Print Page  Close Window

SEC Filings

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


   Net income was $0.2 million for each of the years ended December 31, 1996
and 1995.

Taconic Technology

 General

   Currently, the assets and liabilities that we will acquire from Taconic
Technology is operated as part of Taconic Technology Corporation. The
historical financial data presented below reflect periods during which these
assets and liabilities of Taconic Technology did not operate as an independent
company and, accordingly, certain allocations were made in preparing the
financial data. Therefore, this data may not reflect the results of operations
or the financial condition which would have resulted if these assets and
liabilities of Taconic Technology had operated as a separate independent
company during these periods, and are not necessarily indicative of Taconic
Technology's future results of operations or financial position.

Quarter Ended March 31, 1999 Compared with Quarter Ended March 31, 1998

   Revenues for the quarter ended March 31, 1999 were approximately $523,000,
an increase of $34,000 or 7.0%, as compared to revenues of approximately
$489,000 for the quarter ended March 31, 1998. This increase was primarily due
to the effects of rate increases implemented in the first quarter of 1998 and
an increase in the average number of subscribers.

   Operating expenses excluding depreciation and amortization and corporate
overhead were approximately $340,000 for the quarter ended March 31, 1999, a
decrease of $5,000, or 1.4%, as compared to $345,000 for the quarter ended
March 31, 1998. This decrease was primarily due to higher programming costs
associated with the growth in subscribers offset by lower expenses due to
timing in marketing expenses.

   Operating income before depreciation and amortization and corporate overhead
was approximately $183,000 for the quarter ended March 31, 1999, an increase of
$39,000, or 27.1%, as compared to $144,000 for the quarter ended March 31,
1998.

   Net income was $43,000 and $8,000 for the quarters ended March 31,1999 and
March 31, 1998, respectively.

 Year Ended December 31, 1998 Compared with Year Ended December 31, 1997

   Revenues for the year ended December 31, 1998 were approximately $2.1
million, an increase of $81,000 or 3.9%, as compared to revenues of
approximately $2.0 million for the year ended December 31, 1997. This increase
was primarily due to the effects of rate increases implemented in the first
quarter of 1997 and 1998 and an increase in the average number of basic
subscribers of approximately 6%.

   Operating expenses excluding depreciation and amortization and corporate
overhead were approximately $1.4 million for the year ended December 31, 1998,
an increase of $100,000, or 7.8%, as compared to $1.3 million for the year
ended December 31, 1997. This increase was primarily due to higher programming
costs resulting from contractual rate increases from programming suppliers and
increases in the number of basic subscribers.

   Operating income before depreciation and amortization and corporate overhead
was $686,000 for the year ended December 31, 1998, a decrease of $7,000, or
1.0%, as compared to $693,000 for the year ended December 31, 1997.

   Net income was $0.1 million for each of the years ended December 31, 1998
and 1997.

                                       55