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S-4
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4 on 04/01/1999
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Pegasus
 
   Prior to July 21, 1998, Pegasus was operated as part of Pegasus
Communications Corporation. The table below sets forth selected historical
combined data for Pegasus. The historical combined financial data presented
below reflect periods during which Pegasus did not operate as an independent
company and, accordingly, certain allocations were made in preparing the
financial data. Therefore, this data may not reflect the results of operations
or the financial condition which would have resulted if Pegasus had operated as
a separate independent company during these periods, and are not necessarily
indicative of Pegasus' future results of operations or financial position.
 
   The selected historical combined statement of operations and balance sheet
data of Pegasus shown below for the three years ended December 31, 1997 have
been derived from the combined financial statements of Pegasus which have been
audited by PricewaterhouseCoopers LLP, independent accountants. The selected
historical combined financial and other data for the six months ended June 30,
1997 and 1998 have been derived from the unaudited combined financial
statements of Pegasus, which in the opinion of management of the Issuers,
reflect all adjustments necessary to present fairly the combined financial
position and results of operations for the periods presented. The audited
combined financial statements of Pegasus as of December 31, 1996 and 1997 and
for the three years ended December 31, 1997 are included elsewhere herein. The
operating results for the six months ended June 30, 1998 are not necessarily
indicative of results to be expected for the year ending December 31, 1998. You
should read the information in this table in conjunction with the "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
section of this prospectus and the combined financial statements and related
notes thereto which you can find elsewhere in this prospectus.
 

<TABLE>
<CAPTION>
                                                                 Six Months
                                    Year Ended December 31,    Ended June 30,
                                    -------------------------  ----------------
                                     1995     1996     1997     1997     1998
                                    -------  -------  -------  -------  -------
                                            (dollars in thousands)
<S>                                 <C>      <C>      <C>      <C>      <C>
Statement of operation data
Revenues..........................  $ 5,135  $ 5,775  $ 6,191  $ 2,990  $ 3,277
Operating expenses................    2,604    3,024    3,190    1,617    1,693
Corporate overhead................      368      349      242      132       97
Depreciation and amortization.....    1,658    1,669    1,565      769      835
                                    -------  -------  -------  -------  -------
Operating income..................      505      733    1,194      472      652
Interest expense, net.............   (1,744)  (1,887)  (1,791)    (863)    (938)
Other (expense), net..............      (20)     (27)     (44)     (31)     (22)
                                    -------  -------  -------  -------  -------
Net loss..........................  $(1,259) $(1,181) $  (641) $  (422) $  (308)
                                    =======  =======  =======  =======  =======
Other financial data
EBITDA (1)........................  $ 2,163  $ 2,402  $ 2,759  $ 1,241  $ 1,487
EBITDA margin (2).................     42.1%    41.6%    44.6%    41.5%    45.4%
Capital expenditures..............  $   164   $1,175  $   691  $   445  $   114
Ratio of earnings to fixed charges
 (3)..............................      --       --       --       --       --
 
Balance sheet data (end of period)
Total assets......................  $10,251  $11,584  $12,661  $12,156  $12,988
Long-term debt (excluding current
 portion).........................   15,023   15,044   15,018   15,026   14,994
Shareholders' (deficit)...........  (7,026)   (8,207)  (8,785)  (8,629)  (9,093)
 
Other operating data (end of
 period)
Homes passed (4)..................   19,245   19,437   19,631   19,562   19,739
Basic subscribers (5).............   14,859   14,678   14,894   15,226   15,413
Basic penetration (6).............     77.2%    75.5%    75.9%    77.8%    78.1%
Premium units (7).................    5,315    4,807    4,300    4,607    4,236
Premium penetration (8)...........     35.8%    32.7%    28.9%    30.3%    27.5%
Average monthly revenue per basic
 subscriber (9)...................  $ 29.00  $ 32.59  $ 34.89  $ 33.41  $ 36.04
</TABLE>

 
          (See Notes to Selected Historical Financial and Other Data)
 
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