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, 1996
[ ] 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: 0-16939
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
- --------------------------------------------------------------------------------
Exact name of registrant as specified in charter
Colorado #84-1069504
- --------------------------------------------------------------------------------
State of organization IRS employer I.D. #
9697 East Mineral Avenue, P. O. Box 3309, Englewood, Colorado 80155-3309
------------------------------------------------------------------------
Address of principal executive office
(303) 792-9191
-----------------------------------
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 _____
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
------------------------
ASSETS
------
September 30, December 31,
1996 1995
-------------- -------------
CASH $ 52,699 $ 313,553
TRADE RECEIVABLES, less allowance for
doubtful receivables of $16,305 and $14,206 at
September 30, 1996 and December 31, 1995, respectively 146,864 226,616
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 11,251,226 15,532,204
Less - accumulated depreciation (5,150,824) (6,366,025)
----------- -----------
6,100,402 9,166,179
Franchise costs and other intangible assets, net of
accumulated amortization of $8,317,809 and $11,965,114
at September 30, 1996 and December 31, 1995, respectively 5,378,629 8,477,446
----------- -----------
Total investment in cable
television properties 11,479,031 17,643,625
DEPOSITS, PREPAID EXPENSES AND OTHER ASSETS 88,188 53,546
----------- -----------
Total assets $11,766,782 $18,237,340
=========== ===========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
2
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
------------------------
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
September 30, December 31,
1996 1995
-------------- -------------
LIABILITIES:
Credit facility and capitalized lease
obligations $ 7,396,449 $11,605,582
Trade accounts payable and accrued liabilities 280,079 446,688
Accrued distributions to partners 315,657 315,657
Subscriber prepayments and deposits 47,799 51,473
------------ -----------
Total liabilities 8,039,984 12,419,400
------------ -----------
PARTNERS' CAPITAL (DEFICIT):
General Partner -
Contributed capital 1,000 1,000
Distributions (100,795) (91,324)
Accumulated deficit (33,076) (71,634)
------------ -----------
(132,871) (161,958)
------------ -----------
Limited Partners -
Contributed capital, net of related commissions, syndication
costs and interest (51,276 units outstanding at
September 30, 1996 and December 31, 1995) 21,875,852 21,875,852
Distributions (14,978,680) (9,041,180)
Accumulated deficit (3,037,503) (6,854,774)
------------ -----------
3,859,669 5,979,898
------------ -----------
Total partners' capital (deficit) 3,726,798 5,817,940
------------ -----------
Total liabilities and partners'
capital (deficit) $ 11,766,782 $18,237,340
============ ===========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
3
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
----------------------------------
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
------------------------ -----------------------
1996 1995 1996 1995
----------- ----------- ---------- -----------
REVENUES $1,278,536 $1,724,483 $4,377,504 $ 5,098,421
COSTS AND EXPENSES:
Operating expenses 649,031 908,207 2,414,532 2,573,217
Management fees and allocated administrative
costs from the General Partner 140,534 226,902 513,279 654,869
Depreciation and amortization 379,602 794,531 1,520,001 2,385,950
---------- ---------- ---------- -----------
OPERATING INCOME (LOSS) 109,369 (205,157) (70,308) (515,615)
---------- ---------- ---------- -----------
OTHER INCOME (EXPENSE):
Interest expense (178,768) (224,025) (479,424) (671,448)
Gain on sale of cable television system - - 4,550,867 -
Other, net (80,825) 1,203 (145,306) (3,601)
---------- ---------- ---------- -----------
NET INCOME (LOSS) $ (150,224) $ (427,979) $3,855,829 $(1,190,664)
========== ========== ========== ===========
ALLOCATION OF NET INCOME (LOSS):
General Partner $ (1,502) $ (4,280) $ 38,558 $ (11,907)
========== ========== ========== ===========
Limited Partners $ (148,722) $ (423,699) $3,817,271 $(1,178,757)
========== ========== ========== ===========
NET INCOME (LOSS) PER LIMITED
PARTNER UNIT $ (2.90) $ (8.25) $ 74.45 $ (22.98)
========== ========== ========== ===========
WEIGHTED AVERAGE NUMBER OF
LIMITED PARTNER UNITS
OUTSTANDING 51,276 51,276 51,276 51,276
========== ========== ========== ===========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
4
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
----------------------------------
For the Nine Months
Ended September 30,
---------------------------
1996 1995
------------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 3,855,829 $(1,190,664)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 1,520,001 2,385,950
