Comcast Rpt

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Company Report

November 30, 2008

CMCSA

Comcast Corporation

Corporate Data

Table of Contents Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Annual Income Statement . . . . . . . . . . . . . . . . . .

12

Pricing

Company Segment Data . . . . . . . . . . . . . . . . . . . . 14

......................................

3

Earnings and Revenue . . . . . . . . . . . . . . . . . . . . . . .

4

Annual Balance Sheet

......................

15

Key Ratio Data

5

Annual Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . .

17

...............................

Address:

Comcast Corp. One Comcast Center Philadelphia, PA 19103-2838 US

Fundamentals and Growth . . . . . . . . . . . . . . . . . . . 6

Quarterly Income Statement . . . . . . . . . . . . . . . . 18

Phone:

(215) 286-1700

Industry Comparison

7

Quarterly Balance Sheet . . . . . . . . . . . . . . . . . . . .

19

Fax:

(215) 981-7790

21

Email: [email protected]

........................

Peer Comparison Graph

.....................

8

Quarterly Cash Flow . . . . . . . . . . . . . . . . . . . . . . . .

Executive Compensation

....................

9

Insiders and Institutional Holdings

. . . . . . . . . . 22

Website:

www.comcast.com

HEMSCOTT produces its data from sources believed by it to be reliable, and will endeavor to insure that such data is complete, accurate and timely. However, HEMSCOTT does not represent or warrant such completeness, accuracy or timeliness, and shall have no liability whatsoever to CUSTOMER, to any of CUSTOMER’s clients, or to any other party, on account of any incompleteness of, inaccuracies in or lateness of the data. HEMSCOTT expressly disclaims all warranties of fitness of  the data or any part thereof for a particular purpose. EXCEPT FOR WARRANTING THAT IT HAS THE RIGHT TO PROVIDE THE DATA, HEMSCOTT MAKES NO EXPRESS OR IMPLIED WARRANTIES OF ANY KIND WITH RESPECT TO THE DATA. IN NO EVENT SHALL HEMSCOTT BE LIABLE FOR LOST PROFITS OR CONSEQUENTIAL DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY THEREOF. For questions please contact our Client Services Department at [email protected].

© Hemscott, Inc. and Affiliates. All rights reserved.

 

Hemscott Company Overview

Comcast Corporation

CMCSA

Relative Strength History

About Comcast Corporation

70%

 The Company is a cable operator in the United States and offers a variety of entertainment and communications products and services.

60% 50%

S&P 500

40% 30% 20% 10% CMCSA

0% -10% -20% 2003

2004

2005

2006

2007

Membership Information

Officers and Directors Name Brian L. Roberts

2008

Stephen B. Burke Lawrence S. Smith Michael J. Angelakis John R. Alchin Julian A. Brodsky J. Michael Cook Dr. Judith Rodin, Ph.D. Edward D. Breen Michael I. Sovern Kenneth J. Bacon S. Decker Anstrom

Standardized Title CEO/Chairman of the Board/President/ Director Executive VP/COO/President, Subsidiary Executive VP/CFO Executive VP/CFO Executive VP/CFO/Treasurer Director/Vice Chairman Director Director Director Director Director Director

Ralph J. Roberts Sheldon M. Bonovitz Joseph J. Collins Jeffrey A. Honickman David L. Cohen

Director Director Director Director Executive VP

© Hemscott, Inc. and Affiliates. All rights reserved.

Industry Group

Key Fundamentals Media

Price as of 11/28/2008

$17.34

Age 48

Officer/ Director Since 2002

Dow Jones Membership

49 59 43 58 74 65 63 52 76 53 57

2002 -2007 2000 2002 2002 2002 2005 2002 2002 2002

S&P Membership Russell 2000 Membership

No

13-Week Price Range

$9.20 - $21.95

Forbes 500 Membership

No

52-Week Price Range

$9.20 - $22.86

Fortune 500 Industrial Membership

No

Market Capitalization

35.7 Billion

Last Twelve Month (LTM) Revenue

33.5 Billion

88 70 63 51 52

2002 2002 2004 2005 2002

Auditor’s Opinion Inventory Valuation Method

Business Segment

CATV Systems

Volume on 11/28/2008

8.7 Million

No

10-Day Average Volume

29.0 Million

Yes

Shares Outstanding

Earnings Per Share (EPS)

Financial Reporting Financials as of

9/2008

Current Earnings Period Principal Auditor

P/E Ratio Third Quarter

Deloitte & Touche L.L.P.

Stock is Optionable

Unqualified Unknown No

$0.91 19.1

Book Value Per Share

$13.96

Gross Margin

63.6%

Quarterly Dividend

$0.06

Dividend Yield Beta

1.4% 0.9

Fiscal Year Ends Employees

 This company is NOT in bankruptcy

2.9 Billion

Part-Time Employees

December 100,000 0 Page 2

 

