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SEC Filings

S-4/A
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4/A on 05/28/1999
Entire Document
 
<PAGE>


     Summary Unaudited Pro Forma Combined Financial and Operating Data

                   For the Year Ended December 31, 1998


<TABLE>
<CAPTION>
                                           Avalon                                     Probable                   Unaudited
                    Michigan      Cable     Cable   Avalon New                       Transaction    Pro Forma    Pro Forma
                   Holdings(6) Michigan(7) LLC(8)   England(9) Amrac(10) Pegasus(11) Taconic(12) Adjustments(13) Combined
                   ----------- ----------- -------  ---------- --------- ----------- ----------- --------------- ---------
                                                      (dollars in thousands)
<S>                <C>         <C>         <C>      <C>        <C>       <C>         <C>         <C>             <C>
Statement of
 operations data
Revenue.........    $ 13,657    $ 74,521   $ 1,299   $ 3,231     $779      $3,277      $2,086       $  6,061     $104,911
Operating
 expenses.......       7,469      38,621       761     1,838      443       1,693       1,378          4,036       56,239
Corporate
 overhead.......         249       6,087        56       350       42          97          22             97        7,000
Depreciation and
 amortization...       6,614      28,098       440     1,129       47         835         426          7,239       44,828
Non-recurring
 expenses.......         --        5,764       --        --       --          --          --             --         5,764
                    --------    --------   -------   -------     ----      ------      ------       --------     --------
Operating income
 (loss).........        (675)     (4,049)       42       (86)     247         652         260         (5,311)      (8,920)
Interest
 expense, net...      (6,784)     (7,382)     (785)     (503)     --         (938)        (17)       (29,120)     (45,529)
Other income
 (expense), net.        (796)        897    (1,311)      --       --          (22)        (97)        (2,280)      (3,582)
                    --------    --------   -------   -------     ----      ------      ------       --------     --------
Net income
 (loss).........     $(8,228)   $(10,534)  $(2,054)  $  (589)    $247      $ (308)     $  146       $(36,711)    $(58,031)
                    ========    ========   =======   =======     ====      ======      ======       ========     ========
Other financial
 data
Cash flow from
 operations.....      18,646      15,028    (1,252)      639      276       1,705         104         (7,454)      27,692
Cash flows from
 investing
 activities.....    (436,302)    (18,697)  (15,519)  (53,193)     (61)       (117)        (81)       (32,116)    (556,086)
Cash flows from
 financing
 activities.....     419,427      (7,457)   16,988    52,797     (561)       (971)        (23)        30,342      510,542
EBITDA(14)......    $  5,939    $ 29,813   $   482   $ 1,043     $294      $1,487      $  686       $  1,928     $ 41,672
Adjusted
 EBITDA(15).....                                                                                                   48,719
Adjusted EBITDA
 margin(16).....                                                                                                     46.4%
Ratio of debt to
 adjusted
 EBITDA(17)                                                                                                           9.1x
Capital
 expenditures...    $  4,673     $18,697   $   157   $    21     $ 61      $  114      $   81       $    165     $ 23,969
Deficiency of
 earnings to
 fixed charges..       7,524                                                  303
Other operating
 data (end of
 period)
Homes
 passed(18).....     349,162                28,350                                      7,200         18,864      403,576
Basic
 subscribers(19).    211,537                20,604                                      5,100         10,084      247,325
Basic
 penetration(20).       60.6%                 72.7%                                      70.8%          53.5%        61.3%
Premium
 units(21)......      55,550                 4,912                                      1,225          2,513       64,200
Premium
 penetration(22).       26.3%                 23.8%                                      24.0%          24.9%        26.0%
Average monthly
 revenue per
 basic
 subscriber(23).    $  34.96               $ 34.22                                     $34.67       $  28.52     $  34.57
</TABLE>


   (See Notes to Summary Unaudited Pro Forma Combined Financial and Operating
                                   Data)

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