Consolidated Revenue Increased 2.9%, Operating Cash Flow Increased 7.4% and Operating Income Increased 11.2%

Earnings per Share Increased 20.0% to $0.54; Excluding Gain on Asset Sale, EPS Increased 13.3% to $0.51

Free Cash Flow Increased 3.3% to $3.1 Billion

Quarterly Dividends and Share Repurchases Totaled $929 Million

PHILADELPHIA--(BUSINESS WIRE)-- Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended March 31, 2013.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "We are off to a solid start in 2013, with strong revenue and cash flow growth and record quarterly free cash flow. Cable's results highlight revenue growth in every product, led by Video and High-Speed Internet, and overall customer growth, as we continue to effectively balance financial and customer performance. NBCUniversal's businesses also generated strong first quarter performance, led by Film and Cable Networks. We completed the acquisition of NBCUniversal during the quarter and look forward to continuing to drive innovation and operational excellence to deliver superior entertainment and communications choices for consumers."

Consolidated Financial Results
		1st Quarter
($ in millions)		2012		2013		Growth
Revenue		$14,878		$15,310		2.9	%
Operating Cash Flow (OCF)1		$4,688		$5,034		7.4	%
Operating Income		$2,758		$3,067		11.2	%
Earnings per Share2		$0.45		$0.54		20.0	%
Free Cash Flow3		$3,039		$3,138		3.3	%

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast's Investor Relations website at www.cmcsa.com or www.cmcsk.com.

Revenue for the first quarter of 2013 increased 2.9% to $15.3 billion. Excluding $259 million of revenue generated by the NFL's Super Bowl in the first quarter of 2012, revenue increased 4.7% (see Table 5). Operating Cash Flow increased 7.4% to $5.0 billion and Operating Income increased 11.2% to $3.1 billion.

Earnings per Share (EPS) for the first quarter of 2013 was $0.54, a 20.0% increase from the $0.45 reported in the first quarter of 2012. Excluding a $0.03 per share gain in the first quarter of 2013 on the sale of wireless spectrum licenses, EPS increased 13.3% (see Table 4).

Capital Expenditures increased 15.9% to $1.4 billion in the first quarter of 2013 compared to the first quarter of 2012. Cable Communications' capital expenditures increased $38 million, or 3.6%, to $1.1 billion in the first quarter of 2013, primarily reflecting our ongoing investment in network infrastructure and the expansion of Business Services and Xfinity Home. Cable capital expenditures represented 10.7% of Cable revenue in the first quarter of 2013 compared to 11.0% in last year's first quarter. NBCUniversal's capital expenditures increased $152 million to $263 million in the first quarter of 2013, primarily reflecting increased investments in Theme Parks.

Free Cash Flow (excluding any impact from the Economic Stimulus packages) increased 3.3% to $3.1 billion in the first quarter of 2013 compared to the first quarter of 2012, reflecting growth in consolidated operating cash flow, partially offset by higher capital expenditures.

		1st Quarter
($ in millions)			2012				2013			Growth
Operating Cash Flow		$	4,688			$	5,034			7.4	%
Capital Expenditures			(1,174	)			(1,361	)		15.9	%
Cash Paid for Capitalized Software and Other Intangible Assets			(184	)			(182	)		(1.1	%)
Cash Interest Expense			(614	)			(617	)		0.5	%
Cash Taxes			(118	)			(461	)		NM
Changes in Operating Assets and Liabilities			346				369			6.6	%
Other			95				356			NM
Free Cash Flow (Incl. Economic Stimulus Packages)		$	3,039			$	3,138			3.3	%
Economic Stimulus Packages			-				-			-
Free Cash Flow		$	3,039			$	3,138			3.3	%

Note: The definition of Free Cash Flow excludes any impact from the 2008-2013 Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison. "Other" in 2013 is substantially comprised of cash taxes paid in the first quarter of 2013 related to 2012 taxable income that were reflected as a reduction of 2012 Free Cash Flow.

NM=comparison not meaningful.

