Comcast Reports First Quarter 2005 Results
April 28, 2005 - Financial Tables
                              COMCAST CORPORATION
                                     Table 1
           Condensed Consolidated Statement of Operations (Unaudited)
                  (amounts in millions, except per share data)

                                                      Three Months Ended
                                                           March 31,
                                                     2005              2004
    Revenues                                        $5,363            $4,908

         Operating expenses                          1,957             1,869
         Selling, general and
          administrative expenses                    1,376             1,306
                                                     3,333             3,175
    Operating Cash Flow                              2,030             1,733

         Depreciation expense                          874               798
         Amortization expense                          290               276
                                                     1,164             1,074
    Operating Income                                   866               659

    Other Income (Expense)
         Interest expense                             (444)             (500)
         Investment loss, net                          (36)               (9)
         Equity in net income (losses) of affiliates    12               (17)
         Other income                                   62                 7
                                                      (406)             (519)
    Income before Income Taxes and Minority Interest   460               140

    Income tax expense                                (140)              (76)

    Income Before Minority Interest                    320                64

    Minority interest                                   (7)                1

    Net Income                                        $313               $65


    Diluted earnings per common share                $0.14             $0.03

    Diluted weighted average number of
     common shares outstanding                       2,222             2,268


                               COMCAST CORPORATION
                                     TABLE 2
                Condensed Consolidated Balance Sheet (Unaudited)
                              (dollars in millions)

                                                  March 31,       December 31,
    ASSETS                                           2005             2004

      CURRENT ASSETS
            Cash and cash equivalents                 $636              $452
            Investments                                950             1,555
            Accounts receivable, net                   883               959
            Other current assets                       461               569
                Total current assets                 2,930             3,535

      INVESTMENTS                                   12,945            12,812

      PROPERTY AND EQUIPMENT, NET                   18,738            18,711

      FRANCHISE RIGHTS                              51,088            51,071

      GOODWILL                                      14,014            14,020

      OTHER INTANGIBLE ASSETS, net                   3,824             3,851

      OTHER NONCURRENT ASSETS, net                     699               694
                                                  $104,238          $104,694

    LIABILITIES AND STOCKHOLDERS' EQUITY

      CURRENT LIABILITIES
            Accounts payable and accrued
             expenses related to trade
             creditors                              $1,998            $2,041
            Accrued expenses and other
             current liabilities                     2,607             2,735
            Deferred income taxes                      166               360
            Current portion of long-term debt        2,638             1,854
            Current portion of exchangeable debt     1,217             1,645
                Total current liabilities            8,626             8,635

      LONG-TERM DEBT, less current portion          19,264            20,039
      LONG-TERM EXCHANGEABLE DEBT, less
       current portion                                  53                54

      DEFERRED INCOME TAXES                         26,930            26,815

      OTHER NONCURRENT LIABILITIES                   7,237             7,261

      MINORITY INTEREST                                602               468

      STOCKHOLDERS' EQUITY                          41,526            41,422
                                                  $104,238          $104,694


                               COMCAST CORPORATION
                                     TABLE 3
           Condensed Consolidated Statement of Cash Flows (Unaudited)
                              (dollars in millions)

                                                       Three Months Ended
                                                            March 31,
                                                     2005              2004

    OPERATING ACTIVITIES
        Net cash provided by operating activities   $1,332              $774


    FINANCING ACTIVITIES
      Proceeds from borrowings                         225                 4
      Retirements and repayments of debt              (112)             (273)
      Repurchases of common stock and stock options   (326)              (12)
      Issuances of common stock and sales
       of options and put options on common stock       40                22
      Other, net                                        38                 8

        Net cash used in financing activities         (135)             (251)


    INVESTING ACTIVITIES
      Capital expenditures                            (892)             (828)
      Proceeds from sales and restructuring
       of investments                                  100                 4
      Purchases of investments                         (40)              (60)
      Acquisitions, net of cash acquired               -                 (41)
      Additions to intangible and other
       noncurrent assets                              (180)             (305)
      (Purchases of) proceeds from sales of
       short-term investments, net                      (1)                6
      Proceeds from settlement of contract
       of acquired company                             -                  26

        Net cash used in investing activities       (1,013)           (1,198)


    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   184              (675)

