Comcast reports quarterly loss
PHILADELPHIA (AP) – Comcast Corp., the nation’s largest cable operator, reported a smaller fourth-quarter loss Thursday, helped by revenues from its acquisition of AT&T’s cable division. For the three months ending Dec. 31, the company had a loss of $51 million, or 3 cents per share, compared to a loss of $321 million, or 34 cents a share, for the same quarter the year before.
Analysts surveyed by Thomson First Call had predicted a quarterly loss of 12 cents per share. But Thomson said the comparable analysts’ consenus was for a loss of 5 cents a share if the estimates are adjusted for investment and other expenses included in Comcast’s reported results.
Quarterly revenues were $4.37 billion, a 53 percent increase from the $2.86 billion reported in the same period last year.
“We are pleased to report that we have met or exceeded all our operating and financial goals for 2002,” said Brian L. Roberts, president and CEO of Comcast Corp.
In morning trading on the Nasdaq Stock Market, Comcast shares were up $1.96, or 7.4 percent, at $28.46.
Comcast also said its outlook for 2003 was improving.
The cable division is expected to deliver earnings before interest, taxes, depreciation and amortization in 2003 of $6.2 billion to $6.3 billion, “a growth rate substantially above the 20 percent growth rate that we had previously anticipated and above the $4.9 billion generated prior to acquisition related costs in 2002,” Roberts said
Comcast completed the acquisition of AT&T Broadband in November for about $29 billion in stock to become the nation’s largest cable operator. Comcast has more than 22 million cable TV customers in 17 of the 20 largest cities.
“After 100 days of operating as a combined company, we are more confident than ever of our ability to successfully integrate the AT&T Broadband systems,” said Stephen B. Burke, president of Comcast Cable.
For 2002, Comcast reported a loss of $274 million, or 25 cents per share, compared to a profit of $609 million, or 63 cents per share, in 2001. Revenues was $12.46 billion, a 27 percent increase from the $9.84 billion reported in 2001.
Comcast’s other businesses include E! Networks, Comcast-Spectacor, The Golf Channel, and Outdoor Life Network.
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