Printer Friendly

COMCAST REPORTS ANOTHER RECORD QUARTER; OPERATING CASH FLOW UP 16 PERCENT

 COMCAST REPORTS ANOTHER RECORD QUARTER;
 OPERATING CASH FLOW UP 16 PERCENT
 PHILADELPHIA, May 12 /PRNewswire/ -- Comcast Corporation (NASDAQ-NMS: CMCSA, CMCSK) today reported record results for the three months ended March 31, 1992.
 Revenue and operating cash flow growth for the period were strong. Results included the consolidation of the Metrophone cellular properties which were acquired effective March 5, 1992.
 Revenues for the three months ended March 31, 1992, were $196,521,000, an increase of 12 percent over the revenues of $174,715,000 for the same period in 1991. The company reported operating cash flow of $85,704,000 as compared to $73,639,000 for the prior year, representing an increase of 16 percent. Comcast reported a net loss of $36,670,000 or $.28 per share, as compared to a net loss of $42,325,000 for the prior year, or $.37 per share.
 Reported losses are associated with financing costs, non-cash charges and equity in net losses of affiliates associated with the company's acquisitions, including Metrophone and the company's 50 percent ownership of Storer Communications, Inc.
 Comcast's financial position remained strong at March 31, 1992, with working capital reported at $117,261,000 which included $350,462,000 of cash and short-term investments.
 Brian L. Roberts, president of Comcast, stated, "Comcast has passed another landmark in its history with the closing on March 5 of our acquisition of the Metromedia cellular telephone system. The Metromedia acquisition more than tripled the size of the markets served by our cellular operations.
 "I believe Comcast is poised now to benefit from the dramatic progress in the cable television, cellular telephone and computer data transmission technologies which could be the dawning of a new world of exciting services for our subscribers," Roberts said.
 Comcast Corporation is principally engaged in the development and operation of cable television and cellular communications systems. The company's consolidated and affiliated cable operations served more than 2.8 million subscribers at March 31, 1992. This included more than 830,000 subscribers representing 50 percent of the total subscribers served by Storer Communications, Inc.
 With the completion of the acquisition of Metrophone, the company now provides cellular telephone services in the Northeast United States to markets encompassing a population in excess of 7.3 million. In addition, Comcast is also engaged in the sale and installation of sound communications systems, owning the largest independent network of background music systems operating under the Muzak name.
 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.
 COMCAST CORPORATION
 Consolidated Statement of Operations
 (Unaudited; in thousands, except per-share data)
 Three months ended March 31 1992 1991
 Service income $196,521 $174,715
 Cost and expenses 110,817 101,076
 Operating cash flow 85,704 73,639
 Depreciation and amortization 43,720 42,405
 Interest expense, net 54,065 53,510
 Equity in net losses of affiliates 19,038 18,192
 Minority interest 624 807
 Total 117,447 114,914
 Loss before income taxes (31,743) (41,275)
 Income taxes 4,927 1,050
 Net loss (36,670) (42,325)
 Loss per share ($.28) ($.37)
 Average number of shares 132,808 114,067
 Dividends declared per share $.035 $.035
 Consolidated Balance Sheet
 (Unaudited; in thousands)
 March 31, Dec. 31,
 1992 1991
 Current assets $412,091 $645,490
 Investments, principally in affiliates 900,602 894,899
 Property and equipment, net 572,204 504,824
 Deferred charges, net 1,647,634 748,371
 Total assets 3,532,531 2,793,584
 Current liabilities 294,830 264,307
 Long-term debt, less current portion 3,105,855 2,452,912
 Deferred income taxes and other 55,610 56,885
 Stockholders' equity 76,236 19,480
 Total liabilities and
 stockholders' equity 3,532,531 2,793,584
 /delval/
 -0- 5/12/92
 /CONTACT: John R. Alchin, 215-981-7503, or Marolyn L. Bailey, 215-981-7550, both of Comcast/
 (CMCS) CO: Comcast Corporation ST: Pennsylvania IN: TLS SU: ERN


KA-CC -- PH014 -- 9148 05/12/92 12:50 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 12, 1992
Words:680
Previous Article:NEWS CORPORATION LIMITED REPORTS RESULTS FOR THE THIRD QUARTER
Next Article:TEJON RANCH CO. REPORTS FIRST QUARTER EARNINGS
Topics:


Related Articles
COMCAST REPORTS SECOND QUARTER RESULTS; OPERATING CASH FLOW UP 23 PERCENT
COMCAST REPORTS THIRD QUARTER RESULTS; OPERATING CASH FLOW UP 28 PERCENT
COMCAST REPORTS RECORD YEAR-END RESULTS
COMCAST REVENUES EXCEED $1 BILLION FOR THE FIRST NINE MONTHS OF 1993
COMCAST REPORTS FIRST QUARTER RESULTS STRONG GROWTH IN CABLE AND CELLULAR SUBSCRIBERS
COMCAST REPORTS SECOND QUARTER RESULTS
COMCAST REPORTS THIRD QUARTER RESULTS
COMCAST REPORTS STRONG FIRST QUARTER RESULTS; REVENUES INCREASE BY 13.2% AND OPERATING CASH FLOW IS UP 7.8%, EXCLUDING RESULTS OF QVC AND MACLEAN...
COMCAST REPORTS RECORD THIRD QUARTER RESULTS; DOUBLE DIGIT GROWTH CONTINUES WITH REVENUES UP 18.9% AND OPERATING CASH FLOW UP 18.2%, EXCLUDING THE...
COMCAST REPORTS 1995 RESULTS; OPERATING CASH FLOW EXCEEDS $1 BILLION

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters