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GRAY COMMUNICATIONS SYSTEMS REPORTS RESULTS

 GRAY COMMUNICATIONS SYSTEMS REPORTS RESULTS
 ALBANY, Ga., Oct. 15 /PRNewswire/ -- Gray Communications Systems,


Inc. (NASDAQ: GCOM) of Albany, Ga., reported that net income for the first quarter ended Sept. 30 was $786,000, up 157 percent from the same quarter of the prior year.
 Earnings per share were $.25, an increase of 257 percent.
 Revenues for the quarter ended Sept. 30 were $7,219,000 compared with $6,426,000 for the quarter ended Sept. 30, 1991, an increase of 12 percent.
 The growth in revenues compared to the first quarter of last year resulted primarily from the company's three television stations. The increase in broadcast revenues was due to relatively equal increases in revenue dollars for national, local and political advertising. The company's operating expenses have decreased slightly due to management's emphasis on cost containment. Depreciation expense decreased $120,000 compared to the first quarter of last year due to a number of assets becoming fully depreciated during the fiscal year ended June 30, 1992. Miscellaneous income is down $77,000 due to lower interest rates earned on investments and lower levels of investment. Interest expense has increased $126,000 as interest rates were 9.5 percent on $22 million outstanding for approximately one month during the first quarter of the prior year compared to 7 percent on $16,306,000 outstanding during the first quarter of the current year. All of these factors contributed to a significant growth in net income.
 GRAY COMMUNICATIONS SYSTEMS, INC.
 Financial Highlights
 (in thousands of dollars and shares, except per-share data)
 1st quarter ended Sept. 30 1992 1991 Pct. chg.
 Revenues $7,219 $6,426 12
 Net income 786 306 157
 Earnings per share .25 .07 257
 Dividends paid per share .04 .03 33
 Average shares outstanding 3,070 4,329 (29)
 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, Ga., WJHG-TV in Panama City, Fla., and KTVE in Monroe, La.; a daily newspaper, The Albany Herald, in Albany, Ga.; two warehouses, and a fixed-based operation at the Albany airport.
 -0- 10/15/92
 /CONTACT: John Williams, president and CEO of Gray Communications Systems, 912-888-9302/
 (GCOM) CO: Gray Communications Systems, Inc. ST: Georgia IN: SU: ERN


BN-BR -- AT006 -- 0242 10/15/92 09:08 EDT
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Date:Oct 15, 1992
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