Hemscott Pricing

Comcast Corporation

Monthly Price History

Price -36.1%

Monthly High/Low

200-Day Moving Average

2 Years

Price Change vs. Market

Price Performance -15.9%

1 Year

-4.7%

$40

Year-to-Date

$30

CMCSA

CMCSA

Business Segment

+10.0% +19.0% +17.0% +20.0% +32.0% +40.0% +56.0%

+7.0% +5.0% -7.0% -5.0% -11.0% -6.0% -3.0%

One Week   This Month 3 Months 6 Months 9 Months 12 Months Year-to-Date

$20

Volume Data Current Week Total Volume

$10

On-Balance Volume Index Daily Volume as Percent of    10-Day Average Volume

$0 Average Volume 327.3 M

 This Week’s Dollar Volume Volume

2004

2005

2006

2007

2008

Price Performance History

110.68 Million 85% 30% 1.75 Billion

Weekly Volume as Percent of   Shares Outstanding

5.37%

Liquidity Ratio

86,376

Pricing Data

Price Percent Change

Latest Close as a Percent Change From…

Price Change vs. S&P 500

Close Price on 11/28/08

Last Week 

+23.2%

10-Day Average

+14%

1 Week 

+10%

Open Price

Last 4 Weeks

+10.0%

10-Week Average

+5%

4 Weeks

+19%

High / Low Price

$17.40 / $16.30

Last Month

+10.0%

30-Week Average

-10%

 This Month

+19%

4 Week High / Low Price

$18.03 / $12.73

Last 13 Weeks

-18.1%

200-Day Average

-11%

13 Weeks

+17%

26 Week High / Low Price

$22.86 / $9.20

Last 26 Weeks

-22.9%

52-Week High

-24%

26 Weeks

+20%

52 Week High / Low Price

$22.86 / $9.20

Last 52 Weeks

-15.6%

52-Week Low

+88%

52 Weeks

+40%

YTD High / Low Price

$22.86 / $9.20

200-Day Price Index vs. S&P 500

Key Price Fundamentals Price Range

Moving Averages

Average Daily Volume (Mil)

4-Week High

$18.03

5-Day

$15.81

Last 10 Days

28.99

4-Week Low

$12.73

10-Day

$15.23

Last 4 Weeks

27.76

26-Week High

$22.86

10-Week

$16.45

 This Month

27.76

26-Week Low

$9.20

20-Week

$19.07

Last 13 Weeks

29.93

52-Week High

$22.86

30-Week

$19.35

Last 26 Weeks

25.15

52-Week Low

$9.20

200-Day

$19.52

Last 52 Weeks

24.27

© Hemscott, Inc. and Affiliates. All rights reserved.

$17.34 $16.65

140%

Current Price Momentum

77%

Price Momentum for Prior Week 

62%

5-Year Beta (Rolling 60 Months)

0.90

3-Year Beta (Rolling 36 Months)

0.90

 The 200-Day Price Price Index is a meas measure ure that traces the relative changes in the stock price over time as compared to the Market. A score of 100 indicates that the price changes have been equal to those of the Market, and a higher score indicates a price change that is outperforming the Market. Page 3

 

Hemscott Earnings and Revenue

Comcast Corporation

Price / Earnings

Quarterly Price & Revenue History Price $ US

19.07

Annual EPS

20.13 20.56 20.41

21.87

-0.01

0.11

19.18

18.74 19.74

 -3.28%

18.84

22.20

0.08

0.07

0.30

 -68.42%

22.53

20.46 19.97



19.60 17.29 1.17%

17.45

0.14 -0.09

Annual Revenue

0.94

0.02

0.95

0.13

0.04

0.13

0.07

0.28

 -6.67%

21.84 23.03



24.61 28.23 15.32%

25.95

0.11

0.26

28.12 24.18 18.26 24.13  4.78%

0.15

0.04

0.38 0.78



178.57%

0.19 0.83

0.18 

0.20

6.41%

in Billions

4.47

Annual

5.69 4.55 19.44

4.74

2003

4.91

5.07 19.22

5.10 4.15  -1.12%

2004

5.36

2005

5.60 21.66

5.28 5.42  12.69%

5.60

5.91 24.97



2006

6.43 7.03 15.26%

7.39

7.71 30.90



2007

Ratio Changes vs. 1 Year ago CMCSA Outperforming Business Segment

% Change Business Segment

+37.7

-51.3

89.0

Latest Quarter EPS Total Operations

+44.4

-7.7

52.1

+5.1

-7.7

12.8

Latest Annual Revenue

+23.8

+18.5

5.3

Latest Annual Earnings

+2.1

-1.3

3.4

% Change CMCSA

% Change Business Segment

+11.4

+18.6

YTD Revenue

Difference from Business Segment -7.1

Current Quarter Revenue

+9.9

+18.5

-8.6

LTM EPS Total Operations

+23.0

+51.6

-28.6

YTD EPS Total Operations

+14.3

+63.2

-48.9

+7.6

+76.7

-69.1

YTD Earnings

Business Segment

19.1 19.1 17.3 27.8 27.4 84.9 16.3 52.9 36.2 43.7

16.1 11.8 16.6 20.7 38.1 na na na na na

44.0%

na

24.0%

na

A company with a LTM P/E at 100% of its 5-year average is operating generally in line with its history, as far as P/E is concerned. A lower percent would indicate a lower valuation relative to its 5-year history.

Difference from Business Segment

% Change CMCSA

Business Segment Outperforming CMCSA

7.78 8.01 23.75%

Current P/E Normalized P/E 1 Month Ago 26 Weeks Ago 52 Weeks Ago 5-Year High P/E 5-Year Low P/E 5-Year Average High 5-Year Average Low 5-Year Average P/E LTM P/E as Percent of    5-Year Average P/E P/E as Percent of   Industry Group

CMCSA

Dividends

Current Quarter Earnings Latest Annual EPS Total Operations

CMCSA

CMCSA Latest Indicated Dividend $0.06 Dividend Yield 1.4% 5-Year Avg. Yield 0.0% Payout Ratio 13.0% Last Fiscal Year Payout   from Total Operations 0.0% 5-Year Avg. Payout from  Total Operations 0.0% Dividend Type Cash, No Stock  Ex-Dividend Date 10/06/08 Declared Date 08/14/08 Record Date 10/08/08 Payment Date 10/29/08 Annual Amount $0.25

Business Segment $0.24 1.3% 0.4% 21.0% 17.0% 106.0% --

--

A comparison of Payout Ratio and Payout from  Total Operations gives an idea of how how much of a company’s profits are being returned to investors in the form of dividends. © Hemscott, Inc. and Affiliates. All rights reserved.

