Comcast Reports Second Quarter 2009 Results
PHILADELPHIA--(BUSINESS WIRE)--Aug. 6, 2009--
Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended
Brian L. Roberts, Chairman and Chief Executive Officer of
Consolidated Financial Results
Revenue increased 4.5% in the second quarter of 2009 to $8.9 billion, while Operating Cash Flow increased 5.5% to $3.5 billion and Operating Income increased 7.1% to $1.9 billion. This growth was due to solid results at all our operating segments.
For the six months ended
For additional detail on revenue and operating expenses, customer metrics, and capital expenditures, please refer to the trending schedules on Comcast's Investor Relations website at www.cmcsa.com or www.cmcsk.com.
Earnings per Share (EPS) for the quarter ended
Earnings per Share for the six months ended
Capital Expenditures in the second quarter decreased 13.7% from the prior year to
Free Cash Flow (excluding any impact from the Economic Stimulus packages) of
Note: The definition of Free Cash Flow remains unchanged and specifically excludes any impact from the 2008 or 2009 Economic Stimulus packages.
Cable Segment Results
Revenue from the Cable segment increased 4.6% to $8.5 billion for the second quarter of 2009 as compared to $8.1 billion in the second quarter of 2008. This increase reflects continued, organic growth in all residential and commercial subscription businesses, partially offset by lower advertising revenue. The monthly average total revenue per video customer increased 7.4% from $109.61 in the second quarter of 2008 to $117.74, reflecting an increasing number of customers taking multiple products and a higher contribution from Comcast Business Services.
For the six months ended June 30, 2009, revenue from the Cable segment increased 5.1% to $16.8 billion compared to $16.0 billion in 2008.
Operating Cash Flow grew 4.1% to $3.5 billion in the second quarter of 2009 from $3.4 billion in the second quarter of 2008. Operating Cash Flow margin was 41.3%, a slight decrease from the 41.5% reported in the second quarter of 2008.
For the six months ended June 30, 2009, Operating Cash Flow from the Cable segment increased 6.2% to $6.9 billion compared to
Customers2. As of
Programming Segment Results
The Programming segment reported second quarter 2009 revenue of $384 million, a 5.1% increase from 2008. Operating Cash Flow increased 28.3% to $113 million in the second quarter of 2009, reflecting the impact of timing of certain marketing and programming expenses which are expected to be incurred in the second half of the year.
For the six months ended June 30, 2009, the Programming segment revenue increased 2.2% to $745 million compared to the same time period in 2008. Operating Cash Flow increased to $225 million, an increase of 11.5% from the same period last year.
Corporate and Other
Corporate and Other includes corporate overhead, Comcast Interactive Media (CIM), Comcast-Spectacor, and other operations and eliminations between Comcast's businesses. For the quarter ended June 30, 2009, Corporate and Other reported a 11.9% decrease in revenue to $78 million. The Operating Cash Flow loss for the second quarter of 2009 was $79 million compared to a loss of $100 million in the second quarter of 2008.
For the six months ended June 30, 2009, Corporate and Other revenue increased to $203 million from the $197 million reported in the first six months of 2008. The Operating Cash Flow loss was $153 million compared to a loss of $181 million in the same time period in 2008, reflecting a focus on expense management.
In the second quarter of 2009, Comcast repurchased 15.5 million of its common shares for $215 million. As of June 30, 2009, Comcast had approximately $3.9 billion of availability remaining under its share repurchase authorization, and may repurchase stock from time to time subject to market conditions.
During the first seven months of 2009, Comcast paid three cash dividends totaling $568 million. Comcast paid quarterly cash dividends of $180 million on January 28, 2009, $195 million on April 29, 2009 and $194 million on July 29, 2009.
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.
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.
Minor differences may exist due to rounding.
Conference Call Information
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
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
Marlene S. Dooner (215) 286-7392
Jane B. Kearns (215) 286-4794
Michael A. Kelman (215) 286-3035
D'Arcy Rudnay (215) 286-8582
John Demming (215) 286-8011