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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 June 30, 1994
( ) 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 0-13964
CABLE TV FUND 12-C, LTD.
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Exact name of registrant as specified in charter
Colorado 84-0970000
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State of organization I.R.S. employerI.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
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CABLE TV FUND 12-C
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
June 30, December 31,
1994 1993
------------- -------------
ASSETS
------
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
LIABILITIES:
Loss in excess of investment in
cable television Joint Venture $ 2,005,034 $ 1,035,256
Accounts payable- affiliated entities 159,137 159,137
------------- -------------
Total liabilities 2,164,171 1,194,393
------------- -------------
PARTNERS' CAPITAL (DEFICIT):
General Partner-
Contributed capital 1,000 1,000
Accumulated deficit (227,038) (217,340)
------------- -------------
(226,038) (216,340)
------------- -------------
Limited Partners-
Net contributed capital
(47,626 units outstanding at
June 30, 1994 and December 31, 1993) 19,998,049 19,998,049
Accumulated deficit (21,936,182) (20,976,102)
------------- -------------
(1,938,133) (978,053)
------------- -------------
Total liabilities and partners'
capital (deficit) $ - $ -
============= =============
The accompanying notes to unaudited financial statements
are an integral part of these balance sheets.
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CABLE TV FUND 12-C
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Six Months Ended
June 30, June 30,
---------------------------- ----------------------------
1994 1993 1994 1993
--------- --------- --------- ---------
EQUITY IN NET LOSS OF
CABLE TELEVISION
JOINT VENTURE $(484,299) $(344,949) $(969,778) $(815,150)
OTHER INCOME (EXPENSE) - - - -
--------- --------- --------- ---------
NET LOSS $(484,299) (344,949) $(969,778) $(815,150)
========= ========= ========= =========
ALLOCATION OF NET LOSS:
General Partner $ (4,843) $ (3,450) $ (9,698) $ (8,152)
========= ========= ========= =========
Limited Partners $(479,456) $(341,499) $(960,080) $(806,988)
========= ========= ========= =========
NET LOSS PER LIMITED
PARTNERSHIP UNIT $ (10.07) $ (7.17) $ (20.16) $ (16.94)
========= ========= ========= =========
WEIGHTED AVERAGE
NUMBER OF LIMITED
PARTNERSHIP UNITS
OUTSTANDING 47,626 47,626 47,626 47,626
========= ========= ========= =========
The accompanying notes to unaudited financial statements
are an integral part of these statements.
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CABLE TV FUND 12-C
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
For the Six Months Ended
June 30,
------------------------------
1994 1993
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (969,778) $(815,150)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Equity in net loss of cable
television joint venture 969,778 815,150
---------- ---------
Net cash provided by operating activities - -
---------- ---------
Cash, beginning of period - -
---------- ---------
Cash, end of period $ - $ -
========== =========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ - $ -
========== =========
The accompanying notes to unaudited financial statements
are an integral part of these statements.
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CABLE TV FUND 12-C
(A Limited Partnership)
NOTES TO UNAUDITED 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 12-C (the
"Partnership") at June 30, 1994 and December 31, 1993 and its Statements of
Operations and Cash Flows for the three and six month periods ended June 30,
1994 and June 30, 1993. Results of operations for these periods are not
necessarily indicative of results to be expected for the full year.
The Partnership owns an approximate 15 percent interest in Cable TV
Fund 12-BCD Venture (the "Venture"). The Venture owns and operates the cable
television systems serving Palmdale, California, Albuquerque, New Mexico and
Tampa, Florida.
(2) Jones Intercable, Inc., a publicly held Colorado corporation (the
"General Partner"), manages the Partnership and receives a fee for its services
equal to 5 percent of the gross revenues of the Partnership, excluding revenues
from the sale of cable television systems or franchises. The Partnership owns
no properties directly. It holds cable television systems only through its
investment in the Venture. Management fees paid to the General Partner during
the three and six month periods ended June 30, 1994 (reflecting Fund 12-C's
approximate 15 percent interest in the Venture) were $177,526 and $348,695,
respectively, as compared to $173,090 and $340,684, respectively, for the
similar 1993 periods.