Page 4

 

Hemscott Industry Comparison

Comcast Corporation

CMCSA

Quarterly Profit Margin History

Company Data Relative to Industry

Gross Profit Margin to Industry Price & Earnings

2004

2005

2006

2007

Q1 2008

Q2 2008

Q3 2008

Percent Revenue to Industry

42.0

29.8

25.3

25.5

25.5

25.0

24.6

Percent Earnings to Industry

-32.5

34.4

39.6

41.0

21.1

23.9

27.8

Percent EPS to Industry

-33.0

100.0

121.5

138.3

65.9

74.8

94.8

Percent Price to Industry

75.8

91.0

99.3

70.1

84.0

85.7

94.7

Percent P/E to Industry Percent Gross Profit Margin to Industry

na

81.2

47.7

46.5

123.8

115.1

100.9

111.5

113.5

113.0

110.8

109.4

107.0

105.5

       0   .        0        5        2

       0   .        9        3        2

       0   .        2        0        2

12/06 3/07

6/07

       0   .        2        6        1

       7   .        8        7        1

       7   .        6        8

9/07 12/07 3/08

       5   .        7        9

       9   .        3        1        1

6/08 9/08

Pre-Tax Profit Margin to Industry Market Value Percent Price/Book to Industry

53.6

77.1

84.3

57.6

67.6

67.4

70.9

Percent Price/Sales to Industry

129.8

122.3

145.9

100.0

117.6

120.1

129.0

Percent Price/Cash Flow to Industry

70.4

98.0

128.3

90.0

127.5

126.9

129.2

Percent Price/Free Cash Flow to Industry

84.6

-67.8

-50.3

225.6

52.9

88.2

119.3

Percent Debt/Equity to Industry

31.4

56.3

51.9

50.3

52.1

48.7

49.0

-76.9

115.8

155.4

161.5

83.0

95.1

113.9

Percent EPS 5-Year Revenue to Industry Growth Rate

5-Year Average ROE

Percent Net Profit Margin to Industry

Comcast Corporation

Market Cap.($mil)

Latest P/E

Latest Price

Year-to-Date Revenue($mil)

35,722.5

19.1

17.34

25,491.0

94.8

12.2

5.0

 Time Warner Cable, Incorporated Incorporated Sha

18,310.2

17.2

20.30

12,798.0

122.9

na

na

Comcast Corporation Class A Special

13,745.6

nm

16.77

na

na

na

na

British Sky Broadcasting Group plc

11,827.3

nm

26.99

9,872.0

-2,238.5

12.6

3,691.9

Viacom, Incorporated Class B

8,854.1

6.2

15.92

10,382.0

268.8

na

na

Shaw Communications Inc CL B

6,936.5

58.9

17.09

2,920.7

111.5

15.5

18.6

Liberty Media Corporation New- Ente

5,855.0

nm

11.87

1,031.0

na

na

na

DISH Network Corporation Shs -A

4,953.4

5.9

11.08

8,696.2

196.9

15.4

na

Scripps Networks Interactive, Incor

4,550.6

nm

27.79

1,179.1

na

na

na

Cablevision Systems Corporation

4,354.3

43.1

14.66

5,178.1

35.4

10.6

na

Discovery Communications, Incorpora

4,021.0

nm

15.00

383.8

-26.1

na

na

Liberty Global, Incorporated Class

3,355.5

nm

14.14

na

na

na

na

NDS Group plc ADS

2,778.1

17.5

47.68

850.1

1,046.2

17.9

16.6

Liberty Global, Incorporated Class

2,095.8

nm

14.49

7,990.6

-91.7

na

na

Liberty Global Incorporated Class B

1,987.4

nm

13.40

na

na

na

na

Virgin Media, Incorporated

1,552.0

nm

4.73

5,305.7

-374.0

na

na

© Hemscott, Inc. and Affiliates. All rights reserved.

       8   .        1        9        1

       0   .        0        8        1

12/06 3/07

6/07

       1   .        4        4        1

       9   .        6        4        1

       0   .        9        0        1

9/07 12/07 3/08

       9   .        2        1        1

       4   .        6        2        1

6/08 9/08

Quarterly Ratio History

Peer Comparison CATV Systems Company Name

       0   .        2        9        1

Current Ratio to Industry

       8   .        7        7

       0   .        5        7

       6   .        5        5

12/06 3/07

6/07

       9   .        8        8

       5   .        2        6

       0   .        0        5

9/07 12/07 3/08

       0   .        0        6

       7   .        6        6

6/08 9/08

Leverage Ratio to Industry

       1   .        7        7

       5   .        6        7

       5   .        6        7

12/06 3/07

6/07

       1   .        7        7

       0   .        5        7

       8   .        7        7

9/07 12/07 3/08

       7   .        3        7

       7   .        3        7

6/08 9/08

Page 7

 

Hemscott Peer Comparison Graph

Comcast Corporation

CMCSA

Peer Revenue Growth  This graph represents the the area encompassing the universe of companies in the Market that fall within 2 standard deviations of the Market mean. Company groupings of 2 standard deviations from the mean for the Sector and Business Segment are called out for further detail.

