-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, RCq3RqP7fvf1QUiaWH+ohAYhDvPjcQIq8glY6xuGV7yuTHfyTdbr7sh3IwTkMPCe X0YN+mPXwg2btQUZgjFxmw== 0000950159-95-000063.txt : 199507030000950159-95-000063.hdr.sgml : 19950703 ACCESSION NUMBER: 0000950159-95-000063 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950630 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMCAST CORP CENTRAL INDEX KEY: 0000022301 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 231709202 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06983 FILM NUMBER: 95551272 BUSINESS ADDRESS: STREET 1: 1500 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102-2148 BUSINESS PHONE: 215-665-1700 MAIL ADDRESS: STREET 1: 1500 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102-2148 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT Pursuant to Section 15(d) of the Securities Exchange Act of 1934 COMCAST CORPORATION [GRAPHIC OMITTED] (Mark One): X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 1994. OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition from _________ to ________ Commission file number 0-6983 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: THE STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Comcast Corporation 1500 Market Street Philadelphia, PA 19102 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN Financial Statements as of December 31, 1994 and 1993 and for each of the Three Years in the Period Ended December 31, 1994; Supplemental Schedules as of and for the Year Ended December 31, 1994; and Independent Auditors' Report STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN TABLE OF CONTENTS
Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statement of Net Assets Available for Plan Benefits as of December 31, 1994 and 1993 2 Statement of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 1994, 1993 and 1992 3-5 Notes to Financial Statements 6-10 SUPPLEMENTAL SCHEDULES: Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1994 11 Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1994 12
1 INDEPENDENT AUDITORS' REPORT Plan Administrator Storer Communications Retirement Savings Plan Philadelphia, Pennsylvania We have audited the accompanying statement of net assets available for plan benefits of the Storer Communications Retirement Savings Plan (the "Plan") as of December 31, 1994 and 1993, and the related statement of changes in net assets available for plan benefits for each of the three years in the period ended December 31, 1994. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for plan benefits of the Storer Communications Retirement Savings Plan as of December 31, 1994 and 1993, and the related changes in net assets available for plan benefits for each of the three years in the period ended December 31, 1994, in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information by fund in the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for the purpose of additional analysis of the basic financial statements rather than to present information regarding the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules on pages 11 and 12 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information by fund and supplemental schedules are the responsibility of the Plan's management. The supplemental information by fund and supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ DELOITTE & TOUCHE LLP Philadelphia, Pennsylvania June 7, 1995 2 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 31, 1994 AND 1993
Supplemental Information by Fund Retirement Fidelity Fidelity Government Fidelity Total Participant Comcast Magellan Balanced Money Market U.S. Equity Investment Loan Stock Fund Fund Fund Fund Index Fund Funds Fund Total DECEMBER 31, 1994 ASSETS Investments - at market value $1,013,628 $2,610,804 $1,100,772 $3,769,435 $702,235 $9,196,874 $ $9,196,874 Loans receivable from participants 462,080 462,080 -------- ---------- ---------- ---------- -------- ---------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $1,013,628 $2,610,804 $1,100,772 $3,769,435 $702,235 $9,196,874 $462,080 $9,658,954 ========== ========== ========== ========== ======== ========== ======== ========== DECEMBER 31, 1993 ASSETS Investments - at market value $915,169 $2,262,575 $1,337,914 $3,445,407 $597,792 $8,558,857 $ $8,558,857 Loans receivable from participants 380,951 380,951 -------- ---------- ---------- ---------- -------- ---------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS $915,169 $2,262,575 $1,337,914 $3,445,407 $597,792 $8,558,857 $380,951 $8,939,808 ======== ========== ========== ========== ======== ========== ======== ==========
