Comcast Reports Fall in Profits

PHILADELPHIA, May 1: First
quarter net income at Comcast Corporation dipped 12.5 percent to $732 million,
despite a 14-percent rise in consolidated revenues to $8.4 billion.

The company also reported
a 15-percent rise in operating cash flow to $3.2 billion and a 23-percent
increase in operating income to $1.56 billion. Earnings per share gained 8
percent to $0.24. The company also noted that adjusted net income—these
results exclude one-time gains from the dissolution of cable
partnerships—rose from $537 million to $588 million.

Brian L. Roberts, the chairman and CEO of Comcast Corporation,
said, "Our results for the first quarter mark a solid start to 2008. We
delivered healthy growth in revenues, operating cash flow, free cash flow,
adjusted EPS and strong unit additions. Our performance demonstrates that our
operating strategy is working in an economic and competitive environment that
continues to be challenging. We are confident that our outlook for 2008 is
achievable and we are on track to deliver on our goal of consistent and
profitable growth that builds long-term shareholder value."

At the Comcast Cable
segment, revenues were up 10 percent to $7.9 billion, reflecting price
increases for video services as well as unit growth for Comcast High-Speed
Internet, Comcast Digital Voice and Comcast Digital Cable with advanced
services, offset by lower average revenue per unit on several products due to
an increase in customers receiving service as part of a promotional offer or in
a new product package.

The cable giant recorded a
small decline in basic video subscribers and a 494,000-gain in digital service
customers. The company’s digital cable penetration is now 65 percent, versus 55
percent a year ago. In addition, 43 percent of digital cable subscribers have
advanced services such as DVRs and/or HDTV, compared to 5.2 million or 38
percent one year ago.

Video revenue increased 5
percent to $4.7 billion. High-speed Internet revenues were up 12 percent to
$1.8 billion. Phone revenue increased 65 percent. Advertising revenue increased
6 percent to $344 million.

In the Programming segment
(E! Networks, The Golf Channel, VERSUS and G4), revenues were up 20 percent to
$363 million.

—By Mansha Daswani