5 Year Average Revenue Growth Services Sector

Gaining Momentum

Maintaining Good Momentum

   r    a    e     Y     t    s    a     L     h     t

NETC

   w    o    r     G    e    u    n    e    v    e     R

CATV Systems Business Segment

5 Year Average Revenue Growth

+

Ticker

1 Yr. Revenue Growth Rate

5 Yr. Revenue Growth Rate

Comcast Corporation CMCSA Time Warner Cable, Incorporated Shares ATWC Comcast Corporation Corporation Class A Special CMCSK British Sky Broadcasting Group plc BSY Viacom, Incorporated Class B VIAB Shaw Communications Communications Inc CL B SJR Liberty Media Corporation New- Entertainment Shs Series A LMDIA DISH Network Corporation Shs -A DISH Scripps Networks Interactive, Incorporated SNI Cablevision Systems Corporation CVC Discovery Communications, Incorporated -- Shs Series -A-DISCA Liberty Global, Incorporated Class C SharesLBTYK NDS Group plc ADS NNDS Liberty Global, Incorporated Class A LBTYA Liberty Global Incorporated Class B LBTYB Virgin Media, Incorporated VMED

23.7 35.6 na 8.0 17.1 11.1 na 13.0 na 9.4 2.8 na 19.8 38.8 na 14.6

12.2 na na 12.6 na 15.5 na 15.4 na 10.6 na na 17.9 na na na

Company Name

60%

50%

  -

-

70%

LNET

   r    a    e     Y     t    s    a     L     h     t

PNTVE

40%

30%

   w    o    r     G    e    u    n    e    v    e     R

CMCSA 20%

NNDS CRWN CHTR MCCC

CVC BSY

DISH SJR

10%

 TIVO 0%

-10% SPDE -20% Weak Earnings Growth -10%

-5%

0%

Losing Momentum 5%

10%

15%

20%

25%

30%

35%

A company with a revenue growth rate from the most recent year that is exceeding its 5 year average revenue growth rate can indicate an increase in momentum for earnings growth. Companies with data that fall outside of 2 standard deviations of the Business Segment average are not displayed on the chart above.

© Hemscott, Inc. and Affiliates. All rights reserved.

Page 8

 

Hemscott Annual Income Statement

Comcast Corporation

Annual Income Statement Fiscal Year Ends December 31

Income Statement Data in Millions of US Dollars

Operating Revenue Cost of Sales Gross Operating Profit

2007 $30,895 11,175 $19,720

2006 $24,966 8,871 $16,095

2005 $21,075 7,260 $13,815

2004 $19,221 6,764 $12,457

2003 $18,348 7,041 $11,307

2002 $8,102 3,012 $5,090

Selling, Gen. & Administrative Expense Operating Profit before Depreciation (EBITDA)

7,934 $11,786

6,514 $9,581

5,490 $8,325

5,005 $7,452

4,915 $6,392

2,254 $2,836

6,208 167

4,962 0

4,804 0

4,623 0

4,438 166

1,915 0

(63) 960 (4) (4) 2,289 $4,349

(124) 1,163 0 0 2,064 $3,594

(42) 36 0 0 1,795 $1,720

(81) 869 0 0 1,874 $1,743

(60) (179) 0 0 2,018 ($137)

Depreciation Income Interest Income Earnings from Equity Interest Other Income Other Special Charges Special Income Charges Interest Expense Pretax Income (EBT)

(16) 97 ($218)

(63) (542) 0 0 870 ($554)

Income Taxes Minority Interest Income Net Income from Continuing Operations

1,800 (38) $2,587

1,347 12 $2,235

873 19 $828

801 14 $928

Net Income from Total Operations Total Net Income

2,587 $2,587

2,533 $2,533

928 $928

970 $970

3,240 $3,240

(195) ($195)

Normalized Income

$2,591

$2,235

$828

$928

($218)

($469)

CMCSA

Year-to-Date Information 2008 YTD $25 Billion $2 Billion $0.72

Revenue Income from Total Operations EPS from Total Operations

Year-to-Date values are as of previous Quarter end.  The trend graphs below display year-over-year growth percentages over four years.

Income Statement Trends (%) Operating Revenue

Gross Margin

23.8

22.5 18.5

16.5 9.7

4.8

05

04

(128) 43 ($469) 07

06

07

06

10.9

05

Interest Income

Cost of Sales

nm

26.0

10.2

04

22.2

07

0.0

0.0

100

06

05

04

07

3.9

05

04

Normalized Income

Total Income

15.9

2.1 170

07 © Hemscott, Inc. and Affiliates. All rights reserved.

06

7.3

06

10.8

nm

05

04

07

173

06

4.3

70.1

05

04 Page 12

 

Hemscott Annual Income Statement

Comcast Corporation

Detailed EPS Analysis

Shares in Millions, EPS Data in US Dollars

Basic Weighted Shares Outstanding Diluted Weighted Shares Outstanding

2007 3,098 3,129

2006 3,160 3,180

2005 3,295 3,312

2004 3,360 3,375

2003 3,382 3,382

2002 1,664 1,664

Basic EPS from Continuing Operations Basic EPS from Discontinued Operations Basic EPS from Total Operations Basic EPS Total

$0.84 0.00 0.84 0.84

$0.71 0.09 0.80 0.80

$0.25 0.03 0.28 0.28

$0.28 0.01 0.29 0.29

($0.07) 1.03 0.96 0.96

($0.28) 0.11 (0.17) (0.17)

Basic EPS Normalized

$0.84

$0.71

$0.25

$0.28

($0.07)

($0.28)

0.83 0.00 0.83 0.83

0.70 0.09 0.79 0.79

0.25 0.03 0.28 0.28

0.28 0.01 0.29 0.29

(0.07) 1.03 0.96 0.96

(0.28) 0.11 (0.17) (0.17)

$0.83

$0.70

$0.25

$0.28

($0.07)

($0.28)

Diluted EPS from Continuing Operations Diluted EPS from Discontinued Operations Diluted EPS from Total Operations Diluted EPS Total Diluted EPS Normalized

EPS Analysis Trends (%) Shares Outstanding 2.0

07

4.1

06

1.9

0.7

Cont. Ops. EPS 18.3 184

05

04

07

06

10.7

nm

05

04

Basic EPS Total

EPS Normalized

5.0

18.3

07

© Hemscott, Inc. and Affiliates. All rights reserved.

