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Date
of report (Date of earliest event reported): April 30,
2009
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Comcast
Corporation
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(Exact
Name of Registrant
as
Specified in Charter)
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Pennsylvania
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(State
or Other Jurisdiction of Incorporation)
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001-32871
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27-0000798
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(Commission
File Number)
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(IRS
Employer Identification No.)
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One
Comcast Center
Philadelphia,
PA
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19103-2838
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (215)
286-1700
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(Former
Name or Former Address, if Changed Since Last
Report)
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Exhibit
Number
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Description
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99.1
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Comcast
Corporation press release dated April 30, 2009.
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99.2
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Explanation
of Non-GAAP and Other Financial
Measures.
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COMCAST
CORPORATION
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|||||
Date:
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April
30, 2009
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By:
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/s/ Lawrence J. Salva | ||
Lawrence
J. Salva
Senior
Vice President, Chief Accounting Officer
and
Controller
(Principal
Accounting
Officer)
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PRESS RELEASE |
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Investor
Contacts:
Marlene
S. Dooner
Jane
B. Kearns
Michael
A. Kelman
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(215)
286-7392
(215) 286-4794
(215) 286-3035
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Press
Contacts:
D’Arcy
Rudnay
John
Demming
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(215)
286-8582
(215)
286-8011
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§
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Consolidated
Revenue Increased 5%
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§
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Consolidated
Operating Cash Flow Increased 8%
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§
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Consolidated
Operating Income Increased 16%
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§
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EPS
of $0.27 Increased 13%; Adjusted EPS Increased
42%
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§
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Free
Cash Flow Increased 95% to $1.4
Billion
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($
in millions)
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||||||||||||
1st
Quarter
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||||||||||||
2008
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2009
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Growth
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||||||||||
Revenue
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||||||||||||
Cable
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$ | 7,916 | $ | 8,349 |
5%
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|||||||
Programming
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363 | 361 |
(1%)
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|||||||||
Corporate
& Other
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110 | 125 |
15%
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|||||||||
Total
Consolidated Revenue
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$ | 8,389 | $ | 8,835 |
5%
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|||||||
Operating
Cash Flow (OCF)
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||||||||||||
Cable
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$ | 3,142 | $ | 3,406 |
8%
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|||||||
Programming
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113 | 112 |
(2%)
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|||||||||
Corporate
& Other
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(81 | ) | (74 | ) |
9%
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|||||||
Total
Consolidated OCF
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$ | 3,174 | $ | 3,444 |
8%
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1st
Quarter
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||||||||||||
2008
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2009
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Growth
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||||||||||
Earnings
per Share
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$ | 0.24 | $ | 0.27 |
13%
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|||||||
Adjustments,
net of tax:
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||||||||||||
Gain
from dissolution of cable partnership
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(0.05 | ) |
-
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NM
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||||||||
Adjusted
Earnings per Share
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$ | 0.19 | $ | 0.27 |
42%
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|||||||
($
in millions)
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1st
Quarter
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|||||||||||
2008
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2009
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Growth
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||||||||||
Net
Cash Provided by Operating Activities
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$ | 2,259 | $ | 2,512 |
11%
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|||||||
Capital
Expenditures
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(1,431 | ) | (1,160 | ) |
(19%)
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|||||||
Cash
Paid for Capitalized Software
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(99 | ) | (105 | ) |
6%
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|||||||
Cash
Paid for Other Intangible Assets
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(27 | ) | (28 | ) |
4%
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|||||||
Adjustments
for Payment of Tax on Nonoperating Items
|
-
|
147 |
NM
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|||||||||
Free
Cash Flow
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$ | 702 | $ | 1,366 |
95%
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(in
thousands)
|
Customers
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|
Net
Adds
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|||||||||||||
1Q08
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1Q09
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Growth
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1Q09
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|||||||||||||
Video
Customers
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24,701 | 24,104 |
(2%)
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(78)
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||||||||||||
High-Speed
Internet Customers
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14,085 | 15,258 |
8%
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329
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||||||||||||
Comcast
Digital Voice Customers
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5,088 | 6,769 |
33%
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298
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||||||||||||
Circuit-Switched
Voice Customers
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66 | 2 |
NM
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0
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||||||||||||
Combined
Video, HSI and Voice Customers
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43,940 | 46,133 |
5%
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549
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||||||||||||
Digital
Video Customers
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16,021 | 17,293 |
8%
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288
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||||||||||||
Total
Revenue Generating Units
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59,961 | 63,426 |
6%
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837
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1
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Earnings
per share are adjusted for gains, net of tax, related to the dissolution
of the 2008 Insight Midwest Partnership. Please refer to Table 4 for a
reconciliation of adjusted net income attributable to Comcast Corporation
and earnings per share. Earnings per share amounts are presented on a
diluted basis.
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2
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Customer
data is presented on a pro forma basis. Pro forma customer data
includes 7,000 video customers acquired through an acquisition in November
2008. The impact of this acquisition on segment operating
results was not material.
