$GTN
GRAY TELEVISION INC

2016 Q3 Form 10-Q Financial Statement

#000143774916041366 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $204.5M $151.1M
YoY Change 35.33% 14.73%
Cost Of Revenue $120.7M $98.90M
YoY Change 22.04% 35.11%
Gross Profit $83.80M $52.20M
YoY Change 60.54% -10.77%
Gross Profit Margin 40.98% 34.55%
Selling, General & Admin $7.200M $10.00M
YoY Change -28.0% 88.68%
% of Gross Profit 8.59% 19.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.49M $9.354M
YoY Change 22.88% 13.68%
% of Gross Profit 13.72% 17.92%
Operating Expenses $144.0M $121.8M
YoY Change 18.29% 34.47%
Operating Profit $60.47M $29.34M
YoY Change 106.06% -28.7%
Interest Expense -$27.90M -$18.60M
YoY Change 50.0% 0.0%
% of Operating Profit -46.14% -63.39%
Other Income/Expense, Net $30.00K $28.00K
YoY Change 7.14% 154.55%
Pretax Income $584.0K $10.73M
YoY Change -94.56% -52.43%
Income Tax $797.0K $4.118M
% Of Pretax Income 136.47% 38.39%
Net Earnings -$213.0K $6.609M
YoY Change -103.22% -52.59%
Net Earnings / Revenue -0.1% 4.37%
Basic Earnings Per Share $0.00 $0.09
Diluted Earnings Per Share $0.00 $0.09
COMMON SHARES
Basic Shares Outstanding 71.88M 71.64M
Diluted Shares Outstanding 71.88M 72.34M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $230.4M $81.20M
YoY Change 183.74% 1.75%
Cash & Equivalents $230.4M $81.17M
Short-Term Investments
Other Short-Term Assets $87.30M $36.10M
YoY Change 141.83% -37.76%
Inventory
Prepaid Expenses
Receivables $149.9M $110.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $467.6M $228.1M
YoY Change 104.98% -2.39%
LONG-TERM ASSETS
Property, Plant & Equipment $328.6M $229.4M
YoY Change 43.27% 5.66%
Goodwill $485.6M $398.2M
YoY Change 21.94%
Intangibles $1.886B
YoY Change
Long-Term Investments $16.60M $13.60M
YoY Change 22.06% 0.0%
Other Assets $22.00M $97.16M
YoY Change -77.36% 315.2%
Total Long-Term Assets $2.254B $1.864B
YoY Change 20.9% 9.76%
TOTAL ASSETS
Total Short-Term Assets $467.6M $228.1M
Total Long-Term Assets $2.254B $1.864B
Total Assets $2.721B $2.092B
YoY Change 30.07% 8.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.467M $4.380M
YoY Change 24.82% -17.36%
Accrued Expenses $9.270M $13.01M
YoY Change -28.75% -80.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.63M $91.66M
YoY Change 6.52% -19.39%
LONG-TERM LIABILITIES
Long-Term Debt $1.756B $1.236B
YoY Change 42.08% -4.94%
Other Long-Term Liabilities $1.270M $728.0K
YoY Change 74.45% -97.57%
Total Long-Term Liabilities $1.757B $1.236B
YoY Change 42.1% -7.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.63M $91.66M
Total Long-Term Liabilities $1.757B $1.236B
Total Liabilities $2.263B $1.675B
YoY Change 35.12% -3.59%
SHAREHOLDERS EQUITY
Retained Earnings -$137.2M -$178.6M
YoY Change -23.19%
Common Stock $657.5M $655.0M
YoY Change 0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $42.69M $41.89M
YoY Change 1.9%
Treasury Stock Shares $4.943M $4.883M
Shareholders Equity $458.1M $417.2M
YoY Change
Total Liabilities & Shareholders Equity $2.721B $2.092B
YoY Change 30.07% 8.3%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$213.0K $6.609M
YoY Change -103.22% -52.59%
Depreciation, Depletion And Amortization $11.49M $9.354M
YoY Change 22.88% 13.68%
Cash From Operating Activities $57.90M $50.20M
YoY Change 15.34% -15.06%
INVESTING ACTIVITIES
Capital Expenditures -$19.70M -$6.900M
YoY Change 185.51% -31.0%
Acquisitions
YoY Change
Other Investing Activities -$1.300M -$184.4M
YoY Change -99.3% 40.02%
Cash From Investing Activities -$21.10M -$191.2M
YoY Change -88.96% 34.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.20M -100.0K
YoY Change -17300.0% -100.1%
NET CHANGE
Cash From Operating Activities 57.90M 50.20M
Cash From Investing Activities -21.10M -191.2M
Cash From Financing Activities 17.20M -100.0K
Net Change In Cash 54.00M -141.1M
YoY Change -138.27% -1129.93%
FREE CASH FLOW
Cash From Operating Activities $57.90M $50.20M
Capital Expenditures -$19.70M -$6.900M
Free Cash Flow $77.60M $57.10M
YoY Change 35.9% -17.37%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2016Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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us-gaap Interest Expense Debt
InterestExpenseDebt
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InterestPayableCurrent
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Liabilities
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Liabilities
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CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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LiabilitiesAndStockholdersEquity
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CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2016Q3 us-gaap Long Term Debt
LongTermDebt
1800000000
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
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CY2016Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1800000000
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LongTermDebtFairValue
1200000000
CY2016Q3 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
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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 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
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
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us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
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30000000
CY2016Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
120717000
CY2015Q3 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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CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
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OperatingExpenses
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us-gaap Operating Expenses
OperatingExpenses
424581000
us-gaap Operating Expenses
OperatingExpenses
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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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OtherAssetsNoncurrent
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OtherAssetsNoncurrent
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1270000
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
28000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
17171000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
432220000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
184346000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33238000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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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=" 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 September 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>
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
11200000
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
167313000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1656000000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1925000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
111000
CY2016Q3 us-gaap Program Rights Obligations Noncurrent
ProgramRightsObligationsNoncurrent
5172000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
102700000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
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us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
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PropertyPlantAndEquipmentGross
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CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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us-gaap Redemption Premium
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CY2015Q4 us-gaap Program Rights Obligations Noncurrent
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us-gaap Redemption Premium
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1100000000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-137199000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-163638000
CY2016Q3 us-gaap Sales Revenue Net
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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
427869000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
us-gaap Share Based Compensation
ShareBasedCompensation
3827000
us-gaap Share Based Compensation
ShareBasedCompensation
3011000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
274746
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
274746
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
-1453000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q3 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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CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
42688000
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=" 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, 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></div></div>
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71879000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72341000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72723000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67824000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71879000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71638000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71850000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67215000

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