$GTN
GRAY TELEVISION INC

2017 Q1 Form 10-Q Financial Statement

#000143774917007981 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $203.5M $173.7M
YoY Change 17.12% 30.32%
Cost Of Revenue $133.6M $108.6M
YoY Change 23.02% 25.12%
Gross Profit $69.90M $65.20M
YoY Change 7.21% 40.22%
Gross Profit Margin 34.36% 37.53%
Selling, General & Admin $7.700M $15.70M
YoY Change -50.96% 130.88%
% of Gross Profit 11.02% 24.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.63M $11.13M
YoY Change 13.51% 26.46%
% of Gross Profit 18.07% 17.06%
Operating Expenses $160.0M $137.6M
YoY Change 16.26% 30.75%
Operating Profit $43.47M $36.11M
YoY Change 20.38% 28.7%
Interest Expense -$23.20M -$21.30M
YoY Change 8.92% 15.14%
% of Operating Profit -53.37% -58.98%
Other Income/Expense, Net $93.00K $569.0K
YoY Change -83.66% 8028.57%
Pretax Income $17.83M $15.41M
YoY Change 15.77% 61.56%
Income Tax $7.329M $6.415M
% Of Pretax Income 41.1% 41.64%
Net Earnings $10.51M $8.990M
YoY Change 16.85% 60.68%
Net Earnings / Revenue 5.16% 5.17%
Basic Earnings Per Share $0.15 $0.13
Diluted Earnings Per Share $0.14 $0.12
COMMON SHARES
Basic Shares Outstanding 71.88M 71.79M
Diluted Shares Outstanding 72.52M 72.58M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.50M $120.7M
YoY Change -80.53% -46.26%
Cash & Equivalents $23.54M $120.7M
Short-Term Investments
Other Short-Term Assets $31.90M $64.70M
YoY Change -50.7% 103.46%
Inventory
Prepaid Expenses
Receivables $156.8M $137.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $212.2M $323.2M
YoY Change -34.37% -9.15%
LONG-TERM ASSETS
Property, Plant & Equipment $340.0M $322.8M
YoY Change 5.31% 51.0%
Goodwill $571.7M $484.7M
YoY Change 17.96%
Intangibles $2.135B
YoY Change
Long-Term Investments $16.60M $5.800M
YoY Change 186.21% -57.35%
Other Assets $29.93M $5.781M
YoY Change 417.7% -72.47%
Total Long-Term Assets $2.553B $2.235B
YoY Change 14.25% 31.97%
TOTAL ASSETS
Total Short-Term Assets $212.2M $323.2M
Total Long-Term Assets $2.553B $2.235B
Total Assets $2.766B $2.558B
YoY Change 8.11% 24.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.409M $6.068M
YoY Change -43.82% 1.13%
Accrued Expenses $8.393M $11.71M
YoY Change -28.32% -81.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.564M $4.250M
YoY Change 30.92%
Total Short-Term Liabilities $92.55M $92.08M
YoY Change 0.51% 16.55%
LONG-TERM LIABILITIES
Long-Term Debt $1.749B $1.632B
YoY Change 7.16% 32.01%
Other Long-Term Liabilities $1.431M $648.0K
YoY Change 120.83% -98.66%
Total Long-Term Liabilities $1.750B $1.633B
YoY Change 7.2% 27.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.55M $92.08M
Total Long-Term Liabilities $1.750B $1.633B
Total Liabilities $2.261B $2.120B
YoY Change 6.67% 27.7%
SHAREHOLDERS EQUITY
Retained Earnings -$89.75M -$154.6M
YoY Change -41.96%
Common Stock $658.9M $656.1M
YoY Change 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $45.56M $42.69M
YoY Change 6.73%
Treasury Stock Shares $5.213M $4.943B
Shareholders Equity $504.1M $438.1M
YoY Change
Total Liabilities & Shareholders Equity $2.766B $2.558B
YoY Change 8.11% 24.83%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $10.51M $8.990M
YoY Change 16.85% 60.68%
Depreciation, Depletion And Amortization $12.63M $11.13M
YoY Change 13.51% 26.46%
Cash From Operating Activities -$483.0K $29.71M
YoY Change -101.63% 1.6%
INVESTING ACTIVITIES
Capital Expenditures $3.977M $5.931M
YoY Change -32.95% 108.18%
Acquisitions $277.9M $427.4M
YoY Change -34.98%
Other Investing Activities $3.034M -$167.0K
YoY Change -1916.77% -229.46%
Cash From Investing Activities -$293.4M -$420.2M
YoY Change -30.17% 14235.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $557.8M $1.063M
YoY Change 52376.86%
Cash From Financing Activities -7.772M 413.8M
YoY Change -101.88% 146.99%
NET CHANGE
Cash From Operating Activities -483.0K 29.71M
Cash From Investing Activities -293.4M -420.2M
Cash From Financing Activities -7.772M 413.8M
Net Change In Cash -301.6M 23.34M
YoY Change -1392.63% -87.96%
FREE CASH FLOW
Cash From Operating Activities -$483.0K $29.71M
Capital Expenditures $3.977M $5.931M
Free Cash Flow -$4.460M $23.78M
YoY Change -118.75% -9.9%

Facts In Submission

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CY2016Q4 us-gaap Liabilities
Liabilities
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CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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LiabilitiesCurrent
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CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
119407000
CY2017Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
100000000
CY2016Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
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CY2017Q1 us-gaap Long Term Debt
LongTermDebt
1700000000
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
1800000000
CY2017Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5564000
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
CY2017Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1800000000
CY2016Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1800000000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1753617000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
5564000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
5564000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5564000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5564000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
4173000
CY2017Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1748716000
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1756747000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
413786000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-483000
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
133471000
CY2016Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
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CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
36111000
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
29928000
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
22455000
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1431000
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1437000
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
768000
CY2016Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
505000
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
569000
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
11559000
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1767000
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1452000
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
277907000
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
427448000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3977000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5931000
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2017Q1 us-gaap Prepaid Taxes
PrepaidTaxes
14981000
CY2016Q4 us-gaap Prepaid Taxes
PrepaidTaxes
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CY2017Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
CY2016Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
11200000
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
425000000
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
50000
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1850000
CY2017Q1 us-gaap Program Rights Obligations Noncurrent
ProgramRightsObligationsNoncurrent
4534000
CY2016Q4 us-gaap Program Rights Obligations Noncurrent
ProgramRightsObligationsNoncurrent
4995000
CY2017Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
23100000
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
681165000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
326093000
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
557829000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1063000
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
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CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1338000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1284000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3400000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2017Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
7000
CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
504051000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
492861000
CY2017Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
573845000
CY2016Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
560889000
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
5213038
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
5135406
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
45562000
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
44688000
CY2017Q1 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: 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, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.</div></div></div></div></div>
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72519000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72582000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71877000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71791000

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