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GRAY COMMUNICATIONS SYSTEMS ANNOUNCES RESULTS, DIVIDEND AND STOCK REPURCHASE

 GRAY COMMUNICATIONS SYSTEMS ANNOUNCES RESULTS,
 DIVIDEND AND STOCK REPURCHASE
 ALBANY, Ga., May 12 /PRNewswire/ -- Gray Communications Systems, Inc. (NASDAQ: GCOM) of Albany, Ga., reported the following operating results for the three and nine month periods ending March 31:
 3 mos. ended 3/31/92 3/31/91
 Operating revenues $ 6,624,000 $ 6,126,000
 Net income (loss) (2,090,000) 369,000
 Average share outstanding 3,166,550 4,910,050
 Earnings (loss) per common share (.66) .08
 9 mos. ended 3/31/92 3/31/91
 Operating revenues $20,287,000 $20,823,000
 Net income (loss) (1,268,000) 2,640,000
 Average share outstanding 3,540,610 4,910,050
 Earnings (loss) per common share (.36) .54
 The losses recorded during the three and nine month periods ended March 31 included the recognition of the following non-recurring transactions: (1) a write down in the company's investment in undeveloped land of $1,205,000, or $.38 per share for the quarter ended March 31, to net realizable value; (2) a charge against operations of $837,000, or $.26 per share for the quarter ended March 31, for a settlement with a former officer; (3) recognition of a write-off in an equity investment of $650,000, or $.21 per share for the quarter ended March 31; and (4) a charge against operations for costs of $270,000, or $.09 per share for the quarter ended March 31, to negotiate a long-term lease for the company's air service fixed- base operation.
 On March 27, the company paid a regular quarterly dividend of $.02 per share.
 The company also announced today that its board of directors has approved a plan, effective immediately, to repurchase shares of its common stock at prevailing prices based upon the discretion of its executive committee as to whether the repurchase of stock will constitute a good investment for the company, but not exceeding an aggregate expenditure of $1 million. The closing sales price of the company's stock as of the close of business on May 12, was $8 bid and $9.75 asked.
 -0- 5/12/92
 /CONTACT: John T. Williams, president and CEO of Gray Communications Systems, 912-888-9302/ CO: Gray Communications Systems, Inc. ST: Georgia IN: SU: ERN DIV OFR


BR-EA -- AT009 -- 9377 05/12/92 17:33 EDT
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Publication:PR Newswire
Date:May 12, 1992
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