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SMALL BUSINESS
Comcast Reports Second Quarter 2008 Results
2nd Quarter Six Months Consolidated 2008 2007 Growth 2008 2007 Growth Revenue $8,553 $7,712 11% $16,942 $15,100 12% Operating Cash Flow $3,351 $3,012 11% $6,525 $5,775 13% Operating Income $1,750 $1,468 19% $3,305 $2,729 21% Net Cash Provided by Operating Activities $2,669 $1,942 37% $4,928 $3,907 26% Free Cash Flow $1,163 $368 216% $1,865 $810 130%
Net Income $632 $588 8% $1,364 $1,425 (4%) Earnings per Share $0.21 $0.19 11% $0.46 $0.45 2%
Adjusted Net Income(1) $632 $588 8% $1,220 $1,125 9% Adjusted Earnings per Share(1) $0.21 $0.19 11% $0.41 $0.36 14%
Pro Forma Revenue(2) $8,553 $7,939 8% $16,942 $15,541 9% Pro Forma Operating Cash Flow(2) $3,351 $3,106 8% $6,525 $5,951 10%
See notes below
Consolidated Results
Revenue increased 11% in the second quarter of 2008 to
On a pro forma basis(2), Consolidated Revenue increased 8% to
Net Income in the second quarter of 2008 was
Net Cash Provided by Operating Activities increased 37% to
Free Cash Flow (as defined in Table 7) totaled
Pro Forma Cable Segment Results(2)
Revenue increased 7% to
Operating Cash Flow grew 8% to
Video
-- Basic video subscribers declined 138,000 or 0.6% during the second
quarter.
-- Added 320,000 digital cable subscribers during the second quarter -
67% or 16.3 million video subscribers have digital service.(1)
-- 7.0 million or 43% of digital cable subscribers have advanced services
such as digital video recorders (DVR) and/or high-definition television
service (HDTV).
Video revenue increased 3% to
Basic cable subscribers decreased by 138,000 to 24.6 million during the
seasonally-weak second quarter. This compares to a 101,000 subscriber decline
in the second quarter of 2007. Year to date through
Comcast added 320,000 digital cable customers in the second quarter of
2008, below the 823,000 digital cable customers added in the same period one
year ago. This deceleration was anticipated and reflects the significant
deployment of digital boxes in the second quarter of 2007 in advance of a
High-Speed Internet
-- Added 278,000 high-speed Internet subscribers during the second
quarter -- penetration reached 29% of homes passed or 14.4 million
customers.
High-speed Internet revenue increased 10% to
Phone
-- Added 555,000 Comcast Digital Voice (CDV) customers during the second
quarter -- penetration reached 12.5% of homes passed or 5.6 million
customers.
Phone revenue increased 50% from
Year to date through
Advertising
Advertising revenue decreased 2% to
Programming Segment Results
Comcast's Programming segment consists of national programming networks E! Entertainment Television, Style Network, The Golf Channel, VERSUS, and G4.
The Programming segment reported second quarter 2008 revenue of
Year to date through
Corporate and Other
Corporate and Other includes corporate overhead, Comcast-Spectacor,
Comcast Interactive Media (CIM), and other operations and eliminations between
Comcast's businesses. For the second quarter of 2008, Corporate and Other
revenue increased to
Year to date through
Share Repurchases and Dividends
In the second quarter of 2008, Comcast repurchased 48.1 million of its
common shares for
Comcast paid a quarterly cash dividend of
2008 Financial Outlook
For 2008, Comcast reaffirms the following previously issued guidance:
-- Consolidated Revenue and Operating Cash Flow growth of 8% to 10%(2)
-- Consolidated Capital Expenditures as a percent of revenue expected to
decline to approximately 18%
-- Consolidated Free Cash Flow growth of at least 20% from the $2.3
billion reported in 2007
The outlook above does not reflect the impact of any tax law changes, including the U.S. Government Economic Stimulus package or any future sales or acquisitions of businesses or operating assets (or related tax effects).
