-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WH1+cke0hugIN6bFoiTwQWXt3PKeUoLmGoRv6vXUi2NVNP388zkzRoDNtcfqNUQS XJOIX1tpUQRPN2BJjnJpyg== 0000950159-96-000203.txt : 19961106 0000950159-96-000203.hdr.sgml : 19961106 ACCESSION NUMBER: 0000950159-96-000203 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961104 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961104 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMCAST CORP CENTRAL INDEX KEY: 0000022301 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] IRS NUMBER: 231709202 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06983 FILM NUMBER: 96653896 BUSINESS ADDRESS: STREET 1: 1500 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102-2148 BUSINESS PHONE: 215-665-17 MAIL ADDRESS: STREET 1: 1500 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102-2148 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 4, 1996 Comcast Corporation ------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 0-6983 23-1709202 - ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (IRS employer of incorporation) file number) identification no.) 1500 Market Street, Philadelphia, PA 19102-2148 ------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (215) 665-1700 -------------- ITEM 5. OTHER EVENTS On November 4, 1996, Comcast Corporation issued a press release regarding its third quarter 1996 results, a copy of which is attached as Exhibit 99.1 to the Form 8-K and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits Exhibit 99.1 - Comcast Corporation Press Release dated November 4, 1996. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. COMCAST CORPORATION Dated: November 4, 1996 By: /s/ Joseph J. Euteneuer ------------------------------- Joseph J. Euteneuer Vice President and Corporate Controller EXHIBIT INDEX Exhibit Number Description 99.1 Comcast Corporation Press Release dated November 4, 1996 EX-99.1 2 Comcast Corporation 1500 Market Street Philadelphia, PA 19102 NEWS For further information contact: John R. Alchin (215) 981-7503 William E. Dordelman (215) 981-7550 Marlene S. Dooner (215) 981-7392 FOR IMMEDIATE RELEASE COMCAST REPORTS THIRD QUARTER RESULTS SEVENTH CONSECUTIVE QUARTER OF DOUBLE DIGIT REVENUE AND CASH FLOW GROWTH Philadelphia, PA - November 4, 1996... Comcast Corporation today reported results for the three and nine months ended September 30, 1996. Revenues for the three months ended September 30, 1996 were $974.6 million, representing a 12.0% increase over the $870.2 million reported for the same period in 1995. Operating cash flow for the third quarter of 1996 was $295.8 million, an increase of 12.0% over the $264.1 million reported in the third quarter of 1995. The Company reported a net loss of $10.0 million, or $0.04 per share for the three months ended September 30, 1996, as compared to a net loss of $7.4 million, or $0.03 per share for the same period in 1995. Ongoing losses are associated with financing costs and non-cash charges, such as depreciation and amortization, principally from acquisitions, and equity in net losses of affiliates. For the nine months ended September 30, 1996, the Company reported revenues of $2.871 billion and operating cash flow of $862.0 million as compared to revenues and operating cash flow of $2.357 billion and $744.6 million, respectively, for the same period in 1995. Consolidated results for the Company do not include the results of QVC prior to the acquisition date of February 1995. On a pro forma basis, as if QVC had been owned for the entire nine month period ended September 30, 1995, the Company's consolidated revenues and operating cash flow for the period ended September 30, 1996 increased 15.4% and 12.3%, respectively, over the same period in 1995. In the third quarter, the cable division reported revenue and operating cash flow growth of 6.6% over the prior year period. The cable division's results reflect strong growth in subscribers, which increased by more than 18,000 during the quarter as compared to approximately 10,500 customers added in the third quarter of 1995. For the twelve months ended September 30, 1996, the cable division has added almost 86,000 customers, a 2.6% growth rate. During the third quarter, the cellular division continued its positive operating trend, with revenues and operating cash flow increasing 12.5% and 19.5%, respectively, over the prior year period. QVC continued its impressive performance, with third quarter revenue and operating cash flow growth of 10.1% and 16.0%, respectively over the prior year period, despite strong competition for viewers as a result of the Summer Olympics. Brian L. Roberts, President of Comcast said, "As we gear up for an active fourth quarter we are enthusiastic about the prospects of each of our core businesses. In particular, the cable division is continuing to aggressively upgrade its network infrastructure and customer service platforms to provide a broader and richer array of programming to our customers. We believe that the capacity of our upgraded networks will provide unique opportunities to market new products and services that will support continued cable growth." "In each of our businesses, and throughout our service territories, we are delivering a range of valuable products and services to our customers. As an example, we recently opened our first Comcast Communications Center in suburban Philadelphia, a retail environment that showcases Comcast as an integrated provider of communications and entertainment services, selling and promoting all of the products available to our customer in this core market." Comcast Corporation is principally engaged in the development, management and operation of wired telecommunications including cable television and telephone services; wireless telecommunications