UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 10, 1998
COMCAST CABLE COMMUNICATIONS, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 333-30745 23-2175755
- ---------------------------- ------------ -------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
1105 North Market Street, Wilmington, DE 19801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 427-8991
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<PAGE>
ITEM 5. OTHER EVENTS
The following sets forth preliminary unaudited financial information on the
Company's financial position as of September 30, 1998 and the results of the
Company's operations for the nine and three months then ended.
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<PAGE>
COMCAST CABLE COMMUNICATIONS, INC. AND SUBSIDIARIES
QUARTER ENDED SEPTEMBER 30, 1998
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
<TABLE>
<CAPTION>
(Dollars in millions, except share data)
September 30, December 31,
1998 1997
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents.................................................... $53.2 $40.7
Short-term investments....................................................... 0.3 0.4
Investments, available for sale ............................................. 10.3
Cash held by an affiliate.................................................... 28.8 56.6
Accounts receivable, less allowance for doubtful
accounts of $20.2 and $16.7................................................ 73.1 72.8
Inventories.................................................................. 32.6 31.3
Other current assets......................................................... 17.7 18.0
-------- --------
Total current assets..................................................... 216.0 219.8
-------- --------
PROPERTY AND EQUIPMENT.......................................................... 3,131.3 2,667.3
Accumulated depreciation..................................................... (1,173.5) (1,021.2)
-------- --------
Property and equipment, net.................................................. 1,957.8 1,646.1
-------- --------
DEFERRED CHARGES................................................................ 5,833.6 5,655.7
Accumulated amortization..................................................... (1,705.2) (1,463.8)
-------- --------
Deferred charges, net........................................................ 4,128.4 4,191.9
-------- --------
$6,302.2 $6,057.8
======== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses........................................ $261.9 $239.9
Accrued interest............................................................. 70.0 26.6
Current portion of long-term debt............................................ 0.1 52.8
Due to affiliates............................................................ 129.6 125.6
-------- --------
Total current liabilities................................................ 461.6 444.9
-------- --------
LONG-TERM DEBT, less current portion............................................ 2,699.1 2,554.9
-------- --------
MINORITY INTEREST AND OTHER..................................................... 190.3 208.5
-------- --------
NOTES PAYABLE TO AFFILIATES..................................................... 809.6 695.2
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DUE TO AFFILIATE................................................................ 493.8 398.8
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DEFERRED INCOME TAXES, due to affiliate......................................... 1,456.2 1,488.4
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDER'S EQUITY
Common stock, $1 par value - authorized and issued, 1,000 shares.............
Additional capital........................................................... 3,066.2 3,066.2
Accumulated deficit.......................................................... (2,874.9) (2,799.1)
Unrealized gains on marketable securities ................................... 0.3
-------- --------
Total stockholder's equity............................................... 191.6 267.1
-------- --------
$6,302.2 $6,057.8
======== ========
</TABLE>
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<PAGE>
COMCAST CABLE COMMUNICATIONS, INC. AND SUBSIDIARIES
QUARTER ENDED SEPTEMBER 30, 1998
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND ACCUMULATED DEFICIT
(Unaudited)
<TABLE>
<CAPTION>
(Dollars in millions)
Nine Months Ended Three Months Ended
September 30, September 30,
1998 1997 1998 1997
<S> <C> <C> <C> <C>
SERVICE INCOME................................................ $1,681.2 $1,537.0 $571.7 $515.1
--------- --------- --------- ---------
COSTS AND EXPENSES
Operating.................................................. 728.9 668.6 242.4 217.9
Selling, general and administrative........................ 381.7 350.7 129.2 117.1
Depreciation and amortization.............................. 495.1 462.7 171.5 155.9
--------- --------- --------- ---------
1,605.7 1,482.0 543.1 490.9
--------- --------- --------- ---------
OPERATING INCOME.............................................. 75.5 55.0 28.6 24.2
OTHER (INCOME) EXPENSE
Interest expense........................................... 163.0 174.2 55.1 54.3
Interest expense on notes payable to affiliates............ 42.0 24.8 14.7 12.4
Investment income, net..................................... (12.6) (3.6) (8.8) (1.6)
Other...................................................... (0.7) (0.1) (0.6) (0.1)
--------- --------- --------- ---------
191.7 195.3 60.4 65.0
--------- --------- --------- ---------
LOSS BEFORE INCOME TAX BENEFIT, MINORITY
INTEREST AND EXTRAORDINARY ITEMS........................... (116.2) (140.3) (31.8) (40.8)
INCOME TAX BENEFIT............................................ (27.6) (26.6) (6.9) (3.1)
--------- --------- --------- ---------
LOSS BEFORE MINORITY INTEREST AND
EXTRAORDINARY ITEMS........................................ (88.6) (113.7) (24.9) (37.7)
MINORITY INTEREST............................................. (12.9) (15.8) (3.4) (5.6)
--------- --------- --------- ---------
LOSS BEFORE EXTRAORDINARY ITEMS............................... (75.7) (97.9) (21.5) (32.1)
EXTRAORDINARY ITEMS........................................... (0.1) (17.6) (0.1) (2.1)
--------- --------- --------- ---------
NET LOSS...................................................... (75.8) (115.5) (21.6) (34.2)
ACCUMULATED DEFICIT
Beginning of period........................................ (2,799.1) (2,124.0) (2,853.3) (2,751.6)
Elimination of outstanding notes receivable from
affiliate through a non-cash dividend to parent.......... (546.3)
--------- --------- --------- ---------
End of Period.............................................. ($2,874.9) ($2,785.8) ($2,874.9) ($2,785.8)
========= ========= ========= =========
</TABLE>
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<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COMCAST CORPORATION
Dated: November 10, 1998 By: /s/ William E. Dordelman
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William E. Dordelman
Vice President
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