[October 26, 2012]

Comcast Reports 3rd Quarter 2012 Results

Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended September 30, 2012.

Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, "The third quarter continues our momentum. Cable's results show real strength in every part of the business, producing sustainable and profitable growth while we expand our product offerings, deliver more innovation and continue to transform the customer experience.

NBCUniversal's results highlight the strong performance of the Olympics and steady progress in its businesses as we invest to build value. The London Olympics exceeded all our expectations and our entire company contributed to their success, proving how effective we can be when we bring together our unique assets and capabilities."

Consolidated Financial Results

For additional detail on segment revenue and expenses, customer metrics, capital expenditures, and free cash flow, please refer to the trending schedules on Comcast's Investor Relations website at www.cmcsa.com or www.cmcsk.com.

Consolidated financial results include NBCUniversal from January 28, 2011 and 100% of Universal Orlando from July 1, 2011.

Revenue increased 15.4% in the third quarter of 2012 to $16.5 billion, while Operating Cash Flow increased 9.5% to $5.0 billion and Operating Income increased 15.4% to $3.0 billion.

For the nine months ended September 30, 2012, revenue increased 14.3% to $46.6 billion, while operating cash flow increased 9.4% to $14.7 billion and operating income increased 13.9% to $8.9 billion.

Earnings per Share (EPS) for the third quarter of 2012 was $0.78, a 136.4% increase from the $0.33 reported in the third quarter of 2011. Excluding a $0.20 per share gain related to our share of SpectrumCo's sale of wireless spectrum licenses and a $0.12 per share gain on the sale of NBCUniversal's interest in A&E Television Networks, EPS increased 39.4% to $0.46 in the third quarter of 2012 (see Table 4).

EPS for the nine months ended September 30, 2012 was $1.72, a 67.0% increase from the $1.03 reported in the prior year. Excluding non-recurring gains on sales in 2012, and NBCUniversal transaction and related costs and other non-recurring items in the first nine months of 2011, EPS increased 27.3% (see Table 4).

Free Cash Flow (excluding any impact from the Economic Stimulus packages) for the third quarter of 2012 increased 8.8% to $1.5 billion compared to the third quarter of 2011, reflecting growth in consolidated operating cash flow, partially offset by higher taxes and capital expenditures. Free cash flow for the nine months ended September 30, 2012 increased 19.0% to $6.1 billion compared to $5.1 billion in 2011.

Note: The definition of Free Cash Flow excludes any impact from the 2008-2012 Economic Stimulus packages. These amounts have been excluded from Free Cash Flow to provide an appropriate comparison. See Table 4.

Dividends and Share Repurchases. During the third quarter of 2012, Comcast paid dividends totaling $435 million and repurchased 22.9 million of its common shares for $750 million. Year-to-date, Comcast has repurchased 74.6 million of its common shares for $2.25 billion. As of September 30, 2012, Comcast had approximately $4.25 billion available under its share repurchase authorization.

Pro Forma Financial Results

Pro forma results are presented as if the NBCUniversal transaction, which closed on January 28, 2011, and the Universal Orlando transaction, which closed on July 1, 2011, were effective on January 1, 2010. These results are based on historical results of operations, adjusted for the effects of acquisition accounting and eliminating the costs and expenses directly related to the transaction, and are not necessarily indicative of what the results would have been had Comcast operated NBCUniversal and Universal Orlando since January 1, 2010 (see Table 5 for reconciliations of pro forma financial information).

Consolidated Revenue increased 15.4% in the third quarter of 2012 to $16.5 billion compared to $14.3 billion in the third quarter of 2011. Excluding $1.2 billion of revenue generated by the 2012 London Olympics, consolidated revenue increased 7.1%. Consolidated Operating Cash Flow increased 9.5% to $5.0 billion compared to $4.6 billion in the third quarter of 2011. During the third quarter, the Olympics generated $120 million of operating cash flow which reflects the settlement of a $237 million unfavorable contract recorded in acquisition accounting in 2011. Excluding any impact from the Olympics, consolidated operating cash flow increased 6.9% (see Table 6).

For the nine months ended September 30, 2012, consolidated pro forma revenue increased 9.4% to $46.6 billion compared to $42.6 billion in 2011. Excluding the Super Bowl in the first quarter and the Olympics in the third quarter of 2012, consolidated pro forma revenue increased 6.0%. Consolidated pro forma operating cash flow increased 6.4% to $14.7 billion compared to $13.8 billion in the first nine months of 2011. Excluding the Olympics, consolidated operating cash flow increased 5.6% (see Table 6).

