Comcast: NBC Broadcast Revs Drop, Cable Climbs

by Wayne Friedman, Aug 1, 2012, 11:17 AM

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Comcast's NBCUniversal broadcast properties had tough second-quarter financial results -- but its cable networks made steady gains.

Revenues for its broadcast television group, including advertising and content sales, dropped by 9.1% to $1.7 billion. But overall revenues at its cable networks offset these results with higher advertising sales, as well as better distribution revenue, climbing 3.6% to $2.3 billion.

NBCUniversal's theatrical film division suffered from a major flop, "Battleship." It sent film revenues backwards 1.8% to $1.2 billion. Revenue from NBC Universal was down a slight 0.8% during the period to $5.5 billion.

NBCUniversal witnessed its operating cash flow sinking a big 15.4% to $982 million, compared to $1.2 billion as a result of lower overall revenue, as well as higher programming investments.

For the company as a whole, Comcast reported better-than-expected results, due to new Internet and phone consumers. It added 156,000 high-speed Internet subscribers and 158,000 phone customers.

The largest U.S. cable TV operator grew with a 40% increase in video, high-speed Internet and voice customers -- with high-speed and voice customers now at 50.5 million, a 2.8% gain over last year’s second quarter.

Revenue from its cable video subscriptions grew 2.8% to $5,079 and high-speed Internet tacked on 8.9% to $2.4 billion, while voice revenue gained 1.2% to $889 million.

Total company-wide revenue was up 6.1% to $15.2 billion with net income slightly higher -- $3.1 billion versus $2.94 billion for the second quarter of 2011.

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