Comcast Holds 2008 Annual Meeting of Shareholders
Comcast Corporation (Nasdaq: CMCSA; CMCSK), the nation's leading provider of entertainment, information and communications products and services, today held its annual meeting of shareholders at the Wachovia Spectrum in Philadelphia.
Comcast Chairman & CEO Brian L. Roberts discussed Comcast's solid performance in 2007, despite a slowing economy and intensifying competition in the second half of the year. He also discussed how Comcast has transformed into a new products company and how Comcast has successfully diversified its revenue streams.
Among the key highlights Mr. Roberts discussed were:
Comcast delivered solid growth in revenue, operating cash flow, and earnings in 2007 and had a solid first quarter 2008, which demonstrates that the company's operating strategy is working. Thus far in 2008, the total return on Comcast's stock is over 20%.
Comcast has a strong competitive position with diversified streams of revenue from video, High Speed Internet, Comcast Digital Voice, Comcast Business Class, programming and advertising.
Comcast's Triple Play is available to more than 44 million homes.
Comcast continues to return capital to shareholders. Since the inception of Comcast's stock repurchase program in December 2003 through the first quarter 2008, the company has invested $11.5 billion in its common stock and related securities, reducing the number of shares outstanding by 16%. Additionally, on February 14, 2008, Comcast's Board of Directors declared a $0.0625 quarterly cash dividend on Comcast common stock. The quarterly dividend totaling $185 million was paid on April 30, 2008.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (http://www.comcast.com) is the nation's leading provider of entertainment, information and communications products and services. With 24.7 million cable customers, 14.1 million high-speed Internet customers, and 5.2 million voice customers, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV One, ten Comcast SportsNet networks and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.