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, 1996
--------------
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 0-16200
CABLE TV FUND 14-B, LTD.
- -------------------------------------------------------------------------------
Exact name of registrant as specified in charter
Colorado #84-1024658
- -------------------------------------------------------------------------------
State of organization I.R.S. employer I.D.#
9697 East Mineral Avenue, P.O. Box 3309, Englewood, Colorado 80155-3309
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Address of principal executive office
(303) 792-3111
------------------------------------
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
----- -----
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
UNAUDITED CONSOLIDATED BALANCE SHEETS
-------------------------------------
March 31, December 31,
ASSETS 1996 1995
- ------ ------------- -------------
CASH $ 458,925 $ 474,904
TRADE RECEIVABLES, less allowance for doubtful receivables of
$88,193 and $135,202 at March 31, 1996 and December 31, 1995,
respectively 1,360,521 1,739,859
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 93,565,276 92,097,232
Less - accumulated depreciation (44,949,079) (43,489,032)
------------ ------------
48,616,197 48,608,200
Franchise costs and other intangible assets, net of
accumulated amortization of $72,335,733 at
March 31, 1996 and $70,528,499 at
December 31, 1995, respectively 58,704,565 60,511,799
------------ ------------
Total investment in cable television properties 107,320,762 109,119,999
DEPOSITS, PREPAID EXPENSES AND DEFERRED CHARGES 718,188 515,935
------------ ------------
Total assets $109,858,396 $111,850,697
============ ============
The accompanying notes to unaudited consolidated financial statements
are an integral part of these unaudited consolidated balance sheets.
2
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
UNAUDITED CONSOLIDATED BALANCE SHEETS
-------------------------------------
March 31, December 31,
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) 1996 1995
- ------------------------------------------- ------------- -------------
LIABILITIES:
Debt $ 54,739,238 $ 56,241,715
Accounts payable to General Partner 3,058,834 1,896,049
Deferred brokerage fee 920,000 920,000
Trade accounts payable and accrued liabilities 1,531,536 1,763,047
Subscriber prepayments 609,121 568,400
------------ ------------
Total liabilities 60,858,729 61,389,211
------------ ------------
MINORITY INTEREST IN CABLE TELEVISION
JOINT VENTURE 4,557,095 4,779,072
------------ ------------
PARTNERS' CAPITAL (DEFICIT):
General Partner-
Contributed capital 1,000 1,000
Accumulated deficit (682,670) (670,272)
------------ ------------
(681,670) (669,272)
------------ ------------
Limited Partners-
Net contributed capital (261,353 units
outstanding at March 31, 1996 and
December 31, 1995) 112,127,301 112,127,301
Accumulated deficit (67,003,059) (65,775,615)
------------ ------------
45,124,242 46,351,686
------------ ------------
Total liabilities and partners' capital (deficit) $109,858,396 $111,850,697
============ ============
The accompanying notes to unaudited consolidated financial statements
are an integral part of these unaudited consolidated balance sheets.
3
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
For the Three Months Ended
March 31,
----------------------------
1996 1995
----------- -----------
REVENUES $ 9,168,839 $ 8,487,743
COSTS AND EXPENSES:
Operating expenses 5,202,001 4,846,649
Management fees and allocated overhead from General Partner 1,078,973 1,066,712
Depreciation and amortization 3,308,636 3,185,748
----------- -----------
OPERATING LOSS (420,771) (611,366)
----------- -----------
OTHER INCOME (EXPENSE):
Interest expense (1,075,042) (1,129,029)
Other, net 33,994 1,763
----------- -----------
Total other income (expense), net (1,041,048) (1,127,266)
----------- -----------
CONSOLIDATED LOSS BEFORE MINORITY INTEREST (1,461,819) (1,738,632)
MINORITY INTEREST IN CONSOLIDATED LOSS 221,977 184,528
----------- -----------
NET LOSS $(1,239,842) $(1,554,104)
=========== ===========
ALLOCATION OF NET LOSS:
General Partner $ (12,398) $ (15,541)
=========== ===========
Limited Partners $(1,227,444) $(1,538,563)
=========== ===========
NET LOSS PER LIMITED PARTNERSHIP UNIT $(4.70) $(5.89)
=========== ===========
WEIGHTED AVERAGE NUMBER OF LIMITED
PARTNERSHIP UNITS OUTSTANDING 261,353 261,353
=========== ===========
The accompanying notes to unaudited consolidated financial statements
are an integral part of these unaudited consolidated statements.
