Gray Television reported positive net income in the first quarter, reversing a year ago loss, but warned that the COVID-19 pandemic was having a negative impact on its operations. Net income was $40 million, or 40 cents a share, compared to a net loss of $31 million, or 31 cents a share a year ago. Revenue rose 3% to $534 million. Local ad revenue was down 6% to $199 million. Retranmission revenue rose 4% to $213 million. Gray said it did not access any stimulus or relief grants or loans from any government during the first quarter and that COVID-19 and efforts to slow its spread has had an adverse impact on its financial and operational result starting in early March and continuing into the present.
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