Notes:
(1) Net income and earnings per share are adjusted for one-time gains, net
of tax, related to the dissolution of the Texas/Kansas City Cable
Partnership in 2007 and the dissolution of the Insight Midwest
Partnership in 2008. Please refer to Table 7-B for a reconciliation
of adjusted net income and earnings per share. Earnings per share
amounts are presented on a diluted basis.
(2) Pro forma results adjust only for certain cable segment acquisitions
and dispositions, including the acquisitions of Comcast SportsNet Bay
Area/Comcast SportsNet New England (June 2007), the cable system
acquired from Patriot Media (August 2007), and the dissolution of the
Insight Midwest Partnership (January 2008). Consolidated and cable pro
forma results are presented as if the transactions noted above were
effective on January 1, 2007. The net impact of these transactions
increased the number of basic cable subscribers by 765,000. Please
refer to Table 7-A for a reconciliation of pro forma financial data.
Conference Call Information
Comcast Corporation will host a conference call with the financial
community today,
This press release contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. Readers are directed to Comcast's periodic and other reports filed with the Securities and Exchange Commission (SEC) for a description of such risks and uncertainties. We undertake no obligation to update any forward-looking statements.
In this discussion, we sometimes refer to financial measures that are not presented according to generally accepted accounting principles in the U.S. (GAAP). Certain of these measures are considered "non-GAAP financial measures" under the SEC regulations; those rules require the supplemental explanations and reconciliations provided in Table 7 of this release. All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (http://www.comcast.com) is the nation's leading provider of entertainment, information and communications products and services. With 24.6 million cable customers, 14.4 million high-speed Internet customers, and 5.6 million Comcast Digital Voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment
Television, Style Network, The Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV
One, ten Comcast SportsNet networks and Comcast Interactive Media, which
develops and operates Comcast's Internet business. Comcast also has a majority
ownership in Comcast-Spectacor, whose major holdings include the Philadelphia
Flyers NHL hockey team, the
COMCAST CORPORATION TABLE 1 Condensed Consolidated Statement of Operations (Unaudited)
Three Months Ended Six Months Ended (in millions, except per share data) June 30, June 30, 2008 2007 2008 2007 Revenues $8,553 $7,712 $16,942 $15,100
Operating expenses 3,091 2,754 6,198 5,513 Selling, general and administrative expenses 2,111 1,946 4,219 3,812 5,202 4,700 10,417 9,325 Operating cash flow 3,351 3,012 6,525 5,775
Depreciation expense 1,371 1,252 2,761 2,477 Amortization expense 230 292 459 569 1,601 1,544 3,220 3,046 Operating income 1,750 1,468 3,305 2,729
Other income (expense) Interest expense (618) (550) (1,239) (1,118) Investment income (loss), net (70) 126 9 300 Equity in net (losses) income of affiliates, net (13) (16) (48) (37) Other income (expense) 25 1 293 514 (676) (439) (985) (341) Income before income taxes and minority interest 1,074 1,029 2,320 2,388
Income tax expense (455) (453) (963) (979)
Income before minority interest 619 576 1,357 1,409
Minority interest 13 12 7 16
Net income $632 $588 $1,364 $1,425
Diluted earnings per common share $0.21 $0.19 $0.46 $0.45
Adjusted earnings per common share(1) $0.21 $0.19 $0.41 $0.36
Dividends declared per common share $0.0625 $ - $0.1250 $ -
Diluted weighted-average number of common shares 2,970 3,147 2,995 3,155
(1) Please refer to Table 7-B for a reconciliation of adjusted net income and earnings per share.