The Venture reimburses the General Partner for certain allocated
overhead and administrative expenses. These expenses represent the salaries
and related benefits paid for corporate personnel, rent, data processing
services, and other corporate facilities costs. Such personnel provide
engineering, marketing, administrative, accounting, legal and investor
relations services to the Venture. Allocations of personnel costs are based
upon actual time spent by employees of the General Partner with respect to each
partnership managed. Remaining overhead costs are allocated based upon
revenues and/or assets managed for the partnership. Effective December 1,
1993, the allocation method was changed to be based only on revenue, which the
General Partner believes provides a more accurate method of allocation.
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 by the Venture to the General
Partner for allocated overhead and administrative expenses during the three and
six month periods ended June 30, 1994 (reflecting Fund 12-C's approximate 15
percent interest in the Venture) were $259,319 and $521,587, respectively, as
compared to $220,013 and $431,168, respectively, for the similar 1993 periods.
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(3) Summarized financial information regarding the Venture is presented
below.
UNAUDITED BALANCE SHEETS
June 30, 1994 December 31, 1993
------------- -----------------
ASSETS
------
Cash and accounts receivable $ 11,875,432 $ 5,076,281
Investment in cable television properties 158,534,791 163,102,503
Other assets 1,244,217 1,491,768
------------- -------------
Total Assets $ 171,654,440 $ 169,670,552
============= =============
LIABILITIES AND PARTNERS' CAPITAL June 30, 1994 December 31, 1993
--------------------------------- ------------- -----------------
Debt $ 177,374,993 $167,698,697
Payables and accrued liabilities 6,356,504 7,701,364
Partners' contributed capital 135,490,944 135,490,944
Accumulated deficit (147,568,001) (141,220,453)
------------- -------------
Total liabilities and
partners' capital $ 171,654,440 $ 169,670,552
============= =============
UNAUDITED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Six Months Ended
June 30, June 30,
------------------------------ ------------------------------
1994 1993 1994 1993
------------ ------------ ------------ ------------
Revenues $ 23,239,439 $ 22,658,790 $ 45,646,691 $ 44,597,933
Operating, general and
administrative expense (13,998,347) (12,897,982) (27,357,147) (25,500,482)
Management fees and
allocated overhead
from General Partner (2,859,308) (2,573,009) (5,696,307) (5,052,045)
Depreciation and
amortization (6,106,215) (6,242,395) (12,533,322) (12,834,910)
------------ ------------ ------------ ------------
Operating income (loss) 275,569 945,404 59,915 1,210,496
Interest expense (3,294,996) (3,004,966) (6,316,338) (6,004,076)
Other, net (76,167) (198,259) (91,125) (541,867)
------------ ------------ ------------ ------------
Net loss $ (3,095,594) $ (2,257,821) $ (6,347,548) $ (5,335,447)
============ ============ ============ ============
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Management fees paid to the General Partner by the Venture totalled $1,161,972
and $2,282,335, for the three and six months ended June 30, 1994, respectively,
and $1,132,939 and $2,229,897, for the three and six months ended June 30 ,
1993, respectively. Reimbursements for overhead and administrative expenses
paid to the General Partner by the Venture totalled $1,697,336 and $3,413,972
for the three and six months ended June 30, 1994, respectively, and $1,440,070
and $2,822,148, for the three and six months ended June 30, 1993, respectively.
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CABLE TV FUND 12-C
(A Development Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
Cable TV Fund 12-C owns an approximate 15 percent interest in the
Venture. The investment in cable television joint venture, accounted for under
the equity method, has decreased by $969,778 when compared to the December 31,
1993 balance. This decrease represents the Partnership's proportionate share
of losses generated by the Venture for the first six months of 1994. These
losses are expected to continue for the remainder of 1994.