including cellular, personal communications services and direct to home satellite television; and content through principal ownership and management of QVC, the world's premier electronic retailer, and through majority ownership of Comcast-Spectacor and other programming investments. The Company's consolidated and affiliated operations serve more than ten million customers worldwide. Comcast's Class A and Class A Special Common Stock are traded on The NASDAQ Stock Market under the symbols CMCSA and CMCSK, respectively. ##### COMCAST CORPORATION Condensed Consolidated Statement of Operations (Unaudited) (in thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, 1996 1995 1996 1995 Service Income $543,540 $478,758 $1,584,000 $1,381,510 Net Sales from Electronic Retailing 431,023 391,491 1,286,869 975,917 -------- -------- ---------- ---------- 974,563 870,249 2,870,869 2,357,427 Cost of Goods Sold from Electronic Retailing 262,338 234,369 774,718 584,615 Operating, Selling, General and Administrative Expenses 416,415 371,736 1,234,144 1,028,238 -------- -------- ---------- ---------- Operating Cash Flow 295,810 264,144 862,007 744,574 Depreciation Expense 78,325 59,244 223,718 278,610 Amortization Expense 88,393 88,388 267,272 256,065 Interest Expense 135,742 137,816 403,735 388,367 Investment Income (16,215) (44,727) (63,706) (202,307) Equity in Net Losses of Affiliates 28,877 25,628 89,198 63,534 Gain from Equity Offering of Affiliate (40,638) Other (293) (5,891) 22,673 (5,523) -------- -------- ---------- ---------- 314,829 260,458 902,252 778,746 -------- -------- ---------- ---------- (Loss) Income Before Income Tax Expense, Minority Interest and Extraordinary Items (19,019) 3,686 (40,245) (34,172) Income Tax Expense 9,282 18,435 33,894 32,470 Minority Interest (18,329) (12,796) (47,423) (34,767) -------- -------- ---------- ---------- Loss Before Extraordinary Items (9,972) (1,953) (26,716) (31,875) Extraordinary Items (5,407) (1,013) (5,407) -------- -------- ---------- ---------- Net Loss ($9,972) ($7,360) ($27,729) ($37,282) ======== ======== ========== ========== Loss per Share Loss Before Extraordinary Items ($0.04) ($0.01) ($0.11) ($0.13) Extraordinary Items (0.02) (0.02) -------- -------- ---------- ---------- Net Loss ($0.04) ($0.03) ($0.11) ($0.15) ======== ======== ========== ========== Weighted Average Number of Common Shares Outstanding During the Period 233,318 239,819 236,189 239,634 ======== ======== ========== ========== Cash Dividends per Share $0.023 $0.023 $0.070 $0.070 ======== ======== ========== ==========
COMCAST CORPORATION Condensed Consolidated Balance Sheet (Unaudited) (in thousands)
September 30, December 31, 1996 1995 Cash, Cash Equivalents and Short-term Investments $526,662 $910,043 Accounts Receivable, net 350,675 390,698 Inventories, net 256,251 243,447 Other Current Assets 123,748 109,470 Investments, principally in affiliates 1,278,733 906,383 Property and Equipment, net 2,051,562 1,643,602 Deferred Charges, net 5,241,677 5,376,665 ---------- ---------- Total Assets $9,829,308 $9,580,308 ========== ========== Current Liabilities $1,140,964 $1,122,069 Long-term Debt, less current portion 7,233,745 6,943,766 Deferred Income Taxes 1,501,820 1,517,995 Minority Interest and Other 891,492 824,129 Stockholders' Deficiency (938,713) (827,651) ---------- ---------- Total Liabilities & Stockholders' Deficiency $9,829,308 $9,580,308 ========== ==========
COMCAST CORPORATION Pro Forma Financial and Other Data by Business Segment (Unaudited) (1) (in thousands)
(2) (3) Domestic Electronic Corporate Cable Retailing Cellular and Other Total Three Months Ended September 30, 1996 Revenues $392,619 $431,023 $110,020 $40,901 $974,563 Operating Cash Flow (Deficit) 193,875 69,238 47,739 (15,042) 295,810 Capital Expenditures 67,025 19,317 32,475 52,483 171,300 Three Months Ended September 30, 1995 Revenues $368,453 $391,491 $97,830 $12,475 $870,249 Operating Cash Flow (Deficit) 181,955 59,705 39,955 (17,471) 264,144 Capital Expenditures 69,395 7,465 24,020 36,731 137,611 Nine Months Ended September 30, 1996 Revenues $1,170,951 $1,286,869 $317,116 $95,933 $2,870,869 Operating Cash Flow (Deficit) 578,880 208,646 118,826 (44,345) 862,007 Capital Expenditures 203,841 38,864 69,026 138,474 450,205 Nine Months Ended September 30, 1995 Revenues $1,078,033 $1,107,386 $274,243 $28,139 $2,487,801 Operating Cash Flow (Deficit) 529,655 178,501 110,736 (51,519) 767,373 Capital Expenditures 180,437 21,516 191,983 88,214 482,150 (1) The Company acquired QVC in February 1995. Pro forma financial data by business segment is presented as if the QVC acquisition occurred at the beginning of 1995. Accordingly, each period presented includes QVC's operating results for the entire period. The information presented above is not necessarily indicative of what the results would have been had the Company operated QVC since the beginning of 1995. Historical financial data by business segment is available in the Company's Quarterly Report on Form 10-Q. (2) Effective April 1, 1995, QVC began consolidating its United Kingdom operations. Pro forma financial data by business segment for periods prior to April 1, 1995 excludes QVC's United Kingdom operations. For the three months ended March 31, 1995, revenues of QVC's United Kingdom operations were $7.4 million and operating cash flow (deficit) was ($2.2 million). (3) Corporate and other includes certain operating businesses and elimination entries related to the segments presented.
Other Data (at end of period) 3Q95- 3Q96 3Q95 2Q96 3Q96 Growth Domestic Cable Homes Passed 5,547 5,624 5,649 1.8% Basic Cable Subscribers 3,361 3,429 3,447 2.6% Basic Cable Penetration 60.6% 61.0% 61.0% 0.4 pts. Primestar Subscribers 43 81 101 134.9% -----END PRIVACY-ENHANCED MESSAGE-----