Gain on sale of cable television system (4,550,867) -
Decrease (increase) in trade accounts receivable, net 79,752 (11,059)
Increase in deposits, prepaid expenses and other assets (91,142) (25,146)
Decrease in trade accounts payable and accrued
liabilities and subscriber prepayments
and deposits (170,283) (106,064)
Decrease in advances from Jones Intercable, Inc. - (44,786)
------------ -----------
Net cash provided by operating activities 643,290 1,008,231
------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (815,845) (1,006,362)
Proceeds from sale of cable television system 10,058,334 -
------------ -----------
Net cash provided by (used in) investing activities 9,242,489 (1,006,362)
------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in accrued distributions - 312,500
Distributions to partners (5,937,500) (937,500)
Repayment of borrowings (10,039,645) (40,501)
Proceeds from borrowings 5,830,512 670,251
------------ -----------
Net cash provided by (used in) financing activities (10,146,633) 4,750
------------ -----------
INCREASE (DECREASE) IN CASH (260,854) 6,619
CASH, AT BEGINNING OF PERIOD 313,553 171,944
------------ -----------
CASH, AT END OF PERIOD $ 52,699 $ 178,563
============ ===========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest Paid $ 525,015 $ 704,034
============ ===========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
5
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
(A Limited Partnership)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
---------------------------------------
(1) This Form 10-Q is being filed in conformity with the Securities and
Exchange Commission 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 Jones Spacelink Income/Growth Fund 1-A, Ltd. (the
"Partnership") at September 30, 1996 and December 31, 1995, its results of
operations for the three and nine month periods ended September 30, 1996
and 1995 and its cash flows for the nine month periods ended September 30,
1996 and 1995. Results of operations for these periods are not necessarily
indicative of results to be expected for the full year.
The Partnership, a Colorado limited partnership, was formed on May 12,
1988, pursuant to a public offering of limited partner interests. Jones
Intercable, Inc. ("Intercable" or the "General Partner"), a Colorado
corporation, is the general partner and manager of the Partnership. Intercable
and certain of its subsidiaries also own and operate cable television systems
for their own account and for the account of other managed limited partnerships.
The Partnership owns and operates the cable television systems serving the
areas in and around the communities of Bluffton, Decatur, Monroe, Auburn,
Butler, Uniondale, Waterloo and Garett, and the unincorporated areas of Wells,
Allen, Noble, Adams and DeKalb Counties, all in the State of Indiana (the
"Bluffton Systems"). The Partnership owned the cable television system serving
the communities of Lake Geneva and areas of Walworth County (the "Lake Geneva
System"), and the cable television system serving the communities of Ripon and
areas of Fond-du-Lac County (the "Ripon System"), all in the State of Wisconsin,
until their sale on April 11, 1996.
(2) On April 11, 1996, the Partnership sold to Jones Cable Holdings, Inc., a
wholly owned subsidiary of Intercable, the Lake Geneva System for a
purchase price of $6,345,667, subject to normal closing adjustments, and
the Ripon System for a purchase price of $3,712,667, subject to normal
closing adjustments. The purchase prices were determined by averaging
three separate independent appraisals of each of the cable television
systems sold. No vote of the limited partners of the Partnership was
required in connection with these transactions because the sales of the
Lake Geneva System and the Ripon System, individually and collectively, did
not represent the sale of all or substantially all of the Partnership's
assets. Pursuant to the terms of an amendment to the Partnership's credit
agreement, the Partnership distributed $5,000,000 of the proceeds from the
sales of the Lake Geneva System and the Ripon System to the limited
partners, and the balance of the sale proceeds, approximately $5,058,000,
was applied to reducing the Partnership's outstanding indebtedness, which
at September 30, 1996 totaled $7,396,449. The limited partners of the
Partnership received, in April 1996, approximately $98 per unit, or $195
for each $1,000 invested in the Partnership. Limited partners of the
Partnership have received a total of $560 for each $1,000 invested in the
Partnership taking into account the prior distributions to limited
partners. Because these distributions have not yet returned to limited
partners 100 percent of the capital contributed by them to the Partnership
plus their preferred return, the General Partner was not entitled to
receive a distribution on the sales of the Lake Geneva and the Ripon
System.
