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SEC Filings

S-4/A
RENAISSANCE MEDIA GROUP LLC filed this Form S-4/A on 08/28/1998
Entire Document
 
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                       RENAISSANCE MEDIA GROUP LLC     
                   
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS     
                                 
                              JUNE 30, 1998     
              
           (ALL DOLLAR AMOUNTS IN 000'S EXCEPT WHERE INDICATED)     
                                  
                               (UNAUDITED)     
   
1. ORGANIZATION     
   
  Renaissance Media Group, LLC ("Group") was formed in 1998 by Renaissance
Media Holdings, LLC ("Holdings"). Holdings contributed to Group its membership
interest in Renaissance Media Louisiana, LLC ("Louisiana") and Renaissance
Media Tennessee, LLC ("Tennessee"). Louisiana and Tennessee collectively own
100% of the membership interests in Renaissance Media, LLC. In addition Group
owns 100% of the Common Stock of Renaissance Media Capital Corporation. Group
and its aforementioned subsidiaries are collectively referred to as the
"Company". On April 9, 1998, the Company acquired six cable television systems
from TWI Cable, Inc. ("TWI Cable"). Prior to this Acquisition described above,
the Company had no operations other than start up related activities.     
   
2. BASIS OF PRESENTATION     
          
  Significant intercompany transactions and accounts have been eliminated. The
accompanying financial statements have been prepared in accordance with
generally accepted accounting principles for interim financial statements and
with the instructions to Article 10 of Regulation S-X. The interim financial
statements are unaudited but include all adjustments, which are of normal
recurring nature that the Company considers necessary for a fair presentation
of the financial position and the results of operations and cash flows for
such period. Operating results of interim periods are not necessarily
indicative of results for a full year.     
          
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES     
    
 Principles of Consolidation     
   
  The consolidated financial statements of the Company include the accounts of
the Company and its wholly owned subsidiaries. Significant intercompany
accounts and transactions have been eliminated.     
    
 Cash and Cash Equivalents     
   
  Cash and cash equivalents include cash and investments in short-term, highly
liquid securities, which have maturities when purchased of three months or
less.     
   
 Property and Equipment     
   
  Property and equipment are stated at cost. Replacements, renewals and
improvements are capitalized. Maintenance and repairs are charged to expense
as incurred. Depreciation of property and equipment is provided using the
straight-line method over the following estimated service lives:     
 

<TABLE>   
      <S>                                                             <C>
       Buildings..................................................... 40 years
       Distribution plant............................................ 3-10 years
       Other equipment and leasehold improvements.................... 3-20 years
</TABLE>
    
   
  The Company periodically reviews the carrying value of its long-lived
assets, including property, equipment and intangible assets whenever events or
changes in circumstances indicate that the carrying value may not be
recoverable. To the extent the estimated future cash inflows attributable to
the asset, less estimated future cash outflows, is less than the carrying
amount, an impairment loss is recognized.     
 
                                     F-13