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COMCAST REPORTS SECOND QUARTER RESULTS; OPERATING CASH FLOW UP 23 PERCENT

 COMCAST REPORTS SECOND QUARTER RESULTS;
 OPERATING CASH FLOW UP 23 PERCENT
 PHILADELPHIA, Aug. 11 /PRNewswire/ -- Comcast Corporation (NASDAQ-NMS: CMCSA, CMCSK) today reported results for the three and six months ended June 30, 1992.
 The company announced that revenues and operating cash flow reached record highs. Results included the consolidation of the Metrophone cellular properties from March 5, 1992.
 Revenues for the three months ended June 30, 1992, were $221,337,000, an increase of 21 percent over the revenues of $183,451,000 for the same period in 1991. The company reported operating cash flow of $98,684,000 as compared to $79,933,000 for the prior year, representing an increase of 23 percent. Comcast reported a net loss of $40,299,000 or $.30 per share, as compared to a net loss of $33,110,000 for the prior year, or $.28 per share.
 Revenues for the six months ended June 30, 1992, were $417,858,000, an increase of 17 percent over the revenues of $358,166,000 for the same period in 1991. The company reported operating cash flow of $184,388,000 as compared to $153,572,000 for the prior year, representing an increase of 20 percent. Comcast reported a net loss of $76,969,000 or $.57 per share, as compared to a net loss of $75,435,000 for the prior year, or $.65 per share.
 The company's reported losses arise partially from charges including interest and non-cash charges (depreciation, amortization and equity in net losses of affiliates), associated with its acquisition program in recent years.
 Comcast said its financial condition remains strong at June 30, 1992, with working capital of $55,807,000 and $291,155,000 of cash and short-term investments reported on its balance sheet.
 Brian L. Roberts, president of Comcast, stated, "Both our cable television and cellular business segments continue to demonstrate strong operating results, as we explore opportunities which could arise from the future integration of cable, wireless communications, and fiber optic technologies."
 Roberts continued, "Comcast announced two exciting strategic investments recently. In June we announced a phased investment in Fleet Call, Inc. -- a proposed national wireless communications network that could serve a nationwide population exceeding 60 million. More recently we announced our intention, subject to pending regulatory approval, to acquire 51 percent of Eastern Telelogic, a fiber optic business network serving 225 locations in the Philadelphia region."
 Roberts also stated, "Our International Division continues to expand as construction proceeds in our cable television and telephone systems in the United Kingdom. Singapore Telecom's decision to invest as a 50 percent partner in our Cambridge system will offer us an opportunity to jointly develop one of the world's most advanced broadband telecommunications networks."
 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 June 30, 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(R) name.
 The Class A and Class A Special common stock of Comcast 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)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Service income $221,337 $183,451 $417,858 $358,166
 Costs and expenses 122,653 103,518 233,470 204,594
 Operating cash flow 98,684 79,933 184,388 153,572
 Depreciation and amortization 52,127 40,170 95,847 82,575
 Interest expense, net 66,268 50,814 120,333 104,324
 Equity in net losses
 of affiliates 14,290 16,330 33,328 34,522
 Minority interest 249 579 873 1,386
 Total 132,934 107,893 250,381 222,807
 Loss before income taxes (34,250) (27,960) (65,993) (69,235)
 Income taxes 6,049 5,150 10,976 6,200
 Net loss (40,299) (33,110) (76,969) (75,435)
 Loss per share ($.30) ($.28) ($.57) ($.65)
 Average number of shares 134,971 116,396 133,889 115,231
 Dividends declared per share $.035 $.035 $.070 $.070
 Consolidated Balance Sheet
 (Unaudited; in thousands)
 June 30, Dec. 31,
 1992 1991
 Current assets $357,755 $645,490
 Investments, principally in affiliates 925,337 894,899
 Property and equipment, net 573,955 504,824
 Deferred charges, net 1,620,321 748,371
 Total assets 3,477,368 2,793,584
 Current liabilities 301,948 264,307
 Long-term debt, less current portion 2,287,349 1,689,884
 Long-term debt, held by an affiliate 786,915 763,028
 Deferred income taxes and other 58,952 56,885
 Stockholders' equity 42,204 19,480
 Total liabilities and
 stockholders' equity 3,477,368 2,793,584
 /delval/
 -0- 8/11/92
 /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


MP-LJ -- PH001 -- 8837 08/11/92 09:04 EDT
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Date:Aug 11, 1992
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