    CASH AND CASH EQUIVALENTS, beginning of period     452             1,550

    CASH AND CASH EQUIVALENTS, end of period          $636              $875


                                     TABLE 4
                  Calculation of Free Cash Flow (Unaudited) (1)
                              (dollars in millions)

                                                       Three Months Ended
                                                            March 31,
                                                     2005              2004
    Operating Cash Flow                             $2,030            $1,733
    Interest, Net (2)                                 (404)             (447)
    Cash Paid for Income Taxes                         (12)              (61)
    Capital Expenditures                              (892)             (828)
    FREE CASH FLOW                                    $722              $397

    Changes in Working Capital and Other Items (3)    (282)             (451)

    Net Cash Provided by (Used in) Operating
     Activities Less Capital Expenditures             $440              ($54)

    (1)  Free Cash Flow is defined as Operating Cash Flow less net interest,
    cash paid for taxes, and capital expenditures.  It is unaffected by
    fluctuations in working capital levels from period to period and cash
    payments associated with intangible and other noncurrent assets.  Cash
    payments for intangible and other noncurrent assets include long-term
    technology license agreements including computer software, long-term
    rights to service multi-dwelling properties and programming content for
    our cable networks.  In 2004, cash payments for intangible assets also
    included a long-term strategic license agreement with Gemstar of
    approximately $250 million.

    (2)  Includes interest expense net of interest income and excludes
    non-cash interest and subsidiary preferred dividends.

    (3)  Free Cash Flow excludes amounts necessary to reconcile Free Cash Flow
    to "Net Cash Provided by Operating Activities Less Capital Expenditures."
    In 2005, this amount includes $92 million in cash payments for
    liabilities recorded as part of the acquisition of AT&T Broadband with the
    remainder substantially related to reductions in accruals associated with
    payments of interest and employee compensation and bonuses.  In 2004, this
    amount includes $149 million in cash payments for liabilities recorded as
    part of the acquisition of AT&T Broadband with the remainder substantially
    related to reductions in accruals associated with payments of interest and
    employee compensation and bonuses.


                               COMCAST CORPORATION
                                     TABLE 5
           Pro Forma Financial Data by Business Segment (Unaudited) (1)
                              (dollars in millions)

                                                         Corporate and
                                 Cable (2)   Content (3)   Other (4)   Total
    Three Months Ended
     March 31, 2005
    Revenues                      $5,103        $213          $47      $5,363
    Operating Cash Flow           $1,995         $77         ($42)     $2,030
    Operating Income (Loss)         $891         $32         ($57)       $866
    Operating Cash Flow Margin     39.1%       36.1%           NM       37.9%
    Capital Expenditures (5)        $883          $4           $5        $892

    Three Months Ended
     March 31, 2004
    Revenues                      $4,650        $176          $86      $4,912
    Operating Cash Flow           $1,721         $69         ($55)     $1,735
    Operating Income (Loss)         $704         $34         ($77)       $661
    Operating Cash Flow Margin     37.0%       39.0%           NM       35.3%
    Capital Expenditures (5)        $814          $4          $10        $828

    (1)  See Non-GAAP and Other Financial Measures in Table 7.  Historical
    financial data by business segment, as required under generally accepted
    accounting principles, 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)  Pro forma financial data includes the results of the 30,000 cable
    subscribers acquired from US Coastal Cable in April 2004.

    (3)  Content includes our national networks E! Entertainment Television
    and Style Network (E! Networks), The Golf Channel, Outdoor Life Network,
    G4 and AZN Television.

    (4)  Corporate and Other includes Comcast-Spectacor, Corporate activities
    and all other businesses not presented in the Cable or Content segments
    and elimination entries.  Beginning in the third quarter of 2004,
    Comcast-Spectacor includes the operating results of its investment in a
    sports-event related business.

    (5)  Our Cable segment's capital expenditures are comprised of the
    following categories:
                                              1Q05     1Q04
    New Service Offerings
        Customer Premise Equipment (CPE)      $463     $292
        Scalable Infrastructure                209      121
                                               672      413
    Recurring Capital Projects
        Line Extensions                         64       60
        Support Capital                         47       89
                                               111      149

    Upgrades                                   100      252
    Total                                     $883     $814


    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
    recurring betterments.


