Comcast Reports First Quarter 2009 Results
April 30, 2009 - Financial Tables

Comcast Corporation

TABLE 1
Condensed Consolidated Statement of Operations (Unaudited)
Three Months Ended
(in millions, except per share data) March 31,
2008 2009
Revenue $ 8,389 $ 8,835
Operating expenses 3,361 3,565
Selling, general and administrative expenses 1,854 1,826
5,215 5,391
Operating cash flow 3,174 3,444
Depreciation expense 1,390 1,380
Amortization expense 229 253
1,619 1,633
Operating income 1,555 1,811
Other income (expense)
Interest expense (621 ) (570 )
Investment income (loss), net 79 13
Equity in net income (losses) of affiliates, net (35 ) (14 )
Other income (expense) 268 (1 )
(309 ) (572 )
Income before income taxes 1,246 1,239
Income tax expense (508 ) (461 )
Net income from consolidated operations 738 778
Less: Net income (loss) attributable to noncontrolling interests 6 6
Net income attributable to Comcast Corporation $ 732 $ 772
Diluted earnings per common share attributable to Comcast Corporation stockholders $ 0.24 $ 0.27
Adjusted earnings per common share attributable to Comcast Corporation stockholders (1) $ 0.19 $ 0.27
Dividends declared per common share attributable to Comcast Corporation stockholders $ 0.06 $ 0.07
Diluted weighted-average number of common shares 3,017 2,890

(1)

Please refer to Table 4 for a reconciliation of adjusted net income and earnings per share attributable to Comcast Corporation stockholders.

Comcast Corporation

TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
(in millions) December 31, March 31,
2008 2009
ASSETS
Current Assets
Cash and cash equivalents $ 1,195 $ 1,879
Investments 59 59
Accounts receivable, net 1,626 1,483
Other current assets 836 829
Total current assets 3,716 4,250
Investments 4,783 4,872
Property and equipment, net 24,444 24,038
Franchise rights 59,449 59,446
Goodwill 14,889 14,893
Other intangible assets, net 4,558 4,446
Other noncurrent assets, net 1,178 1,126
$ 113,017 $ 113,071
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses related to trade creditors $ 3,393 $ 3,121
Accrued expenses and other current liabilities 3,268 3,119
Current portion of long-term debt 2,278 2,647
Total current liabilities 8,939 8,887
Long-term debt, less current portion 30,178 29,415
Deferred income taxes 26,982 27,188
Other noncurrent liabilities 6,171 6,219
Redeemable noncontrolling interests 171 173
Equity
Comcast Corporation stockholders' equity 40,450 41,095
Noncontrolling interests 126 94
Total Equity 40,576 41,189
$ 113,017 $ 113,071

Comcast Corporation

TABLE 3
Consolidated Statement of Cash Flows (Unaudited)
(in millions) Three Months Ended
March 31,
2008 2009
OPERATING ACTIVITIES
Net income from consolidated operations $ 738 $ 778
Adjustments to reconcile net income from consolidated operations to net cash provided by operating activities:
Depreciation 1,390 1,380
Amortization 229 253
Share-based compensation 62 54
Noncash interest expense (income), net 57 44
Equity in net losses (income) of affiliates, net 35 14
(Gains) losses on investments and noncash other (income) expense, net (316 )

15

Deferred income taxes 232 214
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in accounts receivable, net 162 143
Change in accounts payable and accrued expenses related to trade creditors (144 ) (94 )
Change in other operating assets and liabilities (186 )

(289

)
Net cash provided by operating activities 2,259 2,512
FINANCING ACTIVITIES
Proceeds from borrowings 192 20
Repurchases and repayments of debt (218 ) (352 )
Repurchases of common stock (1,000 ) -
Dividends paid - (180 )
Issuances of common stock 10 -
Other (28 ) -
Net cash provided by (used in) financing activities (1,044 ) (512 )
INVESTING ACTIVITIES
Capital expenditures (1,431 ) (1,160 )
Cash paid for software and other intangible assets (126 ) (133 )
Acquisitions, net of cash acquired (29 ) (7 )
Proceeds from sales of investments 49 7
Purchases of investments (26 ) (47 )
Other 20 24
Net cash provided by (used in) investing activities (1,543 ) (1,316 )
Increase (decrease) in cash and cash equivalents (328 ) 684
Cash and cash equivalents, beginning of period 963 1,195
Cash and cash equivalents, end of period $ 635 $ 1,879

Comcast Corporation

TABLE 4
Reconciliation of Net Income attributable to Comcast Corporation to Adjusted Net Income attributable to Comcast Corporation (Unaudited)
Three Months Ended
March 31,
2009 vs. 2008
2008 2009 Growth (%)
(in millions, except per share data)
$

EPS (1)

$

EPS (1)

$

EPS (1)

Net Income attributable to Comcast Corporation $ 732 $ 0.24 $ 772 $ 0.27 6% 13%
Adjustments:

Gain related to the dissolution of the Insight Midwest partnership, net of tax (2)

(144 ) (0.05 ) - - NM NM
Adjusted Net Income attributable to Comcast Corporation $ 588 $ 0.19 $ 772 $ 0.27 31% 42%
(1) Based on diluted average number of common shares for the respective periods as presented in Table 1.
(2) 2008 Net Income attributable to Comcast Corporation includes a $235 million ($144 million net of tax) gain related to the dissolution of the Insight Midwest Partnership.

Note: Minor differences may exist due to rounding.