Print Page  Close Window

SEC Filings

S-4
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4 on 04/01/1999
Entire Document
 
<PAGE>
 
                     CABLE MICHIGAN, INC. AND SUBSIDIARIES
 
                     CONSOLIDATED STATEMENTS OF OPERATIONS
 

<TABLE>
<CAPTION>
                                                                       For the
                                                                     Period from
                                               For the Years Ended   January 1,
                                                  December 31,         1998 to
                                               --------------------  November 5,
                                                 1996       1997        1998
                                               ---------  ---------  -----------
                                                (dollars in thousands except
                                                per share and share amounts)
<S>                                            <C>        <C>        <C>
Revenues.....................................  $  76,187  $  81,299   $  74,521
Costs and expenses, excluding management fees
 and depreciation and amortization...........     40,593     44,467      41,552
Management fees..............................      3,498      3,715       3,156
Depreciation and amortization................     31,427     32,082      28,098
Merger related expenses......................        --         --        5,764
                                               ---------  ---------   ---------
Operating income.............................        669      1,035      (4,049)
Interest income..............................        127        358         652
Interest expense.............................    (15,179)   (11,751)     (8,034)
Gain on sale of Florida cable system.........        --       2,571         --
Other (expense), net.........................       (736)      (738)       (937)
                                               ---------  ---------   ---------
(Loss) before income taxes...................    (15,119)    (8,525)    (12,368)
(Benefit) from income taxes..................     (5,712)    (4,114)     (1,909)
                                               ---------  ---------   ---------
(Loss) before minority interest and equity in
 unconsolidated entities.....................     (9,407)    (4,411)    (10,459)
Minority interest in loss (income) of
 consolidated entity.........................      1,151         53         (75)
                                               ---------  ---------   ---------
    Net (Loss)...............................  $  (8,256) $  (4,358)  $ (10,534)
                                               =========  =========   =========
Basic and diluted earnings per average common
 share
  Net (loss) to shareholders.................  $   (1.20) $    (.63)  $   (1.45)
  Average common shares and common stock
   equivalents outstanding...................  6,864,799  6,870,528   6,891,932
</TABLE>

 
 
  The accompanying notes are an integral part of these consolidated financial
                                  statements.
 
                                      F-5