FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark one)
[x] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended March 31, 2000
or
[ ] Transition report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _______________ to _____________
Commission File Number 0-15378
CABLE TV FUND 14-A, LTD.
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Exact name of registrant as specified in charter
Colorado #84-1024657
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State of organization I.R.S. employer I.D. #
c/o Comcast Corporation
1500 Market Street, Philadelphia, PA 19102-2148
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Address of principal executive office
(215) 665-1700
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Registrant's telephone number
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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CABLE TV FUND 14-A, LTD.
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(A Limited Partnership)
UNAUDITED BALANCE SHEETS
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March 31, December 31,
ASSETS 2000 1999
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Cash $ 9,770,878 $ 19,674,576
Interest receivable 70,269 -
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Total assets $ 9,841,147 $ 19,674,576
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LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
LIABILITIES:
Advances from affiliates $ - $ 6,205,737
Accrued distribution to Jones Intercable - 3,226,517
Accounts payable and accrued liabililities 837,700 1,419,042
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Total liabilities 837,700 10,851,296
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PARTNER'S CAPITAL:
General Partner-
Contributed capital 1,000 1,000
Accumulated earnings 5,476,379 5,431,337
Distribution (3,226,517) (3,226,517)
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2,250,862 2,205,820
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Limited Partners-
Net contributed capital (160,000 units outstanding
at March 31, 2000 and December 31, 1999) 68,722,000 68,722,000
Accumulated earnings 47,710,137 47,575,012
Distributions (109,679,552) (109,679,552)
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6,752,585 6,617,460
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Total liabilities and partners' capital $ 9,841,147 $ 19,674,576
============= =============
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
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CABLE TV FUND 14-A, LTD.
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(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
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For the Three Months Ended
March 31,
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2000 1999
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REVENUES $ - $ 6,037,128
COSTS AND EXPENSES:
Operating expenses - 3,881,538
Management fees and allocated overhead
from Jones Intercable - 652,301
Depreciation and amortization - 2,267,740
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OPERATING LOSS - (764,451)
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OTHER INCOME (EXPENSE):
Interest expense - (385,069)
Interest income 231,352 7,603
Gain on sale of cable television system - 15,864,241
Other, net (51,185) (440,567)
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Total other income (expense), net 180,167 15,046,208
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NET INCOME $180,167 $14,281,757
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ALLOCATION OF NET INCOME:
General Partner $ 45,042 $ 24,635
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Limited Partners $135,125 $14,257,122
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NET INCOME PER LIMITED PARTNERSHIP UNIT $ 0.84 $ 89.11
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WEIGHTED AVERAGE NUMBER OF LIMITED
PARTNERSHIP UNITS OUTSTANDING 160,000 160,000
======== ===========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
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CABLE TV FUND 14-A, LTD.
------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
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For the Three Months Ended
March 31,
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2000 1999
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 180,167 $ 14,281,757
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization - 2,267,740
Gain on sale of cable television systems - (15,864,241)
Decrease in trade receivables, net - 128,501
Decrease (increase) in deposits, prepaid expenses
and other assets (70,269) 175,403
Decrease in accounts payable and
accrued liabilities and subscriber prepayments (581,342) (526,685)
Decrease in advances from affiliates (6,205,737) (365,829)
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Net cash provided by (used in) operating activities (6,677,181) 96,646
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net - (1,023,221)
Proceeds from sale of cable television system, net of
brokerage fees and escrow - 24,739,875
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Net cash provided by investing activities - 23,716,654
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings - 800,000
Repayment of debt - (13,747,140)
Distribution to Jones Intercable (3,226,517) -
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Net cash used in financing activities (3,226,517) (12,947,140)
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Increase (decrease) in cash (9,903,698) 10,866,160
Cash, beginning of period 19,674,576 357,145
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Cash, end of period $ 9,770,878 $ 11,223,305
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SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 11,371 $ 583,736
=========== ============
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
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CABLE TV FUND 14-A, LTD.
------------------------
(A Limited Partnership)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
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(1) This Form 10-Q is being filed in conformity with the SEC requirements for
unaudited financial statements and does not contain all of the necessary
footnote disclosures required for a complete presentation of the Balance Sheets
and Statements of Operations and Cash Flows in conformity with generally
accepted accounting principles. However, in the opinion of management, this data
includes all adjustments, consisting only of normal recurring accruals,
necessary to present fairly the financial position of Cable TV Fund 14-A, Ltd.
(the "Partnership") at March 31, 2000 and December 31, 1999 and its Statements
of Operations and Cash Flows for the three month periods ended March 31, 2000
and 1999.
The Partnership has sold all of its cable television systems. The
Partnership will not be dissolved until after the pending litigation in which
the Partnership is a named defendant has been resolved and terminated.
On April 7, 1999, Comcast Corporation ("Comcast") completed the acquisition
of a controlling interest in Jones Intercable, Inc. ("Jones Intercable"), the
Partnership's general partner until March 2, 2000. In December 1999, Comcast and
Jones Intercable entered into a definitive merger agreement pursuant to which
Comcast agreed to acquire all of the outstanding shares of Jones Intercable not
yet owned by Comcast. On March 2, 2000, Jones Intercable was merged with and
into Comcast JOIN Holdings, Inc., a wholly owned subsidiary of Comcast. Comcast
JOIN Holdings, Inc. continues as the surviving corporation of the merger. As a
result of this transaction, Jones Intercable no longer exists and Comcast JOIN
Holdings, Inc. is now the general partner of the Partnership. References in
these Notes to "the General Partner" refer to Comcast JOIN Holdings, Inc. The
General Partner shares corporate offices with Comcast at 1500 Market Street,
Philadelphia, Pennsylvania 19102-2148.
(2) The Partnership reimburses its general partner for certain administrative
expenses. These expenses represent the salaries and related benefits paid for
corporate personnel. Such personnel provide administrative, accounting, tax,
legal and investor relations services to the Partnership. Such services, and
their related costs, are necessary to the administration of the Partnership
until the Partnership is dissolved. Such costs were charged to operating costs
during the periods that the Partnership operated its cable television systems.
Subsequent to the sale of the Partnership's final cable television system, such
costs were charged to other expense. Reimbursements made to the general partner
by the Partnership for overhead and administrative expenses for the three month
periods ended March 31, 2000 and 1999 were $36,575 and $350,445, respectively.
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CABLE TV FUND 14-A, LTD.
------------------------
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
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RESULTS OF OPERATIONS
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FINANCIAL CONDITION
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The Partnership has sold all of its cable television systems. The
Partnership will be dissolved after the pending litigation in which the
Partnership is a named defendant has been resolved and terminated.
RESULTS OF OPERATIONS
- ---------------------
The Partnership has sold all of its cable television systems and a
discussion of results of operations would not be meaningful. Other expense of
$51,185 incurred in the first quarter of 2000 related to various costs
associated with the administration of the Partnership.
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PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
None
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CABLE TV FUND 14-A, LTD.
BY: COMCAST JOIN HOLDINGS, INC.
General Partner
By: /S/ Lawrence J. Salva
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Lawrence J. Salva
Senior Vice President
(Principal Accounting Officer)
Dated: May 15, 2000
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