Capital expenditures for the Venture totalled approximately $7,830,000
during the first six months of 1994. These capital additions were funded by
cash generated from operations and borrowings from the Venture's credit
facility. Service drops to homes accounted for approximately 34 percent of the
expenditures for the first six months. Approximately 18 percent of these
expenditures were for the upgrade of cable television plant. The remaining
expenditures related to various system enhancements in all the Venture's
systems. Expected capital expenditures for the remainder of 1994 are
approximately $18,000,000. The upgrade of cable television plant in the
Albuquerque system is expected to account for approximately 38 percent of the
capital additions. Service drops to homes are anticipated to account for
approximately 18 percent of the expected expenditures. The remainder of the
expenditures is for various system enhancements in all of the Venture's
systems. Funding for these expenditures is expected to be provided by cash on
hand, cash generated from operations and, if available, borrowings from the
Venture's credit facility.
During the first quarter of 1992, the Venture renegotiated its debt
arrangements, which increased the maximum amount of debt available at that time
to $183,000,000. Such debt arrangements consist of $93,000,000 of Senior Notes
placed with a group of institutional lenders and a renegotiated $90,000,000
revolving credit agreement with a group of commercial bank lenders.
The Senior Notes have a fixed interest rate of 8.64 percent and a
maturity date of March 31, 2000. The Senior Notes call for interest only
payments for the first four years, with interest and accelerating amortization
of principal payments for the next four years. Interest is payable
semi-annually. The Senior Notes carry a "make-whole" premium, which is a
penalty for prepayment of the notes prior to maturity. The make-whole premium
protects the lenders in the event that the funds are reinvested at a rate below
8.64 percent, and is calculated per the note agreement.
The revolving credit period on the Venture's $90,000,000 credit
facility expired on March 31, 1994. The then-outstanding balance of
$84,300,000 converted to a term loan payable in quarterly installments which
began June 30, 1994 with a final payment due on March 31, 2000. The Venture
repaid $758,700 of this loan in the second quarter. The General Partner is
currently negotiating to extend the revolving credit period. The regulatory
matters discussed below may adversely effect the General Partner's ability to
renegotiate this matter. If the renegotiation of the credit facility is not
completed, the Venture will have to rely on cash on hand, cash generated from
operations and advances from the General Partner, in its discretion, to fund
principal payments and capital expenditures. Interest is at the Venture's
option of LIBOR plus 1.25 percent to 1.75 percent, the CD rate plus 1.375
percent to 1.875 percent or the Base Rate plus 0 percent to .50 percent. The
effective interest rates on amounts outstanding on the Venture's term credit
facility as of June 30, 1994 and 1993 were 6.1 percent and 5.10 percent
respectively.
Both lending facilities are equal in standing with the other, and both
are equally secured by the assets of the Venture.
The Venture borrowed funds from its credit facility to provide
liquidity during renegotiation of its credit facility.
Subject to the regulatory matters discussed below and assuming
successful renegotiation of its credit facility, the Venture has sufficient
sources of capital available in its ability to generate cash from operations
and to borrow under its credit facility to meet its presently anticipated
needs.
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Regulation and Legislation
Congress enacted the Cable Television Consumer Protection and
Competition Act of 1992 (the "1992 Cable Act"), which became effective on
December 4, 1992. This legislation has caused significant changes to the
regulatory environment in which the cable television industry operates. The
1992 Cable Act generally allows for a greater degree of regulation of the cable
television industry. Under the 1992 Cable Act's definition of effective
competition, nearly all cable systems in the United States, including those
owned and managed by the Partnership, are subject to rate regulation of basic
cable services. In addition, the 1992 Cable Act allows the FCC to regulate
rates for non-basic service tiers other than premium services in response to
complaints filed by franchising authorities and/or cable subscribers. In April
1993, the FCC adopted regulations governing rates for basic and non- basic
services. The FCC's rules became effective on September 1, 1993.
