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S-1/A
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form S-1/A on 11/04/1999
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<PAGE>   577
 
            AVALON CABLE OF MICHIGAN HOLDINGS, INC. AND SUBSIDIARIES
 
                           CONSOLIDATED BALANCE SHEET
 

<TABLE>
<CAPTION>
                                                                   DECEMBER 31,
                                                              ----------------------
                                                                 1998          1997
                                                              ----------      ------
                                                              (DOLLARS IN THOUSANDS)
<S>                                                           <C>             <C>
                           ASSETS
Cash........................................................   $  9,288        $ --
Accounts receivable, net of allowance for doubtful accounts
  of $943...................................................      5,862          --
Prepayments and other current assets........................      1,388         504
Accounts receivable from related parties....................        124          --
Deferred income taxes.......................................        377          --
                                                               --------        ----
Current assets..............................................     17,039         504
Property, plant and equipment, net..........................    111,421          --
Intangible assets, net......................................    462,117          --
Deferred charges and other assets...........................      1,302          --
                                                               --------        ----
Total assets................................................   $591,879        $504
                                                               ========        ====
            LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of notes payable............................   $     20        $ --
Accounts payable and accrued expenses.......................     11,646          --
Advance billings and customer deposits......................      3,171          --
Accounts payable-affiliate..................................      2,023         500
                                                               --------        ----
Current liabilities.........................................     16,860         500
Long-term debt..............................................    402,949          --
Notes payable-affiliate.....................................      3,341          --

Deferred income taxes.......................................     80,811          --
                                                               --------        ----
Total liabilities...........................................    503,961         500
                                                               --------        ----
Commitments and contingencies (Note 11).....................         --          --
Minority interest...........................................     61,836           4
                                                               --------        ----
Stockholders equity:
Common stock................................................         --          --
Additional paid-in capital..................................     35,000          --
Accumulated deficit.........................................     (8,918)         --
                                                               --------        ----
Total shareholders' equity..................................     26,082          --
                                                               --------        ----
Total liabilities and shareholders' equity..................   $591,879        $504
                                                               ========        ====
</TABLE>

 
  The accompanying notes are an integral part of these consolidated financial
                                  statements.
                                      F-330