Comcast added 414,000 cable modem customers in Q1 giving it a total of 7.4 million subscribers, representing a penetration rate of 18.3% of available homes. Average monthly revenue per subscriber was $42.81 in the first quarter of 2005, a slight increase from the first quarter of 2004 and a 1.8% increase from the $42.06 reported in the fourth quarter of 2004. Comcast High-Speed Internet service revenue increased 32.5% to $925 million. Some additional highlights from Comcast’s Q1 report:
Comcast Cable reported revenue of $5.1 billion for Q1, representing a $453 million or 9.7% increase from the $4.7 billion in the first quarter of 2004.
Video revenue increased $178 million or 5.6% to $3.4 billion in Q1.
Comcast Cable added 200,000 new digital customers, giving it a total of 8.8 million subscribers.
Digital cable penetration reached 41.1% of basic subscribers. Basic cable subscribers declined 29,000 during the first quarter of 2005.
Pay-per-view revenue increased more than 18% driven by movie and event purchases through the Comcast ON DEMAND service. Pay-per-view revenues have increased each of the last six quarters reflecting the strong consumer appeal of the ON DEMAND service.
Comcast has deployed a combined 1.6 million set-top boxes with DVR and/or HDTV programming capability, an increase of more than 1 million in the past year. More than 428,000 or 25% of these advanced set-top boxes were deployed in Q1, generating an incremental $5 to $10 of monthly revenue per box.
Cable phone revenue declined 3.1% from Q1 2004 to $173 million in the first quarter of 2005. The decrease in revenue reflects a decline in cable phone customers during 2004. Comcast Cable reported 4,000 net new cable phone customers in the first quarter of 2005 including the addition of more than 7,000 Comcast Digital Voice customers (Comcast’s phone service using IP technology), offset by a decline in the number of Comcast’s circuit-switched telephone customers as we transition to focus on marketing Comcast Digital Voice.
CAPEX increased 8.5% to $883 million from the same period last year.
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