SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
COMCAST CORPORATION
[GRAPHIC OMITTED]
(Mark One):
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
For the fiscal year ended December 31, 1994.
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934.
For the transition from _________ to ________
Commission file number 0-6983
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
THE STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Comcast Corporation
1500 Market Street
Philadelphia, PA 19102
<PAGE>
STORER COMMUNICATIONS
RETIREMENT SAVINGS PLAN
Financial Statements as of December 31, 1994
and 1993 and for each of the Three Years in
the Period Ended December 31, 1994;
Supplemental Schedules as of and for the
Year Ended December 31, 1994; and
Independent Auditors' Report
<PAGE>
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statement of Net Assets Available for Plan Benefits as of
December 31, 1994 and 1993 2
Statement of Changes in Net Assets Available for Plan Benefits for the
Years Ended December 31, 1994, 1993 and 1992 3-5
Notes to Financial Statements 6-10
SUPPLEMENTAL SCHEDULES:
Item 27a - Schedule of Assets Held for Investment Purposes as of
December 31, 1994 11
Item 27d - Schedule of Reportable Transactions for the
Year Ended December 31, 1994 12
</TABLE>
<PAGE>1
INDEPENDENT AUDITORS' REPORT
Plan Administrator
Storer Communications Retirement Savings Plan
Philadelphia, Pennsylvania
We have audited the accompanying statement of net assets available for plan
benefits of the Storer Communications Retirement Savings Plan (the "Plan") as of
December 31, 1994 and 1993, and the related statement of changes in net assets
available for plan benefits for each of the three years in the period ended
December 31, 1994. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for plan benefits of the Storer
Communications Retirement Savings Plan as of December 31, 1994 and 1993, and the
related changes in net assets available for plan benefits for each of the three
years in the period ended December 31, 1994, in conformity with generally
accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by fund in
the statement of net assets available for plan benefits and the statement of
changes in net assets available for plan benefits is presented for the purpose
of additional analysis of the basic financial statements rather than to present
information regarding the net assets available for plan benefits and changes in
net assets available for plan benefits of each fund. The supplemental schedules
on pages 11 and 12 are presented for the purpose of additional analysis and are
not a required part of the basic financial statements, but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental information by fund and supplemental schedules are the
responsibility of the Plan's management. The supplemental information by fund
and supplemental schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects when considered in relation to the basic
financial statements taken as a whole.
/s/ DELOITTE & TOUCHE LLP
Philadelphia, Pennsylvania
June 7, 1995
<PAGE>2
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1994 AND 1993
<TABLE>
<CAPTION>
Supplemental Information by Fund
Retirement
Fidelity Fidelity Government Fidelity Total Participant
Comcast Magellan Balanced Money Market U.S. Equity Investment Loan
Stock Fund Fund Fund Fund Index Fund Funds Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DECEMBER 31, 1994
ASSETS
Investments - at
market value $1,013,628 $2,610,804 $1,100,772 $3,769,435 $702,235 $9,196,874 $ $9,196,874
Loans receivable
from participants 462,080 462,080
-------- ---------- ---------- ---------- -------- ---------- -------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $1,013,628 $2,610,804 $1,100,772 $3,769,435 $702,235 $9,196,874 $462,080 $9,658,954
========== ========== ========== ========== ======== ========== ======== ==========
DECEMBER 31, 1993
ASSETS
Investments - at
market value $915,169 $2,262,575 $1,337,914 $3,445,407 $597,792 $8,558,857 $ $8,558,857
Loans receivable
from participants 380,951 380,951
-------- ---------- ---------- ---------- -------- ---------- -------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $915,169 $2,262,575 $1,337,914 $3,445,407 $597,792 $8,558,857 $380,951 $8,939,808
======== ========== ========== ========== ======== ========== ======== ==========
</TABLE>
See notes to financial statements.