See notes to financial statements. 3 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS YEAR ENDED DECEMBER 31, 1994
Supplemental Information by Fund Retirement Fidelity Fidelity Government Fidelity Total Participant Comcast Magellan Balanced Money Market U.S. Equity Investment Loan Stock Fund Fund Fund Fund Index Fund Funds Fund Total NET ASSETS AVAILABLE FOR PLAN BENEFITS, BEGINNING OF YEAR $915,169 $2,262,575 $1,337,914 $3,445,407 $597,792 $8,558,857 $380,951 $8,939,808 ADDITIONS Contributions: Employer 108,810 223,228 108,240 273,230 60,763 774,271 774,271 Employee 191,118 462,969 231,957 505,715 129,440 1,521,199 1,521,199 Investment income - interest and dividends 169,317 96,986 34,997 115,825 21,418 438,543 438,543 Interest on employee loans 2,051 6,309 2,866 12,208 1,491 24,925 24,925 Interfund transfers 240,617 49,483 (103,751) (203,096) 16,747 Realized gains and net (decrease) increase in unrealized appreciation in value of investments (554,638) (142,324) (95,905) 4,642 (13,064) (801,289) (801,289) Loan repayments - principal 12,708 33,859 18,192 75,483 10,390 150,632 (150,632) ---------- ---------- ---------- ---------- -------- ---------- -------- ---------- 169,983 730,510 196,596 784,007 227,185 2,108,281 (150,632) 1,957,649 ---------- ---------- ---------- ---------- -------- ---------- -------- ---------- DEDUCTIONS Payments to participants or beneficiaries 74,195 290,759 391,344 386,981 95,224 1,238,503 1,238,503 Loan withdrawals 16,487 59,534 28,281 109,302 18,157 231,761 (231,761) Forfeited amounts (credits) 14,139 18,356 7,554 (45,831) 5,782 Transfers (in) out (33,297) 13,632 6,559 9,527 3,579 ---------- ---------- ---------- ---------- -------- ---------- -------- ---------- 71,524 382,281 433,738 459,979 122,742 1,470,264 (231,761) 1,238,503 ---------- ---------- ---------- ---------- -------- ---------- -------- ---------- NET ADDITIONS (DEDUCTIONS) 98,459 348,229 (237,142) 324,028 104,443 638,017 81,129 719,146 ---------- ---------- ---------- ---------- -------- ---------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, END OF YEAR $1,013,628 $2,610,804 $1,100,772 $3,769,435 $702,235 $9,196,874 $462,080 $9,658,954 ========== ========== ========== ========== ======== ========== ======== ==========
See notes to financial statements. 4 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS YEAR ENDED DECEMBER 31, 1993
Supplemental Information by Fund Retirement Fidelity Fidelity Government Fidelity Total Participant Comcast Magellan Balanced Money Market U.S. Equity Investment Loan Stock Fund Fund Fund Fund Index Fund Funds Fund Total NET ASSETS AVAILABLE FOR PLAN BENEFITS, BEGINNING OF YEAR $ $1,200,144 $694,464 $3,492,206 $382,976 $5,769,790 $173,184 $5,942,974 ADDITIONS Contributions: Employer 295,021 210,104 126,703 352,469 76,268 1,060,565 1,060,565 Employee 105,039 429,616 298,816 666,559 160,853 1,660,883 1,660,883 Investment income - interest and dividends 2,326 194,416 111,865 99,496 21,996 430,099 430,099 Interest on employee loans 486 3,775 2,243 9,064 897 16,465 16,465 Interfund transfers 231,888 245,221 167,523 (635,353) (9,279) Realized gains and net increase in unrealized appreciation in value of investments 316,080 163,859 62,638 27,273 569,850 569,850 Loan repayments - principal 3,882 20,011 41,702 58,264 5,366 129,225 (129,225) -------- ---------- ---------- ---------- -------- ---------- -------- ---------- 954,722 1,267,002 811,490 550,499 283,374 3,867,087 (129,225) 3,737,862 -------- ---------- ---------- ---------- -------- ---------- -------- ---------- DEDUCTIONS Payments to participants or beneficiaries 40,225 128,005 121,736 378,879 55,313 724,158 724,158 Loan withdrawals 7,704 72,663 42,836 194,147 19,642 336,992 (336,992) Forfeited amounts (credits) 2,921 3,472 3,468 (11,296) 1,435 Transfers (in) out (11,297) 431 35,568 (7,832) 16,870 16,870 -------- ---------- ---------- ---------- -------- ---------- -------- ---------- 39,553 204,571 168,040 597,298 68,558 1,078,020 (336,992) 741,028 -------- ---------- ---------- ---------- -------- ---------- -------- ---------- NET ADDITIONS (DEDUCTIONS) 915,169 1,062,431 643,450 (46,799) 214,816 2,789,067 207,767 2,996,834 -------- ---------- ---------- ---------- -------- ---------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, END OF YEAR $915,169 $2,262,575 $1,337,914 $3,445,407 $597,792 $8,558,857 $380,951 $8,939,808 ======== ========== ========== ========== ======== ========== ======== ==========
