SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 21, 2001 (December 21, 2001) GRAY COMMUNICATIONS SYSTEMS, INC. -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Georgia 0-13796 58-0285030 ----------------------------- ------------------------ ---------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification Number) 4370 Peachtree Road, NE Atlanta, GA 30319 -------------------------------------------- ----------------- (Address of principal executive offices) (Zip code) (404) 504-9828 ------------------------------------------------------------------ (Registrant's telephone number, including area code) ITEM 5. OTHER EVENTS. On December 21, 2001, Gray Communications Systems, Inc. issued the press release attached hereto as Exhibit 99.1 relating to the closing of a private placement of notes. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Exhibits 99.1 Press release issued December 21, 2001, relating to a private placement of notes. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Gray Communications Systems, Inc. By: /s/ James C. Ryan ------------------------------------------- James C. Ryan Vice President-Finance and Chief Financial Officer Date: December 21, 2001 2