6
The pro forma effect of the sale of the Lake Geneva System and the Ripon
System on the results of the Partnership's operations for the nine month periods
ended September 30, 1996 and 1995, assuming the transaction had occurred as of
the beginning of the year, is presented in the following unaudited tabulation:
For the Nine Month Period Ended September 30, 1996
--------------------------------------------------
Pro Forma
As Reported Adjustments Pro Forma
------------ ------------ -----------
Revenues $4,377,504 $ (577,284) $3,800,220
========== =========== ==========
Operating Income (Loss) $ (70,308) $ 295,366 $ 225,058
========== =========== ==========
Net Income $3,855,829 $(4,452,867) $ (597,038)
========== =========== ==========
For the Nine Month Period Ended September 30, 1995
--------------------------------------------------
Pro Forma
As Reported Adjustments Pro Forma
------------ ------------ ------------
Revenues $ 5,098,421 $(1,524,221) $3,574,200
=========== =========== ==========
Operating Loss $ (515,615) $ 494,920 $ (20,695)
=========== =========== ==========
Net Loss $(1,190,664) $ 496,981 $ (693,683)
=========== =========== ==========
(3) The General Partner manages the Partnership and receives a fee for its
services equal to five percent of the gross revenues of the Partnership,
excluding revenues from the sale of cable television systems or franchises.
Management fees paid to the General Partner by the Partnership for the
three and nine month periods ended September 30, 1996 were $63,927 and
$218,875, respectively, compared to $86,224 and $254,921, respectively, for
the three and nine month periods ended September 30, 1995.
The Partnership reimburses the General Partner for certain allocated
general and administrative expenses. These expenses represent the salaries and
related benefits paid for corporate personnel, office rent and related
facilities expense. Such personnel provide engineering, marketing,
administrative, accounting, legal and investor relations services to the
Partnership. Allocations of personnel costs are based primarily on actual time
spent by employees of the General Partner and certain of its subsidiaries with
respect to each partnership managed. Remaining expenses were allocated based on
the pro rata relationship of the Partnership's revenues to the total revenues of
all systems owned or managed by the General Partner and certain of its
subsidiaries. Included in the costs allocated from the General Partner and
certain of its subsidiaries are expenses allocated to the General Partner from
affiliated entities for information processing and certain other administrative
services. The General Partner believes that the methodology used in allocating
general and administrative costs is reasonable. General and administrative
expenses allocated to the Partnership by the General Partner were $76,607 and
$294,404 for the three and nine month periods ended September 30, 1996,
respectively, compared to $140,678 and $399,948 for the three and nine month
periods ended September 30, 1995, respectively.
(4) A primary objective of the Partnership is to provide quarterly cash
distributions to the partners, principally from cash flow from operations
remaining after principal and interest payments and the creation of any
reserves necessary for the operation of the Partnership. The Partnership
declared distributions to be paid to the partners in the amount of $315,657
for each of the quarters ended March 31, 1996, June 30, 1996 and September
30, 1996. The distributions were primarily from the first, second and
third quarter 1996 cash flows. The first quarter distribution was paid in
May 1996, the second quarter distribution was paid in August 1996 and the
third quarter distribution will be paid in November 1996. Future
distributions will be announced on a quarter-by-quarter basis and no
determination has been made regarding the level of future distributions.
The payment of quarterly operating cash flow distributions may reduce the
financial flexibility of the Partnership.
7
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
--------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
---------------------------------------
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
FINANCIAL CONDITION
- -------------------
It is the General Partner's publicly announced policy that it intends to
liquidate its managed limited partnerships, including the Partnership, as
opportunities for sales of partnership cable television systems arise in the
marketplace over the next several years. In accordance with this policy, the
Partnership sold the Lake Geneva System and the Ripon System in April 1996. No
specific date or terms have yet been set for the sale of the Partnership's
remaining system and there can be no assurance as to the timing or terms of any
future sale.
For the nine months ended September 30, 1996, the Partnership generated
cash from operating activities totaling $643,290, which is available to fund
capital expenditures and non-operating costs. During the first nine months of
1996, the Partnership purchased plant and equipment for its cable television
systems totaling approximately $816,000. Approximately 41 percent of these
expenditures was for service drops to homes. Approximately 33 percent was for
plant extensions. The remainder of these expenditures was for various
enhancements throughout all of the Partnership's cable television systems. The
capital expenditures were funded primarily from cash flow from operations.
Anticipated capital expenditures for the remainder of 1996 are estimated to be
approximately $174,000, and will be financed primarily from cash flow from
operations and borrowings from the Partnership's credit facility. It is
estimated that approximately 43 percent of these expenditures will be for plant
extensions and that approximately 31 percent will be for service drops to homes.
These capital expenditures are necessary to maintain the value of the Bluffton
System.