In compliance with these rules, the Partnership reduced rates charged
for certain regulated services effective September 1, 1993. These reductions
resulted in some decrease in revenues and operating income before depreciation
and amortization; however the decrease was not as severe as originally
anticipated. The General Partner has undertaken actions to mitigate a portion
of these reductions primarily through (a) new service offerings in some
systems, (b) product re-marketing and re-packaging and (c) marketing efforts
directed at non-subscribers.
On February 22, 1994, the FCC adopted several additional rate orders
including an order which revised its earlier-announced regulatory scheme with
respect to rates. The FCC's new regulations will generally require rate
reductions, absent a successful cost-of-service showing, of 17 percent of
September 30, 1992 rates, adjusted for inflation, channel modifications,
equipment costs, and increases in programming costs. However, the FCC held
rate reductions in abeyance in certain systems. The new regulations became
effective on May 15, 1994, but operators could elect to defer rate reductions
to July 14, 1994, so long as they made no changes in their rates and did not
restructure service offerings between May 15 and July 14.
On February 22, 1994, the FCC also adopted interim cost-of-service
regulations. Rate reductions will not be required where it is successfully
demonstrated that rates for basic and other regulated programming services are
justified and reasonable using cost-of-service standards. The FCC established
an interim industry-wide 11.25 percent permitted rate of return, and requested
comments on whether this standard and other interim cost-of-service standards
should be made permanent. The FCC also established a presumption that
acquisition costs above a system's book value should be excluded from the rate
base, but the FCC will consider individual showings to rebut this presumption.
The need for special rate relief will also be considered by the FCC if an
operator demonstrates that the rates set by a cost-of-service proceeding would
constitute confiscation of investment, and that, absent a higher rate, the
credit necessary to operate and to attract investment could not be maintained.
The FCC will establish a uniform system of accounts for operators that elect
cost-of-service rate regulation, and the FCC has adopted affiliate transaction
regulations. The FCC also proposed adopting a productivity factor to be offset
against future inflation increases to be applied regardless of which form of
regulation is used, cost of service or benchmark regulation. After a rate has
been set pursuant to a cost-of-service showing, rate increases for regulated
services will be indexed for inflation, and operators will also be permitted to
increase rates in response to increases in costs beyond their control, such as
taxes and increased programming costs.
The Venture has elected to file cost-of-service showings in all of its
systems. The General Partner anticipates no further reduction in revenues or
operating income before depreciation and amortization.
The 1992 Cable Act contains new broadcast signal carriage
requirements, and the FCC has adopted regulations implementing the statutory
requirements. These new rules allow a local commercial broadcast television
station to elect whether to demand that a cable system carry its signal or to
require the cable system to negotiate with the station for "retransmission
consent." A cable system is generally required to devote up to one-third of
its activated channel capacity for the mandatory carriage of local commercial
broadcast television stations, and non-commercial television stations are
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also given mandatory carriage rights, although such stations are not given the
option to negotiate retransmission consent for the carriage of their signals by
cable systems. Additionally, cable systems also are required to obtain
retransmission consent from all commercial television stations (except for
commercial satellite-delivered independent "superstations"), which do not elect
mandatory carriage, commercial radio stations and, in some instances, low-power
television stations carried by cable systems.
The retransmission consent rules went into effect on October 6, 1993.
Throughout all cable television systems owned by the Partnership no television
stations withheld their consent to retransmission of their signal. Certain
other broadcast signals are being carried pursuant to extensions, and the
General Partner expects to finally conclude retransmission consent negotiations
with those remaining stations without having to terminate the distribution of
any of those signals. However, there can be no assurance that such will occur.
If any broadcast station currently being carried pursuant to an extension is
dropped, there could be a negative effect on the system in which it is dropped
if a significant number of subscribers in such system were to disconnect their
service. However, in most cases, only one broadcaster in any market is being
carried pursuant to an extension arrangement, and the dropping of such
broadcaster, were that to occur, is not expected to have a negative effect on
the system.
