Earnings: Comcast Q1 Revenue Up 10 Percent, Record Sub Adds

Comcast delivered this time … Net income of $466 million, or $0.22 per share, a substantial improvement over $143 million, or $0.08 per share in 1Q05. Other highlights:
— ARPU (average revenue per unit) of $86.75, up 10 percent year over year
— basic cable adds of 47,000 compared to last year’s loss.
— 437,000 HSD subs added during the quarter; HSD revenue of $1 billion was up 22 percent year over year and number of subs up 1.5 million or 21 percent.
— Phone subs aren’t growing as quickly as some analysts would like but Comcast Digital Voice added more subs — 211,000 — in 1Q06 than in all of 2005.
— PPV revenues rose 29 percent from 1Q05.
— Comcast Content — the programming side — reported a 12-percent increase in revenues to $229 million but operating cash flow dropped 34 percent to $50 million due to the cost of OLN’s NHL coverage. On the other hand, revenue for the part of Comcast that relies on owning a hockey team rose because the league returned to action.
From the earnings call courtesy of SeekingAlpha.com:
— 28-percent take rate of DVR and/or HD services compared to 17% a year ago; Comcasts added 385,000 subscribers paying on average between $65 and $70 a month.
— COO Steve Burke: “We noticed two interesting trends in our high-speed data business. First, our analysis shows an increasing percentage of our new data customers are coming from DSL. In the first quarter 34% of our net adds came from DSL compared to about 23% a year earlier. Interestingly, we now get as many customers from DSL as we do from AOL narrowband.”
Earnings release | Financials | Webcast (replay) | Transcript

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