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GRAY COMMUNICATIONS SYSTEMS ANNOUNCES THIRD QUARTER EARNINGS

 ALBANY, Ga., April 20 /PRNewswire/ -- Gray Communications Systems, Inc. (NASDAQ: GCOM) of Albany, reported that net income from continuing operations for the third quarter ended March 31, was $209,000, up $2,172,000 from the same quarter of the prior year.
 Earnings per share for continuing operations were $.07, up from $(.62). Revenues from continuing operations for the third quarter of 1993 were $5,646,000, compared with $5,521,000 for the third quarter of 1992, an increase of 2 percent.
 The growth in revenues from continuing operations for the third quarter ended March 31, over the same period of the prior year, results primarily from growth experienced at the newspaper operations in the Albany market. Higher circulation revenues accounted for 56 percent of the increase in newspaper revenue, with the remainder consisting of increases in retail and classified advertising. The increases in local advertising at two of the company's three broadcast markets were fully offset by decreases in national and political advertising in all of the company's broadcast markets.
 The company's operating expenses from continuing operations for the quarter decreased $2,643,000, or 36 percent, due to recognition in the prior year of a charge against operations of approximately $837,000 for a settlement with a former officer of the company and a $1,805,000 write-down of certain of the company's investments. Depreciation expense from continuing operations decreased $53,000 due to a number of assets becoming fully depreciated during the fiscal year ended June 30, 1992. Interest expense decreased $130,000 from the prior year. Interest rates were 6.25 percent on an average outstanding balance of approximately $12 million compared to approximately 7.5 percent on $20,400,000 during the same quarter of the prior year. All of these factors contributed to a significant growth in net income from continuing operations.
 Approximately 22 percent of the growth in revenues from continuing operations for the nine months ended March 31, resulted from increased revenues at the newspaper operations. The remaining growth in revenues occurred at the company's three television stations. Approximately 37 percent of the increase in broadcast revenues was due to increases in revenue dollars for political advertising. Approximately 53 percent of the increase in broadcast revenues was due to increases in revenue dollars for local advertising.
 The company's net income for the nine months ended March 31, was $2,526,000, or $.82 per share, including a gain on the disposal of discontinued businesses of $1,217,000, less the applicable income tax expense of $462,000. The earnings from operations of the discontinued businesses was approximately $165,000, less the applicable income tax expense of $63,000. The company's net loss for the nine months ended March 31, 1992, was $(1,268,000), or $(.36) per share.
 GRAY COMMUNICATIONS SYSTEMS, INC. FINANCIAL HIGHLIGHTS
 (in thousands of dollars and shares, except per-share data)
 Third quarter ended 3/31/93 3/31/92 Pct. change
 Revenues from continuing
 operations $ 5,646 $ 5,521 2
 Net income (loss) from
 continuing operations 209 (1,963) n/a
 Earnings (loss) per share
 from continuing operations .07 (.62) n/a
 Net income (loss) 1,021 (2,090) n/a
 Earnings (loss) per share .33 (.66) n/a
 Dividends paid per share .02 .02 0
 Average shares outstanding 3,074 3,167 (3)
 Nine months ended 3/31/93 3/31/92 Pct. change
 Revenues from continuing
 operations $ 18,832 $ 17,304 9
 Net income (loss) from
 continuing operations 1,669 (1,049) n/a
 Earnings (loss) per share
 from continuing operations .54 (.30) n/a
 Net income (loss) 2,526 (1,268) n/a
 Earnings (loss) per share .82 (.36) n/a
 Dividends paid per share .08 .07 14
 Average shares outstanding 3,071 3,541 (13)
 Gray Communications Systems, Inc. is a holding company located in Albany, which operates three VHF, NBC-affiliated television stations -- WALB-TV located in Albany, WJHG-TV in Panama City, Fla., and KTVE in Monroe, La.; a daily newspaper, The Albany Herald, in Albany; and a fixed-base operation at the Albany airport.
 -0- 4/20/93
 /CONTACT: John Williams, president & CEO of Gray Communications, 912-888-9302/
 (GCOM)


CO: Gray Communications Systems, Inc. ST: Georgia IN: SU: ERN

RA-BR -- AT011 -- 8086 04/20/93 12:58 EDT
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Date:Apr 20, 1993
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