4
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
For the Three Months Ended
March 31,
--------------------------
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(1,239,842) $(1,554,104)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization 3,308,636 3,173,142
Amortization of interest rate protection contract - 24,959
Minority interest in consolidated loss (221,977) (184,528)
Decrease in trade receivables 379,338 203,614
Increase in deposits, prepaid expenses and
deferred charges (243,608) (34,559)
Increase in advances from General Partner 1,162,785 798,921
Decrease in trade accounts payable and accrued
liabilities and subscriber prepayments (190,790) (476,922)
----------- -----------
Net cash provided by operating activities 2,954,542 1,950,523
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net (1,468,044) (1,183,548)
----------- -----------
Net cash used in investing activities (1,468,044) (1,183,548)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings - 900,000
Repayment of debt (1,502,477) (993,422)
----------- -----------
Net cash used in financing activities (1,502,477) (93,422)
----------- -----------
Increase (decrease) in cash (15,979) 673,553
Cash, beginning of period 474,904 648,379
----------- -----------
Cash, end of period $ 458,925 $ 1,321,932
=========== ===========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 1,216,903 $ 1,111,478
=========== ===========
The accompanying notes to unaudited consolidated financial statements
are an integral part of these unaudited consolidated statements.
5
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
----------------------------------------------------
(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 fair 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-B, Ltd. (the
"Partnership") at March 31, 1996 and December 31, 1995 and its Statements of
Operations and Cash Flows for the three month periods ended March 31, 1996 and
1995. Results of operations for these periods are not necessarily indicative of
results to be expected for the full year.
The Partnership is a Colorado limited partnership that was formed pursuant
to the public offering of limited partnership interests in the Cable TV Fund 14
Limited Partnership Program (the "Program"), which was sponsored by Jones
Intercable, Inc. (the "General Partner"), to acquire, own and operate cable
television systems in the United States. Cable TV Fund 14-A, Ltd. ("Fund 14-A")
is the other partnership that was formed pursuant to the Program. The
Partnership and Fund 14-A formed a general partnership known as Cable TV Fund
14-A/B Venture (the "Venture"), in which the Partnership owns a 73 percent
interest and Fund 14-A owns a 27 percent interest. The Partnership directly owns
the cable television systems serving Surfside, South Carolina (the "Surfside
System") and Little Rock, California (the "Little Rock System"). The Venture
owns the cable television system serving certain areas in Broward County,
Florida (the "Broward System"). Because of the Partnership's majority ownership
interest in the Venture, the accompanying financial statements present the
Partnership's and the Venture's financial condition and results of operations on
a consolidated basis, with the ownership interest of Fund 14-A in the Venture
shown as a minority interest. All interpartnership accounts and transactions
have been eliminated. Certain prior year amounts have been reclassified to
conform to the 1996 presentation.
(2) The General Partner manages the Partnership and the Venture and receives a
fee for its services equal to five percent of the gross revenues of the
Partnership and the Venture, excluding revenues from the sale of cable
television systems or franchises. Management fees paid to the General Partner by
the Partnership and the Venture for the three month periods ended March 31, 1996
and 1995 were $457,192 and $424,387, respectively.