<PAGE>3
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Supplemental Information by Fund
Retirement
Fidelity Fidelity Government Fidelity Total Participant
Comcast Magellan Balanced Money Market U.S. Equity Investment Loan
Stock Fund Fund Fund Fund Index Fund Funds Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR
PLAN BENEFITS,
BEGINNING OF YEAR $915,169 $2,262,575 $1,337,914 $3,445,407 $597,792 $8,558,857 $380,951 $8,939,808
ADDITIONS
Contributions:
Employer 108,810 223,228 108,240 273,230 60,763 774,271 774,271
Employee 191,118 462,969 231,957 505,715 129,440 1,521,199 1,521,199
Investment income - interest
and dividends 169,317 96,986 34,997 115,825 21,418 438,543 438,543
Interest on employee loans 2,051 6,309 2,866 12,208 1,491 24,925 24,925
Interfund transfers 240,617 49,483 (103,751) (203,096) 16,747
Realized gains and net
(decrease) increase
in unrealized appreciation
in value of investments (554,638) (142,324) (95,905) 4,642 (13,064) (801,289) (801,289)
Loan repayments - principal 12,708 33,859 18,192 75,483 10,390 150,632 (150,632)
---------- ---------- ---------- ---------- -------- ---------- -------- ----------
169,983 730,510 196,596 784,007 227,185 2,108,281 (150,632) 1,957,649
---------- ---------- ---------- ---------- -------- ---------- -------- ----------
DEDUCTIONS
Payments to participants or
beneficiaries 74,195 290,759 391,344 386,981 95,224 1,238,503 1,238,503
Loan withdrawals 16,487 59,534 28,281 109,302 18,157 231,761 (231,761)
Forfeited amounts (credits) 14,139 18,356 7,554 (45,831) 5,782
Transfers (in) out (33,297) 13,632 6,559 9,527 3,579
---------- ---------- ---------- ---------- -------- ---------- -------- ----------
71,524 382,281 433,738 459,979 122,742 1,470,264 (231,761) 1,238,503
---------- ---------- ---------- ---------- -------- ---------- -------- ----------
NET ADDITIONS (DEDUCTIONS) 98,459 348,229 (237,142) 324,028 104,443 638,017 81,129 719,146
---------- ---------- ---------- ---------- -------- ---------- -------- ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, END OF YEAR $1,013,628 $2,610,804 $1,100,772 $3,769,435 $702,235 $9,196,874 $462,080 $9,658,954
========== ========== ========== ========== ======== ========== ======== ==========
</TABLE>
See notes to financial statements.
<PAGE>4
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Supplemental Information by Fund
Retirement
Fidelity Fidelity Government Fidelity Total Participant
Comcast Magellan Balanced Money Market U.S. Equity Investment Loan
Stock Fund Fund Fund Fund Index Fund Funds Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
BEGINNING OF YEAR $ $1,200,144 $694,464 $3,492,206 $382,976 $5,769,790 $173,184 $5,942,974
ADDITIONS
Contributions:
Employer 295,021 210,104 126,703 352,469 76,268 1,060,565 1,060,565
Employee 105,039 429,616 298,816 666,559 160,853 1,660,883 1,660,883
Investment income - interest
and dividends 2,326 194,416 111,865 99,496 21,996 430,099 430,099
Interest on employee loans 486 3,775 2,243 9,064 897 16,465 16,465
Interfund transfers 231,888 245,221 167,523 (635,353) (9,279)
Realized gains and net
increase in unrealized
appreciation in value
of investments 316,080 163,859 62,638 27,273 569,850 569,850
Loan repayments - principal 3,882 20,011 41,702 58,264 5,366 129,225 (129,225)
-------- ---------- ---------- ---------- -------- ---------- -------- ----------
954,722 1,267,002 811,490 550,499 283,374 3,867,087 (129,225) 3,737,862
-------- ---------- ---------- ---------- -------- ---------- -------- ----------
DEDUCTIONS
Payments to participants
or beneficiaries 40,225 128,005 121,736 378,879 55,313 724,158 724,158
Loan withdrawals 7,704 72,663 42,836 194,147 19,642 336,992 (336,992)
Forfeited amounts (credits) 2,921 3,472 3,468 (11,296) 1,435
Transfers (in) out (11,297) 431 35,568 (7,832) 16,870 16,870
-------- ---------- ---------- ---------- -------- ---------- -------- ----------
39,553 204,571 168,040 597,298 68,558 1,078,020 (336,992) 741,028
-------- ---------- ---------- ---------- -------- ---------- -------- ----------
NET ADDITIONS (DEDUCTIONS) 915,169 1,062,431 643,450 (46,799) 214,816 2,789,067 207,767 2,996,834
-------- ---------- ---------- ---------- -------- ---------- -------- ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, END OF YEAR $915,169 $2,262,575 $1,337,914 $3,445,407 $597,792 $8,558,857 $380,951 $8,939,808
======== ========== ========== ========== ======== ========== ======== ==========
</TABLE>
See notes to financial statements.