Dividends and Share Repurchases. During the first quarter of 2013, Comcast paid dividends totaling $429 million and repurchased 13.3 million of its common shares for $500 million. As of March 31, 2013, Comcast had approximately $3.0 billion available under its share repurchase authorization.

Cable Communications
		1st Quarter
($ in millions)			2012				2013			Growth
Cable Communications Revenue
Video		$	4,929			$	5,113			3.7	%
High-Speed Internet			2,323				2,523			8.6	%
Voice			878				900			2.6	%
Business Services			581				741			27.5	%
Advertising			475				488			2.7	%
Other			413				452			9.6	%
Cable Communications Revenue		$	9,599			$	10,217			6.4	%
Cable Communications OCF		$	3,955			$	4,219			6.7	%
OCF Margin			41.2	%			41.3	%
Cable Communications Capital Expenditures		$	1,056			$	1,094			3.6	%
Percent of Cable Communications Revenue			11.0	%			10.7	%

Revenue for Cable Communications increased 6.4% to $10.2 billion in the first quarter of 2013 compared to $9.6 billion in the first quarter of 2012, reflecting increases of 8.6% in High-Speed Internet, 3.7% in Video and 27.5% in Business Services. Monthly average total revenue per Video customer increased 8.1% to $155.05, reflecting rate adjustments, an increasing number of residential customers taking multiple products and a higher contribution from Business Services.

Combined Video, High-Speed Internet and Voice Customers increased by 583,000 in the first quarter of 2013, a 3.2% increase in net additions compared to first quarter 2012, reflecting growth in High-Speed Internet and Voice customers. As of March 31, 2013, Video, High-Speed Internet and Voice customers totaled 51.9 million, an increase of 1.5 million or 3.0% over last year's first quarter.

		Customers							Net Adds
(in thousands)		1Q12		1Q13					1Q12			1Q13
Video Customers		22,294		21,935					(37	)		(60	)
High-Speed Internet Customers		18,582		19,799					439			433
Voice Customers		9,506		10,166					164			211
Combined Video, HSI and Voice Customers		50,382		51,900					565			583

Operating Cash Flow for Cable Communications increased 6.7% to $4.2 billion in the first quarter of 2013 compared to $4.0 billion in the first quarter of 2012, reflecting higher revenue, partially offset by increases in video programming costs. This quarter's operating cash flow margin was 41.3% compared to 41.2% in the first quarter of 2012.

NBCUniversal
		1st Quarter
($ in millions)			2012				2013			Growth
NBCUniversal Revenue
Cable Networks		$	2,128			$	2,225			4.6	%
Broadcast Television			1,861				1,517			(18.5	%)
Filmed Entertainment			1,192				1,216			2.0	%
Theme Parks			412				462			12.2	%
Headquarters, Other and Eliminations			(121	)			(80	)		NM
NBCUniversal Revenue		$	5,472			$	5,340			(2.4	%)
(% growth excluding Super Bowl)										2.4	%
NBCUniversal OCF
Cable Networks		$	809			$	859			6.2	%
Broadcast Television			(14	)			(35	)		NM
Filmed Entertainment			6				69			NM
Theme Parks			157				173			10.3	%
Headquarters, Other and Eliminations			(145	)			(113	)		NM
NBCUniversal OCF		$	813			$	953			17.2	%

Revenue for NBCUniversal decreased 2.4% to $5.3 billion in the first quarter of 2013 compared to $5.5 billion in the first quarter of 2012. Excluding $259 million of revenue generated by the broadcast of the NFL's Super Bowl in the first quarter of 2012, revenue increased 2.4% (see Table 5). Operating Cash Flow increased 17.2% to $953 million compared to $813 million in the first quarter of 2012, reflecting strong results at Cable Networks, Filmed Entertainment and Theme Parks.

Cable Networks

For the first quarter of 2013, revenue from the Cable Networks segment increased 4.6% to $2.2 billion compared to the first quarter of 2012, driven by an 8.6% increase in distribution revenue. Advertising revenue increased 2.5%, primarily reflecting price increases, offset by lower ratings, and content licensing and other revenue decreased 11.9%. Operating cash flow increased 6.2% to $859 million compared to $809 million in the first quarter of 2012, reflecting higher revenue and a 2.4% increase in programming and production costs, due to the continued investment in original programming, partially offset by lower sports programming costs compared to last year's first quarter.

