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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 September 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: 0-16183
IDS/JONES GROWTH PARTNERS 87-A, LTD.
Exact name of registrant as specified in charter
Colorado 84-1060544
State of organization I.R.S. employer I.D.#
9697 East Mineral Avenue, P.O. Box 3309, Englewood, Colorado 80155-3309
Address of principal executive office
(303) 792-3111
Registrant's telephone number
Indicate by check mark whether the registrant (l) has filed all reports
required to be filed by Section l3 or l5(d) of the Securities Exchange Act of
l934 during the preceding l2 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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IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
September 30, December 31,
ASSETS 1994 1993
------ ------------- ------------
CASH $ 818,831 $ 969,416
TRADE RECEIVABLES, less allowance for doubtful
receivables of $28,018 and $14,267 at
September 30, 1994 and December 31, 1993,
respectively 186,480 320,887
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 30,926,303 28,673,415
Less- accumulated depreciation (12,109,065) (10,408,482)
------------ ------------
18,817,238 18,264,933
Franchise costs, net of accumulated
amortization of $17,036,397 and $15,140,951
at September 30, 1994 and December 31, 1993,
respectively 11,725,503 13,620,949
Subscriber lists, net of accumulated amortization
of $4,004,969 and $3,486,041 at September 30, 1994
and December 31, 1993, respectively 370,931 889,859
Costs in excess of interest in net assets purchased,
net of accumulated amortization of $887,696 and
$778,421 at September 30, 1994 and
December 31, 1993, respectively 4,940,341 5,049,616
------------ ------------
Total investment in cable television properties 35,854,013 37,825,357
DEPOSITS, PREPAID EXPENSES AND DEFERRED CHARGES 438,328 391,950
------------ ------------
Total assets $ 37,297,652 $ 39,507,610
============ ============
The accompanying notes to unaudited financial statements
are an integral part of these balance sheets.
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IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
September 30, December 31,
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) 1994 1993
------------------------------------------- ------------- ------------
LIABILITIES:
Debt $ 21,813,520 $ 22,208,312
Accounts payable-
Trade 34,372 43,541
Managing General Partner 556,484 -
Accrued liabilities 764,234 924,024
Subscriber prepayments 36,146 83,957
------------ ------------
Total liabilities 23,204,756 23,259,834
------------ ------------
PARTNERS' CAPITAL (DEFICIT):
General Partners-
Contributed capital 500 500
Accumulated deficit (221,918) (200,369)
------------ ------------
(221,418) (199,869)
------------ ------------
Limited Partners-
Net contributed capital
(164,178 units outstanding at
September 30, 1994 and December 31, 1993) 35,824,200 35,824,200
Accumulated deficit (21,509,886) (19,376,555)
------------ ------------
14,314,314 16,447,645
------------ ------------
Total liabilities and partners'
capital (deficit) $ 37,297,652 $ 39,507,610
============ ============
The accompanying notes to unaudited financial statements
are an integral part of these balance sheets.
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IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
----------------------------- ------------------------------
1994 1993 1994 1993
---------- ---------- ----------- -----------
REVENUES $3,237,138 $3,097,506 $ 9,657,618 $ 9,111,861
COSTS AND EXPENSES:
Operating, general
and administrative 1,843,471 1,600,239 5,337,723 4,737,605
Management fees and
allocated overhead
from General Partners 412,481 402,497 1,259,764 1,164,683
Depreciation and
amortization 1,388,603 1,477,551 4,224,232 4,507,524
---------- ---------- ----------- -----------
OPERATING LOSS (407,417) (382,781) (1,164,101) (1,297,951)
---------- ---------- ----------- -----------
OTHER INCOME (EXPENSE):
Interest expense (382,840) (269,796) (967,984) (832,771)
Other, net (5,489) 8,632 (22,795) 23,488
---------- ---------- ----------- -----------
Total other income,
(expense), net (388,329) (261,164) (990,779) (809,283)
---------- ---------- ----------- -----------
NET LOSS $ (795,746) $ (643,945) $(2,154,880) $(2,107,234)
========== ========== =========== ===========
ALLOCATION OF NET LOSS:
General Partners $ (7,957) $ (6,439) $ (21,549) $ (21,072)
========== ========== =========== ===========
Limited Partners $ (787,789) $ (637,506) $(2,133,331) $(2,086,162)
========== ========== =========== ===========
NET LOSS PER LIMITED
PARTNERSHIP UNIT $ (4.80) $ (3.88) $ (12.99) $ (12.71)
========== ========== =========== ===========
WEIGHTED AVERAGE NUMBER
OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 164,178 164,178 164,178 164,178
========== ========== =========== ===========
The accompanying notes to unaudited financial statements
are an integral part of these statements.
