Comcast’s Loss Allayed by Upgrades

Comcast Corp. reported a less-than-expected third-quarter loss of $106.8 million as it spent heavily on a rebuilding program aimed at upgrading 95% of its cable television systems this year.

The loss amounted to 11 cents a share, compared with net income of $1.25 billion, or $1.29 a share, for the third quarter of 2000. Analysts surveyed by Thomson Financial/First Call had expected a loss of 40 cents a share.

Comcast said the addition of 243,000 digital cable subscribers during the quarter, an average of 18,700 a week, helped boost revenue 20% to $2.36 billion.

The No. 3 cable provider didn’t comment on its efforts to jump to No. 1 by acquiring AT&T; Broadband.

Comcast said Sept. 28 it had signed a confidentiality agreement with AT&T;, rekindling talks that ended in July after AT&T; rejected a $40-billion offer.

Comcast President Brian L. Roberts said his company had double-digit growth in cash flow in its cable, electronic commerce and content providing businesses. Cash flow excludes expenses such as depreciation and amortization.

Comcast said its consolidated operating cash flow increased 16.6% to $705.8 million from $605.7 million in the third quarter last year. Comcast Cable has more than 8.4 million cable subscribers.