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TABLE
1
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||||||||
Condensed
Consolidated Statement of Operations (Unaudited)
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|||||||||
Three Months Ended
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|||||||||
(in
millions, except per share data)
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March
31,
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||||||||
2008
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2009
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||||||||
Revenue
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$ | $8,389 | $ | $8,835 | |||||
Operating expenses
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3,361 | 3,565 | |||||||
Selling, general and administrative expenses
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1,854 | 1,826 | |||||||
5,215 | 5,391 | ||||||||
Operating cash flow
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3,174 | 3,444 | |||||||
Depreciation expense
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1,390 | 1,380 | |||||||
Amortization expense
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229 | 253 | |||||||
1,619 | 1,633 | ||||||||
Operating income
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1,555 | 1,811 | |||||||
Other income (expense)
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|||||||||
Interest expense
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(621 | ) | (570 | ) | |||||
Investment income
(loss), net
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79 | 13 | |||||||
Equity in
net income (losses) of affiliates, net
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(35 | ) | (14 | ) | |||||
Other income (expense)
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268 | (1 | ) | ||||||
(309 | ) | (572 | ) | ||||||
Income
before income taxes
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1,246 | 1,239 | |||||||
Income tax expense
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(508 | ) | (461 | ) | |||||
Net income
from consolidated operations
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738 | 778 | |||||||
Less:
Net income (loss) attributable to noncontrolling interests
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6 | 6 | |||||||
Net
income attributable to Comcast Corporation
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$ | 732 | $ | 772 | |||||
Diluted
earnings per common share attributable to Comcast Corporation
stockholders
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$ | 0.24 | $ | 0.27 | |||||
Adjusted
earnings per common share attributable to Comcast Corporation stockholders
(1)
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$ | 0.19 | $ | 0.27 | |||||
Dividends
declared per common share attributable to Comcast Corporation
stockholders
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$ | 0.06 | $ | 0.07 | |||||
Diluted weighted-average number of common shares
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3,017 | 2,890 | |||||||
(1) Please
refer to Table 4 for a reconciliation of adjusted net income and earnings
per share attributable to Comcast
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Corporation
stockholders.
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TABLE
2
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Condensed
Consolidated Balance Sheet (Unaudited)
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(in
millions)
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December
31,
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March
31,
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||||
2008
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2009
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ASSETS
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||||||
Current
Assets
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||||||
Cash and cash equivalents
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$ |
1,195
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$ |
1,879
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Investments
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59
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59
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Accounts receivable, net
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1,626
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1,483
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Other current assets
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836
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829
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Total current assets
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3,716
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4,250
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Investments
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4,783
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4,872
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Property
and equipment, net
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24,444
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24,038
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||||
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Franchise
rights
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59,449
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59,446
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||||
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Goodwill
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14,889
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14,893
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Other
intangible assets, net
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4,558
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4,446
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||||
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Other
noncurrent assets, net
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1,178
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1,126
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$ |
113,017
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$ |
113,071
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LIABILITIES AND EQUITY
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Current
Liabilities
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||||||
Accounts payable and accrued expenses related to trade creditors
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$ |
3,393
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$ |
3,121
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Accrued expenses and other current liabilities
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3,268
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3,119
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Current portion of long-term debt
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2,278
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2,647
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Total current liabilities
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8,939
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8,887
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Long-term
debt, less current portion
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30,178
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29,415
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Deferred
income taxes
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26,982
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27,188
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Other
noncurrent liabilities
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6,171
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6,219
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Redeemable
noncontrolling interests
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171
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173
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Equity
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||||||
Comcast
Corporation stockholders' equity
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40,450
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41,095
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||||
Noncontrolling
interests
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126
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94
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||||
Total
Equity
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40,576
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41,189
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$ |
113,017
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$ |
113,071
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TABLE
3
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|||||||
Consolidated
Statement of Cash Flows (Unaudited)
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||||||||
(in
millions)
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Three
Months Ended
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|||||||
March
31,
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||||||||
2008
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2009
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|||||||
OPERATING
ACTIVITIES
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||||||||
Net
income from consolidated operations
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$ | 738 | $ | 778 | ||||
Adjustments
to reconcile net income from consolidated operations to net cash provided
by operating activities:
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||||||||
Depreciation
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1,390 | 1,380 | ||||||
Amortization
|
229 | 253 | ||||||
Share-based
compensation
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62 | 54 | ||||||
Noncash
interest expense (income), net
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57 | 44 | ||||||
Equity
in net losses (income) of affiliates, net
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35 | 14 | ||||||
(Gains)
losses on investments and noncash other (income) expense,
net
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(316 | ) | 15 | |||||
Deferred
income taxes
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232 | 214 | ||||||
Changes
in operating assets and liabilities, net of effects of acquisitions and
divestitures:
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||||||||
Change
in accounts receivable, net
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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
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2,259 | 2,512 | ||||||
FINANCING
ACTIVITIES
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||||||||
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 |
TABLE
4
|
|
||||||||||||||||||||||||||
Reconciliation
of Net Income attributable to Comcast Corporation to Adjusted Net Income
attributable to Comcast Corporation (Unaudited)
|
|||||||||||||||||||||||||||
Three
Months Ended
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|||||||||||||||||||||||||||
March
31,
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|||||||||||||||||||||||||||
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.
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||||||||||||||||||||||||||
Note: Minor
differences may exist due to rounding.
|