11M $43.90M $28.06M
YoY Change 28.7% -39.05% 61.16%
Interest Expense -$21.30M -$18.60M -$18.50M
YoY Change 15.14% -3.13% 20.92%
% of Operating Profit -58.98% -42.37% -65.93%
Other Income/Expense, Net $569.0K $0.00 $7.000K
YoY Change 8028.57%
Pretax Income $15.41M $25.20M $9.535M
YoY Change 61.56% -52.09% 354.05%
Income Tax $6.415M $10.30M $3.940M
% Of Pretax Income 41.64% 40.87% 41.32%
Net Earnings $8.990M $14.99M $5.595M
YoY Change 60.68% -52.05% 338.14%
Net Earnings / Revenue 5.17% 8.84% 4.2%
Basic Earnings Per Share $0.13 $0.21 $0.10
Diluted Earnings Per Share $0.12 $0.21 $0.10
COMMON SHARES
Basic Shares Outstanding 71.79M 58.22M
Diluted Shares Outstanding 72.58M 58.74M

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.7M $97.30M $224.6M
YoY Change -46.26% 215.91% 731.85%
Cash & Equivalents $120.7M $97.32M $224.6M
Short-Term Investments
Other Short-Term Assets $64.70M $66.70M $31.80M
YoY Change 103.46% 116.56% -37.28%
Inventory
Prepaid Expenses
Receivables $137.8M $121.5M $99.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $323.2M $285.5M $355.8M
YoY Change -9.15% 69.61% 141.88%
LONG-TERM ASSETS
Property, Plant & Equipment $322.8M $234.5M $213.8M
YoY Change 51.0% 5.71% 53.15%
Goodwill $484.7M $423.2M
YoY Change 13.05%
Intangibles $1.591B
YoY Change
Long-Term Investments $5.800M $13.60M $13.60M
YoY Change -57.35% 0.0% 0.0%
Other Assets $5.781M $3.038M $21.00M
YoY Change -72.47% -11.76% 5.53%
Total Long-Term Assets $2.235B $1.842B $1.694B
YoY Change 31.97% 8.16% 41.26%
TOTAL ASSETS
Total Short-Term Assets $323.2M $285.5M $355.8M
Total Long-Term Assets $2.235B $1.842B $1.694B
Total Assets $2.558B $2.128B $2.049B
YoY Change 24.83% 13.69% 52.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.068M $4.532M $6.000M
YoY Change 1.13% -1.76% 87.5%
Accrued Expenses $11.71M $14.37M $62.50M
YoY Change -81.27% 131.1% 12.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.250M $0.00
YoY Change
Total Short-Term Liabilities $92.08M $87.62M $79.00M
YoY Change 16.55% 9.49% 12.22%
LONG-TERM LIABILITIES
Long-Term Debt $1.632B $1.220B $1.236B
YoY Change 32.01% -1.32% 46.75%
Other Long-Term Liabilities $648.0K $679.0K $48.30M
YoY Change -98.66% -28.68% 62.08%
Total Long-Term Liabilities $1.633B $1.221B $1.285B
YoY Change 27.1% -1.34% 47.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.08M $87.62M $79.00M
Total Long-Term Liabilities $1.633B $1.221B $1.285B
Total Liabilities $2.120B $1.698B $1.660B
YoY Change 27.7% 2.6% 42.03%
SHAREHOLDERS EQUITY
Retained Earnings -$154.6M -$163.6M
YoY Change -19.37%
Common Stock $656.1M $655.4M
YoY Change 34.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $42.69M $41.89M
YoY Change 1.99%
Treasury Stock Shares $4.943B $4.883M
Shareholders Equity $438.1M $429.3M $389.2M
YoY Change
Total Liabilities & Shareholders Equity $2.558B $2.128B $2.049B
YoY Change 24.83% 13.69% 52.26%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $8.990M $14.99M $5.595M
YoY Change 60.68% -52.05% 338.14%
Depreciation, Depletion And Amortization $11.13M $17.10M $8.798M
YoY Change 26.46% 11.76% -8.35%
Cash From Operating Activities $29.71M $24.00M $29.24M
YoY Change 1.6% -47.6% 78.31%
INVESTING ACTIVITIES
Capital Expenditures $5.931M -$8.900M $2.849M
YoY Change 108.18% -23.93% -174.97%
Acquisitions $427.4M $0.00
YoY Change
Other Investing Activities -$167.0K $2.200M $129.0K
YoY Change -229.46% -116.79% -88.27%
Cash From Investing Activities -$420.2M -$6.800M -$2.931M
YoY Change 14235.11% -72.58% 8.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $167.5M
YoY Change -100.0%
Debt Paid & Issued, Net $1.063M $0.00
YoY Change
Cash From Financing Activities 413.8M -1.100M 167.5M
YoY Change 146.99% -98.43% -83866.0%
NET CHANGE
Cash From Operating Activities 29.71M 24.00M 29.24M
Cash From Investing Activities -420.2M -6.800M -2.931M
Cash From Financing Activities 413.8M -1.100M 167.5M
Net Change In Cash 23.34M 16.10M 193.8M
YoY Change -87.96% -132.86% 1335.88%
FREE CASH FLOW
Cash From Operating Activities $29.71M $24.00M $29.24M
Capital Expenditures $5.931M -$8.900M $2.849M
Free Cash Flow $23.78M $32.90M $26.39M
YoY Change -9.9% -42.78% 30.66%