                               COMCAST CORPORATION
                                     TABLE 6
          Pro Forma Data - Cable Segment Components (Unaudited) (1) (2)
    (dollars in millions, except average monthly revenue per subscriber data)

                                                          Three Months Ended
                                                               March 31,
                                                           2005        2004

    Revenues:
    Video (3)                                             $3,362      $3,184
    High-Speed Internet                                      925         698
    Phone                                                    173         179
    Advertising                                              296         269
    Other (4)                                                180         161
    Franchise Fees                                           167         159
    Total Revenues                                        $5,103      $4,650


    Operating Cash Flow                                   $1,995      $1,721
    Operating Income                                        $891        $704
    Operating Cash Flow Margin                             39.1%       37.0%
    Capital Expenditures                                    $883        $814
    Operating Cash Flow, Net of Capital Expenditures      $1,112        $907


                                               1Q05        1Q04        4Q04
    Video
    Homes Passed (000's)                      41,000      40,100      40,800
    Basic Subscribers (000's)                 21,525      21,581      21,553
    Basic Penetration                          52.6%       53.8%       52.8%
    Quarterly Net Basic Subscriber
     Additions (000's)                           (29)         35          60

    Digital Subscribers (000's)                8,856       7,859       8,656
    Digital Penetration                        41.1%       36.4%       40.2%
    Quarterly Net Digital Subscriber
     Additions (000's)                           200         192         251
    Digital Set-Top Boxes                     13,365      11,542      12,960

    Monthly Average Video Revenue per
     Basic Subscriber                         $52.04      $49.22      $50.20
    Monthly Average Total Revenue per
     Basic Subscriber                         $78.99      $71.89      $77.27

    High-Speed Internet
    "Available" Homes (000's)                 40,483      36,167      40,010
    Subscribers (000's)                        7,408       5,680       6,994
    Penetration                                18.3%       15.7%       17.5%
    Quarterly Net Subscriber
     Additions (000's)                           414         394         438
    Monthly Average Revenue per
     Subscriber                               $42.81      $42.44      $42.06

    Phone
    "Available" Homes (000's) (5)             11,277       9,657      10,437
    Subscribers (000's)                        1,228       1,247       1,223
    Penetration                                10.9%       12.9%       11.7%
    Quarterly Net Subscriber
     Additions (000's)                             4         (20)         10
    Monthly Average Revenue per Subscriber    $47.07      $47.34      $47.30

    Total Revenue Generating Units
     (000's) (6)                              39,017      36,367      38,426
    Quarterly Net Additions                      589         601         759


    (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 and subscriber data includes the results of the
    30,000 cable subscribers acquired from US Coastal Cable in April 2004.
    Pro forma subscriber data includes 60,000 subscribers acquired in various
    small acquisitions during the periods presented.  The impact of these
    acquisitions on our segment operating results was not material.

    (3)  Video revenues consist of our basic, expanded basic, premium,
    pay-per-view, equipment and digital services.

    (4)  Other revenues include installation revenues, guide revenues,
    commissions from electronic retailing, other product offerings,
    commercial data services and revenues of our digital media center and
    regional sports programming networks.

    (5)  Available homes includes circuit switched and Comcast Digital Voice
    homes.

    (6)  The sum total of all basic video, digital video, high-speed
    Internet and phone subscribers, excluding additional outlets.


                                   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 is an additional performance measure used as an indicator of our ability to repay debt, make investments and return capital to investors, principally through stock repurchases. We use Debt Excluding Exchangeables as a measure of debt that will require cash from future operations or financings. We also adjust certain historical data on a pro forma basis following significant acquisitions or dispositions to enhance comparability.

Operating Cash Flow is defined as operating income before depreciation and amortization and impairment charges, if any, related to fixed and intangible assets and gains or losses from the 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 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 component of 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 (GAAP), in the business segment footnote of our quarterly and annual financial statements. Therefore, we believe our measure of Operating Cash Flow for our business segments is not a "non-GAAP financial measure" as contemplated by Regulation G adopted by the Securities and Exchange Commission. Consolidated Operating Cash Flow is a non-GAAP financial measure.

Free Cash Flow, which is a non-GAAP financial measure, is defined as Operating Cash Flow less net interest, cash paid for taxes, and capital expenditures. As such, it is unaffected by fluctuations in working capital levels from period to period and cash payments associated with intangible and other non-current assets which are detailed in our quarterly and annual reports on Forms 10Q/K. We believe that Free 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 Free Cash Flow is accrual-based and may not be comparable to similar measures used by other companies.

