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COMCAST REPORTS THIRD QUARTER RESULTS; OPERATING CASH FLOW UP 28 PERCENT

 COMCAST REPORTS THIRD QUARTER RESULTS;
 OPERATING CASH FLOW UP 28 PERCENT
 PHILADELPHIA, Nov. 12 /PRNewswire/ -- Comcast Corporation (NASDAQ-NMS: CMCSA, CMCSK) today reported results for the three and nine months ended Sept. 30, 1992.
 The company reported that results continue to be outstanding. They include the results of the Metrophone cellular properties, combined with those of Comcast since March 5, 1992.
 Revenues for the three months ended Sept. 30, 1992, were $221,248,000, an increase of 24 percent over the revenues of $178,893,000 for the same period in 1991. The company reported operating cash flow of $98,548,000 as compared to $76,761,000 for the prior year representing an increase of 28 percent. Net losses were $52,338,000 or $.39 per share, as compared to a net loss of $40,260,000, or $.34 per share.
 Revenues for the nine months ended Sept. 30, 1992, were $639,106,000, an increase of 19 percent over the revenues of $537,059,000 for the same period in 1991. The company reported operating cash flow of $282,936,000 as compared to $230,333,000 for the prior year, representing an increase of 23 percent. Net losses were $129,307,000 or $.96 per share, as compared to a net loss of $115,695,000 for the prior year, or $1.00 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's financial condition remains strong at Sept. 30, 1992, with working capital of $170,537,000 and $392,658,000 of cash and short-term investments reported on its balance sheet.
 Brian L. Roberts, president of Comcast, stated, "We believe there will be attractive opportunities arising from the integration of various communications technologies which is taking place right now. Comcast has strategically positioned itself to participate in this technology explosion. This quarter was not only significant because of the excellent results achieved by our cable and cellular operations, but because it launched the beginning of our commitment to video, voice and data distribution through an integrated network of cable, wireless and wireline telecommunications systems."
 Roberts continued, "During the quarter we conducted a telephone conference call that demonstrated our ability to integrate a number of Comcast owned and operated technologies including fiber, coaxial cable, cellular, experimental Personal Communications Services (PCS) and an alternative access network supplied through Eastern TeleLogic Corporation. We also completed the first phase of our investment in Fleet Call Inc., staking our claim in a national wireless communications network serving a potential population of 60 million."
 Roberts stated further, "Subsequent to the quarter's end we announced our agreement with Warburg, Pincus Investors L.P. and Bankers Trust PLC to participate as investors in our United Kingdom cable and telephony operation. We also finalized our agreement to acquire 51 percent of alternative access provider Eastern TeleLogic. As a new era of choice in communications unfolds, Comcast is uniquely positioned to provide and benefit from the multi-faceted services and products which will become available to consumers."
 Comcast Corporation is principally engaged in the development and operation of cable communications systems. The company's consolidated and affiliated operations serve more than 2.8 million subscribers at Sept. 30, 1992. This included more than 813,000 subscribers representing 50 percent of the total subscribers served by Storer Communications, Inc.
 The company also 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 are traded in the over- the-counter market and reported in the National Market List under the NASDAQ symbols CMCSA and CMCSK, respectively.
 COMCAST CORPORATION
 Condensed Consolidated Statement of Operations
 (Unaudited; in thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Service income $221,248 $178,893 $639,106 $537,059
 Costs and expenses 122,700 102,132 356,170 306,726
 Operating cash flow 98,548 76,761 282,936 230,333
 Depreciation and amortization 54,677 40,556 150,524 123,131
 Interest expense, net 73,018 49,815 193,351 154,139
 Equity in net losses of
 affiliates 20,478 23,994 53,806 58,516
 Minority interest 453 506 1,326 1,892
 Total 148,626 114,871 399,007 337,678
 Loss before income taxes (50,078) (38,110) (116,071) (107,345)
 Income taxes 2,260 2,150 13,236 8,350
 Net loss (52,338) (40,260) (129,307) (115,695)
 Loss per share ($.39) ($.34) ($.96) ($1.00)
 Average number of shares 135,065 117,380 134,281 115,948
 Dividends declared per share $.035 $.035 $.105 $.105
 Condensed Consolidated Balance Sheet
 (Unaudited; in thousands)
 Sept. 30, Dec. 31,
 1992 1991
 Current assets $473,480 $645,490
 Investments, principally in affiliates 984,279 894,899
 Property and equipment, net 576,743 504,824
 Deferred charges, net 1,592,278 748,371
 Total assets 3,626,780 2,793,584
 Current liabilities 302,943 264,307
 Long-term debt, less current portion 2,487,071 1,689,884
 Long-term debt, held by an affiliate 798,887 763,028
 Deferred income taxes and other 59,115 56,885
 Stockholders' equity (deficiency) (21,236) 19,480
 Total liabilities and
 stockholders' equity (deficiency) 3,626,780 2,793,584
 /delval/
 -0- 11/12/92
 /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


CC-MP -- PH002 -- 0003 11/12/92 08:17 EST
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Date:Nov 12, 1992
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