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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 STATEMENTS OF OPERATIONS
 

<TABLE>
<CAPTION>
                                                                     Six Months
                                   Years Ended December 31,            Ended
                              -------------------------------------   June 30,
                                 1995         1996         1997         1998
                              -----------  -----------  -----------  ----------
<S>                           <C>          <C>          <C>          <C>
Revenues:
  Basic and satellite
   service..................  $ 4,371,736  $ 4,965,377  $ 5,353,735  $2,841,711
  Premium services..........      619,035      640,641      686,513     348,628
  Other.....................      144,300      169,125      150,714      86,659
                              -----------  -----------  -----------  ----------
    Total revenues..........    5,135,071    5,775,143    6,190,962   3,276,998
Operating expenses:
  Programming...............    1,119,540    1,392,247    1,612,458     876,588
  General and
   administrative...........      701,420      811,795      829,977     391,278
  Technical and operations..      713,239      702,375      633,384     341,249
  Marketing and selling.....       20,825       15,345       19,532      12,041
  Incentive compensation....       48,794      101,945       94,600      70,900
  Management fees...........      368,085      348,912      242,267      97,714
  Depreciation and
   amortization.............    1,658,455    1,669,107    1,565,068     834,913
                              -----------  -----------  -----------  ----------
    Income from operations..      504,713      733,417    1,193,676     652,315
Interest expense............   (1,745,635)  (1,888,976)  (1,884,039)   (937,662)
Interest income.............          956        2,067       93,060          29
Other income (expense), net.          794       (2,645)     (27,800)    (17,228)
                              -----------  -----------  -----------  ----------
  Loss before state income
   taxes....................   (1,239,172)  (1,156,137)    (625,103)   (302,546)
Provision for state income
 taxes......................       20,000       25,000       16,000       5,000
                              -----------  -----------  -----------  ----------
    Net loss................  $(1,259,172) $(1,181,137) $  (641,103) $ (307,546)
                              ===========  ===========  ===========  ==========
</TABLE>

 
 
            See accompanying notes to combined financial statements
 
                                      F-55