CMCSA

186

06

184

3.5

69.8

05

04

07

06

10.7

nm

05

04

Page 13

 

Hemscott Company Segment Data

CMCSA

Comcast Corporation

Company Segment Distribution

Company Segment Data in Thousands of US Dollars

December 31, 2005 Fiscal Year 2005   For the twelve months ending December Segment Name (SIC/Hemscottt Code) (SIC/Hemscot Cable (4841/725)

Revenue

% of Total Revenue

Operating Income

% of Total Oper. Income

Total Assets

% of All Total Assets

Depreciation

% of Total Depreciation

Net Fixed Assets

% of Total Fixed Assets 98.51

21,158,000

94.46

3,860,000

104.89

100,774,000

95.01

4,598,000

95.33

3,567,000

Corporate (0/725)

323,000

1.44

-308,000

-8.37

2,760,000

2.60

70,000

1.45

38,000

1.05

Content (0/725)

919,000

4.10

128,000

3.48

2,530,000

2.39

155,000

3.21

16,000

0.44

Third Quarter 2008   For the three months ending September 30, 2008 Cable (4841/725)

8,131,000

95.91

3,251,000

96.87

0

na

0

na

0

na

0

0.00

0

0.00

0

na

0

na

0

na

347,000

4.09

105,000

3.13

0

na

0

na

0

na

0

0.00

0

0.00

0

na

0

na

0

na

99.62

Corporate (0/725) Programming (0/725) x (0/725)

Second Quarter 2008   For the three months ending June 30, 2008 2008 Cable (4841/725)

8,100,000

95.68

1,825,000

97.65

0

na

3,085,000

96.89

2,609,000

0

0.00

0

0.00

0

na

0

0.00

0

0.00

366,000

4.32

44,000

2.35

0

na

99,000

3.11

10,000

0.38

0

0.00

0

0.00

0

na

0

0.00

0

0.00

99.71

Corporate (0/725) Programming (0/725) x (0/725)

First Quarter 2008   For the three months ending March 31, 2008 2008 Cable (4841/725)

7,916,000

95.62

1,594,000

96.43

0

na

1,548,000

96.63

1,355,000

0

0.00

0

0.00

0

na

0

0.00

0

0.00

363,000

4.38

59,000

3.57

0

na

54,000

3.37

4,000

0.29

0

0.00

0

0.00

0

na

0

0.00

0

0.00

Corporate (0/725) Programming (0/725) x (0/725)

© Hemscott, Inc. and Affiliates. All rights reserved.

Page 14

 

Hemscott Annual Balance Sheet

Comcast Corporation

Annual Balance Sheet Fiscal Year Ends December 31 Cash and Equivalents Marketable Securities Receivables Prepaid Expenses Current Deferred Income Taxes Asset Other Current Assets Total Current Assets

+ =

Land and Improvements

Balance Sheet Data in Millions of US Dollars

2007 $963 98 1,645 0 214 747 $3,667

2006 $1,239 1,735 1,450 0 0 778 $5,202

2005 $947 148 1,008 0 0 745 $2,848

2004 $452 1,555 959 261 0 308 $3,535

2003 $1,550 2,493 907 0 0 453 $5,403

2002 $505 3,258 862 0 0 2,474 $7,099

202

163

148

152

152

0

33,236 0 3,355 36,754 15,506 60,808 13,768 9,379 $105,203

27,016 0 2,619 29,783 12,079 51,922 13,498 17,428 $100,552

25,604 2,371 0 28,127 9,416 68,942 0 13,506 $101,159

23,864 1,020 0 25,036 6,563 69,750 0 15,533 $103,756

0 0 22,236 22,236 3,855 70,213 0 17,435 $106,029

Buildings and Improvements Machinery, Furniture, and Equipment Other Fixed Assets Gross Fixed Assets Accumulated Depreciation and Depletion Intangibles Cost in Excess Other Non-Current Assets Total Non-Current Assets

+ =

1,667 30,351 11,212 43,432 19,808 62,816 14,705 8,605 $109,750

 Total Current Assets Assets  Total Non-Current Assets Assets Total Assets

+ =

3,667 109,750 $113,417

5,202 105,203 $110,405

2,848 100,552 $103,400

3,535 101,159 $104,694

5,403 103,756 $109,159

7,099 106,029 $113,128

+ =

3,336 1,495 0 494 0 2,627 $7,952

2,862 983 0 453 314 2,579 $7,191

2,239 1,689 0 360 2 2,234 $6,524

2,041 3,499 0 337 360 2,398 $8,635

2,355 3,161 3,459 0 679 0 $9,654

1,296 6,953 5,236 0 1,105 816 $15,406

Long-Term Debt Deferred Income Taxes Other Non-Current Liabilities Minority Interest Balance Total Non-Current Liabilities

