Gray sees "modest" Q4 growth

Having already booked some political revenues from a hot off-year gubernatorial race in Kentucky, Gray Television is telling Wall Street to expect Q4 revenues to be up in the low to mid dingle digits, regardless of whether or not early political spending for the 2008 presidential race materializes in late '07. CFO Jim Ryan told analysts that Gray's core local business is pacing up 5-8% and that national is also currently up a bit.

Q3 say Gray's revenues decrease 9% to 73.6 million, which was below the company's guidance, due to decreased political revenues and softness in national spot. Local, however was up for the quarter. Political was only 1.5 million, vs. 10.6 million a year ago. Aside from political, local was up 5% and national down 1%.

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