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 PHILADELPHIA, Aug. 11 /PRNewswire/ -- Comcast Corporation (NASDAQ-NMS: CMCSA, CMCSK) today reported results for the three and six months ended June 30, 1993.
 The company announced that revenues and operating cash flow reached record highs. Results included the consolidation of the Metrophone cellular properties and the company's 50 percent ownership in Storer Communications, Inc. since March 5, 1992, and Dec. 2, 1992, respectively.
 Revenues for the three months ended June 30, 1993, were $340,083,000, an increase of 54 percent over the revenues of $221,337,000 for the same period in 1992. The company reported operating cash flow of $159,605,000 as compared to $98,684,000 for the prior year representing an increase of 62 percent. Comcast reported a net loss of $17,129,000 or $.12 per share, as compared to a net loss of $40,299,000 for the prior year, or $.30 per share.
 Revenues for the six months ended June, 30, 1993, were $665,308,000 an increase of 59 percent over the revenues of $417,858,000 for the same period in 1992. The company reported operating cash flow of $305,935,000 as compared to $184,388,000 for the prior year, representing an increase of 66 percent.
 Prior to the cumulative effects of accounting changes, Comcast reported a net loss of $40,985,000 or $.29 per share, as compared to a net loss of $76,969,000 or $.57 per share. Total losses for the period of $783,719,000 or $5.59 per share reflect the adoption of Statement of Financial Accounting Standards (SFAS) No. 109 "Accounting for Income Taxes," SFAS No. 106 "Employers' Accounting for Postretirement Benefits Other Than Pensions," and SFAS No. 112 "Employers' Accounting for Postemployment Benefits." Ongoing reported losses are associated with financing costs, non-cash charges and equity in net losses of affiliates associated with the company's acquisitions.
 Comcast said its financial condition remains strong at June 30, 1993, with working capital of $46,367,000 and $346,014,000 of cash and short-term investments reported on the balance sheet.
 Brian L. Roberts, president of Comcast, stated, "We are pleased that our cable and cellular communications businesses continue to show strong growth in revenue and operating cash flow."
 Roberts continued, "As a result of the federal rate regulation of basic cable TV services, which goes into effect September 1, 1993, the company faces significant challenges. The company will be required to reduce rates charged for regulated basic services in many of its cable TV systems, and future increases of these rates are likely to be smaller than has been true in the past. The company intends to take actions that could mitigate, to a significant degree, the reduction of the company's revenues which otherwise would occur as a result of rate regulation. These increased revenues will come from unregulated services, additional subscribers and channel additions. If the company's plan is successful, rate regulation will not have a material adverse effect on the company's results of operations. However, no

assurances can be given whether or to what extent the company will be successful."
 Roberts concluded, "Our strategic investments in wireless communications through NEXTEL and cable programming through QVC have significantly increased in market value. These investments are reported at cost on our financial statements."
 Comcast Corporation is principally engaged in the development, management and operation of cable communications networks. The company's consolidated and affiliated operations served more than 2.9 million cable subscribers at June 30, 1993. The company provides cellular telephone services in the Northeast United States to markets encompassing a population in excess of 7.4 million. Comcast also has investments in cable programming, telecommunications systems, and international cable and telephony franchises.
 The Class A and Class A Special Common Stock are traded in the Over-The-Counter market and are reported in the National Market List under the NASDAQ symbols CMCSA and CMCSK, respectively.
 Condensed Consolidated Statement of Operations
 (Unaudited; in thousands, except per-share data)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Service income $340,083 $221,337 $665,308 $417,858
 Costs and expenses 180,478 122,653 359,373 233,470
 Operating cash flow 159,605 98,684 305,935 184,388
 Depreciation & amortization 88,499 52,127 176,172 95,847
 Interest expense, net 82,356 66,268 162,066 120,333
 Equity in net losses of
 affiliates 6,446 14,290 12,817 33,328
 Other (48) 249 743 873
 Total 177,253 132,934 351,798 250,381
 Loss before income taxes and
 cumulative effect of
 accounting changes (17,648) (34,250) (45,863) (65,993)
 Income taxes (benefit) (519) 6,049 (4,878) 10,976
 Loss before cumulative effect
 of accounting changes (17,129) (40,299) (40,985) (76,969)
 Cumulative effect of
 accounting changes --- --- (742,734) ---
 Net loss (17,129) (40,299) (783,719) (76,969)
 Loss per share:
 Loss before cumulative effect
 of accounting changes $(0.12) $(0.30) $(0.29) $(0.57)
 Cumulative effect of
 accounting changes --- --- (5.30) ---
 Net loss per share (0.12) (0.30) (5.59) (0.57)
 Average number of shares 143,827 134,971 140,296 133,889
 Dividends declared per share $.035 $.035 $.070 $.070
 Condensed Consolidated Balance Sheet
 (Unaudited; in thousands)
 June 30, 1993 Dec. 31, 1992
 Current assets $429,456 $428,561
 Investments, principally in affiliates 454,785 356,191
 Property and equipment, net 1,015,190 957,086
 Deferred charges, net 2,544,080 2,530,060
 Total assets $4,443,511 $4,271,898
 Current liabilities $383,089 $391,675
 Long-term debt, less current portion 3,883,402 3,973,514
 Deferred income taxes and other 1,013,624 88,350
 Stockholders' deficiency (836,604) (181,641)
 Total liabilities and
 stockholders' deficiency $4,443,511 $4,271,898
 -0- 8/11/93 R
 /CONTACT: John R. Alchin of Comcast, 215-981-7503/

CO: Comcast Corporation ST: Pennsylvania IN: TLS SU: ERN

LJ-MP -- PH003C -- 1658 08/11/93 11:49 EDT
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Publication:PR Newswire
Date:Aug 11, 1993

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