The Partnership and the Venture reimburse the General Partner for certain
allocated overhead and administrative expenses. These expenses represent
salaries and related benefits paid for corporate personnel, rent, data
processing services and other corporate facilities costs. Such personnel provide
engineering, marketing, accounting, administrative, legal and investor relations
services to the Partnership and to the Venture. Allocations of personnel costs
are based primarily on actual time spent by employees of the General Partner
with respect to each partnership managed. Remaining expenses are allocated based
on the pro rata relationship of the Partnership's and Venture's revenues to the
total revenues of all systems owned or managed by the General Partner and
certain of its subsidiaries. Systems owned by the General Partner and all other
systems owned by partnerships for which Jones Intercable, Inc. is the general
partner are also allocated a proportionate share of these expenses. The General
Partner believes that the methodology used in allocating overhead and
administrative expenses is reasonable. Reimbursements made to the General
Partner for allocated overhead and administrative expenses for the three month
periods ended March 31, 1996 and 1995 were $621,781 and $642,325, respectively.
6
(3) Financial information regarding the Venture is presented below.
UNAUDITED BALANCE SHEETS
------------------------
March 31, 1996 December 31, 1995
--------------- ------------------
ASSETS
------
Cash and accounts receivable $ 1,537,069 $ 1,465,837
Investment in cable television properties 59,572,669 60,613,938
Other assets 498,205 367,781
------------ ------------
Total assets $ 61,607,943 $ 62,447,556
============ ============
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
Debt $ 39,040,842 $ 40,530,652
Payables and accrued liabilities 5,396,126 3,926,752
Partners' contributed capital 70,000,000 70,000,000
Accumulated deficit (52,829,025) (52,009,848)
------------ ------------
Total liabilities and partners' capital $ 61,607,943 $ 62,447,556
============ ============
UNAUDITED STATEMENTS OF OPERATIONS
----------------------------------
For the Three Months Ended
March 31,
--------------------------
1996 1995
----------- -----------
Revenues $ 6,260,965 $ 5,925,887
Operating expenses (3,515,716) (3,270,576)
Management fees and allocated overhead from General Partner (735,844) (738,585)
Depreciation and amortization (2,061,381) (1,746,181)
Operating income (loss) (51,976) 170,545
Interest expense (801,691) (852,720)
Other, net 34,490 1,259
----------- -----------
Net loss $ (819,177) $ (680,916)
=========== ===========
Management fees and reimbursements for overhead and administrative expenses
paid to Jones Intercable, Inc. by the Venture totaled $311,798 and $424,046,
respectively for the three month period ended March 31, 1996, and $296,294 and
$442,291, respectively, for the three month period ended March 31, 1995.
7
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
FINANCIAL CONDITION
- -------------------
The Partnership owns a 73 percent interest in the Venture. The accompanying
financial statements include 100 percent of the accounts of the Partnership and
those of the Venture, reduced by the 27 percent minority interest in the
Venture.
The Venture-
For the three months ended March 31, 1996, the Venture generated net cash
from operating activities totaling $3,031,384, which is available to fund
capital expenditures and non-operating costs. During the first three months of
1996, capital expenditures in the Venture-owned Broward County System totaled
approximately $1,001,000. Approximately 53 percent of these expenditures related
to service drops to homes. Approximately 37 percent of these expenditures
related to new plant construction. The remainder of the expenditures was for
various enhancements in the Broward County System. Such expenditures were funded
primarily from cash generated from operations. Anticipated capital expenditures
for the remainder of 1996 are approximately $3,201,000. Approximately 35 percent
will relate to new plant construction. Approximately 32 percent will relate to
service drops to homes. The remainder of the anticipated expenditures is for
various enhancements in the Broward County System. These capital expenditures
are expected to be funded from cash on hand and cash generated from operations.
The balance outstanding on the Venture's term loan at March 31, 1996 was
$38,902,968. The term loan is payable in quarterly installments which began
March 31, 1993 and is payable in full by December 31, 1999. Installments paid
during the first quarter of 1996 totaled $877,500. Installments due during the
remainder of 1996 total $2,632,500. Funding for these installments is expected
to come from cash on hand, cash generated from operations and, in its
discretion, advances from the General Partner. The Venture will attempt to amend
its credit facility in 1996 to provide additional liquidity. Interest is at the
Venture's option of Prime plus 1/4 percent, the London Interbank Offered Rate
plus 1-1/4 percent or the Certificate of Deposit Rate plus 1-3/8 percent. The
effective interest rates on amounts outstanding as of March 31, 1996 and 1995
were 6.63 percent and 7.85 percent, respectively.