Cable Communications

Revenue for Cable Communications increased 6.9% to $10.0 billion in the third quarter of 2012 compared to $9.3 billion in the third quarter of 2011, reflecting increases of 8.8% in High-Speed Internet, 33.6% in Business Services, 2.7% in Video and 23.5% in Advertising. Monthly average total revenue per Video customer increased 8.7% to $150.73, reflecting a growing number of residential customers taking multiple products, rate adjustments and a higher contribution from Business Services.

For the nine months ended September 30, 2012, Cable revenue increased 6.2% to $29.5 billion compared to $27.8 billion in 2011.

Operating Cash Flow for Cable Communications increased 7.7% to $4.0 billion in the third quarter of 2012 compared to $3.7 billion in the third quarter of 2011, reflecting higher revenue, partially offset by increases in video programming and higher sales and marketing expenses to support growth and enhance our competitive position in both residential and business services. This quarter's operating cash flow margin was 40.1% compared to 39.8% in the third quarter of 2011.

For the nine months ended September 30, 2012, Cable operating cash flow increased 6.2% to $12.1 billion compared to $11.3 billion in 2011. Year-to-date operating cash flow margin was 40.9%, consistent with the prior year period.

Capital Expenditures for Cable Communications increased $110 million or 8.8% to $1.4 billion in the third quarter of 2012 compared to the third quarter of 2011, primarily reflecting continuing investments in network infrastructure, the expansion of business services and other new product roll-outs. Cable capital expenditures represented 13.7% of Cable revenue in the third quarter of 2012 compared to 13.4% in last year's third quarter.

For the nine months ended September 30, 2012, Cable capital expenditures increased $56 million or 1.6% to $3.5 billion, representing 12.0% of Cable revenue compared to 12.6% in 2011.

Combined Video, High-Speed Internet and Voice Customers increased by 294,000 in the third quarter of 2012, a 28.1% increase compared to third quarter 2011 net additions. As of September 30, 2012, Video, High-Speed Internet and Voice customers totaled 50.8 million, a net increase of 1.5 million or 3.0% over last year's third quarter.

NBCUniversal

Pro forma NBCUniversal results are presented as if the NBCUniversal transaction, which closed on January 28, 2011, and the Universal Orlando transaction, which closed on July 1, 2011, were effective on January 1, 2010.

Revenue for NBCUniversal increased 31.2% to $6.8 billion in the third quarter of 2012 compared to $5.2 billion in the third quarter of 2011, primarily driven by 2012 London Olympics revenue of $1.2 billion in the Broadcast Television segment. Excluding the Olympics, NBCUniversal revenue increased 8.3%. Operating Cash Flow increased 19.9% to $1.1 billion compared to $951 million in the third quarter of 2011 and included $120 million of operating cash flow generated by the Olympics. Excluding the Olympics, operating cash flow increased 7.3% (see Table 6).

For the nine months ended September 30, 2012, NBCUniversal revenue increased 15.7% to $17.8 billion. Excluding $259 million of revenue related to the Super Bowl in the first quarter and the impact of the Olympics in the third quarter of 2012, revenue increased 6.3%. Operating cash flow increased 8.0% to $2.9 billion compared to the first nine months of 2011. Excluding the Olympics, operating cash flow increased 3.6% (see Table 6).

Cable Networks

For the third quarter of 2012, revenue from the Cable Networks segment increased 3.2% to $2.2 billion compared to $2.1 billion in the third quarter of 2011, reflecting a 5.7% increase in distribution revenue and flat advertising revenue. Operating cash flow increased 7.6% to $809 million compared to $751 million in the third quarter of 2011, primarily reflecting higher revenue, and flat programming and marketing costs due to timing.

For the nine months ended September 30, 2012, revenue from the Cable Networks segment increased 4.2% to $6.6 billion compared to $6.3 billion in 2011. Operating cash flow decreased 0.5% to $2.4 billion compared to the first nine months of 2011.

Broadcast Television

For the third quarter of 2012, revenue from the Broadcast Television segment increased 83.8% to $2.8 billion compared to $1.5 billion in the third quarter of 2011 and included $1.2 billion of revenue generated by the 2012 London Olympics. Excluding the Olympics, revenue increased 5.2%. Operating cash flow was $88 million, which included $120 million of operating cash flow generated by the Olympics, compared to a loss of $7 million in the third quarter of 2011. Excluding the Olympics, operating cash flow declined by $25 million reflecting higher programming costs related to an early start of our fall TV season and news coverage of the Presidential election (see Table 6).