There have been several lawsuits filed by cable operators and
programmers in Federal court challenging various aspects of the 1992 Cable Act,
including provisions relating to mandatory broadcast signal carriage,
retransmission consent, access to cable programming, rate regulations,
commercial leased channels and public access channels. On April 8, 1993, a
three-judge Federal district court panel issued a decision upholding the
constitutionality of the mandatory signal carriage requirements of the 1992
Cable Act. That decision was appealed directly to the United States Supreme
Court. The United States Supreme Court vacated the lower court decision on
June 27, 1994 and remanded the case to the district court for further
development of a factual record. The Court's majority determined that the
must-carry rules were content neutral, but that it was not yet proven that the
rules were needed to preserve the economic health of the broadcasting industry.
In the interim, the must-carry rules will remain in place during the pendency
of the proceedings in district court. In 1993, a Federal district court for
the District of Columbia upheld provisions of the 1992 Cable Act concerning
rate regulation, retransmission consent, restrictions on vertically integrated
cable television operators and programmers, mandatory carriage of programming
on commercial leased channels and public, educational and governmental access
channels and the exemption for municipalities from civil damage liability
arising out of local regulation of cable services. The 1992 Cable Act's
provisions providing for multiple ownership limits for cable operators and
advance notice of free previews for certain programming services have been
found unconstitutional, and these decisions have been appealed. In November
1993, the United States Court of Appeals for the District of Columbia held that
the FCC's regulations implemented pursuant to Section 10 of the 1992 Cable Act,
which permit cable operators to ban indecent programming on public, educational
or governmental access channels or leased access channels, were
unconstitutional, but the court has agreed to reconsider its decision. All of
these decisions construing provisions of the 1992 Cable Act and the FCC's
implementing regulations have been or are expected to be appealed.
RESULTS OF OPERATIONS
Revenues in the Venture's systems increased $580,649, or approximately
3 percent, from $22,658,790 for the three months ended June 30, 1993 to
$23,239,439 for the second quarter of 1994. For the six month periods ended
June 30, revenues increased $1,048,758 , or approximately 2 percent, from
$44,597,933 in 1993 to $45,646,691 in 1994. The increases in revenue were
primarily due to increases in basic subscribers. The Venture had an increase
of basic subscribers of 10,929, or approximately 5 percent, from 208,474 at
June 30, 1993 to 219,403 at June 30, 1994. The increases in revenue were also
due to an increase in pay units of 8,219, or approximately 5 percent, from
150,960 at June 30, 1993 to 159,179 at June 30, 1994. The increases in
revenues were partially due to an increase in ad sales revenue. The increases
in revenues would have been greater but for the reduction in basic rates as
mandated by the FCC in May 1993. No other single factor significantly affected
the increase in revenue.
Operating, general and administrative expense in the Venture's systems
increased $1,100,365, or approximately 9 percent, from $12,897,982 for the
three months ended June 30, 1993 to $13,998,347 for the second quarter of 1994.
For the six month periods, operating, general and administrative expense
increased $1,856,665, or approximately 7 percent, from $25,500,482 for the six
months ended June 30, 1993 to $27,357,147 for the similar 1994 period.
Operating, general and administrative expense represented 60 percent of revenue
for the three and six month periods ended June 30, 1994, compared to 57 percent
for the three and six month periods ended June 30, 1993. Increases in
programming costs accounted for approximately 60 percent and 50 percent,
respectively, of the three and six month increases. No other
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individual factor contributed significantly to the increases in operating,
general and administrative expense. Management fees and allocated overhead
from the General Partner increased $286,299, or approximately 11 percent, from
$2,573,008 for the three month ended June 30, 1993 to $2,859,309 for the
similar period in 1994. For the six month period, management fees and
allocated overhead from the General Partner increased $644,262, or
approximately 13 percent, from $25,500,482 for the six months ended June 30,
1993 to $27,357,147 for the similar period in 1994. These increases are due
to the increase in revenues, upon which such fees and allocations are based and
an increase in expense allocated from the General Partner. The General Partner
has experienced increases in expenses including personnel costs and
reregulation costs.