On April 11, 1996, the Partnership sold to Jones Cable Holdings, Inc., a
wholly owned subsidiary of Intercable, the Lake Geneva System for a purchase
price of $6,345,667, subject to normal closing adjustments, and the Ripon System
for a purchase price of $3,712,667, subject to normal closing adjustments. The
purchase prices were determined by averaging three separate independent
appraisals of each of the cable television systems sold. No vote of the limited
partners of the Partnership was required in connection with these transactions
because the sales of the Lake Geneva System and the Ripon System, individually
and collectively, did not represent the sale of all or substantially all of the
Partnership's assets. Pursuant to the terms of an amendment to the
Partnership's credit agreement, the Partnership distributed $5,000,000 of the
proceeds from the sales of the Lake Geneva System and the Ripon System to the
limited partners, and the balance of the sale proceeds, approximately
$5,058,000, was applied to reducing the Partnership's outstanding indebtedness,
which at September 30, 1996 totaled $7,396,449. The limited partners of the
Partnership received, in April 1996, approximately $98 per unit, or $195 for
each $1,000 invested in the Partnership. Limited partners of the Partnership
have received a total of $560 for each $1,000 invested in the Partnership taking
into account the prior distributions to limited partners. Because these
distributions have not yet returned to limited partners 100 percent of the
capital contributed by them to the Partnership plus their preferred return, the
General Partner was not entitled to receive a distribution on the sales of the
Lake Geneva System and the Ripon System. Refer to Note 2 of the Notes to
Unaudited Financial Statements for the pro forma effect of the sale of the Lake
Geneva System and the Ripon System on the results of the Partnership's
operations for the nine month periods ended September 30, 1996 and 1995,
assuming the transaction had occurred at the beginning of the periods.
In March 1996, the Partnership amended its $14,000,000 credit facility such
that, on the date of the sale of the Lake Geneva System and Ripon System, the
amount of the credit facility decreased to $8,000,000. This credit facility
will have a final maturity date of December 31, 1997. At September 30, 1996,
$7,300,000 was outstanding leaving $700,000 available for liquidity needs of the
Partnership. Interest on the outstanding principal balance is at the
Partnership's option of the Prime Rate plus 1/4 percent or the London Interbank
Offered Rate plus 1-1/4 percent. The effective interest rates on outstanding
obligations as of September 30, 1996 and 1995 were 6.8 percent and 7.1 percent,
respectively.
A primary objective of the Partnership is to provide quarterly cash
distributions to the partners, principally from cash flow from operations
remaining after principal and interest payments and the creation of any reserves
necessary for the operation of the Partnership. The Partnership declared
distributions to be paid to the partners in the amount of $315,657 for each of
the quarters ended March 31, 1996, June 30, 1996 and September 30, 1996. The
distributions were primarily from the first, second and third quarter 1996 cash
flows. The first quarter distributions were paid in May 1996, the second
quarter distribution was paid in August 1996 and the third quarter distribution
will be paid in November 1996.
8
Future distributions will be announced on a quarter-by-quarter basis and no
determination has been made regarding the level of future distributions. The
payment of quarterly operating cash flow distributions may reduce the financial
flexibility of the Partnership.
The General Partner presently believes cash flow from operations and
available borrowings from the Partnership's revolving credit facility will be
sufficient to fund capital expenditures and other liquidity needs of the
Partnership.
RESULTS OF OPERATIONS
- ---------------------
Revenues of the Partnership for the three months ended September 30, 1996
decreased $445,947, or approximately 26 percent, to $1,278,536 for the three
months ended September 30, 1996 from $1,724,483 for the similar period in 1995.
Revenues of the Partnership for the nine months ended September 30, 1996
decreased $720,917, or approximately 14 percent, to $4,377,504 for the three
months ended September 30, 1996 from $5,098,421 for the similar period in 1995.
These decreases were due to the sale of the Lake Geneva and Ripon systems.
Disregarding the effect of the Lake Geneva and Ripon systems sale, revenues
would have increased $76,513, or approximately 6 percent and $226,019, or
approximately 6 percent for the three and nine month periods ended September 30,
1996 and 1995. Increases in the number of basic subscribers in the
Partnership's Bluffton Systems accounted for approximately 100 percent and 87
percent, respectively, of the increases in revenues for the three and nine month
periods ended September 30, 1996. The number of basic subscribers in the
Bluffton Systems totaled 14,395 at September 30, 1996 compared to 13,683 at
September 30, 1995, an increase of 712, or approximately 5 percent.
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 decreased $259,176, or approximately 29 percent, to
$649,031 for the three months ended September 30, 1996 from $908,207 for the
comparable period in 1995. Operating expenses decreased $158,685, or
approximately 6 percent, to $2,414,532 for the nine month period ended September
30, 1996 to $2,573,217 for the comparable period in 1995. Disregarding the
effect of the Lake Geneva and Ripon systems sale, operating expenses increased
$46,565, or approximately 8 percent and $212,629, or approximately 12 percent
for the three and nine month periods ended September 30, 1996 and 1995. These
increases were primarily the result of increases in programming costs for the
three and nine month periods ended September 30, 1996 and 1995. No other
individual factor significantly affected the increase in operating expenses for
the periods discussed.
