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Comcast Reports Growth in Revenue, Cash Flow, Cable Modems and Digital Services
Comcast Cable credited Q3 revenue and cash flow growth of over 12% to strong momentum in new digital and high-speed Internet services, even as it incurred the additional costs of preparing to integrate AT&T Broadband's 13.1 million cable subscribers. The company reported consolidated Q3 revenues of $2.705 billion, a 12.7% increase from the $2.401 billion reported in Q3 2001. Consolidated operating cash flow increased 17.8% to $825.8 million compared to last year. Operating income was $430.5 million or $0.45 per diluted share. Some other highlights:
- Cable subscribers grew to 8.5 million, a twelve-month trailing growth rate of 0.7%.
- Video revenues increased 6.2% to $1.18 billion, reflecting continued demand for Comcast Digital Cable. During Q3, Comcast added over 205,400 Digital Cable boxes, a weekly average of 15,800 to finish the quarter with more than 2.9 million Digital Cable boxes in service.
- Cable modem Internet service revenue more than doubled over Q3 2001 to $155.5 million, as a result of significant growth in the customer base and a rate increase. During the quarter, Comcast added 169,800 high-speed Internet customers, a weekly average of over 13,000 net additions to finish the third quarter with more than 1.3 million cable modem customers. At quarter end, Comcast had a cable modem penetration rate of over 11% of marketable homes, up from 8.2% in 2001. More than 85% of the homes in Comcast's footprint, or nearly 12.1 million homes, now have access to this service.
- Advertising revenue increased 11.9% to $93.2 million reflecting a stronger local advertising market.
http://www.comcast.com
28-Oct-02
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