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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>
 
                                  TACONIC CATV
                   (a component of Taconic Technology Corp.)
 
                 STATEMENTS OF OPERATIONS AND COMPONENT EQUITY
                     Years ended December 31, 1997 and 1998
 

<TABLE>
<CAPTION>
                                                             1997       1998
                                                          ----------  ---------
<S>                                                       <C>         <C>
Revenues................................................. $2,004,672  2,085,964
Operating expenses:
  Technical and operating................................    841,528    948,484
  Salaries, general and administrative...................    470,830    451,413
  Depreciation and amortization..........................    425,569    425,556
                                                          ----------  ---------
                                                           1,737,927  1,825,453
                                                          ----------  ---------
Operating income.........................................    266,745    260,511
Other income (expense):
  Interest income........................................      1,019        --
  Interest expense.......................................    (79,322)   (17,192)
                                                          ----------  ---------
                                                             (78,303)   (17,192)
                                                          ----------  ---------
Income before income taxes...............................    188,442    243,319
Income taxes.............................................     75,377     97,328
                                                          ----------  ---------
Net income...............................................    113,065    145,991
Component equity at beginning of year....................    678,439    791,504
Repayment of debt by ultimate parent company (note 4)....        --     769,852
                                                          ----------  ---------
Component equity at end of year.......................... $  791,504  1,707,347
                                                          ==========  =========
</TABLE>

 
 
 
                See accompanying notes to financial statements.
 
                                     F-102