Management fees and allocated administrative costs from the General Partner
decreased $86,368, or approximately 38 percent, to $140,534 for the quarter
ended September 30, 1996 from $226,902 for the comparable period in 1995.
Management fees and allocated administrative costs from the General Partner
decreased $141,590, or approximately 22 percent to $513,279 for the nine month
period ended September 30, 1996 from $654,869 for the similar period in 1995.
These decreases were due to the decreases in revenues as a result of the sale of
the Lake Geneva and Ripon systems, upon which such management fees are based.
Disregarding the effect of the Lake Geneva and Ripon systems sale, management
fees and allocated administrative costs from the General Partner decreased
$9,956 and $21,890, respectively, for the three and nine month periods ended
September 30, 1996 and 1995. These decreases were primarily due to decreases in
allocations from the General Partner.
Depreciation and amortization expense decreased $414,929, or approximately
52 percent, to $379,602 for the quarter ended September 30, 1996 from $794,531
for the comparable period in 1995. Depreciation and amortization expense
decreased $865,949, or approximately 36 percent, to $1,520,001 for the nine
month period ended September 30, 1996 from $2,385,950 for the comparable period
in 1995. Disregarding the effect of the Lake Geneva and Ripon systems sale,
depreciation and amortization expense decreased $72,922, or approximately 16
percent and $221,122, or approximately 17 percent for the three and nine month
periods ended September 30, 1996 and 1995. These decreases were due to the
maturation of the Partnership's asset base.
The Partnership reported operating income of $109,369 for the three months
ended September 30, 1996 compared to an operating loss of $205,157 for the
comparable period in 1995. Operating loss decreased $445,307, or approximately
86 percent, to $70,308 for the nine months ended September 30, 1996 from
$515,615 for the similar period in 1995. Disregarding the effect of the Lake
Geneva and Ripon systems sale, the Partnership reported operating income of
$107,909
9
and $286,956 for the three and nine months ended September 30, 1996 compared to
an operating loss of $4,918 and operating income of $30,554 for the similar 1995
periods. These changes were the result of the increases in revenues and
decreases in depreciation and amortization expense and management fees and
allocated administrative costs from the General Partner exceeding the increases
in operating expenses.
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 decreased $100,403, or approximately 17
percent, to $488,971 for the three months ended September 30, 1996 from $589,374
for the comparable period in 1995. Operating income before depreciation and
amortization expense decreased $420,642, or approximately 22 percent, to
$1,449,693 for the nine month period ended September 30, 1996 from $1,870,335
for the similar 1995 period. Disregarding the effect of the Lake Geneva and
Ripon systems sale, operating income before depreciation and amortization
increased $39,905, or approximately 9 percent, and $35,281, or approximately 3
percent, for the three and nine months ended September 30, 1996 and 1995. These
increases were due to the increases in revenues and the decreases in management
fees and allocated administrative costs from the General Partner exceeding the
increases in operating expenses.
Interest expense decreased $45,257, or approximately 20 percent, to
$178,768 for the three months ended September 30, 1996 from $224,025 for the
comparable period in 1995. Interest expense decreased $192,024, or
approximately 29 percent, to $479,424 for the nine month period ended September
30, 1996 from $671,448 for the nine month period ended September 30, 1995.
These decreases were primarily the result of lower outstanding balances on
interest bearing obligations. A portion of the proceeds from the sale of the
Lake Geneva and Ripon systems sale was used to repay a portion of the
outstanding loan balance.
The Partnership reported a gain on the sale of the Lake Geneva and Ripon
systems totaling $4,550,867. There was no gain reported in 1995.
Net loss decreased $277,755, or approximately 65 percent, to $150,224 for
the three months ended September 30, 1996 from $427,979 for the similar 1995
period. The Partnership reported net income of $3,855,829 for the nine months
ended September 30, 1996 compared to a net loss of $1,190,664 for the similar
1995 period. The changes were primarily the result of the gain on the sale of
the Lake Geneva and Ripon systems.
10
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
11
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.
JONES SPACELINK INCOME/GROWTH FUND 1-A, LTD.
BY: JONES INTERCABLE, INC.
General Partner
By: /s/ Kevin P. Coyle
------------------------------------------------
Group Vice President/Finance
(Principal Financial Officer)
Dated: November 14, 1996
12