<PAGE> 262
CHARTERCOMM HOLDINGS, L.P.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
PERIOD FROM
JANUARY 1,
1998, YEAR ENDED
THROUGH DECEMBER 31
DECEMBER 23, --------------------
1998 1997 1996
------------ ---- ----
<S> <C> <C> <C>
REVENUES........................................ $196,801 $175,591 $120,280
-------- -------- --------
OPERATING EXPENSES:
Operating costs............................... 83,745 75,728 50,970
General and administrative.................... 14,586 12,607 9,327
Depreciation and amortization................. 86,741 76,535 53,133
Management fees -- related party.............. 14,780 8,779 6,014
-------- -------- --------
199,852 173,649 119,444
-------- -------- --------
Income (loss) from operations.............. (3,051) 1,942 836
-------- -------- --------
OTHER INCOME (EXPENSE):
Interest income............................... 211 182 233
Interest expense.............................. (66,121) (61,498) (41,021)
Other, net.................................... (1,895) 17 (468)
-------- -------- --------
(67,805) (61,299) (41,256)
-------- -------- --------
Loss before extraordinary item............. (70,856) (59,357) (40,420)
EXTRAORDINARY ITEM -- Loss on early retirement
of debt....................................... (6,264) -- --
-------- -------- --------
Net loss................................... (77,120) (59,357) (40,420)
REDEMPTION PREFERENCE ALLOCATION:
Special Limited Partner units................. -- -- (829)
Redeemable Preferred Limited units............ -- -- (4,081)
NET LOSS ALLOCATED TO REDEEMABLE PREFERRED
LIMITED UNITS................................. 20,128 2,553 4,063
-------- -------- --------
Net loss applicable to partners' capital
accounts................................. $(56,992) $(56,804) $(41,267)
======== ======== ========
NET LOSS ALLOCATION TO PARTNERS' CAPITAL
ACCOUNTS:
General Partner............................... $(56,992) $(21,708) $(38,391)
Common Limited Partners....................... -- (35,096) (2,876)
-------- -------- --------
$(56,992) $(56,804) $(41,267)
======== ======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
F-78
