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1998 Annual Report

1998 Annual Report

1998 Annual

Communications Systems, Inc. The origin of Gray Communications Systems, Inc. dates back more than 100 years to a single, local newspaper in Albany, Georgia. In 1967, Gray underwent its first initial public offering. In 1992, Gray operated three television stations and one daily newspaper, which generated $24.6 million in revenue and Gray’s total market capitalization was $49.6 million. After the infusion of a significant equity investment in 1993, Gray’s strategic direction changed. This change fueled both internal and external growth by improving existing operations and by leading to 10 strategic acquisitions. Today, Gray operates 10 major network-affiliated television stations, four daily newspapers, including the original Albany, Georgia newspaper, a weekly advertising shopper in southwest Georgia, a communications and paging business and one of the largest fleets of satellite uplink trucks in the Southeast. Revenues for 1998 totaled $128.9 million and Gray’s market capitalization grew to $479.6 million. Gray has continued its tradition of 31 consecutive years of paying dividends. How will Gray Communications Systems, Inc. continue to build stockholder value? The same way we have since 1993, by focusing on local interests to enhance the value of Gray’s existing operations and, when appropriate, selectively acquiring properties that provide opportunities to strengthen stockholder value. a n n u a l r e p o r t

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