COMCAST CORPORATION TABLE 2 Condensed Consolidated Balance Sheet (Unaudited)
(in millions) June 30, December 31, 2008 2007 ASSETS
Current Assets Cash and cash equivalents $1,767 $963 Investments 295 98 Accounts receivable, net 1,665 1,645 Other current assets 920 961 Total current assets 4,647 3,667
Investments 5,366 7,963
Property and equipment, net 23,833 23,624
Franchise rights 59,449 58,077
Goodwill 15,074 14,705
Other intangible assets, net 4,614 4,739
Other noncurrent assets, net 914 642
$113,897 $113,417
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities Accounts payable and accrued expenses related to trade creditors $3,027 $3,336 Accrued expenses and other current liabilities 3,173 3,121 Current portion of long-term debt 1,889 1,495 Total current liabilities 8,089 7,952
Long-term debt, less current portion 30,624 29,828
Deferred income taxes 27,292 26,880
Other noncurrent liabilities 7,207 7,167
Minority interest 348 250
Stockholders' equity 40,337 41,340 $113,897 $113,417
COMCAST CORPORATION TABLE 3 Condensed Consolidated Statement of Cash Flows (Unaudited)
(in millions) Six Months Ended June 30, 2008 2007
OPERATING ACTIVITIES Net cash provided by operating activities $4,928 $3,907
FINANCING ACTIVITIES Proceeds from borrowings 2,009 590 Retirements and repayments of debt (831) (1,320) Repurchases of common stock (1,979) (1,252) Dividends paid (185) - Issuances of common stock 42 334 Other (135) 52
Net cash provided by (used in) financing activities (1,079) (1,596)
INVESTING ACTIVITIES Capital expenditures (2,731) (3,058) Cash paid for software and other intangible assets (245) (229) Acquisitions, net of cash acquired (331) (770) Proceeds from sales of investments 320 1,288 Purchases of investments (41) (52) Proceeds from sales (purchases) of short-term investments - 56 Other (17) 43
Net cash provided by (used in) investing activities (3,045) (2,722)
Increase (decrease) in cash and cash equivalents 804 (411)
Cash and cash equivalents, beginning of period 963 1,239
Cash and cash equivalents, end of period $1,767 $828
TABLE 4 Calculation of Free Cash Flow and Unlevered Free Cash Flow (Unaudited)(1)
(in millions) Three Months Ended Six Months Ended June 30, June 30, 2008 2007 2008 2007 Net Cash Provided by Operating Activities $2,669 $1,942 $4,928 $3,907 Capital Expenditures (1,300) (1,604) (2,731) (3,058) Cash Paid for Capitalized Software (88) (86) (187) (174) Cash Paid for Other Intangible Assets (31) (25) (58) (55) Nonoperating and Nonrecurring items, net of tax: Payment of Tax on Nonoperating Items 228 141 228 190 Impact of Economic Stimulus package(2) (315) - (315) - Free Cash Flow 1,163 368 1,865 810 Cash Paid Interest 408 416 1,116 1,078 Unlevered Free Cash Flow $1,571 $784 $2,981 $1,888
(1) See Non-GAAP and Other Financial Measures in Table 7 for the definition of Free Cash Flow and Unlevered Free Cash Flow. (2) Our definition of Free Cash Flow remains unchanged and specifically eliminates any impact from the Economic Stimulus package. For the 2nd quarter 2008, Net Cash Provided by Operating Activities included a $315 million benefit from the Economic Stimulus package. This amount has been excluded from Free Cash Flow to provide an appropriate comparison.
