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SEC Filings

S-4/A
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4/A on 07/22/1999
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<PAGE>
 
                     CABLE MICHIGAN, INC. AND SUBSIDIARIES
 
                          CONSOLIDATED BALANCE SHEETS
 

<TABLE>
<CAPTION>
                                                  December 31, November 5,
                     ASSETS                           1997        1998
                     ------                       ------------ -----------
                                                     (dollars in thousands)
<S>                                               <C>          <C>         <C>
Cash and temporary cash investments..............   $ 17,219    $  6,093
Accounts receivable, net of reserve for doubtful
 accounts of $541 at December 31, 1997 and $873
 at November 5, 1998.............................      3,644       4,232
Prepayments and other............................        663         821
Accounts receivable from related parties.........        166         396
Deferred income taxes............................      1,006         541
                                                    --------    --------
  Total current assets...........................     22,698      12,083
Property, plant and equipment, net...............     73,836      77,565
Intangible assets, net...........................     45,260      32,130
Deferred charges and other assets................        803       9,442
                                                    --------    --------
  Total assets...................................   $142,597    $131,220
                                                    ========    ========
<CAPTION>
      LIABILITIES AND SHAREHOLDERS' DEFICIT
      -------------------------------------
<S>                                               <C>          <C>         <C>
Current portion of long-term debt................   $    --     $ 15,000
Accounts payable.................................      5,564       8,370
Advance billings and customer deposits...........      2,242       1,486
Accrued taxes....................................        167       1,035
Accrued cable programming expense................      2,720       5,098
Accrued expenses.................................      4,378       2,052
Accounts payable to related parties..............      1,560         343
                                                    --------    --------
  Total current liabilities......................     16,631      33,384
Long-term debt...................................    143,000     120,000
Deferred income taxes............................     22,197      27,011
                                                    --------    --------
  Total liabilities..............................    181,828     180,395
                                                    --------    --------
Minority interest................................     14,643      14,690
                                                    --------    --------
Commitments and contingencies (Note 11)..........        --          --
Preferred Stock..................................        --          --
Common stock.....................................        --          --
Common shareholders' deficit.....................    (53,874)    (63,865)
                                                    --------    --------
  Total Liabilities and Shareholders' Deficit....   $142,597    $131,220
                                                    ========    ========
</TABLE>

 
 
  The accompanying notes are an integral part of these consolidated financial
                                  statements.
 
                                      F-55