Comcast 2005 Annual Report

		2005		2004		2003
Revenues	$	22,255	$	20,307	$	18,348
Operating Cash Flow ⁽¹⁾		8,493		7,531		6,392
Depreciation and Amortization		4,803		4,623		4,438
Operating Income		3,690		2,908		1,954
Income from continuing operations		928		970		(218)
Discontinued operations ⁽²⁾		—		—		3,458
Net income	$	928	$	970	$	3,240
Shares Outstanding		2,139		2,212		2,251
Cash and short-term investments	$	841	$	2,007	$	4,043
Total Assets		103,146		104,694		109,159
Total Debt	$	23,371	$	23,592	$	26,996
Total Revenue Generating Units		41.0		38.4		35.8
Subscribers:
Video		21.4		21.5		21.5
Digital		9.8		8.7		7.7
High-Speed Internet		8.5		7.0		5.3
Phone		1.3		1.2		1.3
Number of Employees		80,000		74,000		68,000

Additional information about Comcast is also contained in our Annual Report on Form 10-K and in our Proxy Statement. We invite you to refer to those documents.

This report may contain forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could significantly affect actual results from those expressed in any such forward-looking statements. Readers are directed to Comcast’s Annual Report on Form 10-K for a description of such risks and uncertainties.

(1)

Operating Cash Flow is defined as operating income before depreciation and amortization and impairment charges, if any, related to fixed and intangible assets and gains or losses from the sale of assets, if any.

Free Cash Flow is defined as Operating Cash Flow less net interest, cash paid for income taxes, and capital expenditures. Reconciliation of this item appears under “Reconciliation of Non-GAAP Measures.”

(2)

In September 2003 we sold our interest in QVC, Inc. to Liberty Media Corporation. QVC is presented as a discontinued operation for all periods.


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