PHILADELPHIA, Dec. 4 /PRNewswire-FirstCall/ -- Comcast Corporation announces that Michael Angelakis, Co-Chief Financial Officer, will participate in the 35th Annual UBS Global Media & Communications Conference on December 5, 2007, at which time he will discuss, among other items, the Company's current outlook for 2007.
Reflecting an increasingly challenging economic and competitive environment and consistent with trends across the sector, Revenue Generating Units(1) (RGUs) are now expected to increase by approximately 6 million to 57 million, versus previous guidance of approximately 6.5 million additions. This represents a significant increase compared to the 5 million RGUs added in 2006. This RGU growth is expected to contribute to cable revenue growth(2) for 2007 of approximately 11%, compared to previous guidance of at least 12%, cable operating cash flow growth(2) of approximately 13% as compared to previous guidance of at least 14%, and consolidated operating cash flow growth(2) of approximately 13% as compared to previous guidance of at least 13%.
Cable capital expenditures are expected to be approximately $6.0 billion for the year, a 5% increase from originally issued guidance, reflecting increased advanced digital set-top box purchases, the Company's digital acceleration program, expanded network enhancements and acquisition-related investments.
Reflecting the impact of all the items described above, Comcast's consolidated Free Cash Flow is expected to be approximately 80% of 2006, compared to previous estimates of 2007 consolidated Free Cash Flow of at least 90% of 2006.
Except for the items mentioned above, Comcast is reaffirming all previously issued guidance for 2007.
With the current outlook of 6 million RGU additions, 11% cable revenue growth, and 13% cable operating cash flow growth, 2007 will be a year of record RGU additions and solid financial performance, with the Company enjoying its 8th consecutive year of double digit cable operating cash flow growth.
A live webcast of the event will be available on the Company's Investor Relations website at http://www.cmcsa.com/ or http://www.cmcsk.com/ on Wednesday, December 5, 2007, at 8:00 a.m. Eastern Time. An on-demand replay will be available shortly after the conclusion of the presentation. To automatically receive Comcast financial news by e-mail, please visit http://www.cmcsa.com/ or http://www.cmcsk.com/ and subscribe to E-mail Alerts.
Notes: (1) Represents the sum of basic and digital cable, high-speed Internet and net phone subscribers, excluding additional outlets. Subscriptions to DVR and/or HDTV services do not result in additional RGUs. (2) Presented on a pro forma basis. For more details please refer to note 2 in the 3Q07 Comcast earnings press release.
This press release contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual events or our actual results to differ materially from those expressed in any such forward-looking statements. These risks and uncertainties include changes in business and economic conditions as well as other risks and uncertainties described in Comcast's periodic and other reports filed with the Securities and Exchange Commission (SEC). The Company undertakes no obligation to update any forward-looking statements.
About Comcast Corporation
Comcast Corporation (http://www.comcast.com/) is the nation's leading provider of cable, entertainment and communications products and services. With 24.2 million cable customers, 12.9 million high-speed Internet customers, and 4.1 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, AZN Television, PBS KIDS Sprout, TV One, Comcast SportsNet 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.
