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 COMCAST CORPORATION RETIREMENT-INVESTMENT 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>
COMCAST CORPORATION RETIREMENT-
INVESTMENT 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>
COMCAST CORPORATION RETIREMENT-INVESTMENT 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
Comcast Corporation Retirement-Investment Plan
Philadelphia, Pennsylvania
We have audited the accompanying statement of net assets available for plan
benefits of the Comcast Corporation Retirement-Investment 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 Comcast Corporation
Retirement-Investment Plan as of December 31, 1994 and 1993, and the related
changes in its 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 benefits and changes in net
assets available for 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
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1994 AND 1993
<TABLE>
<CAPTION>
Supplemental Information by Fund
Pooled Funds
John
Hancock John John
Balanced Hancock Hancock
Stock and Diversified Total Guaranteed Total
Comcast Bond Stock Pooled Investment Investment Participant
Stock Fund Fund Fund Funds Fund Funds Loan Fund Total
---------- ---- ---- ----- ---- ----- --------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DECEMBER 31, 1994
ASSETS
Investments - at market
or contract values $15,053,230 $4,072,543 $7,504,811 $11,577,354 $17,420,121 $44,050,705 $ $44,050,705
Cash 112,694 112,694 112,694
Loans receivable from
participants 2,117,827 2,117,827
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $15,165,924 $4,072,543 $7,504,811 $11,577,354 $17,420,121 $44,163,399 $2,117,827 $46,281,226
=========== ========== ========== ========== =========== =========== ========== ===========
DECEMBER 31, 1993
ASSETS
Investments - at market
or contract values $20,509,866 $3,162,633 $5,618,301 $8,780,934 $17,488,132 $46,778,932 $ $46,778,932
Cash 85,337 85,337 85,337
Loans receivable from
participants 1,591,911 1,591,911
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $20,595,203 $3,162,633 $5,618,301 $8,780,934 $17,488,132 $46,864,269 $1,591,911 $48,456,180
=========== ========== ========== ========== =========== =========== ========== ===========
</TABLE>
See notes to financial statements.
<PAGE>3
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Supplemental Information by Fund
Pooled Funds
John
Hancock John John
Balanced Hancock Hancock
Stock and Diversified Total Guaranteed Total
Comcast Bond Stock Pooled Investment Investment Participant
Stock Fund Fund Fund Funds Fund Funds Loan Fund Total
---------- ---- ---- ----- ---- ----- --------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
BEGINNING OF YEAR $20,595,203 $3,162,633 $5,618,301 $8,780,934 $17,488,132 $46,864,269 $1,591,911 $48,456,180
ADDITIONS
Contributions:
Employer 821,581 336,521 634,384 970,905 814,301 2,606,787 2,606,787
Employee 1,679,063 930,447 1,534,428 2,464,875 1,780,033 5,923,971 5,923,971
Investment income -
interest and
dividends 89,524 185,621 192,125 377,746 780,604 1,247,874 1,247,874
Interest on employee
loans and other 78,131 12,046 19,078 31,124 53,084 162,339 162,339
Interfund transfers 945,380 50,659 192,485 243,144 (1,188,524)
Realized gains and
net decrease in
unrealized
appreciation in
value of
investments (7,658,351) (262,323) (274,997) (537,320) (8,195,671) (8,195,671)
Loan repayments -
principal 269,063 77,439 146,856 224,295 293,625 786,983 (786,983)
----------- ---------- ---------- ----------- ----------- ----------- ---------- -----------
(3,775,609) 1,330,410 2,444,359 3,774,769 2,533,123 2,532,283 (786,983) 1,745,300
----------- ---------- ---------- ----------- ----------- ----------- ---------- -----------
DEDUCTIONS
Payments to
participants or
beneficiaries 1,452,869 218,667 342,900 561,567 1,327,936 3,342,372 3,342,372
Loan withdrawals 200,647 194,272 203,210 397,482 714,770 1,312,899 (1,312,899)
Forfeited amounts 154 7,561 11,739 19,300 558,428 577,882 577,882
----------- ---------- ---------- ----------- ----------- ----------- ---------- -----------
1,653,670 420,500 557,849 978,349 2,601,134 5,233,153 (1,312,899) 3,920,254
----------- ---------- ---------- ----------- ----------- ----------- ---------- -----------
NET (DEDUCTIONS)
ADDITIONS (5,429,279) 909,910 1,886,510 2,796,420 (68,011) (2,700,870) 525,916 (2,174,954)
----------- ---------- ---------- ----------- ----------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS, END OF
YEAR $15,165,924 $4,072,543 $7,504,811 $11,577,354 $17,420,121 $44,163,399 $2,117,827 $46,281,226
=========== ========== ========== =========== =========== =========== ========== ===========
</TABLE>
See notes to financial statements.