+ =

29,828 26,880 7,167 250 $64,125

27,992 27,338 6,476 241 $62,047

21,682 27,370 6,948 657 $56,657

20,093 26,815 7,261 468 $54,637

23,835 25,900 7,816 292 $57,843

27,957 23,104 7,161 1,172 $59,394

 Total Current Liabilities Liabilities  Total Non-Current Liabilities Liabilities Total Liabilities

+ =

7,952 64,125 $72,077

7,191 62,047 $69,238

6,524 56,657 $63,181

8,635 54,637 $63,272

9,654 57,843 $67,497

15,406 59,394 $74,800

Common Stock Equity Total Equity

+ =

41,340 $41,340

41,167 $41,167

40,219 $40,219

41,422 $41,422

41,662 $41,662

38,329 $38,329

Accounts Payable Short Term Debt Accrued Expenses Accrued Liabilities Current Deferred Income Taxes Liabilities Other Current Liabilities Total Current Liabilities

© Hemscott, Inc. and Affiliates. All rights reserved.

CMCSA

Balance Sheet Trends (%) Cash & Equivalents

Current Assets

30.8 22.3

82.7 110

29.5

34.6 19.4

70.8

07

06

05

04

07

06

05

04

Non-Current Assets

Total Assets

4.3

4.6

0.6

2.5

2.7

6.8

1.2

4.1

07

06

05

04

07

06

05

04

Accounts Payable 16.6

10.6

27.8

07

06

Current Liabilities

9.7

13.3

05

04

07

10.6 10.2

06

24.5

05

04

Total Liabilities

Total Equity 0.4

2.4

2.9

0.6

4.1

9.6

07

06

05

04

07

06

0.1

6.3

05

04 Page 15

 

Hemscott Annual Balance Sheet

Comcast Corporation

Annual Balance Sheet, continued Fiscal Year Ends December 31  Total Liabilities  Total Equity Total Liabilities & Stock Equity

+ =

2007 $72,077 41,340 $113,417

2006 $69,238 41,167 $110,405

Balance Sheet Data in Millions of US Dollars

2005 $63,181 40,219 $103,400

2004 $63,272 41,422 $104,694

2003 $67,497 41,662 $109,159

2002 $74,800 38,329 $113,129

CMCSA

Balance Sheet Trends (%) Other Curr. Assets 4.0

4.4

Long-Term Debt 6.6

142

29.1 7.9

15.7

05

04

32.0

07

© Hemscott, Inc. and Affiliates. All rights reserved.

06

05

04

07

06

Page 16

 

Hemscott Annual Cash Flow

Comcast Corporation

Annual Cash Flow Fiscal Year Ends December 31 2004 $970 3,469 1,154 531 (608) (54) (163) 12 771

2003 ($218) 3,166 1,272 820 (1,806) (45) 35 (370) 0

2002 ($469) 1,694 221 (95) 720 80 220 50 0

2007 $2,587 5,107 1,101 247 (310) (100) 175 (352) 337

2006 $2,533 3,967 995 674 (843) (357) 560 (497) 322

2005 $928 3,666 1,138 183 7 (97) (152) (912) 74

+ =

0 $8,792

(736) $6,618

0 $4,835

0 $6,082

0 $2,854

+ =

1,158 0 (6,564) (1,319) (2,089) 0 62 ($8,752)

2,720 33 (4,701) (5,110) (2,812) 0 (2) ($9,872)

0 861 (3,621) (199) 0 (392) (397) ($3,748)

0 228 (3,660) (296) 0 (169) (615) ($4,512)

0 7,971 (4,161) (152) 0 (234) 1,815 $5,239

0 1,263 (1,852) (251) 0 (88) (197) ($1,125)

+ =

3,713 412 (1,401) (3,102) 62 ($316)

7,497 410 (2,039) (2,347) 25 $3,546

3,978 93 (2,706) (2,313) 15 ($933)

1,030 113 (2,323) (1,361) 25 ($2,516)

9,398 67 (16,465) (14) (34) ($7,048)

8,759 19 (9,508) 0 (275) ($1,005)

8,792 (8,752)

6,618 (9,872)

4,835 (3,748)

6,082 (4,512)

2,854 5,239

2,421 (1,125)

+ =

(316) ($276)

3,546 $292

(933) $154

(2,516) ($946)

(7,048) $1,045

(1,005) $291

+ =

1,239 (276) $963

947 292 $1,239

793 154 $947

1,739 (946) $793

505 1,045 $1,550

214 291 $505

Net Income (Loss) Depreciation Cash Flow Amortization Cash Flow Deferred Income Taxes Cash Flow Operating Gains (Losses) Increase (Decrease) in Receivables Increase (Decrease) in Payables Increase (Decrease) in Other Working Capital Other Non-Cash Items Net Cash from Discontinued Operations Net Cash from Operating Activities

Cash Flow Data in Millions of US Dollars

Cash Flow Trends (%) Net Income

From Operations

2.1

32.9

173

36.9

Issuance of Debt Issuance of Capital Stock  Repayment of Long Term Debt Repurchase of Capital Stock  Net Other Finance Charges Net Cash from Financing Activities Net Cash from Operating Activities Net Cash from Investment Activities Net Cash from Financing Activities Net Change in Cash

07

06

4.3

nm

05

04

06

05

04

Short Term Invst.

11.4

163

16.9

nm

0.0

nm

132

27.8

07

06

05

04

07

06

05

04

Stock Issuance 0.5

From Financing nm

341

nm

06

17.7

68.7

05

04

89.6

07

06

nm

05

07

06

62.9

64.3

05

04

Ending Cash

Change in Cash

nm

© Hemscott, Inc. and Affiliates. All rights reserved.

