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Comcast turns out strong Q2 results; ups guidance

Wed, 08/01/2001 - 8:00pm
Anne Kerven

In a show that it might put its money where its mouth is, AT&T Broadband bidder Comcast Corp. turned out some strong second-quarter results. It also upped its guidance on its digital cable and high-speed data products.

Comcast's pro forma cable revenue for the period ending June 30 rose to $1.29 billion, compared to $1.17 billion a year ago. Cable operating cash flow was $561.7 million, compared with $497.1 million a year ago. And operating cash flow margins were up to 43.7 percent from 42.5 percent a year ago, reflecting, the company says, the integration and operating performance of recently acquired cable properties.

Its cable homes passed reached 13.47 million, compared with 13.13 million a year ago. The company reported 8.31 million subscribers at the end of the quarter, compared with 8.22 million a year ago. Comcast added 200,900 digital cable and 101,300 ComcastAtHome customers during the quarter.

Comcast says its monthly average revenue per cable subscriber was $51.55 at the end of the quarter, compared with $47.46 in last year's quarter.

Total revenue reached $2.30 billion during the quarter, up from $1.91 billion a year ago. Operating cash flow was up to $700.4 million from $602.8 million a year ago, but its net income reached only $35.2 million, or 4 cents a basic share, compared with $180.1 million, or 20 cents a basic share, a year ago.

Finally, Comcast raised its guidance to 2.2 million digital cable subscribers by year's end from the previously stated 2 million, and its high-speed data subscriber numbers are projected to increase 27 percent over previous statements, to 950,000.

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