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S-1/A
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1/A on 09/28/1999
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<PAGE>   348
                       GREATER MEDIA CABLEVISION SYSTEMS
 
             NOTES TO COMBINED FINANCIAL STATEMENTS -- (CONTINUED)
 
  USE OF ESTIMATES
 
     The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those
estimates.
 
  QUARTERLY RESULTS
 
     The financial statements included herein as of December 31, 1998 and for
the three months ended December 31, 1998 and 1997 have been prepared by the
Company without audit. In the opinion of management, all adjustments have been
made which are of a normal recurring nature necessary to present fairly the
Combined Systems' financial position as of December 31, 1998 and the results of
operations, changes in net assets and cash flows for the three months ended
December 31, 1998 and 1997. Certain information and footnote disclosures have
been condensed or omitted for these periods. The results for interim periods are
not necessarily indicative of results for the entire year.
 
2.  PREPAID EXPENSES AND OTHER CURRENT ASSETS
 
     Prepaid and other current assets consist of the following at September 30:
 

<TABLE>
<CAPTION>
                                                            1998      1997
                                                            ----      ----
<S>                                                        <C>       <C>
Franchise grant..........................................  $1,445    $  604
Corporate business tax...................................   1,015       882
Other....................................................     286       463
                                                           ------    ------
Prepaid expenses and other current assets................  $2,746    $1,949
                                                           ======    ======
</TABLE>

 
3.  PROPERTY AND EQUIPMENT
 
     Property and equipment consist of the following at September 30:
 

<TABLE>
<CAPTION>
                                                         1998        1997
                                                         ----        ----
<S>                                                    <C>         <C>
Land and land improvements...........................  $  1,229    $  1,134
Buildings............................................     4,521       4,521
Furniture, fixtures and equipment....................     5,503       4,822
Trunk and distribution systems.......................   109,253      97,042
Construction in progress.............................     9,026       4,450
                                                       --------    --------
                                                        129,532     111,969
Accumulated depreciation.............................   (75,064)    (69,998)
                                                       --------    --------
Property and equipment, net..........................  $ 54,468    $ 41,971
                                                       ========    ========
</TABLE>

 
     Depreciation expense for the years ended September 30, 1998, 1997 and 1996
was $8,081, $7,337, and $7,314, respectively. Construction in progress results
primarily from costs to upgrade the systems to fiber optic technologies in the
areas served by the Combined Systems.
 
                                      F-103