07

0 $2,421

07

Cash at Beginning of Period Net Change in Cash Cash at End of Period

113 20.5

From Investing Sale of Long Term Investments Sale of Short Term Investments Purchase of Property/Plant/Equipment Acquisitions Purchase of Long Term Investments Purchase of Short Term Investments Net Other Investment Changes Net Cash from Investment Activities

CMCSA

30.8 nm

04

22.3

07

19.4

06

05

48.8

04 Page 17

 

Hemscott Quarterly Income Statement

Comcast Corporation

Quarterly Income Statement Fiscal Year Ends December 31

Income Statement Data in Millions of US Dollars

CMCSA

Most Recent Qtr. Information

Q3 2008 $8,549 3,095 $5,454

Q2 2008 $8,553 3,091 $5,462

Q1 2008 $8,389 3,107 $5,282

Q4 2007 $8,014 2,903 $5,111

Q3 2007 $7,781 2,759 $5,022

Q2 2007 $7,712 2,754 $4,958

2,217 $3,237

2,111 $3,351

2,108 $3,174

2,029 $3,082

2,093 $2,929

1,946 $3,012

1,567 12

1,601 18

1,619 19

1,624 41

1,538 35

1,544 34

2 77 (3) (3) 601 $1,157

(13) (63) 0 0 618 $1,074

(35) 330 (2) (2) 621 $1,246

(14) 115 (4) (4) 600 $996

(12) 122 0 0 571 $965

(16) 93 0 0 550 $1,029

Income Taxes Minority Interest Income Net Income from Continuing Operations

401 (15) $771

455 (13) $632

508 6 $732

400 (6) $602

421 (16) $560

453 (12) $588

Net Income from Total Operations Total Net Income

771 $771

632 $632

732 $732

602 $602

560 $560

588 $588

9/08 6/08 3/08 12/07

9/08 6/08 3/08 12/07

Normalized Income

$774

$632

$734

$606

$560

$588

Interest Income

Cost of Sales

Operating Revenue Cost of Sales Gross Operating Profit Selling, Gen. & Administrative Expense Operating Profit before Depreciation (EBITDA) Depreciation Income Interest Income Earnings from Equity Interest Other Income Other Special Charges Special Income Charges Interest Expense Pretax Income (EBT)

 The trend graphs below display quarter-overquarter growth percentages over four quarters.

Income Statement Trends (%) Operating Revenue

Gross Margin

0.1

0.2

2.0

4.7

3.0

17.1

Detailed EPS Analysis

Shares in Millions, EPS Data in US Dollars

Basic Weighted Shares Outstanding Diluted Weighted Shares Outstanding

Q3 2008 2,909 2,920

Q2 2008 2,957 2,970

Q1 2008 3,009 3,017

Q4 2007 3,098 3,129

Q3 2007 3,087 3,118

Q2 2007 3,113 3,147

Basic EPS from Continuing Operations Basic EPS from Total Operations Basic EPS Total

$0.26 0.26 0.26

$0.21 0.21 0.21

$0.24 0.24 0.24

$0.20 0.20 0.20

$0.18 0.18 0.18

$0.19 0.19 0.19

Basic EPS Normalized

$0.26

$0.21

$0.24

$0.20

$0.18

$0.19

0.26 0.26 0.26

0.21 0.21 0.21

0.24 0.24 0.24

0.20 0.20 0.20

0.18 0.18 0.18

0.19 0.19 0.19

$0.26

$0.21

$0.24

$0.20

$0.18

$0.19

Diluted EPS from Continuing Operations Diluted EPS from Total Operations Diluted EPS Total Diluted EPS Normalized © Hemscott, Inc. and Affiliates. All rights reserved.

2008 MRQ $9 Billion $2 Billion $0.26

Revenue Income from Total Operations EPS from Total Operations

5.3

0.1

3.4

0.5

3.4

7.0

1.8

5.2

53.7

33.3

9/08 6/08 3/08 12/07

9/08 6/08 3/08 12/07

Normalized Income

Total Income

22.5

22.0

21.1 13.9

8.2

9/08 6/08 3/08 12/07

21.6 13.7

7.5

9/08 6/08 3/08 12/07 Page 18

 

Hemscott Quarterly Balance Sheet

Comcast Corporation

Quarterly Balance Sheet, continued Fiscal Year Ends December 31

Balance Sheet Data in Millions of US Dollars

Qundefined 2008 Qundefined 2008 Qundefined 2008 Qundefined 2007 Qundefined 2007 Qundefined 2007  Total Liabilities  Total Equity Total Liabilities & Stock Equity

+ =

$74,292 40,204 $114,496

$73,560 40,337 $113,897

$72,026 40,798 $112,824

$72,077 41,340 $113,417

$71,283 41,888 $113,171

$68,931 41,825 $110,756

Balance Sheet Trends (%) Other Curr. Assets

Long-Term Debt

2.0

0.1

3.8

18.6

2.1

0.6

1.7

4.8

9/08 6/08 3/08 12/07

© Hemscott, Inc. and Affiliates. All rights reserved.