See notes to financial statements. 5 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS YEAR ENDED DECEMBER 31, 1992
Supplemental Information by Fund Retirement Fidelity Fidelity Government Fidelity Total Participant Magellan Balanced Money Market U.S. Equity Investment Loan Fund Fund Fund Index Fund Funds Fund Total NET ASSETS AVAILABLE FOR PLAN BENEFITS, BEGINNING OF YEAR $891,762 $404,162 $5,459,352 $258,222 $7,013,498 $ $7,013,498 ADDITIONS Contributions: Employer 207,298 130,346 388,810 76,530 802,984 802,984 Employee 569,579 350,335 976,493 193,439 2,089,846 2,089,846 Investment income - interest and dividends 186,106 74,563 189,846 11,973 462,488 462,488 Interest on employee loans 1,249 1,659 6,552 283 9,743 9,743 Interfund transfers 376,264 260,825 (779,951) 142,862 Realized gains and net (decrease) increase in unrealized appreciation in value of investments (72,827) (19,044) 28,738 (63,133) (63,133) Loan repayments - principal 8,243 5,825 25,979 1,424 41,471 (41,471) ---------- -------- ---------- -------- ---------- -------- ---------- 1,275,912 804,509 807,729 455,249 3,343,399 (41,471) 3,301,928 ---------- -------- ---------- -------- ---------- -------- ---------- DEDUCTIONS Payments to participants or beneficiaries 102,336 46,038 413,789 26,850 589,013 3,848 592,861 Loan withdrawals 57,872 23,893 230,945 14,985 327,695 (327,695) Forfeited amounts (credits) 9,688 3,570 (16,660) 3,402 Transfers out 797,634 440,706 2,146,801 285,258 3,670,399 109,192 3,779,591 ---------- -------- ---------- -------- ---------- -------- ---------- 967,530 514,207 2,774,875 330,495 4,587,107 (214,655) 4,372,452 ---------- -------- ---------- -------- ---------- -------- ---------- NET ADDITIONS (DEDUCTIONS) 308,382 290,302 (1,967,146) 124,754 (1,243,708) 173,184 (1,070,524) ---------- -------- ---------- -------- ---------- -------- ---------- NET ASSETS AVAILABLE FOR PLAN BENEFITS, END OF YEAR $1,200,144 $694,464 $3,492,206 $382,976 $5,769,790 $173,184 $5,942,974 ========== ======== ========== ======== ========== ======== ==========
See notes to financial statements. 6 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Storer Communications Retirement Savings Plan (the "Plan") are presented using the accrual basis of accounting. Investments are carried at market value. Market value is determined by the last sales or closing price as of the last trading day of the Plan year for investments in securities traded on a matured securities exchange or the NASDAQ National Market System. Changes in investment market values are reflected as unrealized appreciation or depreciation in the financial statements of the Plan during each corresponding Plan year, while net realized gains and losses associated with the disposition of investments are recorded as of the trade date and calculated based on market values as of such date. Employee and employer contributions are recorded in the period to which they are applicable. All costs associated with administering the Plan were paid or absorbed by Storer Communications, Inc. (the "Company") in 1994 and 1993. However, certain of these costs were paid by the Plan in 1992. On December 2, 1992, the Company completed certain transactions which resulted in the division of the Company between its stockholders. The accounts of the Plan participants of the subsidiaries no longer owned by the Company were transferred out of the Plan by the Trustee. The majority of these transfers were completed in 1992. 2. PLAN DESCRIPTION The following is not intended to be a complete description of the Plan. Plan participants should refer to the Plan document and applicable amendments for a complete description of the Plan. The Plan is a defined contribution plan qualified under Internal Revenue Code (the "Code") Sections 401(k), 401(a) and 401(m). The Company amended and restated the Plan effective January 1, 1993 to provide generally for the same terms, conditions and benefits as the Comcast Corporation Retirement-Investment Plan (the "Comcast Plan"). Participation in the Plan is open to covered employees who satisfy eligibility requirements as set forth in the Plan document. An employee is eligible for participation in the Plan upon completion of one year and one thousand hours of service. Each eligible employee may direct the Company to make contributions of any multiple of 1% between 1% and 17% of their compensation to