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SEC Filings

10-Q
AVALON CABLE OF MICHIGAN INC/ filed this Form 10-Q on 11/12/1999
Entire Document
 
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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

                       AVALON CABLE LLC AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEET
                                (In thousands)

<TABLE>
<CAPTION>
                                                                                    December 31, September 30,
                                                                                          1998       1999
                                                                                        --------   --------
                                                                                                 (unaudited)
<S>                                                                                 <C>         <C> 
Assets
Current assets
 Cash                                                                                 $  9,288   $  2,995
 Subscriber receivables, net of allowance for doubtful accounts of $943 and $1,275       5,862      7,059
 Accounts receivable--affiliate                                                            124         --
 Deferred income taxes                                                                     479         --
 Prepaid expenses and other current assets                                                 580        879
                                                                                      --------   --------
 
  Total current assets                                                                  16,333     10,933
 Property, plant and equipment, net                                                    111,421    121,973
 Intangible assets, net                                                                462,117    468,855
 Other assets                                                                              227         46
                                                                                      --------   --------
 
  Total assets                                                                        $590,098   $601,807
                                                                                      ========   ========
 
 
Liabilities and Members' Interest
Current liabilities
 Current portion of notes payable                                                     $     20   $     25
 Accounts payable and accrued expenses                                                  11,646     22,242
 Accounts payable, net--affiliate                                                        2,023      2,968
 Deferred revenue                                                                        3,171      3,272
                                                                                      --------   --------
 
  Total current liabilities                                                             16,860     28,507
 Note payable, net of current portion                                                  402,949    451,827
 Note payable--affiliate                                                                 3,341         --
 Deferred income taxes                                                                   1,841         --
 Other Liabilities                                                                                    951
                                                                                      --------   -------- 
 
  Total liabilities                                                                    424,991    481,285
                                                                                      --------   --------
 
Commitments and contingencies (Note 5)
Minority Interest                                                                       13,855         --
                                                                                      --------   --------
 
Members' Interest
 Members' capital                                                                      166,630    166,630
 Accumulated deficit                                                                   (15,378)   (46,108)
                                                                                      --------   --------
 
  Total members' interest                                                              151,252    120,522
                                                                                      --------   --------
 
  Total liabilities and members' interest                                             $590,098   $601,807
                                                                                      ========   ========
</TABLE>



The accompanying notes are an integral part of these consolidated financial
statements.