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SEC Filings

AVALON CABLE OF MICHIGAN INC/ filed this Form S-4/A on 05/28/1999
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 (1) Represents net income before depreciation and amortization, interest
     income (expense), net, income taxes, other expenses, net, gain or loss
     from the sale of assets, non-recurring items and non-cash expenses. For
     the period from January 1, 1998 through November 5, 1998, EBITDA excludes
     $5,764,000 of non-recurring costs incurred by Cable Michigan. For the year
     ended December 31, 1997, EBITDA excludes a $2,571,000 gain recognized by
     Cable Michigan on the sale of a Florida cable system. Management believes
     that EBITDA is a meaningful measure of performance and it is commonly used
     in the cable television industry to analyze and compare cable television
     companies on the basis of operating performance, leverage and liquidity.
     However, EBITDA is not intended to be a performance measure that should be
     regarded as an alternative to, or more meaningful than, either operating
     income or net income as an indicator of operating performance or cash
     flows as a measure of liquidity, as determined in accordance with GAAP.
     EBITDA, as computed by management, is not necessarily comparable to
     similarly titled amounts of other companies. See the financial statements,
     including statements of cash flows, included elsewhere herein.
 (2) Represents EBITDA as a percentage of revenues.

 (3) The ratio of earnings to fixed charges represents the number of times
     fixed charges were covered by net income adjusted for provision (benefit)
     for income taxes, equity in (loss) of unconsolidated entities, minority
     interest in (loss) income of consolidated entity and fixed charges. Fixed
     charges consist of interest expense, net and a portion of operating lease
     rental expense deemed to be representative of the interest factor.
 (4) The number of dwelling units in a particular community that management
     estimates can be connected to our cable system.
 (5) A home with one or more televisions connected to a cable system is counted
     as one basic subscriber. Bulk accounts are included on an equivalent basic
     by dividing the total monthly bill for the account by the basic monthly
     charge for a single outlet in the area.
 (6) Calculated as basic subscribers as a percentage of homes passed.
 (7) Includes only single channel services offered for a monthly fee per
     channel and does not include tiers of channels as a package for a single
     monthly fee. A subscriber may purchase more than one premium service, each
     of which is counted as a separate premium service unit.
 (8) Calculated as premium units as a percentage of basic subscribers.
 (9) Represents revenues during the respective period divided by the number of
     months in the period divided by the average number of basic subscribers
     (beginning of period plus end of period divided by two) for this period.

(10) The operations of Avalon Cable of Michigan, Inc. commenced on November 6,
     1998 with the acquisition of Cable Michigan.