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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>
 
  THE COMBINED OPERATIONS OF PEGASUS CABLE TELEVISION OF CONNECTICUT, INC. AND
         THE MASSACHUSETTS OPERATIONS OF PEGASUS CABLE TELEVISION, INC.
 
                            COMBINED BALANCE SHEETS
 

<TABLE>
<CAPTION>
                                              December 31,
                                         ------------------------   June 30,
                 ASSETS                     1996         1997         1998
                 ------                  -----------  -----------  -----------
<S>                                      <C>          <C>          <C>
Current assets:
  Cash and cash equivalents............. $   389,097  $ 1,092,084  $ 1,708,549
  Accounts receivable, less allowance
   for doubtful accounts at December 31,
   1996 and 1997 and June 30, 1998 of
   $11,174, $3,072 and $0, respectively.     140,603      116,112      144,653
  Prepaid expenses and other............      62,556       90,500       92,648
                                         -----------  -----------  -----------
    Total current assets................     592,256    1,298,696    1,945,850
Property and equipment, net.............   4,164,545    3,565,597    3,005,045
Intangible assets, net..................   2,174,084    2,096,773    1,939,904
Accounts receivable, affiliates.........   4,216,682    5,243,384    5,692,013
Deposits and other......................     436,382      456,135      406,135
                                         -----------  -----------  -----------
    Total assets........................ $11,583,949  $12,660,585  $12,988,947
                                         ===========  ===========  ===========
 
<CAPTION>
 LIABILITIES AND STOCKHOLDER'S DEFICIT
 -------------------------------------
<S>                                      <C>          <C>          <C>
Current liabilities:
  Current portion of long-term debt..... $    71,744  $    34,272  $14,993,581
  Accounts payable......................     786,284      803,573      764,588
  Accrued incentive compensation........     117,692      149,823      220,724
  Accrued franchise fees................     193,369      173,735       86,332
  Accrued pole rental...................      83,910       78,345       52,954
  Accrued expenses......................     383,572      203,561       42,038
                                         -----------  -----------  -----------
    Total current liabilities...........   1,636,571    1,443,309   16,160,217
Long-term debt, net.....................  15,043,763   15,018,099          --
Accrued interest........................   2,811,297    4,685,494    5,622,593
Other...................................     299,030      299,030      299,030
                                         -----------  -----------  -----------
    Total liabilities...................  19,790,661   21,445,932   22,081,840
Commitments and contingent liabilities           --           --           --
Stockholder's deficit:
  Common stock--par value $1 per share;
   10,000 shares authorized; 7,673
   shares issued and outstanding........       7,673        7,673        7,673
  Accumulated deficit...................  (8,214,385)  (8,793,020)  (9,100,566)
                                         -----------  -----------  -----------
    Total stockholder's deficit.........  (8,206,712)  (8,785,347)  (9,092,893)
                                         -----------  -----------  -----------
    Total liabilities and stockholder's
     deficit............................ $11,583,949  $12,660,585  $12,988,947
                                         ===========  ===========  ===========
</TABLE>

 
            See accompanying notes to combined financial statements
 
                                      F-54