Depreciation and amortization expense decreased $136,180, or
approximately 2 percent, from $6,242,395 for the second quarter of 1993 to
$6,106,215 for the second quarter of 1994. For the six month periods,
depreciation and amortization expense decreased $301,588 or approximately 2
percent, from $12,834,910 for the first six months of 1993 to $12,533,322 for
the similar period in 1994. These decreases are due primarily to maturation
of the Venture's intangible asset base.
The Venture recorded operating income of $275,568 and $59,915,
respectively, for the three and six month periods ended June 30, 1994, compared
to operating income of $945,404 and $1,210,496, respectively, for the three and
six months periods ended June 30 1993. This change is the result of the
increases in operating, general and administrative expenses and management fees
and allocated overhead from the General Partner exceeding the increase in
revenues and the decreases in depreciation and amortization expense. Operating
income before depreciation and amortization decreased $806,015, or
approximately 11 percent, from $7,187,799 for the three months ended June 30,
1993 to $6,381,784 in 1994. For the six month periods, operating income
before depreciation and amortization decreased $1,452,169, or approximately 10
percent, from $14,045,406 for the six months ended June 30, 1993 to $12,593,237
in 1994. These decreases are due to the increases in operating, general and
administrative expense and management fees and allocated overhead from the
General Partner exceeding the increases in revenue. The decreases in operating
income before depreciation and amortization reflect the current operating
environment of the cable television industry. The FCC rate regulations under
the 1992 Cable Act have caused revenues to increase more slowly than in prior
years. In turn, this has caused certain expenses which are a function of
revenue, such as franchise fees, copyright fees and management fees to increase
more slowly than in prior years. However, other operating costs such as
programming fees, salaries and benefits, and marketing costs as well as certain
costs incurred by the General Partner, which are allocated to the Partnership,
continue to increase. This situation has led to reductions in operating income
before depreciation and amortization as a percent of revenue ("Operating
Margin"). Such reductions in Operating Margins may continue in the near term
as the Partnership and the General Partner incur cost increases (due to, among
other things, programming fees, reregulation and competition), that exceed
increases in revenue. The General Partner will attempt to mitigate a portion
of these reductions through (a) rate adjustments; (b) new service offerings;
(c) product re-marketing and re-packaging and (d) targeted non-subscriber
acquisition marketing.
For the three month periods ended June 30, 1994 and 1993, interest
expense increased $290,030, or approximately 10 percent, from $3,004,966, to
$3,294,996 due primarily to higher interest rates and higher outstanding
balances on interest-bearing obligations. For the six month periods, interest
expense increased $312,262, or approximately 5 percent, from $6,004,076 to
$6,316,338, due to higher interest rates and higher outstanding balances on
interest bearing obligations. The Venture incurred other expense of $76,167
and $91,125, respectively, for the three and six months ended June 30, 1994,
compared to $198,259 and $541,867, respectively, for 1993. This decrease was
due primarily to litigation-related legal costs incurred for a matter that was
settled in February 1993.
The Venture's consolidated loss increased $837,773, or approximately
37 percent, from 2,257,821 for the three months ended June 30, 1993 to
$3,095,594 in 1994. For the six month periods, net loss increased $1,012,101,
or approximately 19 percent, from $5,335,447 in 1993 to $6,347,548 in 1994.
Such losses are expected to continue in the future.
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PART II - OTHER INFORMATION
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 12-C
BY: JONES INTERCABLE, INC.
General Partner
By: /s/ KEVIN P. COYLE
Kevin P. Coyle
Group Vice President/Finance
(Principal Financial Officer)
Dated: August 10, 1994
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