Broadcast Television

For the first quarter of 2013, revenue from the Broadcast Television segment decreased 18.5% to $1.5 billion compared to $1.9 billion in the first quarter of 2012. Excluding $259 million of revenue generated by the NFL's Super Bowl in the first quarter of 2012, revenue decreased 5.3% (see Table 5), driven by lower primetime ratings at the NBC broadcast network and lower content licensing revenue. Primarily reflecting the decline in revenue, the Broadcast Television segment generated an operating cash flow loss of $35 million in the first quarter of 2013 compared to a loss of $14 million in the first quarter of 2012.

Filmed Entertainment

For the first quarter of 2013, revenue from the Filmed Entertainment segment increased 2.0% to $1.2 billion compared to the first quarter of 2012, driven by higher theatrical revenue from the strong box office performance of Les Miserables and the first quarter releases of Identity Thief and Mama, as well as higher content licensing revenue. Operating cash flow increased to $69 million compared to $6 million in the first quarter of 2012, reflecting higher revenue due to improved performance and lower marketing expense due to fewer theatrical releases in the first quarter compared to the same period last year.

Theme Parks

For the first quarter of 2013, revenue from the Theme Parks segment increased 12.2% to $462 million compared to $412 million in the first quarter of 2012, driven by higher attendance at the Orlando and Hollywood parks, which benefitted, in part, from the timing of holidays. First quarter operating cash flow increased 10.3% to $173 million compared to $157 million in the same period last year, reflecting higher revenue, partially offset by increased operating costs to support new attractions.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations among the NBCUniversal businesses. For the quarter ended March 31, 2013, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $113 million compared to a loss of $145 million in the first quarter of 2012, reflecting lower employee benefit costs.

Corporate, Other and Eliminations

Corporate, Other and Eliminations include corporate operations, Comcast-Spectacor and eliminations among Comcast's businesses. For the quarter ended March 31, 2013, Corporate, Other and Eliminations revenue was ($247) million compared to ($193) million in 2012. The operating cash flow loss was $138 million compared to a loss of $80 million in the first quarter of 2012, reflecting higher eliminations due to increased content licensing between our businesses and fewer events at Comcast-Spectacor.

Notes:

1		We define Operating Cash Flow as operating income (loss) before depreciation and amortization, excluding impairment charges related to fixed and intangible assets and gains or losses on the sale of assets, if any.
2		Earnings per share amounts are presented on a diluted basis.
3		We define Free Cash Flow as Net Cash Provided by Operating Activities (as stated in our Consolidated Statement of Cash Flows) reduced by capital expenditures, cash paid for intangible assets and cash distributions to noncontrolling interests; and adjusted for any payments and receipts related to certain nonoperating items, net of estimated tax benefits.
		All percentages are calculated on whole numbers. Minor differences may exist due to rounding.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial community today, May 1, 2013 at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on its Investor Relations website at www.cmcsa.com or www.cmcsk.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 27576169. A replay of the call will be available starting at 12:30 p.m. ET on May 1, 2013, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Wednesday, May 8, 2013 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 27576169.

From time to time, we post information that may be of interest to investors on our website at www.cmcsa.com or www.cmcsk.com and on our corporate blog, www.corporate.comcast.com/comcast-voices. To automatically receive Comcast financial news by email, please visit www.cmcsa.com or www.cmcsk.com and subscribe to email alerts.

Caution Concerning Forward-Looking Statements

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.

Non-GAAP Financial Measures

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 that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA, CMCSK) is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is the nation's largest video, high-speed Internet and phone provider to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal operates 30 news and entertainment cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com for more information.

