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SEC Filings

10-Q
RENAISSANCE MEDIA GROUP LLC filed this Form 10-Q on 08/16/1999
Entire Document
 
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                  RENAISSANCE MEDIA GROUP LLC AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1999
                  (DOLLARS IN THOUSANDS EXCEPT WHERE INDICATED)
                                   (UNAUDITED)


3.       ACQUISITIONS:

         As a result of the change in ownership of Group, the Company has
applied push-down accounting in the preparation of the accompanying financial
statements effective April 30, 1999. Accordingly, the Company increased its
member's equity to $350.6 million to reflect the amounts paid by CC LLC. The
purchase price was allocated to assets acquired and liabilities assumed based on
their relative fair values including amounts assigned to franchises of $399.5
million. The allocation of the purchase price is based, in part, on preliminary
information which is subject to adjustment upon obtaining complete valuation
information. Management believes that the finalization of the purchase price 
will not have a material impact on the results of operations or financial 
position of the Company.

         As a result of the Charter Transaction, application of push-down
accounting and the allocation of purchase price, the financial information of
the Company in the accompanying condensed consolidated financial statements and
notes thereto as of June 30, 1999, and for the successor period (May 1, 1999,
through June 30, 1999) is presented on a different cost basis than the financial
information of the Company as of December 31, 1998, and for the predecessor
periods (January 1, 1999, through April 30, 1999, and the six months ended June
30, 1998) and therefore, such information is not comparable.

         Unaudited pro forma operating results as though the Charter Transaction
and TWI Acquisition (discussed in Note1) had been consummated on January 1,
1998, with pro forma adjustments to give effect to amortization of franchises,
interest expense and certain other adjustments are as follows:


<TABLE>
<CAPTION>

                                      Three Months Ended June 30               Six Months Ended June 30
                                  ------------------------------------    -----------------------------------
                                       1999                 1998              1999                 1998
                                  ----------------     ---------------    --------------      ---------------
<S>                              <C>                  <C>                <C>                 <C>
     Revenues                     $    15,553          $    14,531        $    30,807         $    28,272
     Operating loss                      (710)              (1,532)            (1,034)             (3,567)
     Net loss                          (3,169)              (4,087)            (6,076)             (8,736)
</TABLE>



         The unaudited pro forma information has been presented for comparative
purposes and does not purport to be indicative of the results of operations had
these transactions been completed as of the assumed date or which may be
obtained in the future.

4.       DEBT

         Media maintained a credit agreement (the "Credit Agreement") with 
aggregate commitments totaling $150,000, consisting of a $40,000 revolver, 
$60,000 Tranche A Term Loans and $50,000 Tranche B Term Loans. In connection 
with the Charter Transaction all amounts outstanding, including accrued interest
and fees, under the Credit Agreement were paid in full and the Credit Agreement 
was terminated on April 30, 1999.





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