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 September 30, 2000
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[ ] 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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September 30, December 31,
ASSETS 2000 1999
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Cash $ 9,513,885 $ 19,674,576
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Total assets $ 9,513,885 $ 19,674,576
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LIABILITIES AND PARTNERS' CAPITAL
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LIABILITIES:
Advances from affiliates $ - $ 6,205,737
Accrued distribution to Jones Intercable - 3,226,517
Accounts payable and accrued liabilities 288,040 1,419,042
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Total liabilities 288,040 10,851,296
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PARTNER'S CAPITAL:
General Partner-
Contributed capital 1,000 1,000
Distribution (3,226,517) (3,226,517)
Accumulated earnings 5,531,978 5,431,337
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2,306,461 2,205,820
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Limited Partners-
Net contributed capital (160,000 units outstanding
at September 30, 2000 and December 31, 1999) 68,722,000 68,722,000
Distributions (109,679,552) (109,679,552)
Accumulated earnings 47,876,936 47,575,012
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6,919,384 6,617,460
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Total liabilities and partners' capital $ 9,513,885 $ 19,674,576
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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 For the Nine Months Ended
September 30, September 30,
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2000 1999 2000 1999
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REVENUES $ - $ 160,249 $ - $ 9,552,731
COSTS AND EXPENSES:
Operating expenses - 133,567 - 7,007,117
Management fees and allocated overhead
from Jones Intercable - 8,013 - 980,471
Depreciation and amortization - 45,375 - 3,386,239
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OPERATING LOSS - (26,706) - (1,821,096)
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OTHER INCOME (EXPENSE):
Interest expense - (2,316) - (527,617)
Interest income 159,527 381,412 543,567 414,623
Gain on sales of cable television systems - 27,774,482 - 52,198,917
Other, net (32,343) (225,903) (141,002) (857,483)
------------------- -------------------- ------------------- --------------------
Total other income (expense), net 127,184 27,927,675 402,565 51,228,440
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NET INCOME $ 127,184 $ 27,900,969 $ 402,565 $ 49,407,344
=================== ==================== =================== ====================
ALLOCATION OF NET INCOME:
General Partner $ 31,796 $ 5,341,112 $ 100,641 $ 5,365,747
=================== ==================== =================== ====================
Limited Partners $ 95,388 $ 22,559,857 $ 301,924 $ 44,041,597
=================== ==================== =================== ====================
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 0.60 $ 141.00 $ 1.89 $ 275.26
=================== ==================== =================== ====================
WEIGHTED AVERAGE NUMBER
OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 160,000 160,000 160,000 160,000
=================== ==================== =================== ====================
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.
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(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
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For the Nine Months Ended
September 30,
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2000 1999
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 402,565 $ 49,407,344
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization - 3,386,239
Gain on sales of cable television systems - (52,198,917)
Decrease in trade receivables, net - 454,788
Decrease in deposits, prepaid expenses
and other assets - 463,177
Decrease in accounts payable and
accrued liabilities and subscriber prepayments (1,131,002) (1,026,024)
Decrease in advances from affiliates (6,205,737) (127,152)
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Net cash provided by (used in) operating activities (6,934,174) 359,455
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net - (1,340,531)
Proceeds from sales of cable television systems, net of
brokerage fees and escrow proceeds - 85,414,770
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Net cash provided by investing activities - 84,074,239
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings - 800,000
Repayment of debt - (24,232,210)
Distributions to limited partners - (20,874,000)
Distribution to Jones Intercable (3,226,517) -
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Net cash used in financing activities (3,226,517) (44,306,210)
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Increase (decrease) in cash (10,160,691) 40,127,484
Cash, beginning of period 19,674,576 357,145
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Cash, end of period $ 9,513,885 $ 40,484,629
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SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 11,371 $ 739,858
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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.
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(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 September 30, 2000 and December 31, 1999, its Statements
of Operations for the three and nine month periods ended September 30, 2000 and
1999 and its Statements of Cash Flows for the nine month periods ended September
30, 2000 and 1999. Certain prior period amounts have been reclassified to
conform to the 2000 presentation.
The Partnership has sold all of its cable television systems. The
Partnership has continued in existence because of pending litigation in which
the Partnership is a party. It cannot be predicted when the Partnership will be
dissolved.
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. As a
result of this transaction, Jones Intercable no longer exists and Comcast JOIN
Holdings, Inc. continued as the surviving corporation of the merger. On August
1, 2000, Comcast JOIN Holdings, Inc. was merged with and into Comcast Cable
Communications, Inc., ("Comcast Cable"), another wholly owned subsidiary of
Comcast. Comcast Cable is now the general partner of the Partnership.
References in these Notes to "the General Partner" refer to Comcast Cable. 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 and
nine month periods ended September 30, 2000 were $23,355 and $85,267,
respectively, compared to $17,914 and $520,748, respectively for the similar
1999 periods.
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CABLE TV FUND 14-A, LTD.
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(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 only asset of the Partnership is its cash on hand, a portion of
which is being held in reserve to pay the Partnership's administrative expenses
until the Partnership is dissolved and a portion of which is expected to be
distributed to the Partnership's partners in 2001. The Partnership has
continued in existence because of pending litigation in which the Partnership is
a party. It cannot be predicted when the Partnership will be dissolved.
RESULTS OF OPERATIONS
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The Partnership has sold all of its cable television systems and a
discussion of results of operations would not be meaningful. Interest income
during the first nine months of 2000 totaling $543,567 was earned on the cash
balance on hand. Other expense of $141,002 incurred in the first nine months 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 CABLE COMMUNICATIONS, INC.
General Partner
By: /S/ Lawrence J. Salva
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Lawrence J. Salva
Senior Vice President
(Principal Accounting Officer)
Dated: November 14, 2000
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