Because the Venture's credit facility is now a term loan, the Venture will
rely on cash generated from operations and, in its discretion, advances from the
General Partner for its liquidity needs unless or until its credit facility is
amended.
The Partnership-
For the three months ended March 31, 1996, the Partnership generated net
cash from operating activities totaling $923,158, which is available to fund
capital expenditures and non-operating costs. The Partnership expended
approximately $467,000 on capital additions in its wholly-owned Surfside, South
Carolina and Little Rock, California systems during the first quarter of 1996.
Service drops to homes accounted for approximately 41 percent of these
expenditures and new plant construction accounted for approximately 29 percent.
The remainder of the expenditures was for various enhancements in the
Partnership's systems. Funding for these expenditures was provided by cash on
hand and cash generated from operations. Anticipated capital expenditures for
the remainder of 1996 are approximately $2,000,000. Approximately 31 percent is
designated for plant construction in both of the Partnership's systems. Service
drops to homes are expected to account for approximately 31 percent. The
remainder of these expenditures is for various enhancements in each of the
Partnership's systems. Funding for these improvements will be provided by cash
generated from operations and borrowings under the Partnership's credit
facility.
In December 1995, the Partnership entered into a new reducing revolving
credit facility with an available commitment of $18,000,000. At March 31, 1996,
the balance outstanding was $15,600,000, leaving $2,400,000 available for future
borrowings. On September 30, 1998, the available commitment pertaining to the
reducing revolving credit facility begins to reduce quarterly until March 31,
2003 when the amount available will be zero. Interest on the reducing revolving
credit facility is at the Partnership's option of the Base Rate plus 1/8
percent, LIBOR plus 1-1/8 percent, or the Certificate of
8
Deposit Rate plus 1-1/4 percent. The effective interest rates on amounts
outstanding as of March 31, 1996 and 1995 were 6.84 percent and 7.63 percent,
respectively.
The General Partner believes that the Partnership has sufficient sources
of capital from cash generated from operations and borrowings available under
the reducing revolving credit facility to service its presently anticipated
needs.
REGULATION AND LEGISLATION
- --------------------------
The Partnership has filed cost-of-service showings as a result of
rulemakings concerning the Cable Television Consumer Protection and Competition
Act of 1992 (the "1992 Cable Act") for its Surfside System and Little Rock
System and thus anticipates no further reductions in rates in these systems. The
cost-of-service showings have not yet received final approvals from regulatory
authorities, however, and there can be no assurance that the Partnership's cost-
of-service showings will prevent further rate reductions in these systems until
such final approvals are received.
The Telecommunications Act of 1996 (the "1996 Act"), which became law on
February 8, 1996, substantially revised the Communications Act of 1934, as
amended, including the Cable Communications Policy Act of 1984 and the 1992
Cable Act, and has been described as one of the most significant changes in
communications regulation since the original Communications Act of 1934. The
1996 Act is intended, in part, to promote substantial competition in the
telephone local exchange and in the delivery of video and other services. As a
result of the 1996 Act, local telephone companies (also known as local exchange
carriers or "LECs") and other service providers are permitted to provide video
programming, and cable television operators are permitted entry into the
telephone local exchange market. The FCC is required to conduct rulemaking
proceedings over the next several months to implement various provisions of the
1996 Act.
Among other provisions, the 1996 Act modified the 1992 Cable Act by
deregulating the cable programming service tier of large cable operators
effective March 31, 1999 and the cable programming service tier of "small" cable
operators in systems providing service to 50,000 or fewer subscribers effective
immediately. The 1996 Act also revised the procedures for filing cable
programming service tier rate complaints and adds a new effective competition
test.