CMCSA

9/08 6/08 3/08 12/07

Page 20

 

Hemscott Quarterly Cash Flow

Comcast Corporation

Quarterly Cash Flow Fiscal Year Ends December 31 Q3 2008 Net Income (Loss) Depreciation Cash Flow Amortization Cash Flow Deferred Income Taxes Cash Flow Operating Gains (Losses) Increase (Decrease) in Receivables Increase (Decrease) in Payables Increase (Decrease) in Other Working Capital Other Non-Cash Items Net Cash from Operating Activities Sale of Long Term Investments Sale of Short Term Investments Purchase of Property/Plant/Equipment Acquisitions Purchase of Long Term Investments Purchase of Short Term Investments Net Other Investment Changes Net Cash from Investment Activities Issuance of Debt Issuance of Capital Stock  Repayment of Long Term Debt Repurchase of Capital Stock  Payment of Cash Dividends Net Other Finance Charges Net Cash from Financing Activities

Cash at Beginning of Period Net Change in Cash Cash at End of Period

Q1 2008

+

$2,135 4,093 694 609 (273) 4 (21) (227) 359

$1,364 2,761 459 403 (202) (7) (69) (36) 255

$732 1,390 229 232 (275) 162 (144) (186) 119

=

$7,373

$4,928

+ =

0 452 (4,413) (700) 0 (67) (2) ($4,730)

+ =

Net Cash from Operating Activities Net Cash from Investment Activities Net Cash from Financing Activities Net Change in Cash

Cash Flow Data in Millions of US Dollars

Q2 2008

+ =

+ =

Q4 2007

Q3 2007

Q2 2007

$2,587 5,107 1,101 247 (310) (100) 175 (352) 337

$1,985 3,768 816 160 (240) (51) 10 (592) 252

$1,425 2,477 569 197 (242) 72 (80) (163) 135

$2,259

$8,792

$6,108

$4,390

0 320 (2,976) (331) 0 (41) (17) ($3,045)

0 49 (1,557) (29) 0 (26) 20 ($1,543)

1,158 0 (6,564) (1,319) (2,089) 0 62 ($8,752)

1,123 52 (4,897) (1,277) (129) 0 46 ($5,082)

3,513 53 (1,143) (2,800) (367) (148) ($892)

2,009 42 (831) (1,979) (185) (135) ($1,079)

192 10 (218) (1,000) 0 (28) ($1,044)

3,713 412 (1,401) (3,102) 0 62 ($316)

7,373 (4,730)

4,928 (3,045)

2,259 (1,543)

8,792 (8,752)

(892) $1,751

(1,079) $804

(1,044) ($328)

(316) ($276)

963 1,751 $2,714

963 804 $1,767

963 (328) $635

1,239 (276) $963

CMCSA

Cash Flow Trends (%) Net Income

From Operations 30.3

43.9 49.6

56.5

118

86.3 71.7

74.3

9/08 6/08 3/08 12/07

9/08 6/08 3/08 12/07

805 56 (3,287) (770) (52) 0 43 ($3,205)

From Investing

Short Term Invst.

3,610 404 (1,529) (1,852) 0 51 $684

590 334 (1,320) (1,252) 0 52 ($1,596)

9/08 6/08 3/08 12/07

9/08 6/08 3/08 12/07

Stock Issuance

From Financing

6,108 (5,082)

4,390 (3,205)

684 $1,710 1,239 1,710 $2,949

(1,596) ($411) 1,239 (411) $828

55.3

97.3

82.4

72.2

2.0

26.2

320

63.4

17.3

57.7

3.4

nm

230

0.0

nm

97.6

9/08 6/08 3/08 12/07

9/08 6/08 3/08 12/07

Change in Cash

Ending Cash

118

53.6 178 nm 18.8

nm

9/08 6/08 3/08 12/07 © Hemscott, Inc. and Affiliates. All rights reserved.

34.1

67.3

9/08 6/08 3/08 12/07 Page 21

 

Hemscott Insiders and Institutional Holdings

Comcast Corporation

Insider Transactions for Previous 3 Months

CMCSA

Short Interest Shares (Millions)

Insider Shares Bought in Millions

  Insider Shares Sold

0.00

0.03

0.00

0.01

0.23

0.21

0.48

0.34

0.45

0.33

0.59

0.27

0.46

0.18

4.36

4.02

3.90

0.00

0.00

3.16

3.03

3.42

0.65

0.84

       2   .        9        4

Jul

       0   .        6        4

       0   .        7        4

       5   .        1        7

       1   .        0        5

       7   .        7        4

       5   .        7        5

       9   .        2        5

Aug

Aug

Sep

Sep

Oct

Oct

Nov

in Millions

  Net Insider Shares Traded in Millions

Short Interest Ratio  

0.00

0.02

0.02

0.14

0.12

0.31

0.29

1.19

1.00

0.47 0.64

0.83        4   .        2

  October

November December January '08

February

March

April

May

June

July

August

September

Institutional Holdings   in Millions

152

150

227

286

284

272

369

371

354

86.33

85.64

98.09

172

171

163

253

254

255

115

115

123

319

320

332

       7   .        3

       9   .        1

       2   .        1

       8   .        1

       9   .        1

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Stock Split History Split Date 2/22/2007 5/6/1999 2/3/1994 10/25/1989 4/11/1988 12/19/1986 6/28/1985

in Millions

  Total Shares Held in Billions

 

       1   .        3

An Increasing Short Interest indicates a greater number of people who are anticipating the price of the stock to go down. The Average Short Interest Ratio in the S&P 500 is 2.5%.

Shares Bought

  Shares Sold

Jul

       0   .        2

9/19/1984 1/6/1983 1.61 1,016

1.61 1,012

1.69 982

November December January '08 © Hemscott, Inc. and Affiliates. All rights reserved.

1.65 984

1.63 982

1.63 980

1.86 952

1.86 953

1.86 973

1.63 966

1.64 964

1.64 958

February

March

April

May

June

July

August

September

October

Split Factor 1.5 for 1 2 for 1 1.5 for 1 1.5 for 1 1.5 for 1 1.5 for 1 1.5 for 1 1.5 for 1 1.5 for 1

Number of Institutions Holding Shares of CMCSA Page 22

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