<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
GRAY COMMUNICATIONS SYSTEMS, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Class B Common Stock
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(Title of Class of Securities)
389190208
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(CUSIP Number)
October 1, 1999
-------------------------
(Date of Event Which Requires Filing of this Statement)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
Page 1 of 4 pages
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CUSIP No. 389190208 13G
------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THE LBJ COMPANY, L.P.
74-2626561
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
5 SOLE VOTING POWER
645,531
NUMBER OF
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY -0-
EACH
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 645,531
8 SHARED DISPOSITIVE POWER
-0-
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
645,531
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
[ ]
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12.5%
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
Page 2 of 4 pages
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Item 1(a). Name of Issuer
Gray Communications Systems, Inc.
Item 1(b). Address of Issuer's Principle Executive Offices
126 N. Washington St.
Albany, GA 31701
Item 2(a). Name of Person Filing
The LBJ Company, L.P.
Item 2(b). Address of Principal Business Office
The Norwood Tower
114 West 7/th/ Street, Suite 300
Austin, Texas 78701
Item 2(c). Citizenship
Texas
Item 2(d). Title of Class of Securities
Class B Common Stock
Item 2(e). CUSIP No.
389190208
Item 3. The person(s) filing is (are):
N/A
Page 3 of 4 pages
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Item 4. Ownership
The LBJ Holding Company is deemed to be the beneficial owner of 645,531 shares
or 12.5% of the 5,151,100 shares of Class B Common Stock believed to be issued
and outstanding. The LBJ Holding Company has the sole power to vote and dispose
of all 645,531 shares. The LBJ Holding Company shares the power to vote and/or
dispose of 0 shares.
Item 5. Ownership of Five Percent or Less of a Class
[ ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person
N/A
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control
Person
N/A
Item 8. Identification and Classification of Members of the Group
N/A
Item 9. Notice of Dissolution of the Group
N/A
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were not acquired and are not held for the purpose
of or with the effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
By: /s/ John Welborn
------------------------------------------
John Welborn, Vice President
Texas Broadcasting Company, L.L.C.,
as general partner of The LBJ Company, L.P.
Dated: October 8, 1999