It is premature to predict the specific effects of the 1996 Act on the
cable industry in general or the Partnership and the Venture in particular. The
FCC will be undertaking numerous rulemaking proceedings to interpret and
implement the 1996 Act. It is not possible at this time to predict the outcome
of those proceedings or their effect on the Partnership and the Venture.
9
RESULTS OF OPERATIONS
---------------------
The results of operations for the Partnership are summarized in the selected
financial data below:
For the Three Months Ended March 31, 1996
--------------------------------------------
Partnership Venture
Owned Owned Consolidated
-------------- ------------ --------------
Revenues $ 2,907,874 $6,260,965 $ 9,168,839
Operating expenses $ 1,686,285 $3,515,716 $ 5,202,001
Management fees and allocated
overhead from General Partner $ 343,129 $ 735,844 $ 1,078,973
Depreciation and amortization $ 1,247,255 $2,061,381 $ 3,308,636
Operating income (loss) $ (368,795) $ (51,976) $ (420,771)
Interest expense $ (273,351) $ (801,691) $(1,075,042)
Consolidated loss before minority interest $ (642,642) $ (819,177) $(1,461,819)
Minority interest in consolidated loss $ - $ 221,977 $ 221,977
Net loss $ (642,642) $ (597,200) $(1,239,842)
For the Three Months Ended March 31, 1995
--------------------------------------------
Partnership Venture
Owned Owned Consolidated
-------------- ------------ --------------
Revenues $ 2,561,856 $5,925,887 $ 8,487,743
Operating expenses $ 1,576,073 $3,270,576 $ 4,846,649
Management fees and allocated
overhead from General Partner $ 328,127 $ 738,585 $ 1,066,712
Depreciation and amortization $ 1,439,567 $1,746,181 $ 3,185,748
Operating income (loss) $ (781,911) $ 170,545 $ (611,366)
Interest expense $ (276,309) $ (852,720) $(1,129,029)
Consolidated loss before minority interest $(1,057,716) $ (680,916) $(1,738,632)
Minority interest in consolidated loss $ - $ 184,528 $ 184,528
Net loss $(1,057,716) $ (496,388) $(1,554,104)
10
Partnership owned-
Revenues of the Partnership's Surfside System and Little Rock System
increased $346,018, or approximately 14 percent, to $2,907,874 for the three
months ended March 31, 1996, from $2,561,856 for the comparable 1995 period.
Basic service rate adjustments accounted for approximately 36 percent of the
increase in revenues. The number of basic subscribers totaled 26,026 at March
31, 1996 compared to 24,670 at March 31, 1995, an increase of 1,356 or
approximately 6 percent. This increase in basic subscribers accounted for
approximately 26 percent of the increase in revenues. Increases in advertising
sales and premium service revenue each accounted for approximately 13 percent of
the increase in revenues.
Operating expenses consist primarily of costs associated with the
administration of the Partnership's cable television systems. The principal cost
components are salaries paid to system personnel, programming expenses,
professional fees, subscriber billing costs, rent for leased facilities, cable
system maintenance expenses and consumer marketing expenses.
Operating expenses increased $110,212, or approximately 7 percent, to
$1,686,285 for the three months ended March 31, 1996, from $1,576,073 for the
comparable 1995 period. Operating expenses represented approximately 58 percent
and 62 percent of revenue for 1996 and 1995, respectively. The increase in
operating expense was primarily due to increases in programming fees and
advertising expenses. No other individual factor significantly affected the
increase in operating expenses.
Management fees and allocated overhead from the General Partner increased
$15,002, or approximately 5 percent, to $343,129 for the three months ended
March 31, 1996 from $328,127 for the comparable 1995 period due to the increase
in revenues, upon which such fees are based.
Depreciation and amortization expense decreased $192,312, or approximately
13 percent, to $1,247,255 for the three months ended March 31, 1996 from
$1,439,567 for the comparable 1995 period. This decrease was due to the
maturation of the Partnership's asset base.
Operating loss decreased $413,116, or approximately 53 percent, to $368,795
for the three months ended March 31, 1996 from $781,911 for the comparable 1995
period. This decrease was due to the increase in revenues and the decrease in
depreciation and amortization expense exceeding the increases in operating
expense and management fees and allocated overhead from the General Partner.