COMCAST CORPORATION TABLE 5 Pro Forma Financial Data by Business Segment (Unaudited)(1) (dollars in millions) Corporate and Cable Programming(2) Other Total Three Months Ended June 30, 2008 Revenues $8,100 $366 $87 $8,553 Operating Cash Flow $3,362 $89 ($100) $3,351 Operating Income (Loss) $1,825 $44 ($119) $1,750 Operating Cash Flow Margin 41.5% 24.2% NM 39.2% Capital Expenditures (3) $1,254 $6 $40 $1,300
Three Months Ended June 30, 2007 Revenues $7,557 $334 $48 $7,939 Operating Cash Flow $3,124 $75 ($93) $3,106 Operating Income (Loss) $1,614 $29 ($119) $1,524 Operating Cash Flow Margin 41.3% 22.7% NM 39.1% Capital Expenditures (3) $1,615 $10 $8 $1,633
Six Months Ended June 30, 2008 Revenues $16,016 $729 $197 $16,942 Operating Cash Flow $6,504 $202 ($181) $6,525 Operating Income (Loss) $3,419 $103 ($217) $3,305 Operating Cash Flow Margin 40.6% 27.7% NM 38.5% Capital Expenditures (3) $2,609 $10 $112 $2,731
Six Months Ended June 30, 2007 Revenues $14,769 $636 $136 $15,541 Operating Cash Flow $6,000 $140 ($189) $5,951 Operating Income (Loss) $3,013 $47 ($230) $2,830 Operating Cash Flow Margin 40.6% 22.0% NM 38.3% Capital Expenditures (3) $3,095 $14 $15 $3,124
(1) See Non-GAAP and Other Financial Measures in Table 7. Historical financial data by business segment, in accordance with generally accepted accounting principles in the United States (GAAP), is available in the Company's Quarterly Report on Form 10-Q. All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
(2) Programming includes our national networks E! Entertainment Television and Style Network (E! Networks), The Golf Channel, VERSUS and G4.
(3) Our Cable segment's capital expenditures are comprised of the following categories:
2Q08 2Q07 YTD 2Q08 YTD 2Q07 Growth Customer Premise Equipment (CPE) $687 $804 $1,506 $1,555 Scalable Infrastructure 55 113 114 221 Line Extensions 52 100 100 188 Support Capital 57 110 111 180 Upgrades (Capacity Expansion) 25 27 45 49 Business Services 48 21 99 38 924 1,175 1,975 2,231 Maintenance CPE (Drop Replacements) 73 77 132 144 Scalable Infrastructure 115 151 217 326 Support Capital 58 99 101 162 Upgrades 58 90 118 199 304 417 568 831
Discretionary 26 23 66 33
Total $1,254 $1,615 $2,609 $3,095
CPE includes costs incurred at the customer residence to secure new customers, revenue units and additional bandwidth revenues (e.g. digital converters). Scalable infrastructure includes costs, not CPE or network related, to secure growth of new customers, revenue units and additional bandwidth revenues or provide service enhancements (e.g. headend equipment). Line extensions include network costs associated with entering new service areas (e.g. fiber/coaxial cable). Support capital includes costs associated with the replacement or enhancement of non-network assets due to obsolescence and wear out (e.g. non-network equipment, land, buildings and vehicles). Upgrades include costs to enhance or replace existing fiber/coaxial cable networks, including network improvements. Business Services includes fiber/coax extension, electronics, CPE and costs to secure new customers.
Management evaluates capital expenditures by categorizing investments into three groups: Growth, Maintenance and Discretionary. Growth is directly tied to revenue generation and represents the costs required to secure new customers, revenue units or additional bandwidth revenues. Maintenance includes investments that allow the company to maintain its competitive position and provide a foundation for growth. Discretionary includes investments that lay the groundwork for future products and services, such as our investments in interactive advertising, cross-platform product development or switched digital video.
COMCAST CORPORATION TABLE 6 Pro Forma Data - Cable Segment Components (Unaudited) (1)(2)
(dollars in millions, except per Three Months Ended Six Months Ended subscriber data) June 30, June 30, 2008 2007 2008 2007 Revenues: Video (3) $4,726 $4,597 $9,432 $9,088 High-speed Internet 1,792 1,632 3,542 3,201 Phone 640 425 1,227 781 Advertising 399 410 743 732 Other (4) 316 281 621 549 Franchise fees 227 212 451 418 Total Revenues * $8,100 $7,557 $16,016 $14,769
Operating Cash Flow $3,362 $3,124 $6,504 $6,000 Operating Income $1,825 $1,614 $3,419 $3,013 Operating Cash Flow Margin 41.5% 41.3% 40.6% 40.6% Capital Expenditures $1,254 $1,615 $2,609 $3,095
* Total Revenues include revenue from Business Services of $131 million in 2Q08 and $95 million in 2Q07, and $251 million in YTD 2008 and $182 million in YTD 2007.
