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S-4
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4 on 04/01/1999
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<PAGE>
 
                     CABLE MICHIGAN, INC. AND SUBSIDIARIES
 
          CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
 

<TABLE>
<CAPTION>
                                 For the Years Ended December 31, 1996 and 1997 and
                                the Period from January 1, 1998 to November 5, 1998
                         -------------------------------------------------------------------
                           Common           Additional           Shareholder's     Total
                           Shares    Common  Paid-in                  Net      Shareholders'
                         Outstanding Stock   Capital   Deficit    Investment      Deficit
                         ----------- ------ ---------- --------  ------------- -------------
                                    (dollars in thousands except share amounts)
<S>                      <C>         <C>    <C>        <C>       <C>           <C>
Balance, December 31,
 1995...................      1,000  $    1    $--     $    --     $(73,758)     $(73,757)
  Net loss..............                                             (8,256)       (8,256)
  Transfers from CTE....                                              2,272         2,272
                          ---------  ------    ----    --------    --------      --------
Balance, December 31,
 1996...................      1,000       1     --          --      (79,742)      (79,741)
  Net loss from 1/1/97
   through 9/30/97......                                             (3,251)       (3,251)
  Net loss from 10/1/97
   through 12/31/97.....                                 (1,107)                   (1,107)
  Transfers from RCN
   Corporation..........                                             30,225        30,225
  Common stock issued in
   connection with the
   Distribution.........  6,870,165   6,870             (59,638)     52,768           --
                          ---------  ------    ----    --------    --------      --------
Balance, December 31,
 1997...................  6,871,165  $6,871     --     $(60,745)   $    --       $(53,874)
                          =========  ======    ====    ========    ========      ========
  Net loss from January
   1, 1998 to November
   5, 1998..............                                (10,534)                  (10,534)
  Exercise of stock
   options..............     30,267      30     351                                   381
  Tax benefits of stock
   option exercises.....                        162                                   162
                          ---------  ------    ----    --------    --------      --------
Balance, November 5,
 1998...................  6,901,432  $6,901    $513    $(71,279)        --       $(63,865)
                          =========  ======    ====    ========    ========      ========
</TABLE>

 
 
 
  The accompanying notes are an integral part of these consolidated financial
                                  statements.
 
                                      F-6