EXHIBIT 99B.1
<BTB>
PRO FORMA COMBINED STATEMENTS OF OPERATIONS U S WEST MEDIA GROUP
(UNAUDITED)
Quarter Ended
March 31,
1996 Percent
Dollars in millions 1997 Pro forma Change
- - ----------------------------------- ---------- ---------- ---------
SALES AND OTHER REVENUES
Cable and telecommunications $555 $519 6.9
Directory and information services 309 288 7.3
Wireless communications 335 264 26.9
Other 8 4 -
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Total sales and other revenues 1,207 1,075 12.3
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OPERATING EXPENSES
Costs of sales and other revenues 406 367 10.6
Selling, general and
administrative expenses 320 316 1.3
Depreciation and amortization 303 280 8.2
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Total operating expenses 1,029 963 6.9
---------- ----------
Income from operations 178 112 58.9
Interest expense 175 170 2.9
Equity losses in unconsolidated
ventures 165 75 -
Gain on sale of investment 51 - -
Guaranteed minority interest expense 22 12 83.3
Other expense - net 4 11 (63.6)
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Loss before income taxes (137) (156) (12.2)
Income tax benefit 28 45 (37.8)
---------- ----------
NET LOSS (109) (111) (1.8)
Dividends on preferred stock 13 12 8.3
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LOSS AVAILABLE FOR
COMMON STOCK ($122) ($123) (0.8)
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EXHIBIT 99B.1 (continued)
<BTB>
PRO FORMA COMBINED STATEMENTS OF OPERATIONS U S WEST MEDIA GROUP
(UNAUDITED)
Quarter Ended
March 31,
In millions (except 1996 Percent
per share amounts) 1997 Pro forma Change
- - ----------------------------------- ---------- ---------- --------
Average common shares
outstanding 606.5 623.6 (2.7)
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Loss per common share ($0.20) ($0.20) -
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Pro forma amounts reflect the Continental Cablevision, Inc.
(Continental) merger, Continental's acquisition of the remaining
interest in Meredith/New Heritage Strategic Partners, L.P. and the
reclassification of the Teleport Communications Group, Inc.
investment to equity method as if each transaction occurred
as of January 1, 1996. Also includes Continental's results for
cable-telephony ventures in Singapore and Argentina.
The average common shares outstanding for the quarter ended
March 31, 1996, includes 150.6 million shares related to the
Continental merger as if it had occurred as of January 1, 1996.