2Q08 1Q08 2Q07 Video Homes Passed (000's) 50,096 49,902 49,232 Basic Subscribers (000's) 24,553 24,691 24,904 Basic Penetration 49.0% 49.5% 50.6% Quarterly Net Basic Subscriber Additions (000's) (138) (57) (101)
Digital Subscribers (000's) 16,335 16,015 14,489 Digital Penetration 66.5% 64.9% 58.2% Quarterly Net Digital Subscriber Additions (000's) 320 494 823 Digital Set-Top Boxes 26,345 25,856 23,185
Monthly Average Video Revenue per Basic Subscriber $63.98 $63.46 $61.40
High-Speed Internet "Available" Homes (000's) 49,548 49,548 48,767 Subscribers (000's) 14,357 14,078 12,771 Penetration of "Available" Homes 28.9% 28.4% 26.2% Quarterly Net Subscriber Additions (000's) 278 492 339 Monthly Average Revenue per Subscriber $42.01 $42.18 $43.19
Phone Comcast Digital Voice "Available" Homes (000's) 45,143 44,082 38,873 Subscribers (000's) 5,643 5,088 3,150 Penetration of "Available" Homes 12.5% 11.5% 8.1% Quarterly Net Subscriber Additions (000's) 555 639 692 Monthly Average Revenue per Subscriber $39.48 $40.24 $42.66
Circuit Switched Phone "Available" Homes (000's) 2,000 5,029 8,995 Subscribers (000's) 10 66 443 Penetration of "Available" Homes 0.5% 1.3% 4.9% Quarterly Net Subscriber Additions (000's) (56) (110) (117) Monthly Average Revenue per Subscriber $36.64 $40.61 $44.38
Total Revenue Generating Units (000's) (5) 60,899 59,939 55,756 Total Quarterly Net Additions (000's) 960 1,458 1,636
Total Monthly Average Revenue per Basic Subscriber $109.66 $106.74 $100.94
(1) See Non-GAAP and Other Financial Measures in Table 7. All percentages are calculated based on actual amounts. Minor differences may exist due to rounding.
(2) Pro forma financial data includes the results of Comcast SportsNet Bay Area and Comcast SportsNet New England acquired on June 30, 2007, the cable system acquired from Patriot Media Holdings, LLC on August 31, 2007, and the cable systems resulting from the dissolution of the Insight Midwest Partnership on January 1, 2008. Pro forma results are presented as if the acquisitions and dispositions were effective on January 1, 2007. The net impact of these transactions was an increase of 765,000 basic cable subscribers.
(3) Video revenues consist of our basic, expanded basic, digital, premium, pay-per-view and equipment services.
(4) Other revenues include regional sports programming networks, residential video installation revenues, guide revenues, commissions from electronic retailing, other product offerings and revenues of our digital media center.
(5) Represents the sum of basic and digital video, high-speed Internet and net phone subscribers, excluding additional outlets. Subscriptions to DVR and/or HDTV services do not result in additional RGUs.
COMCAST CORPORATION TABLE 7
Non-GAAP and Other Financial Measures
Operating Cash Flow is the primary basis used to measure the operational strength and performance of our businesses. Free Cash Flow and Unlevered Free Cash Flow are additional performance measures used as indicators of our ability to service and repay debt, make investments and return capital to investors, through stock repurchases and dividends. We also adjust certain historical data on a pro forma basis following certain acquisitions or dispositions to enhance comparability.
Operating Cash Flow is defined as operating income before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on sale of assets, if any. As such, it eliminates the significant level of non-cash depreciation and amortization expense that results from the capital intensive nature of our businesses and intangible assets recognized in business combinations, and is unaffected by our capital structure or investment activities. Our management and Board of Directors use this financial measure in evaluating our consolidated operating performance and the operating performance of all of our operating segments. This metric is used to allocate resources and capital to our operating segments and is a significant performance measure in our annual incentive compensation programs. We believe that Operating Cash Flow is also useful to investors as it is one of the bases for comparing our operating performance with other companies in our industries, although our measure of Operating Cash Flow may not be directly comparable to similar measures used by other companies.