<PAGE>5
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
Supplemental Information by Fund
Retirement
Fidelity Fidelity Government Fidelity Total Participant
Magellan Balanced Money Market U.S. Equity Investment Loan
Fund Fund Fund Index Fund Funds Fund Total
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, BEGINNING OF YEAR $891,762 $404,162 $5,459,352 $258,222 $7,013,498 $ $7,013,498
ADDITIONS
Contributions:
Employer 207,298 130,346 388,810 76,530 802,984 802,984
Employee 569,579 350,335 976,493 193,439 2,089,846 2,089,846
Investment income - interest and
dividends 186,106 74,563 189,846 11,973 462,488 462,488
Interest on employee loans 1,249 1,659 6,552 283 9,743 9,743
Interfund transfers 376,264 260,825 (779,951) 142,862
Realized gains and net (decrease)
increase in unrealized appreciation
in value of investments (72,827) (19,044) 28,738 (63,133) (63,133)
Loan repayments - principal 8,243 5,825 25,979 1,424 41,471 (41,471)
---------- -------- ---------- -------- ---------- -------- ----------
1,275,912 804,509 807,729 455,249 3,343,399 (41,471) 3,301,928
---------- -------- ---------- -------- ---------- -------- ----------
DEDUCTIONS
Payments to participants or
beneficiaries 102,336 46,038 413,789 26,850 589,013 3,848 592,861
Loan withdrawals 57,872 23,893 230,945 14,985 327,695 (327,695)
Forfeited amounts (credits) 9,688 3,570 (16,660) 3,402
Transfers out 797,634 440,706 2,146,801 285,258 3,670,399 109,192 3,779,591
---------- -------- ---------- -------- ---------- -------- ----------
967,530 514,207 2,774,875 330,495 4,587,107 (214,655) 4,372,452
---------- -------- ---------- -------- ---------- -------- ----------
NET ADDITIONS (DEDUCTIONS) 308,382 290,302 (1,967,146) 124,754 (1,243,708) 173,184 (1,070,524)
---------- -------- ---------- -------- ---------- -------- ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, END OF YEAR $1,200,144 $694,464 $3,492,206 $382,976 $5,769,790 $173,184 $5,942,974
========== ======== ========== ======== ========== ======== ==========
</TABLE>
See notes to financial statements.
<PAGE>6
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Storer Communications Retirement Savings
Plan (the "Plan") are presented using the accrual basis of accounting.
Investments are carried at market value. Market value is determined by
the last sales or closing price as of the last trading day of the Plan
year for investments in securities traded on a matured securities
exchange or the NASDAQ National Market System. Changes in investment
market values are reflected as unrealized appreciation or depreciation in
the financial statements of the Plan during each corresponding Plan year,
while net realized gains and losses associated with the disposition of
investments are recorded as of the trade date and calculated based on
market values as of such date. Employee and employer contributions are
recorded in the period to which they are applicable. All costs associated
with administering the Plan were paid or absorbed by Storer
Communications, Inc. (the "Company") in 1994 and 1993. However, certain
of these costs were paid by the Plan in 1992.
On December 2, 1992, the Company completed certain transactions which
resulted in the division of the Company between its stockholders. The
accounts of the Plan participants of the subsidiaries no longer owned by
the Company were transferred out of the Plan by the Trustee. The majority
of these transfers were completed in 1992.
2. PLAN DESCRIPTION
The following is not intended to be a complete description of the Plan.
Plan participants should refer to the Plan document and applicable
amendments for a complete description of the Plan.
The Plan is a defined contribution plan qualified under Internal Revenue
Code (the "Code") Sections 401(k), 401(a) and 401(m). The Company amended
and restated the Plan effective January 1, 1993 to provide generally for
the same terms, conditions and benefits as the Comcast Corporation
Retirement-Investment Plan (the "Comcast Plan"). Participation in the
Plan is open to covered employees who satisfy eligibility requirements as
set forth in the Plan document.