the Plan, subject to certain limits imposed by the Code. The Company matches 100% of the participant's contribution up to 1% of the participant's compensation, and 50% of the participant's contribution in excess of 1% of the participant's compensation for such payroll period, up to a maximum matching contribution of 3.5% of the participant's compensation. Prior to 1993, an eligible employee could contribute any multiple of 1% between 1% and 10% of his or her compensation, subject to certain limits imposed by the Code, and the Company matched 50% of the participant's contribution, up to a maximum of 4% of the participant's compensation. Each participant has, at all times, a 100% nonforfeitable interest in the participant's contributions and earnings attributable thereto. In addition, effective January 1, 1993, the Company made one-time contributions of approximately $230,000 in cash to purchase 10 shares of Comcast Class A Special Common Stock for the account of each active participant as of that date. These contributions were recorded at the market value of the shares at the date contributed. Thereafter, comparable contributions are made to the accounts of new participants. 7 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued) Contributions by the Company are vested according to the following schedule: Years of Service Vested Percentage 1 year but less than 2 years 20% 2 years but less than 3 years 40 3 years but less than 4 years 60 4 years but less than 5 years 80 5 years or more 100 Each participant has the right, in accordance with the provisions of the Plan, to direct the investment by the trustee of all amounts allocated to the separate accounts of the participant under the Plan among any one or more of the investment fund options (see Note 3). The trustee pays benefits and expenses upon the written direction of the Plan Administrator. Nonvested amounts contributed by the Company which are forfeited by participants upon separation from service may be used to reduce the Company's required contributions. Pending application of the forfeitures, the Company may direct the trustee to hold the forfeitures in cash or under investment in a suspense account. If the Plan should terminate with any forfeitures not applied against Company contributions, they will be allocated to current participants in the proportion that each participant's compensation for that Plan year bears to the compensation for all such members for the Plan year. Any participant who has a separation from service for any reason except death, disability or attainment of age 65 shall be entitled to receive his vested account balance. Upon death, disability or attainment of age 65, a participant's account becomes fully vested regardless of the service period. If the participant has attained age 65, distribution may begin as soon after the valuation date as is administratively feasible. Otherwise, distribution will start no later than 60 days after the close of the Plan year in which the participant's separation from service occurs, subject to certain deferral rights under the Plan. The distribution alternatives permitted are a lump sum payment, an annuity, installments over a period of time or any combination of the foregoing. The Company may terminate or partially terminate the Plan. If the Plan is terminated or partially terminated, or there is a complete discontinuance of contributions by the Company, each affected participant's account balance will become nonforfeitable. 3. INVESTMENT OPTIONS Contributions are invested in accordance with the directions of the participant in one or more of the following funds: a. Comcast Stock Fund - The assets of the Comcast Stock Fund, including earnings thereon, are invested in Comcast Corporation Class A and Class A Special Common Stock. Currently, participants may direct investments of new contributions and prior account balances only in Class A Common Stock. The trustee purchases the stock at prevailing rates in the open market, and, in the normal course of business, sells such stock to meet distribution requirements of the Plan. The value of the Comcast Stock Fund fluctuates. This fund was offered to participants beginning January 1, 1993. b. Fidelity Magellan Fund - The Fidelity Magellan Fund is a growth fund which seeks long-term capital appreciation by investing in the stocks of both well-known and lesser-known companies with potentially above-average growth potential and a correspondingly higher level of risk. Securities may be of foreign, domestic and multinational companies. The related share price and return will fluctuate. 