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S-4/A
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4/A on 07/22/1999
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<PAGE>
 
                AVALON CABLE OF MICHIGAN, INC. AND SUBSIDIARIES
 
                           CONSOLIDATED BALANCE SHEET
                             (dollars in thousands)
 

<TABLE>   
<CAPTION>
                                                              December 31,
                                                             ---------------
                                                               1998      1997
                                                             --------  ---------
<S>                                                          <C>       <C>   <C>
                          ASSETS
                          ------
Cash.......................................................  $  9,288  $ --
Accounts receivable, net of allowance for doubtful accounts
 of $943...................................................     5,862    --
Prepayments and other current assets.......................     1,388    504
Accounts receivable from related parties...................       124    --
Deferred income taxes......................................       377    --
                                                             --------  -----
    Current assets.........................................    17,039    504
Property, plant and equipment, net.........................   111,421    --
Intangible assets, net.....................................   462,117    --
Deferred charges and other assets..........................     1,302    --
                                                             --------  -----
    Total assets...........................................  $591,879  $ 504
                                                             ========  =====
           LIABILITIES AND SHAREHOLDER'S EQUITY
           ------------------------------------
Current portion of notes payable...........................  $     20  $ --
Accounts payable and accrued expenses......................    11,646    --
Advance billings and customer deposits.....................     3,171    --
Accounts payable--affiliate................................     2,023    500
                                                             --------  -----
    Current liabilities....................................    16,860    500
Long-term debt.............................................   402,949    --
Notes payable--affiliate...................................     3,341    --

Deferred income taxes......................................    80,811    --
                                                             --------  -----
    Total liabilities......................................   503,961    500
                                                             --------  -----
Commitments and contingencies (Note 11)....................       --     --
Minority interest..........................................    61,836      4
                                                             --------  -----
Shareholder's equity:
Common stock...............................................       --     --
Additional paid-in capital.................................    35,000    --
Accumulated deficit........................................    (8,918)   --
                                                             --------  -----
    Total shareholder's equity.............................    26,082    --
                                                             --------  -----
    Total liabilities and shareholder's equity.............  $591,879  $ 504
                                                             ========  =====
</TABLE>
    
 
                 The accompanying notes are an integral part of
                    these consolidated financial statements.
 
                                     F-110