$GTN
GRAY TELEVISION INC

2016 Q2 Form 10-Q Financial Statement

#000143774916036405 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $196.6M $143.5M
YoY Change 37.06% 33.77%
Cost Of Revenue $117.3M $86.40M
YoY Change 35.76% 30.91%
Gross Profit $79.30M $57.00M
YoY Change 39.12% 38.35%
Gross Profit Margin 40.33% 39.73%
Selling, General & Admin $8.500M $6.400M
YoY Change 32.81% -34.69%
% of Gross Profit 10.72% 11.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.62M $8.754M
YoY Change 32.71% -21.84%
% of Gross Profit 14.65% 15.36%
Operating Expenses $142.9M $104.7M
YoY Change 36.52% 478.49%
Operating Profit $53.69M $38.76M
YoY Change 38.52% 67.16%
Interest Expense -$24.30M -$18.60M
YoY Change 30.65% 17.72%
% of Operating Profit -45.26% -47.99%
Other Income/Expense, Net $141.0K $67.00K
YoY Change 110.45%
Pretax Income $29.56M $20.24M
YoY Change 46.06% 709.52%
Income Tax $11.90M $8.128M
% Of Pretax Income 40.25% 40.16%
Net Earnings $17.66M $12.11M
YoY Change 45.85% 661.16%
Net Earnings / Revenue 8.98% 8.44%
Basic Earnings Per Share $0.25 $0.17
Diluted Earnings Per Share $0.24 $0.17
COMMON SHARES
Basic Shares Outstanding 71.88M 71.64M
Diluted Shares Outstanding 72.75M 72.27M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.3M $222.2M
YoY Change -20.66% 236.16%
Cash & Equivalents $176.3M $222.2M
Short-Term Investments
Other Short-Term Assets $73.10M $33.10M
YoY Change 120.85% -32.03%
Inventory
Prepaid Expenses
Receivables $147.8M $105.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $397.4M $360.4M
YoY Change 10.26% 81.11%
LONG-TERM ASSETS
Property, Plant & Equipment $320.7M $210.2M
YoY Change 52.58% 9.82%
Goodwill $485.6M
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.60M $13.60M
YoY Change 22.06% 0.0%
Other Assets $21.46M $19.90M
YoY Change 7.85% -6.13%
Total Long-Term Assets $2.248B $1.686B
YoY Change 33.32% 10.63%
TOTAL ASSETS
Total Short-Term Assets $397.4M $360.4M
Total Long-Term Assets $2.248B $1.686B
Total Assets $2.645B $2.047B
YoY Change 29.26% 18.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.357M $3.200M
YoY Change 4.91% 14.29%
Accrued Expenses $8.027M $46.60M
YoY Change -82.77% 14.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $73.95M $55.40M
YoY Change 33.49% -20.4%
LONG-TERM LIABILITIES
Long-Term Debt $1.705B $1.236B
YoY Change 37.97% 2.76%
Other Long-Term Liabilities $1.254M $36.10M
YoY Change -96.53% 22.37%
Total Long-Term Liabilities $1.707B $1.272B
YoY Change 34.16% 3.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.95M $55.40M
Total Long-Term Liabilities $1.707B $1.272B
Total Liabilities $2.188B $1.637B
YoY Change 33.68% 6.05%
SHAREHOLDERS EQUITY
Retained Earnings -$137.0M
YoY Change
Common Stock $656.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $42.69M
YoY Change
Treasury Stock Shares $4.943M
Shareholders Equity $457.0M $409.7M
YoY Change
Total Liabilities & Shareholders Equity $2.645B $2.047B
YoY Change 29.26% 18.77%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $17.66M $12.11M
YoY Change 45.85% 661.16%
Depreciation, Depletion And Amortization $11.62M $8.754M
YoY Change 32.71% -21.84%
Cash From Operating Activities $15.80M $3.300M
YoY Change 378.79% -74.42%
INVESTING ACTIVITIES
Capital Expenditures -$7.600M -$5.600M
YoY Change 35.71% -16.42%
Acquisitions
YoY Change
Other Investing Activities -$20.80M $100.0K
YoY Change -20900.0% -100.03%
Cash From Investing Activities -$28.20M -$5.500M
YoY Change 412.73% -98.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 68.20M -100.0K
YoY Change -68300.0% -100.03%
NET CHANGE
Cash From Operating Activities 15.80M 3.300M
Cash From Investing Activities -28.20M -5.500M
Cash From Financing Activities 68.20M -100.0K
Net Change In Cash 55.80M -2.300M
YoY Change -2526.09% -105.88%
FREE CASH FLOW
Cash From Operating Activities $15.80M $3.300M
Capital Expenditures -$7.600M -$5.600M
Free Cash Flow $23.40M $8.900M
YoY Change 162.92% -54.59%

Facts In Submission

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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2016Q2 us-gaap Indefinite Lived License Agreements
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us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Debt
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Liabilities
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LiabilitiesAndStockholdersEquity
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LongTermDebt
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LongTermDebt
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CY2016Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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LongTermDebtFairValue
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CY2016Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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LongTermDebtNoncurrent
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
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OperatingCostsAndExpenses
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CY2015Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
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us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
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us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
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OperatingExpenses
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OperatingExpenses
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us-gaap Operating Expenses
OperatingExpenses
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us-gaap Operating Expenses
OperatingExpenses
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CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
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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=" 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 as a reduction in the balance of our long-term debt in our balance sheets as of June 30, 2016 and December 31, 2015. Our deferred loan costs were previously presented as a non-current asset. In addition, certain other current and non-current liabilities have been reclassified to conform to the current year presentation.</div></div></div></div></div>
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
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us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1910000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
101000
CY2016Q2 us-gaap Program Rights Obligations Noncurrent
ProgramRightsObligationsNoncurrent
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ProgramRightsObligationsNoncurrent
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us-gaap Property Plant And Equipment Additions
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us-gaap Property Plant And Equipment Disposals
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PropertyPlantAndEquipmentGross
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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274476
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
206064
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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1.99
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
us-gaap Stock Issued During Period Value Employee Benefit Plan
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CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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CY2016Q2 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
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CY2015Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
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CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
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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=" 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: 21.6pt"><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, share-based compensation, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment, and contingencies.</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"></div></div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</div></div></div></div></div>
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72748000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72270000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72665000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71878000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71637000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71835000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64968000

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