<PAGE>4
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Supplemental Information by Fund
Pooled Funds
John
Hancock John John
Balanced Hancock Hancock
Stock and Diversified Total Guaranteed Total
Comcast Bond Stock Pooled Investment Investment Participant
Stock Fund Fund Fund Funds Fund Funds Loan Fund Total
---------- ---- ---- ----- ---- ----- --------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
BEGINNING OF YEAR $10,460,074 $1,443,760 $2,510,992 $3,954,752 $15,337,481 $29,752,307 $1,167,387 $30,919,694
ADDITIONS
Contributions:
Employer 599,145 288,964 497,596 786,560 989,257 2,374,962 2,374,962
Employee 1,232,573 650,236 1,085,374 1,735,610 1,931,919 4,900,102 4,900,102
Investment income -
interest and
dividends 81,485 96,511 115,080 211,591 845,520 1,138,596 1,138,596
Interest on employee
loans and other 28,960 5,864 11,584 17,448 80,626 127,034 127,034
Interfund transfers (1,010,074) 444,626 801,214 1,245,840 (235,766)
Transfer of assets 260,730 250,408 446,147 696,555 201,508 1,158,793 1,158,793
Realized gains and net
increase in
unrealized
appreciation in
value of
investments 9,794,980 151,620 427,534 579,154 10,374,134 10,374,134
Loan repayments -
principal 173,317 48,530 89,288 137,818 285,103 596,238 (596,238)
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
11,161,116 1,936,759 3,473,817 5,410,576 4,098,167 20,669,859 (596,238) 20,073,621
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
DEDUCTIONS
Payments to partici-
pants or
beneficiaries 796,669 130,111 278,145 408,256 1,358,118 2,563,043 2,563,043
Loan withdrawals 187,546 82,470 82,500 164,970 668,246 1,020,762 (1,020,762)
Forfeited amounts
(credits) 41,772 5,305 5,863 11,168 (78,848) (25,908) (25,908)
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
1,025,987 217,886 366,508 584,394 1,947,516 3,557,897 (1,020,762) 2,537,135
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
NET ADDITIONS 10,135,129 1,718,873 3,107,309 4,826,182 2,150,651 17,111,962 424,524 17,536,486
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS, END OF
YEAR $20,595,203 $3,162,633 $5,618,301 $8,780,934 $17,488,132 $46,864,269 $1,591,911 $48,456,180
=========== ========== ========== ========== =========== =========== ========== ===========
</TABLE>
See notes to financial statements.
