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S-4/A
AVALON CABLE OF MICHIGAN INC/ filed this Form S-4/A on 07/22/1999
Entire Document
 
<PAGE>
 
Pegasus Cable Television
 
   Prior to July 21, 1998, Pegasus Cable Television, Inc. and Pegasus Cable
Television of Connecticut, Inc., which we refer to collectively as Pegasus
Cable Television, operated as part of Pegasus Communications Corporation. The
table below sets forth selected historical combined data for Pegasus Cable
Television. The historical combined financial data presented below reflect
periods during which Pegasus Cable Television 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 Pegasus Cable
Television had operated as a separate independent company during these periods,
and are not necessarily indicative of Pegasus Cable Television's future results
of operations or financial position.
 
   The selected historical combined statement of operations and balance sheet
data of Pegasus Cable Television shown below for the three years ended December
31, 1997 have been derived from the combined financial statements of Pegasus
which have been audited by PricewaterhouseCoopers LLP, independent accountants.
The selected historical combined financial and other data for the six months
ended June 30, 1997 and 1998 have been derived from the unaudited combined
financial statements of Pegasus Cable Television, which in the opinion of
management of the issuers, reflect all adjustments necessary to present fairly
the combined financial position and results of operations for the periods
presented. The audited combined financial statements of Pegasus Cable
Television as of December 31, 1996 and 1997 and for the three years ended
December 31, 1997 are included elsewhere herein. The operating results for the
six months ended June 30, 1998 are not necessarily indicative of results to be
expected for the year ending December 31, 1998. You should read the information
in this table in conjunction with the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" section of this prospectus and
the combined financial statements and related notes thereto which you can find
elsewhere in this prospectus.
 

<TABLE>   
<CAPTION>
                                                                 Six Months
                                    Year Ended December 31,    Ended June 30,
                                    -------------------------  ----------------
                                     1995     1996     1997     1997     1998
                                    -------  -------  -------  -------  -------
                                            (dollars in thousands)
<S>                                 <C>      <C>      <C>      <C>      <C>
Statement of operation data
Revenues..........................  $ 5,135  $ 5,775  $ 6,191  $ 2,990  $ 3,277
Costs and expenses................    2,604    3,024    3,190    1,617    1,693
Corporate overhead................      368      349      242      132       97
Depreciation and amortization.....    1,658    1,669    1,565      769      835
                                    -------  -------  -------  -------  -------
Operating income..................      505      733    1,194      472      652
Interest expense, net.............   (1,744)  (1,887)  (1,791)    (863)    (938)
Other (expense), net..............      (20)     (27)     (44)     (31)     (22)
                                    -------  -------  -------  -------  -------
Net loss..........................  $(1,259) $(1,181) $  (641) $  (422) $  (308)
                                    =======  =======  =======  =======  =======
Balance sheet data (end of period)
Total assets......................  $10,251  $11,584  $12,661  $12,156  $12,988
Long-term debt (excluding current
 portion).........................   15,023   15,044   15,018   15,026   14,994
Shareholders' (deficit)...........  (7,026)   (8,207)  (8,785)  (8,629)  (9,093)
Cash flow data
Cash flows from operating
 activities.......................  $ 1,172  $ 3,379  $ 2,681  $ 1,739  $ 1,705
Cash flows from investing
 activities.......................     (291)  (1,247)    (889)    (520)    (117)
Cash flows from financing
 activities.......................     (401)  (2,615)  (1,090)    (777)    (971)
 
Other financial data
Capital expenditures..............  $   164   $1,175  $   691  $   445  $   114
Ratio of earnings to fixed charges
 (1)..............................      --       --       --       --       --
Amount of the Deficiency of
 earnings to fixed charges (1)....  $ 1,239  $ 1,156  $   625  $   414  $   303
Other operating data (end of
 period)
Homes passed (2)..................   19,245   19,437   19,631   19,562   19,739
Basic subscribers (3).............   14,859   14,678   14,894   15,226   15,413
Basic penetration (4).............     77.2%    75.5%    75.9%    77.8%    78.1%
Premium units (5).................    5,315    4,807    4,300    4,607    4,236
Premium penetration (6)...........     35.8%    32.7%    28.9%    30.3%    27.5%
Average monthly revenue per basic
 subscriber (7)...................  $ 29.00  $ 32.59  $ 34.89  $ 33.41  $ 36.04
</TABLE>
    
 
          (See Notes to Selected Historical Financial and Other Data)
 
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