An employee is eligible for participation in the Plan upon completion of
one year and one thousand hours of service. Each eligible employee may
direct the Company to make contributions of any multiple of 1% between 1%
and 17% of their compensation to the Plan, subject to certain limits
imposed by the Code. The Company matches 100% of the participant's
contribution up to 1% of the participant's compensation, and 50% of the
participant's contribution in excess of 1% of the participant's
compensation for such payroll period, up to a maximum matching
contribution of 3.5% of the participant's compensation. Prior to 1993, an
eligible employee could contribute any multiple of 1% between 1% and 10%
of his or her compensation, subject to certain limits imposed by the
Code, and the Company matched 50% of the participant's contribution, up
to a maximum of 4% of the participant's compensation. Each participant
has, at all times, a 100% nonforfeitable interest in the participant's
contributions and earnings attributable thereto. In addition, effective
January 1, 1993, the Company made one-time contributions of approximately
$230,000 in cash to purchase 10 shares of Comcast Class A Special Common
Stock for the account of each active participant as of that date. These
contributions were recorded at the market value of the shares at the date
contributed. Thereafter, comparable contributions are made to the
accounts of new participants.
<PAGE>7
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued)
Contributions by the Company are vested according to the following
schedule:
Years of Service Vested Percentage
1 year but less than 2 years 20%
2 years but less than 3 years 40
3 years but less than 4 years 60
4 years but less than 5 years 80
5 years or more 100
Each participant has the right, in accordance with the provisions of the
Plan, to direct the investment by the trustee of all amounts allocated to
the separate accounts of the participant under the Plan among any one or
more of the investment fund options (see Note 3). The trustee pays
benefits and expenses upon the written direction of the Plan
Administrator.
Nonvested amounts contributed by the Company which are forfeited by
participants upon separation from service may be used to reduce the
Company's required contributions. Pending application of the forfeitures,
the Company may direct the trustee to hold the forfeitures in cash or
under investment in a suspense account. If the Plan should terminate with
any forfeitures not applied against Company contributions, they will be
allocated to current participants in the proportion that each
participant's compensation for that Plan year bears to the compensation
for all such members for the Plan year.
Any participant who has a separation from service for any reason except
death, disability or attainment of age 65 shall be entitled to receive
his vested account balance. Upon death, disability or attainment of age
65, a participant's account becomes fully vested regardless of the
service period. If the participant has attained age 65, distribution may
begin as soon after the valuation date as is administratively feasible.
Otherwise, distribution will start no later than 60 days after the close
of the Plan year in which the participant's separation from service
occurs, subject to certain deferral rights under the Plan. The
distribution alternatives permitted are a lump sum payment, an annuity,
installments over a period of time or any combination of the foregoing.
The Company may terminate or partially terminate the Plan. If the Plan is
terminated or partially terminated, or there is a complete discontinuance
of contributions by the Company, each affected participant's account
balance will become nonforfeitable.
3. INVESTMENT OPTIONS
Contributions are invested in accordance with the directions of the
participant in one or more of the following funds:
a. Comcast Stock Fund - The assets of the Comcast Stock Fund,
including earnings thereon, are invested in Comcast Corporation
Class A and Class A Special Common Stock. Currently, participants
may direct investments of new contributions and prior account
balances only in Class A Common Stock. The trustee purchases the
stock at prevailing rates in the open market, and, in the normal
course of business, sells such stock to meet distribution
requirements of the Plan. The value of the Comcast Stock Fund
fluctuates. This fund was offered to participants beginning
January 1, 1993.
b. Fidelity Magellan Fund - The Fidelity Magellan Fund is a growth
fund which seeks long-term capital appreciation by investing in
the stocks of both well-known and lesser-known companies with
potentially above-average growth potential and a correspondingly
higher level of risk. Securities may be of foreign, domestic and
multinational companies. The related share price and return will
fluctuate.
<PAGE>8
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued)
c. Fidelity Balanced Fund - The Fidelity Balanced Fund is a growth
and income fund which seeks the highest amount of income possible
while preserving capital by investing in investment grade or
higher bonds and other high-yielding securities, including common
and preferred stocks. At least 25% of the related assets are
invested in fixed income senior securities. Dividend amounts will
vary and the related share price and return will fluctuate.
d. Retirement Government Money Market Fund - The Retirement
Government Money Market Fund (the "Fund") is a money market fund
which seeks as high a level of current income as is consistent
with the preservation of capital and liquidity. It invests in
obligations issued or guaranteed as to principal and interest by
the U.S. Government, its agencies or instrumentalities. The Fund's
yield will fluctuate. While the Fund seeks to maintain a $1.00
share price, there is no assurance that it will be able to do so.
e. Fidelity U.S. Equity Index Fund - The Fidelity U.S. Equity Index
Fund (the "Equity Fund") is a growth and income fund. It seeks
investment results that correspond to the total return performance
of the S&P 500 Index, which is comprised of common stocks.
