Printer Friendly

COMCAST REPORTS RECORD RESULTS

 COMCAST REPORTS RECORD RESULTS
 PHILADELPHIA, March 19 /PRNewswire/ -- Comcast Corporation


(NASDAQ-NMS: CMCSA, CMCSK) today reported results for the year ended Dec. 31, 1991, announcing that revenues and operating cash flow reached record highs.
 Revenues for the year 1991 were $721,000,000, an increase of 11 percent over the revenues of $650,941,000 for the same period in 1990. Comcast reported operating cash flow (defined as income before non-cash charges, interest and income taxes) of $309,250,000 as compared to $271,167,000 for the prior year, representing an increase of 14 percent. Comcast recorded net losses of $155,572,000 or $1.31 per share, as compared to net losses of $178,406,000 for the prior year, or $1.58 per share.
 Results of operations included the effect of consolidating the company's proportionate share of the losses associated with its 50 percent ownership of Storer Communications, Inc., and its 40 percent ownership of Garden State Cable. Neither the results of operations nor the financial condition of the Storer systems are included in the company's consolidated statements.
 Brian L. Roberts, president of Comcast, stated, "The year 1991 has been one of outstanding accomplishment. Our commitment to continued expansion in cellular communications was consummated with the completion of the acquisition of Metromedia's cellular telephone operations on March 5, 1992. The healthy performance of our cable division, combined with the prospects for additional revenues from new services, supports our continuing confidence in, and commitment to, our cable and cellular businesses."
 Comcast Corporation is principally engaged in the development and operation of cable communications systems. The company's consolidated and affiliated operations served more than 2.8 million subscribers at Dec. 31, 1991. This included more than 823,000 subscribers representing 50 percent of the total subscribers served by Storer Communications, Inc.
 With the completion of the acquisition of interests in Metrophone, the company now provides cellular telephone services in the northeast United States to markets encompassing a population in excess of 7.2 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(R) 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 System under the NASDAQ symbols CMCSA and CMCSK, respectively.
 COMCAST CORPORATION
 Consolidated Statement of Operations
 (Unaudited; in thousands, except per-share data)
 Year ended Dec. 31 1991 1990
 Service income $721,000 $650,941
 Cost and expenses 411,750 379,774
 Operating cash flow 309,250 271,167
 Depreciation and amortization 164,299 161,218
 Interest expense, net 201,459 211,120
 Equity in net losses of affiliates 83,366 79,765
 Minority interest 2,900 2,121
 Total 452,024 454,224
 Loss before income taxes (142,774) (183,057)
 Income taxes (benefit) 12,798 (4,651)
 Net loss (155,572) (178,406)
 Loss per share ($1.31) ($1.58)
 Average number of shares 119,143 112,910
 Dividends declared per share $.140 $.120
 Consolidated Balance Sheet
 (Unaudited; in thousands)
 Dec. 31 1991 1990
 Current assets $645,490 $251,458
 Investments, principally in affiliates 894,899 897,821
 Property and equipment, net 504,824 519,152
 Deferred charges, net 748,371 788,142
 Total assets 2,793,584 2,456,573
 Current liabilities 264,307 186,984
 Long-term debt, less current portion 2,452,912 2,248,164
 Deferred income taxes and other 56,885 43,114
 Stockholders' equity (deficiency) 19,480 (21,689)
 Total liabilities and
 stockholders' equity (deficiency) 2,793,584 2,456,573
 /delval/
 -0- 3/19/92
 /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


JS-KA -- PH006 -- 9547 03/19/92 09:33 EST
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:Mar 19, 1992
Words:640
Previous Article:UPDATE ON GM ENVIRONMENTAL VIDEO
Next Article:BURLINGTON INDUSTRIES EQUITY INC. ANNOUNCES INITIAL PUBLIC OFFERING OF COMMON STOCK
Topics:


Related Articles
COMCAST REPORTS THIRD QUARTER RESULTS
/REPEATING FOR POINTS AS NEEDED/
Jones Intercable Announces Date of Special Shareholders' Meeting.
Comcast Reports Strong Third Quarter Results.
Comcast Reports Strong Third Quarter Results; Consolidated Revenues Increased 12.7% and Operating Cash Flow Increased 17.8%.
Comcast Provides Strong Financial Outlook; Targets 2003 Cable EBITDA of $6.2 to $6.3 Billion.
Comcast Full Year and Fourth Quarter Results Meet or Exceed All Operating and Financial Goals; Early Integration Success Sets Base for 2003 Growth.
Comcast Corporation to Participate in Credit Suisse First Boston Media Week Conference.
Comcast Completes AT&T Broadband Transaction.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters