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SEC Filings

10-Q
AVALON CABLE OF MICHIGAN INC/ filed this Form 10-Q on 08/16/1999
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<PAGE>
 
            AVALON CABLE OF MICHIGAN HOLDINGS, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEET
                                 (In thousands)


<TABLE>
<CAPTION>
                                                                                       December 31,   June 30,
                                                                                           1998         1999
                                                                                         ---------    ---------
                                                                                                     (Unaudited)
<S>                                                                                     <C>           <C>
Assets                                                                                                                 
Current assets
        Cash                                                                             $   9,288    $   3,457
        Accounts receivable, net of allowance for doubtful accounts of $943 and $1,509       5,862        6,158
        Prepayments and other current assets                                                 1,388        1,121
        Accounts receivable from related parties                                               124         --
        Deferred income taxes                                                                  377         --
                                                                                         ---------    ---------
               Total current assets                                                         17,039       10,736
        Property, plant and equipment, net                                                 111,421      116,587
        Intangible assets, net                                                             462,117      470,041
        Deferred charges and other assets                                                    1,302        1,107
                                                                                         ---------    ---------
               Total assets                                                              $ 591,879    $ 598,471
                                                                                         =========    =========
Liabilities and Shareholders' Equity
Current liabilities
        Current portion of notes payable                                                 $      20    $      25
        Accounts payable and accrued expenses                                               11,646       13,983
        Advance billings and customer deposits                                               3,171        3,136
        Accounts payable--affiliate                                                          2,023        3,160
                                                                                         ---------    ---------
               Total current liabilities                                                    16,860       20,304
        Long-term debt                                                                     402,949      446,079
        Notes payable--affiliate                                                             3,341         --
        Deferred income taxes                                                               80,811       70,152
                                                                                         ---------    ---------
               Total liabilities                                                           503,961      536,535
                                                                                         ---------    ---------
Commitments and contingencies (Note 5)
Minority Interest                                                                           61,836       45,627
                                                                                         ---------    ---------
Stockholders' equity
        Common stock                                                                          --           --
        Additional paid-in capital                                                          35,000       35,000
        Accumulated deficit                                                                 (8,918)     (18,691)
                                                                                         ---------    ---------
               Total stockholders' equity                                                   26,082       16,309
                                                                                         ---------    ---------
               Total liabilities and shareholders' equity                                $ 591,879    $ 598,471
                                                                                         =========    =========
</TABLE>


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