Debt Excluding Exchangeables, which is a non-GAAP financial measure, refers to the aggregate amount of our consolidated debt and capital lease obligations less the amount of notes that are collateralized by securities that we own.

Pro forma data is used by management to evaluate performance when significant 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 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.

Operating Cash Flow and Free Cash Flow 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. Debt Excluding Exchangeables should not be considered as a substitute for Total Debt. 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.

Following are quantitative reconciliations of Free Cash Flow, Debt Excluding Exchangeables, Consolidated Operating Cash Flow, and, although not required by Regulation G, reconciliations of business segment Operating Cash Flow and pro forma data.

  COMCAST CORPORATION
                               TABLE 7-A continued
       Reconciliation of Historical and Pro Forma Data by Business Segment
                                   (Unaudited)
                              (dollars in millions)

                                       Historical

                                                          Adjustments (1)
                                      Corporate               Corporate
    Three Months Ended                   and                     and    Pro
     March 31, 2005     Cable  Content  Other    Total   Cable  Other  forma
    Revenues           $5,103    $213     $47    $5,363     -     -    $5,363
    Operating expenses
     (excluding
     depreciation and
     amortization)      3,108     136      89     3,333     -     -     3,333
    Operating
     Cash Flow         $1,995     $77    ($42)   $2,030     -     -    $2,030
    Depreciation and
     amortization       1,104      45      15     1,164     -     -     1,164
    Operating
     income (loss)       $891     $32    ($57)     $866     -     -      $866
    Capital
     expenditures        $883      $4      $5      $892     -     -      $892

                                                          Adjustments (1)
                                      Corporate               Corporate
    Three Months Ended                   and                     and    Pro
     March 31, 2004     Cable  Content  Other    Total   Cable  Other  forma
    Revenues           $4,647    $176     $85    $4,908     $3    $1   $4,912
    Operating expenses
     (excluding
     depreciation and
     amortization)      2,928     107     140     3,175      1     1    3,177
    Operating
     Cash Flow         $1,719     $69    ($55)   $1,733     $2     -   $1,735
    Depreciation and
     amortization       1,017      35      22     1,074      -     -    1,074
    Operating
     income (loss)       $702     $34    ($77)     $659     $2     -     $661
    Capital
     expenditures        $814      $4     $10      $828      -     -     $828


       Reconciliation of Operating Cash Flow to Free Cash Flow (Unaudited)
                              (dollars in millions)

                                                  Three Months Ended
                                                       March 31,
                                                 2005              2004
    Operating Cash Flow                    $2,030   $2,030   $1,733   $1,733
    Less:
      Interest, net (2)                      (404)    (404)    (447)    (447)
      Cash Paid for Income Taxes              (12)     (12)     (61)     (61)
      Change in Operating Assets and
       Liabilities, net of acquisitions       (88)             (439)
      Other (3)                              (194)              (12)
    Net Cash Provided by Operating
     Activities                            $1,332              $774
        Less: Capital Expenditures                    (892)             (828)
    Free Cash Flow                                    $722              $397


                 Calculation of 2005 Estimated Free Cash Flow
                            (dollars in billions)

                                                          Free Cash Flow
    2004 Operating Income                                     $2.9
    Add: Depreciation and Amortization                         4.6
    2004 Operating Cash Flow                                   7.5

    Less: 2004 Capital Expenditures                            3.7
          2004 Consolidated Interest, net                      1.7
          2004 Consolidated Cash Paid for Income Taxes         0.2

    2004 Free Cash Flow                                       $1.9
    2005 Free Cash Flow Growth                              35% to 45%
    Projected 2005 Free Cash Flow                          $2.6 to $2.8


   Reconciliation of Total Debt to Debt Excluding Exchangeables (Unaudited)
                            (dollars in millions)

                                           March 31, 2005   December 31, 2004
    Current portion of long-term debt          $3,855             $3,499
    Long-term debt                             19,317             20,093
    Total Debt                                $23,172            $23,592
    Exchangeable debt                           1,270              1,699
    Debt excluding exchangeables              $21,902            $21,893


    (1) Pro forma data is only adjusted for timing of the 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.  Minor differences may exist
    due to rounding.

    (2) Includes interest expense net of interest income and excludes
    non-cash interest and subsidiary preferred dividends.

    (3) Includes non-cash expense included in Operating Cash Flow, cash
    related to other (income) expense, dividends, and the net effect of
    changes in accrued income taxes.

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