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S-1
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1 on 07/28/1999
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<PAGE>   533
 
    THE COMBINED OPERATIONS OF PEGASUS CABLE TELEVISION OF CONNECTICUT, INC.
       AND THE MASSACHUSETTS OPERATIONS OF PEGASUS CABLE TELEVISION, INC.
 
                       COMBINED STATEMENTS OF CASH FLOWS
 

<TABLE>
<CAPTION>
                                                YEARS ENDED DECEMBER 31,            SIX MONTHS
                                         ---------------------------------------       ENDED
                                            1995          1996          1997       JUNE 30, 1998
                                         -----------   -----------   -----------   -------------
<S>                                      <C>           <C>           <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss...............................  $(1,259,172)  $(1,181,137)  $  (641,103)   $ (307,546)
Adjustments to reconcile net loss to
  net cash provided by operating
  activities:
Depreciation and amortization..........    1,658,455     1,669,107     1,565,068       834,913
Bad debt expense.......................       26,558        48,566        45,839        36,074
Change in assets and liabilities:
Accounts receivable....................      (75,263)      (88,379)      (21,348)      (64,615)
Prepaid expenses and other.............     (403,212)       75,208       (27,944)       (2,148)
Accounts payable and accrued
  expenses.............................      239,207       981,496       (93,322)      221,219
Accrued interest.......................      902,006     1,874,198     1,874,197       937,099
Deposits and other.....................       83,431            --       (19,753)       50,000
                                         -----------   -----------   -----------    ----------
Net cash provided by operating
  activities...........................    1,172,010     3,379,059     2,681,634     1,704,996
                                         -----------   -----------   -----------    ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures...................     (163,588)   (1,174,562)     (691,269)     (114,221)
Purchase of intangible assets..........     (127,340)      (72,753)     (197,540)       (3,271)
                                         -----------   -----------   -----------    ----------
Net cash used for investing
  activities...........................     (290,928)   (1,247,315)     (888,809)     (117,492)
                                         -----------   -----------   -----------    ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt...........       37,331            --            --            --
Repayments of long-term debt...........      (13,764)           --            --       (10,837)
Capital lease repayments...............      (19,764)      (52,721)      (63,136)      (47,952)
Advances to affiliates, net............     (404,576)   (2,562,295)   (1,026,702)     (912,250)
                                         -----------   -----------   -----------    ----------
Net cash used by financing
  activities...........................     (400,773)   (2,615,016)   (1,089,838)     (971,039)
                                         -----------   -----------   -----------    ----------
Net increase in cash and cash
  equivalents..........................      480,309      (483,272)      702,987       616,465
Cash and cash equivalents, beginning of
  year.................................      392,060       872,369       389,097     1,092,084
                                         -----------   -----------   -----------    ----------
Cash and cash equivalents, end of
  year.................................  $   872,369   $   389,097   $ 1,092,084    $1,708,549
                                         ===========   ===========   ===========    ==========
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the year for
  interest.............................  $   843,629   $    14,778   $     9,842    $      563
Cash paid during the year for income
  taxes................................           --            --   $     9,796    $   25,600
Supplemental Non-Cash Investing and
  Financing Activities:
Capital contribution and related
  accrued incentive compensation.......           --            --   $    62,468            --
Acquisition of plant under capital
  leases...............................  $   298,250   $    48,438            --            --
</TABLE>

 
            See accompanying notes to combined financial statements
                                      F-389