As Operating Cash Flow is the measure of our segment profit or loss, we
reconcile it to operating income, the most directly comparable financial
measure calculated and presented in accordance with generally accepted
accounting principles in
Free Cash Flow, which is a non-GAAP financial measure, is defined as "Net Cash Provided by Operating Activities" (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures and cash paid for intangible assets; and adjusted for any payments related to certain nonoperating items, net of estimated tax benefits (such as income taxes on investment sales, and nonrecurring payments related to income tax and litigation contingencies of acquired companies). Unlevered Free Cash Flow is Free Cash Flow before cash paid interest. We believe that Free Cash Flow and Unlevered Free Cash Flow are also useful to investors as the basis for comparing our performance and coverage ratios with other companies in our industries, although our measure of Free Cash Flow and Unlevered Free Cash Flow may not be comparable to similar measures used by other companies.
Pro forma data is used by management to evaluate performance when certain acquisitions or dispositions occur. Historical data reflects results of acquired businesses only after the acquisition dates while pro forma data enhances comparability of financial information between periods by adjusting the data as if the acquisitions or dispositions occurred at the beginning of the prior year. Our pro forma data is only adjusted for the timing of acquisitions or dispositions and does not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined businesses. We believe our pro forma data is not a non-GAAP financial measure as contemplated by Regulation G.
In certain circumstances we also present "adjusted" data, to exclude certain gains, losses or other charges, net of tax (such as from the sales of investments or dispositions of businesses). This "adjusted" data is a non-GAAP financial measure. We believe, among other things, that the "adjusted" data may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons.
Non-GAAP financial measures should not be considered as substitutes for operating income (loss), net income (loss), net cash provided by operating activities or other measures of performance or liquidity reported in accordance with GAAP. Additionally, in the opinion of management, our pro forma data is not necessarily indicative of future results or what results would have been had the acquired businesses been operated by us after the assumed earlier date.
We provide reconciliations of Consolidated Operating Cash Flow in Table 1, Free Cash Flow and Unlevered Free Cash Flow in Table 4, Pro Forma in Table 7-A and Adjusted Data in Table 7-B.
COMCAST CORPORATION TABLE 7-A Reconciliation of GAAP to Pro Forma(1) Financial Data by Business Segment (Unaudited)
GAAP
(in millions) Corporate, Other and Cable Programming Eliminations Total
Three Months Ended June 30, 2008 Revenue $8,100 $366 $87 $8,553
Operating Expenses (excluding depreciation and amortization) 4,738 277 187 5,202 Operating Cash Flow $3,362 $89 ($100) $3,351 Depreciation and Amortization 1,537 45 19 1,601 Operating Income (Loss) $1,825 $44 ($119) $1,750
Capital Expenditures $1,254 $6 $40 $1,300
Three Months Ended June 30, 2007 Revenue $7,330 $334 $48 $7,712
Operating Expenses (excluding depreciation and amortization) 4,299 259 142 4,700 Operating Cash Flow $3,031 $75 ($94) $3,012 Depreciation and Amortization 1,471 46 27 1,544 Operating Income (Loss) $1,560 $29 ($121) $1,468
Capital Expenditures $1,586 $10 $8 $1,604
Six Months Ended June 30, 2008 Revenue $16,016 $729 $197 $16,942