The cable television industry generally measures the financial performance
of a cable television system in terms of cash flow or operating income before
depreciation and amortization. The value of a cable television system is often
determined using multiples of cash flow. This measure is not intended to be a
substitute or improvement upon the items disclosed on the financial statements,
rather it is included because it is an industry standard. Operating income
before depreciation and amortization expense increased $220,804, or
approximately 34 percent, to $878,460 for the three months ended March 31, 1996
from $657,656 for the comparable 1995 period due to the increase in revenues
exceeding the increases in operating expenses and management fees and allocated
overhead from the General Partner.
Interest expense decreased $2,958, or approximately 1 percent, to $273,351
for the three months ended March 31, 1996 from $276,309 for the comparable 1995
period. This decrease was due to lower effective interest rates on interest
bearing obligations.
Net loss decreased $415,074, or approximately 39 percent, to $642,642 for
the three months ended March 31, 1996 from $1,057,716 for the comparable 1995
period. These losses were primarily the result of the factors discussed above.
Venture owned-
In addition to its ownership of the Surfside System and the Little Rock
System, the Partnership owns a 73 percent interest in the Venture.
Revenues of the Venture's Broward County System increased $335,078, or
approximately 6 percent, to $6,260,965 for the three months ended March 31,
1996, from $5,925,887 for the comparable 1995 period. Basic service rate
adjustments accounted for approximately 53 percent of the increases in revenue.
The number of basic subscribers totaled 50,965 at March 31, 1996 compared to
48,876 at March 31, 1995, an increase of 2,089, or approximately 4 percent. This
11
increase in basic subscribers accounted for approximately 44 percent of the
increases in revenue. No other individual factor significantly affected the
increase in revenues.
Operating expense increased $245,140, or approximately 7 percent, to
$3,515,716 for the three months ended March 31, 1996 from $3,270,576 for the
comparable 1995 period. Operating expenses represented 56 percent of revenue in
1996, compared to 55 percent in 1995. The increase in operating expenses was due
primarily to increases in programming fees and marketing expenses. No other
individual factor significantly affected the increase in operating expense.
Management fees and allocated overhead from Jones Intercable, Inc.
decreased $2,741, or less than 1 percent, to $735,844 for the three months ended
March 31, 1996 from $738,585 for the comparable 1995 period primarily due to a
decrease in allocated expenses from the General Partner.
Depreciation and amortization expense increased $315,200, or approximately
18 percent, to $2,061,381 for the three months ended March 31, 1996 from
$1,746,181 for the comparable 1995 period. The increase in depreciation and
amortization expense was attributable to capital additions to the Venture's
asset base.
For the three months ended March 31, 1996, the Venture had an operating
loss of $51,976 compared to operating income of $170,545 for the three months
ended March 31, 1995. This change was due to the increases in operating,
depreciation and amortization expenses and management fees and allocated
overhead from Intercable exceeding the increase in revenues.
Operating income before depreciation and amortization expense increased
$92,679, or approximately 5 percent, to $2,009,405 for the three months ended
March 31, 1996 from $1,916,726 for the comparable 1995 period due to the
increase in revenue exceeding the increase in operating expenses and management
fees and allocated overhead from the General Partner.
Interest expense decreased $51,029, or approximately 6 percent, to $801,691
for the three months ended March 31, 1996 from $852,720 for the comparable 1995
period due to lower effective interest rates and lower outstanding balances on
interest bearing obligations.
Net loss increased $138,261, or approximately 20 percent, to $819,177 for
the three months ended March 31, 1996 from $680,916 for the comparable 1995
period. These losses were primarily the result of the factors discussed above.
12
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
13
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-B, LTD.
BY: JONES INTERCABLE, INC.
General Partner
By:/S/ Kevin P. Coyle
-----------------------------------
Kevin P. Coyle
Group Vice President/Finance
(Principal Financial Officer)
Dated: May 13, 1996
14