COMCAST CORP Quarterly Report for Q2 Ended Jun 30, 2009

Summary

Comcast Corporation's (CMCSA) 10-Q filing for the period ending June 30, 2009, reveals a company demonstrating revenue growth and improved profitability despite a challenging economic environment. Consolidated revenue increased by 4.9% year-over-year to $17.8 billion, driven by a 5.1% rise in the Cable segment, which accounts for the vast majority of the company's revenue. This growth was primarily fueled by strong performance in High-Speed Internet and Phone services, which saw significant customer additions and revenue increases, partially offsetting a decline in video customers. Net income attributable to Comcast Corporation saw a substantial increase of 27.5% to $1.74 billion for the six-month period. This was supported by improved operating income and a decrease in interest expense. The company also highlighted effective management of operating expenses and capital expenditures, with a 14.2% reduction in Cable segment capital expenditures. Comcast also actively managed its debt, initiating a tender offer to repurchase $1.3 billion in notes, demonstrating a focus on financial flexibility and debt management.

Key Highlights

• 1Consolidated revenue increased by 4.9% to $17.8 billion for the six months ended June 30, 2009.
• 2Net income attributable to Comcast Corporation grew by 27.5% to $1.74 billion for the six months ended June 30, 2009.
• 3Cable segment revenue increased by 5.1% to $16.8 billion, driven by strong growth in High-Speed Internet and Phone services.
• 4High-speed Internet customers increased by 393,000 and phone customers by 531,000 in the first six months of 2009.
• 5Video customers declined by 292,000 over the same period, though revenue from video services increased due to rate adjustments and upgrades.
• 6Capital expenditures in the Cable segment were reduced by 14.2% to $2.2 billion.
• 7The company initiated a tender offer to repurchase $1.3 billion of its outstanding notes.

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