Local advertising down 6%

Gray Television reported positive net income in the first quarter, reversing a year ago loss, but warned that the COVID-19 pandemic was having a negative impact on its operations.

Net income was $40 million, or 40 cents a share, compared to a net loss of $31 million, or 31 cents a share a year ago.

Revenue rose 3% to $534 million.

Local ad revenue was down 6% to $199 million. Retranmission revenue rose 4% to $213 million.

Gray said it did not access any stimulus or relief grants or loans from any government during the first quarter and that COVID-19 and efforts to slow its spread has had an adverse impact on its financial and operational result starting in early March and continuing into the present.

The company withdrew its guidance for investors on its expectations for 2020, but said it anticipates political advertising revenue of between $250 million and $275 million. Gray also said it expects to be cash flow positive.