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GRAY COMMUNICATIONS SYSTEMS REPORTS RESULTS

 ALBANY, Ga., Jan. 14 /PRNewswire/ -- Gray Communications Systems, Inc. (NASDAQ: GCOM) of Albany, Ga., reported that net income for the second quarter ended Dec. 31, 1992, was $719,000, up 39 percent from the same quarter of the prior year.
 Earnings per share were $.24, an increase of 50 percent. Revenues for the second quarter of 1993 were $7,810,000, compared with $7,238,000 for the second quarter of 1992, an increase of 8 percent.
 The growth in revenues for the second quarter ended Dec. 31, 1992, over the same period of the prior year, results primarily from growth experienced in the broadcast and newspaper operations in the Albany market. Approximately one-third of the increase in broadcast revenues was from local advertising while two-thirds were from political advertising. Higher circulation revenues accounted for most of the increase in newspaper revenues. The company's operating expenses for the quarter increased 9 percent due to higher general and administrative expenses. Depreciation expense decreased $50,000 due to a number of assets becoming fully depreciated during the fiscal year ended June 30, 1992. Interest expense decreased $231,000 from the prior year. Interest rates were 6.25 percent on an outstanding balance of $13,162,000 compared to approximately 9.5 percent on $22 million during the same quarter of the prior year. All of these factors contributed to a significant growth in net income.
 The growth in revenues for the six months ended Dec. 31, 1992, resulted primarily from the company's three television stations. Approximately 50 percent of the increase in broadcast revenues was due to increases in revenue dollars for political advertising. The remainder of the increase in broadcast revenues was due to relatively equal increases in revenue dollars for national and local advertising.
 GRAY COMMUNICATIONS SYSTEMS, INC.
 Financial Highlights
 (In thousands of dollars and shares, except per-share data)
 2nd qtr. ended 12/31 1992 1991 Pct. chg.
 Revenues $7,810 $7,238 8
 Net income 719 516 39
 Earnings per share .24 .16 50
 Dividends paid per share .02 .02 ---
 Average shares outstanding 3,070 3,167 (3)
 6 mos. ended 12/31 1992 1991 Pct. chg.
 Revenues $15,029 $13,664 10
 Net income 1,505 822 83
 Earnings per share .49 .22 123
 Dividends paid per share .06 .05 20
 Average shares outstanding 3,070 3,726 (18)
 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; two warehouses, and a fixed-base operation at the Albany airport.
 -0- 1/14/93
 /CONTACT: John Williams, president and CEO of Gray Communications Systems, 912-888-9302/
 (GCOM)


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

BN -- AT004 -- 4731 01/14/93 09:12 EST
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Date:Jan 14, 1993
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