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S-4
CHARTER COMMUNICATIONS HOLDINGS CAPITAL CORP filed this Form S-4 on 01/25/2000
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<PAGE>   564
            AVALON CABLE OF MICHIGAN HOLDINGS, INC. AND SUBSIDIARIES
 
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
                  (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
                               DECEMBER 31, 1998
 
     Amortization expense for the year ended December 31, 1998 was $6,342.
 
6. ACCOUNT PAYABLE AND ACCRUED EXPENSES
 
     Accounts payable and accrued expenses consist of the following:
 

<TABLE>
<S>                                                           <C>
Accounts payable............................................  $ 5,321
Accrued corporate expenses..................................      404
Accrued cable programming costs.............................    2,388
Accrued taxes...............................................    1,383
Other.......................................................    2,150
                                                              -------
                                                              $11,646
                                                              =======
</TABLE>

 
7. INCOME TAXES
 
     The income tax provision (benefit) in the accompanying consolidated
financial statements of operations is comprised of the following:
 

<TABLE>
<CAPTION>
                                                               1998
                                                              -------
<S>                                                           <C>
Current
Federal.....................................................  $   243
State.......................................................       --
                                                              -------
Total Current...............................................      243
                                                              -------
Deferred
Federal.....................................................   (2,757)
State.......................................................     (240)
                                                              -------
Total Deferred..............................................   (2,997)
                                                              -------
Total (benefit) for income taxes............................  $(2,754)
                                                              =======
</TABLE>

 
     The benefit for income taxes is different from the amounts computed by
applying the U.S. statutory federal tax rate of 35% for 1998. The differences
are as follows:
 

<TABLE>
<CAPTION>
                                                               1998
                                                              -------
<S>                                                           <C>
(Loss) before (benefit) for income taxes....................  $(8,833)
                                                              =======
Federal tax (benefit) at statutory rates....................  $(3,092)
State income taxes..........................................     (177)
Goodwill....................................................       77
Benefit for taxes allocated to minority partners............       84
                                                              -------
(Benefit) for income taxes..................................  $(3,108)
                                                              =======
</TABLE>

 

<TABLE>
<CAPTION>
                                                          TAX NET
                                                         OPERATING    EXPIRATION
YEAR                                                      LOSSES         DATE
----                                                     ---------    ----------
<S>                                                      <C>          <C>
1998...................................................   $10,360        2018
</TABLE>

 
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