For the nine months ended September 30, 2012, revenue from the Broadcast Television segment increased 35.3% to $6.2 billion compared to $4.6 billion in 2011. Excluding the Super Bowl in the first quarter and the Olympics in the third quarter of 2012, revenue increased 3.6%. Operating cash flow increased 35.2% to $274 million compared to $203 million in the first nine months of 2011. Excluding the Olympics, operating cash flow declined by $49 million to $154 million compared to the first nine months of 2011 (see Table 6).

Filmed Entertainment

For the third quarter of 2012, revenue from the Filmed Entertainment segment increased 23.6% to $1.4 billion compared to $1.1 billion in the third quarter of 2011, driven by higher theatrical revenue from the strong box office performance of Ted and The Bourne Legacy. Operating cash flow increased 31.1% to $72 million compared to $54 million in the third quarter of 2011, reflecting higher theatrical revenue, partially offset by an increase in the amortization of film costs.

For the nine months ended September 30, 2012, revenue from the Filmed Entertainment segment increased 13.6% to $3.8 billion compared to $3.3 billion in 2011. Operating cash flow was a loss of $5 million compared to a loss of $65 million in the first nine months of 2011.

Theme Parks

Theme Parks results are presented as if the Universal Orlando transaction, which closed on July 1, 2011, was effective on January 1, 2010. As a result, Theme Parks segment revenue and operating cash flow includes the results of Universal Orlando, Universal Hollywood and international licensing fees.

For the third quarter of 2012, revenue from the Theme Parks segment increased 5.8% to $614 million compared to $580 million in the third quarter of 2011, driven by solid performance at the Orlando and Hollywood parks. Third quarter operating cash flow increased 11.2% to $316 million compared to $285 million in the same period last year.

For the nine months ended September 30, 2012, revenue from the Theme Parks segment increased 4.9% to $1.6 billion compared to $1.5 billion in 2011. Operating cash flow increased 10.0% to $708 million compared to $644 million in the first nine months of 2011.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and eliminations between the NBCUniversal businesses. For the quarter ended September 30, 2012, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $145 million compared to a loss of $132 million in the third quarter of 2011.

For the nine months ended September 30, 2012, NBCUniversal Headquarters, Other and Eliminations operating cash flow loss was $444 million compared to a loss of $479 million in 2011 which includes non-recurring transaction-related costs that totaled $112 million.

Corporate, Other and Eliminations

Corporate, Other and Eliminations include corporate operations, Comcast-Spectacor and eliminations between Comcast's businesses. For the quarter ended September 30, 2012, Corporate, Other and Eliminations revenue was ($254) million compared to ($192) million in 2011. The operating cash flow loss was $130 million compared to a loss of $91 million in the third quarter of 2011 reflecting an increase in eliminations associated with the 2012 London Olympics.

For the nine months ended September 30, 2012, Corporate and Other pro forma revenue and eliminations were ($637) million compared to ($523) million in 2011. The pro forma operating cash flow loss was $289 million compared to a loss of $256 million in the first nine months of 2011.

Conference Call Information

Comcast Corporation will host a conference call with the financial community today, October 26, 2012 at 8:30 a.m. Eastern Time (ET). The conference call and related materials will be broadcast live and posted on its Investor Relations website at www.cmcsa.com or www.cmcsk.com. Those parties interested in participating via telephone should dial (800) 263-8495 with the conference ID number 36800409. A replay of the call will be available starting at 12:30 p.m. ET on October 26, 2012, on the Investor Relations website or by telephone. To access the telephone replay, which will be available until Friday, November 2, 2012 at midnight ET, please dial (855) 859-2056 and enter the conference ID number 36800409. To automatically receive Comcast financial news by email, please visit www.cmcsa.com or www.cmcsk.com and subscribe to email alerts.

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 Securities and Exchange Commission (SEC) for a description of such risks and uncertainties. We undertake no obligation to update any forward-looking statements.

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 SEC regulations; those rules require the supplemental explanations and reconciliations that are in Comcast's Form 8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA, CMCSK) (www.comcast.com) is one of the world's leading media, entertainment and communications companies. Comcast is principally involved in the operation of cable systems through Comcast Cable Communications and in the development, production and distribution of entertainment, news, sports and other content for global audiences through NBCUniversal. Comcast Cable Communications is one of the nation's largest video, high-speed Internet and phone providers to residential and business customers. Comcast is the majority owner and manager of NBCUniversal, which owns and operates entertainment and news cable networks, the NBC and Telemundo broadcast networks, local television station groups, television production operations, a major motion picture company and theme parks.