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

                AVALON CABLE OF MICHIGAN, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEET
                                 (In thousands)


<TABLE>
<CAPTION>
                                                        March 31,  December 31,
                                                          1999         1998
                                                       ----------- ------------
                                                       (Unaudited)
<S>                                                    <C>         <C>
Assets
Cash..................................................  $ 13,227     $  9,071
Accounts receivable, net of allowance for doubtful
 accounts of $957 and $873............................     6,210        5,015
Prepayments and other current assets..................     1,549        1,267
Accounts receivable from related parties..............       --           371
Deferred income taxes.................................       377          377
                                                        --------     --------
    Current assets....................................    21,363       16,101
Property, plant and equipment, net....................   115,200      104,965
Intangible assets, net................................   473,323      427,125
Deferred charges and other assets.....................     1,169        1,270
                                                        --------     --------
    Total assets......................................  $611,055     $549,461
                                                        ========     ========
Liabilities and Shareholders' Equity
Accounts payable and accrued expenses.................  $ 20,689     $ 10,194
Advance billings and customer deposits................     3,363        2,454
Accounts payable--affiliate...........................     3,388        2,023
                                                        --------     --------
    Current liabilities...............................    27,440       14,671
Long-term debt........................................   442,727      290,875
Notes payable--affiliate..............................       --        15,171
Deferred income taxes.................................    77,021       82,635
                                                        --------     --------
    Total liabilities.................................   547,188      403,352
                                                        --------     --------
Commitments and contingencies (Note 4)................       --           --
Minority interest.....................................    47,495       13,855
                                                        --------     --------
Stockholders' equity
  Common stock........................................       --           --
  Addition paid-in capital............................    26,973      137,375
  Accumulated deficit.................................   (10,601)      (5,121)
                                                        --------     --------
    Total shareholders' equity........................    16,372      132,254
                                                        --------     --------
    Total liabilities and shareholders' equity........  $611,055     $549,461
                                                        ========     ========
</TABLE>


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

                                     F-123