Dividend amounts will vary and the Equity Fund's share price and
return will fluctuate.
The selection of investments from the options listed above is the sole
responsibility of each participant. Each participant assumes all risks
connected with any decrease in the market value of any securities in
these funds, and such funds are the sole source of payments under the
Plan.
4. INVESTMENTS
The investments of the Plan consist of the following (The market values
used herein do not reflect any changes in price per share subsequent to
year-end; number of shares is rounded to the nearest whole share):
<TABLE>
<CAPTION>
December 31, 1994
Market
Number of Value Per Market
Shares Share Cost Value
<S> <C> <C> <C> <C>
Comcast Stock Fund
Comcast Corp. Common Stock:
Class A 41,723 $15.375 $876,343 $641,484
Class A Special (nonvoting) 23,722 15.688 375,348 372,144
------- -------
1,251,691 1,013,628
Fidelity Magellan Fund 39,086 66.800 2,667,726 2,610,804
Fidelity Balanced Fund 89,567 12.290 1,157,327 1,100,772
Retirement Government Money
Market Fund 3,769,435 1.000 3,766,184 3,769,435
Fidelity U.S. Equity Index Fund 41,528 16.910 681,229 702,235
------- -------
$9,524,157 $9,196,874
========== ==========
</TABLE>
<PAGE>9
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued)
<TABLE>
<CAPTION>
December 31, 1993
Market
Number of Value Per Market
Shares Share Cost Value
<S> <C> <C> <C> <C>
Comcast Stock Fund
Comcast Corp. Common Stock:
Class A 14,066 $36.375 $398,492 $511,667
Class A Special (nonvoting) 11,208 36.000 219,708 403,502
------- -------
618,200 915,169
Fidelity Magellan Fund 31,935 70.850 2,174,689 2,262,575
Fidelity Balanced Fund 99,919 13.390 1,296,039 1,337,914
Retirement Government Money
Market Fund 3,445,407 1.000 3,445,407 3,445,407
Fidelity U.S. Equity Index Fund 34,614 17.270 559,084 597,792
------- -------
$8,093,419 $8,558,857
========== ==========
</TABLE>
On December 21, 1993, Comcast Corporation's ("Comcast") board of
directors authorized a three-for-two stock split in the form of a 50%
stock dividend payable on February 2, 1994 to shareholders of record on
January 12, 1994. The dividend was paid in Class A Special Common stock
to Comcast's holders of Class A Common and Class A Special Common. The
number of shares and market value per share amounts included herein as
they relate to the plan year ended December 31, 1993 have not been
adjusted to reflect the dividend.
5. LOANS AND WITHDRAWALS
Participants may borrow from their Plan account. Loans are subject to the
approval of the Plan Administrator in accordance with applicable
regulations issued by the Internal Revenue Service ("IRS") and the
Department of Labor. In general, the principal amount of the loan to a
participant may not be less than $500 and may not exceed the lesser of
(a) $50,000, reduced by the excess of the highest outstanding balance of
loans to the participant from the Plan during the one-year period ending
on the day before the date on which the loan was made over the
outstanding balance of loans to the participant on the date on which the
loan is made or (b) 50% of the participant's nonforfeitable Accrued
Benefit on the Valuation Date (as these amounts are defined by the Plan)
last preceding the date on which the loan application is received by the
Plan Administrator. Prior to January 1, 1993, the minimum loan amount was
$1,000. The maximum term of these loans is five years. If a participant
terminates for any reason, any outstanding loan balance becomes due and
payable. Interest accrues at a rate charged by commercial lenders for
comparable loans on the date the loan application is approved.
