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S-1/A
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1/A on 11/01/1999
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<PAGE>   580
 
            AVALON CABLE OF MICHIGAN HOLDINGS, INC. AND SUBSIDIARIES
 
                      CONSOLIDATED STATEMENT OF CASH FLOWS
 

<TABLE>
<CAPTION>
                                                                                FOR THE PERIOD FROM
                                                                                 SEPTEMBER 4, 1997
                                                          FOR THE YEAR ENDED    (INCEPTION) THROUGH
                                                          DECEMBER 31, 1998      DECEMBER 31, 1997
                                                          ------------------    -------------------
                                                                   (DOLLARS IN THOUSANDS)
<S>                                                       <C>                   <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss).......................................      $  (8,918)             $       4
Extraordinary loss on extinguishment of debt............          4,170                     --
Depreciation and amortization...........................          8,183                     --
Deferred income taxes, net..............................         82,370                     --
Provision for loss on accounts receivable...............             75                     --
Increase in minority interest...........................          1,331                     --
Accretion on senior discount notes......................          1,083
Net change in certain assets and liabilities, net of
  business acquisitions Increase in accounts
  receivable............................................         (1,679)                    --
Increase in accounts receivable from related parties....           (124)                    --
Increase in prepayment and other current assets.........           (884)                    (4)
Increase in accounts payable and accrued expenses.......          4,863                     --
Increase in accounts payable to related parties.........          1,523                     --
Increase in deferred revenue............................          1,684                     --
Change in Other, net....................................          1,339
                                                              ---------              ---------
Net cash provided by operating activities...............         92,338                     --
                                                              ---------              ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment..............        (11,468)                    --
Payment for acquisition.................................       (554,402)                    --
                                                              ---------              ---------
Net cash used in investing activities...................        565,870                     --
                                                              ---------              ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuance of the Credit Facility.......        265,888                     --
Principal payment on debt...............................       (125,013)                    --
Proceeds from the issuance of senior subordinated
  notes.................................................        150,000                     --
Payments made on bridge loan............................       (105,000)                    --
Proceeds from bridge loan...............................        105,000                     --
Proceeds from the senior discount notes.................        110,411                     --
Proceeds from sale to minority interest.................         46,588                     --
Proceeds from other notes payable.......................            600                     --
Proceeds from the issuance of note payable affiliate....          3,341                     --
Payments made for debt financing costs..................         (3,995)                    --
Proceeds from the issuance of common stock..............         35,000                     --
                                                              ---------              ---------
Net cash provided by financing activities...............        482,820                     --
                                                              ---------              ---------
Net increase in cash....................................          9,288                     --
Cash at beginning of the period.........................             --                     --
                                                              ---------              ---------
Cash at end of the period...............................      $   9,288              $      --
                                                              ---------              ---------
Supplemental disclosures of cash flow information.......
Cash paid during the year for Interest..................      $   3,480                     --
Income taxes............................................             --              $      --
</TABLE>

 
  The accompanying notes are an integral part of these consolidated financial
                                  statements.
                                      F-333