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COMCAST REVENUES EXCEED $1 BILLION FOR THE FIRST NINE MONTHS OF 1993

 PHILADELPHIA, Nov. 4 /PRNewswire/ -- Comcast Corporation (NASDAQ-NMS: CMCSA, CMCSK) today reported results for the three and nine months ended Sept. 30, 1993.
 Revenues for the nine months surpassed the $1 billion mark for the first time. Results included the consolidation of the Metrophone cellular properties since March 5, 1992, and the company's 50 percent ownership in Storer Communications since Dec. 2, 1992.
 Revenues for the three months ended Sept. 30, 1993, were $335,405,000 -- an increase of 52 percent over revenues of $221,248,000 for the same period in 1992. The company reported operating cash flow of $154,311,000 for the current quarter as compared to $98,548,000 for the same quarter in the prior year, representing an increase of 57 percent. Had results for Storer been included for the three months ended Sept. 30, 1992, increases in revenues and operating cash flow would both have been in excess of 10 percent. The company reported a net loss of $35,655,000 or $.25 per share for the current quarter, as compared to a net loss of $52,338,000 for the prior year, or $.39 per share.
 Revenues for the nine months ended Sept. 30, 1993, were $1,000,713,000 -- an increase of 57 percent over revenues of $639,106,000 for the same period in 1992. The company reported operating cash flow for the nine months in 1993 of $460,246,000 as compared to $282,936,000 for the same period of the prior year, representing an increase of 63 percent. Had results for Metrophone and Storer been included for the full nine months ended Sept. 30, 1992, increases in revenues and operating cash flow would have been 11 percent and 12 percent, respectively.
 Prior to the cumulative effect of accounting changes, Comcast reported a loss of $76,640,000 or $.54 per share for the nine months ended Sept. 30, 1993, as compared to a loss of $129,307,000 or $.96 per share for the same period of the prior year. Total losses for the period of $819,374,000 or $5.78 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.
 Comcast's financial condition remains strong with working capital of $156,813,000 and $452,756,000 of cash and short-term investments reported on the company's balance sheet at Sept. 30. In addition, unused lines of credit totalled $286 million at the close of the quarter.
 Brian L. Roberts, president of Comcast, stated, "During the past few months we have witnessed a period of unprecedented activity within the industries in which we operate. As a result of recent federal rate regulation, the company instituted rate adjustments for substantially all of our cable customers, effective September 1st. The company believes that its efforts to focus on the marketing of additional revenue sources to its current and future customers will help mitigate the potential near-term reductions in the cable segment's growth rate arising from this regulation. On another front, the highly publicized issue of cable retransmission consent has been a major operational issue for Comcast. We were extremely pleased to recently report that the company had completed non-cash agreements, or extensions, with every local television broadcaster in its service areas. As a result, upon the October 6th deadline for negotiations between cable operators and broadcasters, the company was not forced to drop any television stations from its cable systems.
 "In spite of the significant management attention required to address the implementation of rate regulation and retransmission consent, our operating results reflect yet another quarter of healthy growth in both revenue and cash flow in our core businesses of cable and cellular communications. With the consolidation of the Storer cable properties in late 1992, we have, through only nine months of operations, surpassed the $1 billion revenue mark for the first time. Our cellular business continued to add customers at levels exceeding our expectations, and the corresponding revenues from this segment are rapidly becoming a major component of our overall results."
 Roberts continued, "Recent marketplace events have only served to reconfirm our opinion that the company is extremely well-positioned for the future. We look forward to this period of technological convergence as we continue to search for new products and services to deliver to our customers."
 Comcast Corporation is principally engaged in the development, management and operation of cable and cellular communications networks. The company's consolidated and affiliated operations served more than 2.9 million cable subscribers at Sept. 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 on the NASDAQ National Market List under the 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 1993 1992 1993 1992
 Service income $335,405 $221,248 $1,000,713 $639,106
 Costs and expenses 181,094 122,700 540,467 356,170
 Operating cash flow 154,311 98,548 460,246 282,936
 Depreciation & amortization 84,483 54,677 260,655 150,524
 Interest expense, net 78,768 73,018 240,834 193,351
 Equity in net losses of
 affiliates 6,119 20,478 18,936 53,806
 Other (174) 453 569 1,326
 Total 169,196 148,626 520,994 399,007
 Loss before income taxes
 and cumulative effect of
 accounting changes (14,885) (50,078) (60,748) (116,071)
 Income taxes 20,770 2,260 15,892 13,236
 Loss before cumulative
 effect of accounting
 changes (35,655) (52,338) (76,640) (129,307)
 Cumulative effect of
 accounting changes --- --- (742,734) ---
 Net loss (35,655) (52,338) (819,374) (129,307)
 Loss per share:
 Loss before cumulative
 effect of accounting
 changes ($.25) ($.39) ($.54) ($.96)
 Cumulative effect of
 accounting changes --- --- (5.24) ---
 Net loss per share (.25) (.39) (5.78) (.96)
 Weighted average number of
 shares 144,266 135,065 141,619 134,281
 Dividends declared per share $.035 $.035 $.105 $.105
 Condensed Consolidated Balance Sheet
 (Unaudited; in thousands)
 Sept. 30 Dec. 31
 1993 1992
 Cash, Cash equivalents and
 short-term investments $452,756 $347,872
 Other current assets 100,897 80,689
 Investments, principally in affiliates 608,923 356,191
 Property and equipment, net 1,008,602 957,086
 Deferred charges, net 2,512,362 2,530,060
 Total assets 4,683,540 4,271,898
 Current liabilities 396,840 391,675
 Long-term debt, less current portion 4,074,513 3,973,514
 Deferred income taxes and other 1,065,195 88,350
 Stockholders' deficiency (853,008) (181,641)
 Total liabilities and
 stockholders' deficiency $4,683,540 $4,271,898
 /delval/
 -0- 11/4/93
 /CONTACT: John R. Alchin, 215-981-7503, or William E. Dordelman, 215-981-7550, both of Comcast/
 (CMCS)


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

MK-MP -- PH003 -- 0672 11/04/93 11:31 EST
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Date:Nov 4, 1993
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