8 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued) c. Fidelity Balanced Fund - The Fidelity Balanced Fund is a growth and income fund which seeks the highest amount of income possible while preserving capital by investing in investment grade or higher bonds and other high-yielding securities, including common and preferred stocks. At least 25% of the related assets are invested in fixed income senior securities. Dividend amounts will vary and the related share price and return will fluctuate. d. Retirement Government Money Market Fund - The Retirement Government Money Market Fund (the "Fund") is a money market fund which seeks as high a level of current income as is consistent with the preservation of capital and liquidity. It invests in obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities. The Fund's yield will fluctuate. While the Fund seeks to maintain a $1.00 share price, there is no assurance that it will be able to do so. e. Fidelity U.S. Equity Index Fund - The Fidelity U.S. Equity Index Fund (the "Equity Fund") is a growth and income fund. It seeks investment results that correspond to the total return performance of the S&P 500 Index, which is comprised of common stocks. Dividend amounts will vary and the Equity Fund's share price and return will fluctuate. The selection of investments from the options listed above is the sole responsibility of each participant. Each participant assumes all risks connected with any decrease in the market value of any securities in these funds, and such funds are the sole source of payments under the Plan. 4. INVESTMENTS The investments of the Plan consist of the following (The market values used herein do not reflect any changes in price per share subsequent to year-end; number of shares is rounded to the nearest whole share):
December 31, 1994 Market Number of Value Per Market Shares Share Cost Value Comcast Stock Fund Comcast Corp. Common Stock: Class A 41,723 $15.375 $876,343 $641,484 Class A Special (nonvoting) 23,722 15.688 375,348 372,144 ------- ------- 1,251,691 1,013,628 Fidelity Magellan Fund 39,086 66.800 2,667,726 2,610,804 Fidelity Balanced Fund 89,567 12.290 1,157,327 1,100,772 Retirement Government Money Market Fund 3,769,435 1.000 3,766,184 3,769,435 Fidelity U.S. Equity Index Fund 41,528 16.910 681,229 702,235 ------- ------- $9,524,157 $9,196,874 ========== ==========
9 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued)
December 31, 1993 Market Number of Value Per Market Shares Share Cost Value Comcast Stock Fund Comcast Corp. Common Stock: Class A 14,066 $36.375 $398,492 $511,667 Class A Special (nonvoting) 11,208 36.000 219,708 403,502 ------- ------- 618,200 915,169 Fidelity Magellan Fund 31,935 70.850 2,174,689 2,262,575 Fidelity Balanced Fund 99,919 13.390 1,296,039 1,337,914 Retirement Government Money Market Fund 3,445,407 1.000 3,445,407 3,445,407 Fidelity U.S. Equity Index Fund 34,614 17.270 559,084 597,792 ------- ------- $8,093,419 $8,558,857 ========== ==========
On December 21, 1993, Comcast Corporation's ("Comcast") board of directors authorized a three-for-two stock split in the form of a 50% stock dividend payable on February 2, 1994 to shareholders of record on January 12, 1994. The dividend was paid in Class A Special Common stock to Comcast's holders of Class A Common and Class A Special Common. The number of shares and market value per share amounts included herein as they relate to the plan year ended December 31, 1993 have not been adjusted to reflect the dividend. 5. LOANS AND WITHDRAWALS Participants may borrow from their Plan account. Loans are subject to the approval of the Plan Administrator in accordance with applicable regulations issued by the Internal Revenue Service ("IRS") and the Department of Labor. In general, the principal amount of the loan to a participant may not be less than $500 and may not exceed the lesser of (a) $50,000, reduced by the excess of the highest outstanding balance of loans to the participant from the Plan during the one-year period ending on the day before the date on which the loan was made over the outstanding balance of loans to the participant on the date on which the loan is made or (b) 50% of the participant's nonforfeitable Accrued Benefit on the Valuation Date (as these amounts are defined by the Plan) last preceding the date on which the loan application is received by the Plan Administrator. Prior