Operating Expenses (excluding depreciation and amortization) 9,512 527 378 10,417 Operating Cash Flow $6,504 $202 ($181) $6,525 Depreciation and Amortization 3,085 99 36 3,220 Operating Income (Loss) $3,419 $103 ($217) $3,305
Capital Expenditures $2,609 $10 $112 $2,731
Six Months Ended June 30, 2007 Revenue $14,328 $636 $136 $15,100 Operating Expenses (excluding depreciation and amortization) 8,504 496 325 9,325 Operating Cash Flow $5,824 $140 ($189) $5,775 Depreciation and Amortization 2,911 93 42 3,046 Operating Income (Loss) $2,913 $47 ($231) $2,729
Capital Expenditures $3,029 $14 $15 $3,058
Cable Total
(in millions) Pro Forma Pro Forma Total Adjustments Pro Forma Adjustments Pro (1) (2) Cable (1) (2) Forma Three Months Ended June 30, 2008 Revenue $- $8,100 $- $8,553
Operating Expenses (excluding depreciation and amortization) - 4,738 - 5,202 Operating Cash Flow $- $3,362 $- $3,351 Depreciation and Amortization - 1,537 - 1,601 Operating Income (Loss) $- $1,825 $- $1,750
Capital Expenditures $- $1,254 $- $1,300
Three Months Ended June 30, 2007 Revenue $227 $7,557 $227 $7,939
Operating Expenses (excluding depreciation and amortization) 134 4,433 133 4,833 Operating Cash Flow $93 $3,124 $94 $3,106 Depreciation and Amortization 39 1,510 38 1,582 Operating Income (Loss) $54 $1,614 $56 $1,524
Capital Expenditures $29 $1,615 $29 $1,633
Six Months Ended June 30, 2008 Revenue $0 $16,016 $0 $16,942
Operating Expenses (excluding depreciation and amortization) - 9,512 - 10,417 Operating Cash Flow $0 $6,504 $0 $6,525 Depreciation and Amortization - 3,085 - 3,220 Operating Income (Loss) $0 $3,419 $0 $3,305
Capital Expenditures $0 $2,609 $0 $2,731
Six Months Ended June 30, 2007 Revenue $441 $14,769 $441 $15,541
Operating Expenses (excluding depreciation and amortization) 265 8,769 265 9,590
Operating Cash Flow $176 $6,000 $176 $5,951 Depreciation and Amortization 76 2,987 75 3,121 Operating Income (Loss) $100 $3,013 $101 $2,830
Capital Expenditures $66 $3,095 $66 $3,124
(1) Pro forma data is adjusted only for timing of acquisitions or dispositions and does not include adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined businesses. Pro forma results are presented as if the acquisitions and dispositions were effective on January 1, 2007. Minor differences may exist due to rounding.
(2) Total Pro Forma adjustments and Cable Pro Forma adjustments for 2007 include the results of Comcast SportsNet Bay Area and Comcast SportsNet New England, the cable system acquired from Patriot Media Holdings, LLC and the cable systems resulting from the dissolution of the Insight Midwest Partnership.
COMCAST CORPORATION TABLE 7-B Reconciliation of Net Income to Adjusted Net Income (Unaudited)
Three Months Ended June 30, 2008 vs. 2007 2008 2007 Growth(%) (in millions, except per share data) $ EPS(1) $ EPS(1) $ EPS(1) Net Income $632 $0.21 $588 $0.19 8% 11%
Adjustments - - - - - -
Adjusted Net Income $632 $0.21 $588 $0.19 8% 11%
Six Months Ended June 30, 2008 vs. 2007 2008 2007 Growth(%)
$ EPS(1) $ EPS(1) $ EPS(1) Net Income $1,364 $0.46 $1,425 $0.45 (4%) 2%
Adjustments: Gain related to the dissolution of the Texas/Kansas City Cable Partnership, net of tax(2) - - (300) (0.09) NM NM Gain related to the dissolution of the Insight Midwest partnership, net of tax(3) (144) (0.05) - - NM NM
Adjusted Net Income $1,220 $0.41 $1,125 $0.36 9% 14%
(1) Based on diluted average number of common shares for the respective periods as presented in Table 1.
(2) 2007 Net Income includes a one-time gain, net of tax, related to the dissolution of the Texas/Kansas City Cable Partnership.
(3) 2008 Net Income includes a one-time gain, net of tax, related to the dissolution of the Insight Midwest Partnership.
SOURCE Comcast Corporation
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