TABLE 1
Condensed Consolidated Statement of Income (Unaudited)
		Three Months Ended
(in millions, except per share data)		March 31,
		2012					2013
Revenue		$	14,878				$	15,310
Programming and production			4,737					4,663
Other operating and administrative			4,244					4,466
Advertising, marketing and promotion			1,209					1,147
			10,190					10,276
Operating cash flow			4,688					5,034
Depreciation expense			1,529					1,566
Amortization expense			401					401
			1,930					1,967
Operating income			2,758					3,067
Other income (expense)
Interest expense			(640	)				(653	)
Investment income (loss), net			92					72
Equity in net income (losses) of investees, net			3					11
Other income (expense), net			(16	)				73
			(561	)				(497	)
Income before income taxes			2,197					2,570
Income tax expense			(750	)				(925	)
Net income			1,447					1,645
Net (income) loss attributable to noncontrolling interests and redeemable subsidiary preferred stock			(223	)				(208	)
Net income attributable to Comcast Corporation		$	1,224				$	1,437
Diluted earnings per common share attributable to Comcast Corporation shareholders		$	0.45				$	0.54
Dividends declared per common share attributable to Comcast Corporation shareholders		$	0.1625				$	0.195
Diluted weighted-average number of common shares			2,744					2,675

TABLE 2
Condensed Consolidated Balance Sheet (Unaudited)
(in millions)		December 31,				March 31,
		2012				2013
ASSETS
Current Assets
Cash and cash equivalents		$	10,951			$	1,839
Investments			1,464				2,841
Receivables, net			5,521				5,063
Programming rights			909				901
Other current assets			1,146				1,139
Total current assets			19,991				11,783
Film and television costs			5,054				4,653
Investments			6,325				5,433
Property and equipment, net			27,232				28,219
Franchise rights			59,364				59,364
Goodwill			26,985				26,996
Other intangible assets, net			17,840				17,584
Other noncurrent assets, net			2,180				2,332
		$	164,971			$	156,364
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses related to trade creditors		$	6,206			$	5,750
Accrued participations and residuals			1,350				1,469
Deferred revenue			851				903
Accrued expenses and other current liabilities			5,931				7,719
Current portion of long-term debt			2,376				2,177
Total current liabilities			16,714				18,018
Long-term debt, less current portion			38,082				45,049
Deferred income taxes			30,110				31,152
Other noncurrent liabilities			13,271				12,640
Redeemable noncontrolling interests and redeemable subsidiary preferred stock			16,998				854
Equity
Comcast Corporation shareholders' equity			49,356				48,190
Noncontrolling interests			440				461
Total equity			49,796				48,651
		$	164,971			$	156,364

TABLE 3
Consolidated Statement of Cash Flows (Unaudited)
(in millions)		Three Months Ended
		March 31,
		2012					2013
OPERATING ACTIVITIES
Net income		$	1,447				$	1,645
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			1,930					1,967
Amortization of film and television costs			2,153					1,972
Share-based compensation			89					102
Noncash interest expense (income), net			48					42
Equity in net (income) losses of investees, net			(3	)				(11	)
Cash received from investees			73					23
Net (gain) loss on investment activity and other			(74	)				(132	)
Deferred income taxes			(59	)				(373	)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Change in current and noncurrent receivables, net			(60	)				465
Change in film and television costs			(2,061	)				(1,577	)
Change in accounts payable and accrued expenses related to trade creditors			234					(281	)
Change in other operating assets and liabilities			676					527
Net cash provided by operating activities			4,393					4,369
INVESTING ACTIVITIES
Capital expenditures			(1,174	)				(1,361	)
Cash paid for intangible assets			(184	)				(182	)
Acquisition of 30 Rockefeller Plaza properties			-					(1,311	)
Proceeds from sales of businesses and investments			35					74
Return of capital from investees			-					16
Purchases of investments			(62	)				(88	)
Other			36					89
Net cash provided by (used in) investing activities			(1,349	)				(2,763	)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net			(407	)				491
Proceeds from borrowings			-					2,933
Repurchases and repayments of debt			(1,125	)				(1,811	)
Repurchases and retirements of common stock			(750	)				(500	)
Dividends paid			(304	)				(429	)
Issuances of common stock			150					13
Purchase of NBCUniversal noncontrolling common equity interest			-					(10,747	)
Distributions to noncontrolling interests			(58	)				(49	)
Settlement of Station Venture liability			-					(602	)
Other			37					(17	)
Net cash provided by (used in) financing activities			(2,457	)				(10,718	)
Increase (decrease) in cash and cash equivalents			587					(9,112	)
Cash and cash equivalents, beginning of period			1,620					10,951
Cash and cash equivalents, end of period		$	2,207				$	1,839