Participants may withdraw all or a portion of their benefits derived from
salary reduction, rollovers or the nonforfeitable portion of their
employer contribution account on account of hardship, as defined by the
Plan and applicable IRS regulations. Under these rules, the participant
must exhaust the possibilities of all other distributions, loans, etc.
available under the Plan and meet certain other requirements. Upon
receiving a hardship withdrawal, the participant's elective contributions
are suspended for twelve full calendar months.
6. BENEFITS PAYABLE
As of December 31, 1994 and 1993, net assets available for Plan benefits
included benefits of approximately $64,000 and $65,000, respectively, due
to participants who have withdrawn from participation in the Plan.
<PAGE>10
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Concluded)
7. ADMINISTRATION OF THE PLAN
The Company has the authority to control and manage the operation and
administration of the Plan. The Company may delegate all or a portion of
the responsibilities of controlling and managing the operation and
administration of the Plan to one or more persons.
8. FEDERAL TAX CONSIDERATIONS
a. Status of the Plan - The Plan obtained its latest determination
letter dated April 27, 1992, in which the IRS stated that the
Plan, as then designed, was in compliance with the applicable
requirements of the Code. The Plan has been amended since
receiving this determination letter. However, the Company believes
that the Plan is currently designed and being operated in
compliance with the applicable requirements of the Code.
Therefore, no provision for income taxes has been included in the
Plan's financial statements. A request for an updated
determination letter, which considers the 1993 Plan restatement
(see Note 2) and all subsequent amendments, has been filed with
the IRS.
b. Impact on Plan Participants - Matching contributions and salary
reduction contributions, as well as earnings on Plan assets, are
generally not subject to federal income tax until distributed from
a qualified plan that meets the requirements of Sections 401(a),
401(k) and 401(m) of the Code.
*****
<PAGE>11
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Market
Number of Value Per Market
Shares* Share Cost Value
<S> <C> <C> <C> <C>
COMCAST STOCK FUND
Comcast Corp. Common Stock:
Class A 41,723 $15.375 $876,343 $641,484
Class A Special (nonvoting) 23,722 15.688 375,348 372,144
--------- ---------
1,251,691 1,013,628
FIDELITY MAGELLAN FUND 39,086 66.800 2,667,726 2,610,804
FIDELITY BALANCED FUND 89,567 12.290 1,157,327 1,100,772
RETIREMENT GOVERNMENT
MONEY MARKET FUND 3,769,435 1.000 3,766,184 3,769,435
FIDELITY U.S. EQUITY INDEX FUND 41,528 16.910 681,229 702,235
LOANS TO PARTICIPANTS
(Interest rates from 7.0% to 9.5%;
maturities from 1995 to 1999) 462,080 462,080
--------- ---------
$9,986,237 $9,658,954
========== ==========
</TABLE>
* Number of shares is rounded to the nearest whole share.
<PAGE>12
STORER COMMUNICATIONS RETIREMENT SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Selling Cost of
Description Price Asset Net Gain
<S> <C> <C> <C>
PURCHASES
Comcast Stock Fund $765,637
Fidelity Magellan Fund 1,047,600
Fidelity Balanced Fund 473,258
Retirement Government Money Market Fund 1,078,049
Fidelity U.S. Equity Index Fund 304,019
SALES
Comcast Stock Fund $112,540 $83,860 $28,680
Fidelity Magellan Fund 557,047 554,947 2,100
Fidelity Balanced Fund 614,495 612,115 2,380
Retirement Government Money Market Fund 758,663 758,663
Fidelity U.S. Equity Index Fund 186,512 181,857 4,655
</TABLE>
<PAGE>
INDEPENDENT AUDITORS' CONSENT
Weconsent to the incorporation by reference in Registration Statement No.
33-54365 of Comcast Corporation on Form S-8 of our reports dated February 21,
1995 and June 7, 1995 appearing in the Annual Report on Form 10-K of Comcast
Corporation for the year ended December 31, 1994 and in the Annual Report on
Form 11-K of Comcast Corporation for the Storer Communications Retirement
Savings Plan for the year ended December 31, 1994, respectively.
/s/ DELOITTE & TOUCHE LLP
Philadelphia, Pennsylvania
June 29, 1995
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
THE STORER COMMUNICATIONS
RETIREMENT SAVINGS PLAN
By: Comcast Corporation
Plan Administrator
Date: June 28, 1995 By: /s/ Lawrence S. Smith
Lawrence S. Smith
Senior Vice President,
Accounting and Administration