<PAGE>5
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
Supplemental Information by Fund
Pooled Funds
John
Hancock John John
Balanced Hancock Hancock
Stock and Diversified Total Guaranteed Total
Comcast Bond Stock Pooled Investment Investment Participant
Stock Fund Fund Fund Funds Fund Funds Loan Fund Total
---------- ---- ---- ----- ---- ----- --------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
BEGINNING OF YEAR $8,415,083 $791,076 $1,225,244 $2,016,320 $13,353,018 $23,784,421 $958,584 $24,743,005
ADDITIONS
Contributions:
Employer 507,211 124,921 207,690 332,611 798,966 1,638,788 1,638,788
Employee 1,082,893 362,832 643,702 1,006,534 1,978,509 4,067,936 4,067,936
Investment income -
interest and dividends 74,917 49,582 54,291 103,873 1,011,735 1,190,525 1,190,525
Interest on employee
loans and other 33,186 4,376 6,008 10,384 51,269 94,839 94,839
Interfund transfers (268,382) 184,321 329,363 513,684 (245,302)
Realized gains and net
increase in
unrealized
appreciation
in value of
investments 1,351,258 46,932 135,557 182,489 1,533,747 1,533,747
Loan repayments -
principal 176,235 27,331 39,807 67,138 324,776 568,149 (567,960) 189
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
2,957,318 800,295 1,416,418 2,216,713 3,919,953 9,093,984 (567,960) 8,526,024
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
DEDUCTIONS
Payments to
participants or
beneficiaries 753,590 105,916 91,333 197,249 1,392,463 2,343,302 2,343,302
Loan withdrawals 106,145 34,646 35,518 70,164 600,454 776,763 (776,763)
Forfeited amounts
(credits) 52,592 7,049 3,819 10,868 (57,427) 6,033 6,033
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
912,327 147,611 130,670 278,281 1,935,490 3,126,098 (776,763) 2,349,335
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
NET ADDITIONS 2,044,991 652,684 1,285,748 1,938,432 1,984,463 5,967,886 208,803 6,176,689
----------- ---------- ---------- ---------- ----------- ----------- ---------- -----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS,
END OF YEAR $10,460,074 $1,443,760 $2,510,992 $3,954,752 $15,337,481 $29,752,307 $1,167,387 $30,919,694
=========== ========== ========== ========== =========== =========== ========== ===========
</TABLE>
See notes to financial statements.
<PAGE>6
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Comcast Corporation Retirement-Investment
Plan (the "Plan") are presented using the accrual basis of accounting.
Investments are carried at market value or contract 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. Contract values of
guaranteed investment contracts with insurance companies represent
contributions made, plus interest at the contract rate and transfers,
less distributions. Employee and employer contributions are recorded in
the period to which they are applicable. All costs associated with
administering the Plan are paid or absorbed by Comcast Corporation (the
"Company").
Effective January 1, 1993, the 401(k) Plan of AWACS, Inc., a subsidiary
of the Company, (the "AWACS Plan") was merged with and into the Plan and
its net assets of approximately $1,159,000 were transferred into the
Plan. All members of the AWACS Plan became eligible for participation in
the Plan at that time.
Certain reclassifications have been made to the 1993 and 1992 financial
statements to conform with classifications used in 1994.
2. PLAN DESCRIPTION
The following is not intended to be a complete description of the Plan.
Plan participants should refer to the Plan documents 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, 1989 in order to comply with
certain tax law requirements. The Plan has been subsequently amended and
restated effective January 1, 1993 to reflect the merger with the AWACS
Plan and make certain other technical, compliance and design changes.
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 of 3.5% of the
participant's compensation. Prior to 1993, an eligible employee could
contribute any multiple of 1% between 2% and 17% 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
3% of the participant's compensation. Each participant has at all times a
100% nonforfeitable interest in the participant's contributions and
earnings attributable thereto. The Company makes contributions of cash to
purchase 10 shares of Comcast Class A Special Common Stock for the
account of each newly eligible participant.
<PAGE>7
COMCAST CORPORATION RETIREMENT-INVESTMENT 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 in all Company
contributions 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 written 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.
b. Pooled Funds - The assets of the Pooled Funds are invested in one
or more of the following - equity securities, fixed income
obligations issued by corporations, trusts, governments or
political subdivisions, agencies or authorities, and money market
instruments. The returns on such investments vary as the stock and
bond markets fluctuate and there is no guarantee of principal or
rate of return.
<PAGE>8
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued)
c. John Hancock Guaranteed Investment Fund - The assets of the John
Hancock Guaranteed Investment Fund are invested in guaranteed
investment contracts with insurance companies. The contracts
contain provisions for repayment of principal to participants,
plus interest at a specified annual rate for a specified period.