TABLE 4
Supplemental Information
Alternate Presentation of Net Cash Provided by Operating Activities and Free Cash Flow (Unaudited)
		Three Months Ended
		March 31,
(in millions)		2012					2013
Operating income		$	2,758				$	3,067
Depreciation and amortization			1,930					1,967
Operating income before depreciation and amortization			4,688					5,034
Noncash share-based compensation expense			89					102
Changes in operating assets and liabilities			346					369
Cash basis operating income			5,123					5,505
Payments of interest			(614	)				(617	)
Payments of income taxes			(118	)				(461	)
Proceeds from investments and other			75					36
Excess tax benefits under share-based compensation			(73	)				(94	)
Net Cash Provided by Operating Activities		$	4,393				$	4,369
Capital expenditures			(1,174	)				(1,361	)
Cash paid for capitalized software and other intangible assets			(184	)				(182	)
Distributions to noncontrolling interests			(58	)				(49	)
Nonoperating items			62					361
Free Cash Flow (including economic stimulus packages)		$	3,039				$	3,138
Economic stimulus packages			-					-
Total Free Cash Flow		$	3,039				$	3,138

Reconciliation of EPS Excluding Gain Related to Sale of Wireless Spectrum Licenses (Unaudited)
		Three Months Ended
		March 31,
		2012								2013
(in millions, except per share data)
		$				EPS (1)				$					EPS (1)
Net income attributable to Comcast Corporation		$	1,224			$	0.45			$	1,437				$	0.54
Growth %											17.4	%				20.0	%
Gain on sale of wireless spectrum licenses(2)			-				-				(67	)				(0.03	)
Net income attributable to Comcast Corporation
(excluding gain related to sale of wireless spectrum licenses)		$	1,224			$	0.45			$	1,370				$	0.51
Growth %											12.0	%				13.3	%

(1)		Based on diluted weighted-average number of common shares for the respective periods as presented in Table 1.
(2)		1st quarter 2013 Net income attributable to Comcast Corporation includes $108 million of other income, $67 million net of tax, resulting from a gain on the sale of wireless spectrum licenses.
Note: Minor differences may exist due to rounding.

TABLE 5
Reconciliation of Consolidated Revenue Excluding Super Bowl (Unaudited)
		Three Months Ended
		March 31,
(in millions)		2012					2013				Growth %
Revenue		$	14,878				$	15,310			2.9	%
Super Bowl			(259	)				-
Revenue excluding Super Bowl		$	14,619				$	15,310			4.7	%
Reconciliation of Consolidated NBCUniversal Revenue Excluding Super Bowl (Unaudited)
		Three Months Ended
		March 31,
(in millions)		2012					2013				Growth %
Revenue		$	5,472				$	5,340			(2.4	%)
Super Bowl			(259	)				-
Revenue excluding Super Bowl		$	5,213				$	5,340			2.4	%
Reconciliation of Broadcast Television Revenue Excluding Super Bowl (Unaudited)
		Three Months Ended
		March 31,
(in millions)		2012					2013				Growth %
Revenue		$	1,861				$	1,517			(18.5	%)
Super Bowl			(259	)				-
Revenue excluding Super Bowl		$	1,602				$	1,517			(5.3	%)
Note: Minor differences may exist due to rounding.

Comcast Corporation
Investor Contacts:
Marlene S. Dooner, 215-286-7392
Jane B. Kearns, 215-286-4794
Press Contacts:
D'Arcy Rudnay, 215-286-8582
John Demming, 215-286-8011

Source: Comcast Corporation

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