Facts In Submission

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CY2015Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
1591142000
CY2016Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
1892654000
CY2016Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
21275000
CY2015Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
18530000
CY2016Q1 us-gaap Interest Payable Current
InterestPayableCurrent
25426000
CY2015Q4 us-gaap Interest Payable Current
InterestPayableCurrent
12717000
CY2016Q1 us-gaap Liabilities
Liabilities
2119998000
CY2015Q4 us-gaap Liabilities
Liabilities
1698434000
CY2016Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2558099000
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2127708000
CY2016Q1 us-gaap Liabilities Current
LiabilitiesCurrent
92078000
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
87595000
CY2016Q1 us-gaap Long Term Debt
LongTermDebt
1600000000
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
1200000000
CY2016Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
4250000
CY2015Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2016Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1700000000
CY2015Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1200000000
CY2016Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1631928000
CY2015Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1220084000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
8990000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
415238000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
167532000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-420162000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2931000
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28260000
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
29243000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1850000
CY2015Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
47000
CY2016Q1 us-gaap Program Rights Obligations Noncurrent
ProgramRightsObligationsNoncurrent
2054000
CY2016Q1 us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
30000000
CY2016Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
108568000
CY2015Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
86847000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
137612000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
105245000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
36111000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
28058000
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
5781000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3038000
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
648000
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
701000
CY2016Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
505000
CY2015Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2302000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
569000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-167000
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
129000
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
8699000
CY2015Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
-4000
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
427448000
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5931000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2849000
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6371000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6462000
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;">Reclassifications</div></div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 21.6pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 21.6pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - <div style="display: inline; font-style: italic;">Simplifying the Presentation of Debt Issuance Costs.</div><div style="display: inline; font-weight: bold;"> </div>ASU 2015-03 amended previous guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs were not affected by the amendments in this ASU. In August 2015 the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) -<div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-style: italic;">Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting.</div> ASU 2015-15 amended previous guidance to codify the June 18, 2015 Staff Announcement that the SEC staff would not object to the deferral and presentation as an asset, and subsequent amortization of such asset, of deferred debt issuance costs related to line of credit arrangements. We adopted these standards as of January 1, 2016. In accordance with these standards, we have reclassified our deferred loan costs to be presented as a reduction in the balance of our long-term debt, less current portion, in our balance sheets as of March 31, 2016 and December 31, 2015. Our deferred loan costs were previously presented as a non-current asset.</div></div></div></div></div></div>
CY2016Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
11200000
CY2015Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
167528000
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
425000000
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
CY2015Q4 us-gaap Program Rights Obligations Noncurrent
ProgramRightsObligationsNoncurrent
2171000
CY2016Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
99400000
CY2016Q1 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
3700000
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
623338000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
542535000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
322830000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
234475000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1063000
CY2015Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-154648000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-163638000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
173723000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
133303000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1284000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
993000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
206064
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
137376
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2016Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
-1453
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
438101000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
429274000
CY2016Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
504129000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.99
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.99
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2700000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2015Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
493849000
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
4943223000
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
4882705000
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
42688000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
41890000
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 22.5pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements. Our actual results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, preliminary purchase price allocations of amounts paid to complete acquisitions, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, stock-based compensation, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.</div></div></div></div></div></div>
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72582000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58737000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71791000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58224000

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