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Comcast reports lower earnings

Comcast Corp. (Nasdaq: CMCSK, CMCSA) said Monday its second quarter earnings were lower year-over-year, but operating cash flow, a widely watched indicator for cable companies, was up 32 percent.

The company's net profit was $180.1 million, or 19 cents a diluted share, compared with $816.4 million, or $1.01 a share.

Shares were down 27/64 to 33 25/64.

Comcast also announced a stock repurchase program, increasing the amount available to be repurchased up to $500 million. Comcast expects the repurchases to be effected from time to time, in the open market or in private transactions.

Revenue was $1.912 billion, up 23 percent from the $1.549 billion reported in the same period of 1999. Consolidated operating cash flow increased 32 percent to $602.8 million over last year's quarter.

Results include the results of Jones Intercable, Inc. as of April 1, 1999 and Lenfest Communications, Inc. as of January 1, 2000. Pro forma results assume that all acquisitions were effective January 1, 1999.

During the second quarter, the company recognized $314.8 million of investment income ($0.21 per share on a diluted basis) from the sale of certain of its investment securities, including 5.6 million shares of Sprint PCS (NYSE: PCS) stock.