Under these contracts, the insurance companies guarantee the rate
of return only. Repayment of the original investment is not
guaranteed.
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 Market
Number of Value Per or Contract
Shares Share Value
<S> <C> <C> <C>
COMCAST STOCK FUND
Comcast Corp. Common Stock:
Class A 584,868 $15.375 $8,992,343
Class A Special (nonvoting) 386,339 15.688 6,060,887
----------
15,053,230
----------
POOLED FUNDS
John Hancock Balanced Stock and Bond Fund 4,072,543
John Hancock Diversified Stock Fund 7,504,811
----------
11,577,354
----------
JOHN HANCOCK GUARANTEED
INVESTMENT FUND (Guaranteed
interest rates from 3.82% to 6.29%) 17,420,121
----------
$44,050,705
===========
</TABLE>
<PAGE>9
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Continued)
<TABLE>
<CAPTION>
December 31, 1993
Market Market
Number of Value Per or Contract
Shares Share Value
<S> <C> <C> <C>
COMCAST STOCK FUND
Comcast Corp. Common Stock:
Class A 440,593 $36.375 $16,026,570
Class A Special (nonvoting) 124,536 36.000 4,483,296
----------
20,509,866
----------
POOLED FUNDS
John Hancock Balanced Stock and Bond Fund 3,162,633
John Hancock Diversified Stock Fund 5,618,301
----------
8,780,934
----------
JOHN HANCOCK GUARANTEED
INVESTMENT FUND (Guaranteed
interest rates from 3.82% to 6.29%) 17,488,132
----------
$46,778,932
===========
</TABLE>
On December 21, 1993, the Company's 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 the Company'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 from the Plan 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 is received by the
Plan Administrator. 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.
<PAGE>10
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 (Concluded)
6. BENEFITS PAYABLE
As of December 31, 1994 and 1993, net assets available for Plan benefits
included benefits of approximately $438,000 and $465,000, respectively,
due to participants who have withdrawn from participation in the Plan.
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 March 11, 1986, 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 and restated
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
COMCAST CORPORATION RETIREMENT-INVESTMENT PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Market Market
Number of Value Per or Contract
Shares* Share Cost Value
<S> <C> <C> <C> <C>
COMCAST STOCK FUND
Comcast Corp. Common Stock:
Class A 584,868 $15.375 $7,405,431 $8,992,343
Class A Special (nonvoting) 386,339 15.688 3,565,885 6,060,887
--------- ---------
10,971,316 15,053,230
---------- ----------
POOLED FUNDS
John Hancock Balanced Stock and
Bond Fund 4,186,930 4,072,543
John Hancock Diversified Stock Fund 7,953,525 7,504,811
---------- ----------
12,140,455 11,577,354
---------- ----------
JOHN HANCOCK GUARANTEED
INVESTMENT FUND (Guaranteed
interest rates from 3.82% to 6.29%) 17,420,121 17,420,121
LOANS TO PARTICIPANTS
(Interest rates from 7% to 12.03%;
maturities from 1995 to 1999) 2,117,827 2,117,827
---------- ----------
$42,649,719 $46,168,532
=========== ===========
</TABLE>
* Number of shares is rounded to the nearest whole share.
<PAGE>12
COMCAST CORPORATION RETIREMENT-INVESTMENT 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 $3,914,670
John Hancock Guaranteed Investment Fund 4,341,705
Pooled Funds 4,755,870
SALES
Comcast Stock Fund $1,685,598 $1,099,526 $586,072
John Hancock Guaranteed Investment Fund 4,409,716 4,409,716
Pooled Funds 1,422,130 874,232 547,898
</TABLE>
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-41440 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 the Comcast Corporation Retirement-Investment 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 COMCAST CORPORATION
RETIREMENT-INVESTMENT PLAN
By: Comcast Corporation
Plan Administrator
Date: June 28, 1995 By: /s/ Lawrence S. Smith
Lawrence S. Smith
Senior Vice President,
Accounting and Administration
