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GRAY COMMUNICATIONS SYSTEMS REPORTS FOURTH QUARTER EARNINGS

 GRAY COMMUNICATIONS SYSTEMS REPORTS FOURTH QUARTER EARNINGS
 ALBANY, Ga., Aug. 21 /PRNewswire/ -- Gray Communications Systems, Inc. (NASDAQ: GCOM) of Albany reported that net income for the fourth quarter ended June 30 was $852,000, up 50 percent from the same quarter of the prior year.
 Earnings per share were $.27, an increase of 125 percent.
 President and Chief Executive Officer John T. Williams stated, "The fourth quarter results reflected a strong performance from both the newspaper and broadcasting operations as well as other parts of the business."
 For the fiscal year ended June 30, the company reported a net loss of $416,000, or $.12 per share, compared to a net income of $3,209,000 or $.65 per share, for 1991. The full year 1992 results reflect $2,962,000 of non-recurring transactions, including a $1,205,000 write down of undeveloped land.
 Revenues for the year ended June 30 were $27,504,000 compared with $27,523,000 for 1991. Revenues for the fourth quarter of 1992 were $7,217,000, compared with $6,701,000 for the fourth quarter of 1991, an increase of 8 percent.
 GRAY COMMUNICATIONS SYSTEMS, INC.
 Financial Highlights
 (in thousands of dollars and shares, except per-share data)
 4th qtr. ended June 30 1992 1991 Pct. change
 Revenues $ 7,217 $ 6,701 8
 Net income 852 569 50
 Earnings per share .27 .12 125
 Dividends paid per share .02 .015 33
 Average shares outstanding 3,151 4,910 (36)
 Year ended June 30 1992 1991 Pct. change
 Revenues $ 27,504 $ 27,523 ---
 Net income (loss) (416) 3,209 (113)
 Earnings (loss) per share (.12) .65 (118)
 Dividends paid per share .09 .075 20
 Average shares outstanding 3,444 4,910 (30)
 Gray Communications Systems, Inc. is a holding company located in Albany, Ga., 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; two warehouses, and a fixed-based operation at the Albany airport.
 -0- 8/21/92
 /CONTACT: John Williams, president and CEO of Gray Communications, 912-888-9302/
 (GCOM) CO: Gray Communications Systems, Inc. ST: Georgia IN: SU: ERN


EA-BN -- AT004 -- 2033 08/21/92 09:22 EDT
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Date:Aug 21, 1992
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