Comcast releases fourth-quarter, full-year financials

Comcast released its fourth-quarter and full-year revenue report this morning, and while things look promising on the cable side of the ledger, the continued weakness of NBCUniversal's broadcast TV operations is putting the hurt on the company's bottom line.

In the report, Comcast chairman and CEO Brian Roberts laid out the situation.

"Last year was a very important year for our company. Cable continued to drive innovation, increase new product introductions and transform the customer experience, and we successfully integrated NBCUniversal. We also reported strong financial and operating results in both the fourth quarter and for the full year. Specifically, cable had another terrific quarter of improving customer metrics, demonstrating that our new XFINITY brand and our intensified focus on service and innovation are making a real difference. Our results at NBCUniversal underscore the strong performance of the cable networks and theme parks, and we continue to make progress enhancing the franchise values of its businesses," he said.

Here are some highlights of the report (which you can read in its entirety here):

• Broadcast TV (NBC) revenue for the fourth quarter was $1.8 billion, down 3.7% from $1.9 billion in the same quarter in 2010.  For the full year, the broadcast division brought in $6.4 billion, down 7.1% from 2010's $6.9 billion.
• Revenue for NBCU's cable networks increased by 5.3% for the quarter and 10.6% for the year.
• Comcast's cable operation (which includes internet and telephone) improved its revenue picture by 4.7% for the quarter and 5.3% for the year.
• For the full year, revenue increased 47.2% to $55.8 billion, while operating cash flow increased 25.8% to $18.4 billion and operating income increased 34.3% to $10.7 billion.

Comcast lost 460,000 strictly-video cable customers in 2011; however, it gained 1.1 million internet customers and 732,000 phone customers.  Overall, the company now has 49.8 million cable customers including those in Olney and Richland County, Ill.; Tell City, Cannelton and Perry County, Ind.; and Central City, Greenville and Muhlenberg County, Ky.

Despite the problems at NBCU, Comcast is emphasizing shareholder value for 2012.

Roberts said, "As we begin 2012, the strength of our businesses and free cash flow generation will allow us to continue to build value and consistently return capital to shareholders. To underscore our optimism, we are increasing our dividend by 44% and have instituted a new $6.5 billion share repurchase plan, with $3 billion to be repurchased this year."