to January 1, 1993, the minimum loan amount was $1,000. The maximum term of these loans is five years. If a participant terminates for any reason, any outstanding loan balance becomes due and payable. Interest accrues at a rate charged by commercial lenders for comparable loans on the date the loan application is approved. Participants may withdraw all or a portion of their benefits derived from salary reduction, rollovers or the nonforfeitable portion of their employer contribution account on account of hardship, as defined by the Plan and applicable IRS regulations. Under these rules, the participant must exhaust the possibilities of all other distributions, loans, etc. available under the Plan and meet certain other requirements. Upon receiving a hardship withdrawal, the participant's elective contributions are suspended for twelve full calendar months. 6. BENEFITS PAYABLE As of December 31, 1994 and 1993, net assets available for Plan benefits included benefits of approximately $64,000 and $65,000, respectively, due to participants who have withdrawn from participation in the Plan. 10 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Concluded) 7. ADMINISTRATION OF THE PLAN The Company has the authority to control and manage the operation and administration of the Plan. The Company may delegate all or a portion of the responsibilities of controlling and managing the operation and administration of the Plan to one or more persons. 8. FEDERAL TAX CONSIDERATIONS a. Status of the Plan - The Plan obtained its latest determination letter dated April 27, 1992, in which the IRS stated that the Plan, as then designed, was in compliance with the applicable requirements of the Code. The Plan has been amended since receiving this determination letter. However, the Company believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. A request for an updated determination letter, which considers the 1993 Plan restatement (see Note 2) and all subsequent amendments, has been filed with the IRS. b. Impact on Plan Participants - Matching contributions and salary reduction contributions, as well as earnings on Plan assets, are generally not subject to federal income tax until distributed from a qualified plan that meets the requirements of Sections 401(a), 401(k) and 401(m) of the Code. ***** 11 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1994
Market Number of Value Per Market Shares* Share Cost Value COMCAST STOCK FUND Comcast Corp. Common Stock: Class A 41,723 $15.375 $876,343 $641,484 Class A Special (nonvoting) 23,722 15.688 375,348 372,144 --------- --------- 1,251,691 1,013,628 FIDELITY MAGELLAN FUND 39,086 66.800 2,667,726 2,610,804 FIDELITY BALANCED FUND 89,567 12.290 1,157,327 1,100,772 RETIREMENT GOVERNMENT MONEY MARKET FUND 3,769,435 1.000 3,766,184 3,769,435 FIDELITY U.S. EQUITY INDEX FUND 41,528 16.910 681,229 702,235 LOANS TO PARTICIPANTS (Interest rates from 7.0% to 9.5%; maturities from 1995 to 1999) 462,080 462,080 --------- --------- $9,986,237 $9,658,954 ========== ==========
* Number of shares is rounded to the nearest whole share. 12 STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1994
Selling Cost of Description Price Asset Net Gain PURCHASES Comcast Stock Fund $765,637 Fidelity Magellan Fund 1,047,600 Fidelity Balanced Fund 473,258 Retirement Government Money Market Fund 1,078,049 Fidelity U.S. Equity Index Fund 304,019 SALES Comcast Stock Fund $112,540 $83,860 $28,680 Fidelity Magellan Fund 557,047 554,947 2,100 Fidelity Balanced Fund 614,495 612,115 2,380 Retirement Government Money Market Fund 758,663 758,663 Fidelity U.S. Equity Index Fund 186,512 181,857 4,655
INDEPENDENT AUDITORS' CONSENT Weconsent to the incorporation by reference in Registration Statement No. 33-54365 of Comcast Corporation on Form S-8 of our reports dated February 21, 1995 and June 7, 1995 appearing in the Annual Report on Form 10-K of Comcast Corporation for the year ended December 31, 1994 and in the Annual Report on Form 11-K of Comcast Corporation for the Storer Communications Retirement Savings Plan for the year ended December 31, 1994, respectively. /s/ DELOITTE & TOUCHE LLP Philadelphia, Pennsylvania June 29, 1995 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. THE STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN By: Comcast Corporation Plan Administrator Date: June 28, 1995 By: /s/ Lawrence S. Smith Lawrence S. Smith Senior Vice President, Accounting and Administration -----END PRIVACY-ENHANCED MESSAGE-----