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IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
For the Nine Months Ended
September 30,
-------------------------------
1994 1993
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(2,154,880) $(2,107,234)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation and amortization 4,224,232 4,507,524
Amortization of interest rate protection contract 25,002 24,994
Decrease (increase) in trade receivables 134,407 (108,967)
Increase in deposits, prepaid expenses and
deferred charges (71,380) (87,668)
Decrease in accounts payable, accrued
liabilities and subscriber prepayments (216,770) (115,374)
Increase (decrease) in amount due Managing General Partner 556,484 (238,198)
----------- -----------
Net cash provided by operating activities 2,497,095 1,875,077
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (2,252,888) (1,890,578)
----------- -----------
Net cash used in investing activities (2,252,888) (1,890,578)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings - 43,080
Repayment of debt (394,792) (727,833)
Purchase of interest rate protection contracts - (100,000)
----------- -----------
Net cash used in financing activities (394,792) (784,753)
----------- -----------
Decrease in cash (150,585) (800,254)
Cash, beginning of period 969,416 1,759,321
----------- -----------
Cash, end of period $ 818,831 $ 959,067
=========== ===========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 848,676 $ 870,000
=========== ===========
The accompanying notes to unaudited financial statements
are an integral part of these statements.
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IDS/JONES GROWTH PARTNERS 87-A, LTD.
(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 IDS/Jones Growth
Partners 87-A, Ltd. (the "Partnership") at September 30, 1994 and December 31,
1993 and its Statements of Operations and Cash Flows for the three and nine
month periods ended September 30, 1994 and 1993. Results of operations for
these periods are not necessarily indicative of results to be expected for the
full year.
The Partnership owns and operates the cable television systems serving
the areas in and around Carmel, Indiana and Roseville, California.
(2) Jones Cable Corporation ("the Managing General Partner") a 100 percent
owned affiliate of Jones Intercable, Inc. ("JIC"), 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. Management fees paid to the Managing General Partner by the
Partnership for the three and nine month periods ended September 30, 1994 were
$161,857 and $482,881, respectively, compared to $154,875 and $455,593,
respectively, for the three and nine month periods ended September 30, 1993.
IDS Cable Corporation ("the Supervising General Partner") participates
in certain management decisions of the Partnership and receives a fee for its
services equal to one-half percent of the gross revenues of the Partnership,
excluding revenue from the sale of cable television systems or franchises.
Supervision fees paid to the Supervising General Partner by the Partnership for
the three and nine month periods ended September 30, 1994 were $16,186 and
$48,288, respectively, compared to $15,488 and $45,559, respectively, for the
three and nine month periods ended September 30, 1993.
The Partnership reimburses JIC 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
Partnership. Allocations of personnel costs are based primarily on actual time
spent by employees of JIC with respect to each partnership managed. Other
overhead costs are allocated primarily based on revenues and/or the cost of
partnership assets managed. 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 JIC and all
other systems owned by partnerships for which JIC is the general partner are
also allocated a proportionate share of these expenses. The Supervising
General Partner will also be reimbursed for certain expenses incurred on behalf
of the Partnership. The Managing General Partner believes that the methodology
used in allocating overhead and administrative expense is reasonable.
Reimbursements made to JIC by the Partnership for allocated overhead and
administrative expenses during the three and nine month periods ended September
30, 1994 were $234,438 and $728,595, respectively, compared to $232,134 and
$663,531, respectively, for the three and nine month periods ended September
30, 1993. There were no reimbursements made to the Supervising General Partner
by the Partnership for allocated overhead and administrative expenses during
the three and nine month periods ended September 30, 1994 and 1993.
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IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Development Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Partnership expended approximately $2,250,000 for capital
improvements during the first nine months of 1994. Of these improvements,
approximately 37 percent related to the construction of extensions to the cable
television plant in the Partnership's cable television systems, approximately
20 percent related to service drops to homes, and approximately 13 percent
related to rebuilds and upgrades of the cable television plant. The remaining
expenditures were for various system enhancements. These additions were funded
by cash on hand and cash generated from operations.
Budgeted capital expenditures for the remainder of 1994 are
approximately $860,000. Construction of cable plant extensions is expected to
account for approximately 46 percent of these expenditures and upgrades are
expected to account for approximately 32 percent of the remaining expenditures.
The balance of the expenditures are for various enhancements in each of the
Partnership's systems. The actual level of capital expenditures will depend,
in part, upon the Managing General Partner's determination as to the proper
scope and timing of such expenditures in light of the rules and regulations
adopted in connection with the 1992 Cable Act and the Partnership's liquidity
position. Funding for these expenditures is expected to be provided by cash on
hand and cash generated from operations, and, if available, borrowings under a
renegotiated credit facility.
In February 1989, the Partnership entered into a revolving credit and
term loan agreement. At December 31, 1992, the then outstanding balance of
$23,000,000 was converted to a term loan payable in 28 consecutive quarterly
installments which began March 31, 1993 and end December 31, 1999. The
Managing General Partner obtained waivers of the scheduled March 31, 1994 and
June 30, 1994 principal payments to provide liquidity for capital expenditures.
A $345,000 installment was paid during the third quarter. At September 30,
1994, the outstanding balance on the term loan was $21,735,000. Remaining
installments due for 1994 total $345,000. The Managing General Partner
anticipates negotiating to further reduce principal payments, establish a
revolving credit period and increase the maximum amount available to
$23,000,000. The regulatory matters discussed below may have an adverse effect
on the Managing General Partner's ability to renegotiate the credit facility.
Interest is at the Partnership's option of prime plus .25 percent, London
Interbank Offered Rate plus 1.25 percent or CD Rate plus 1.5 percent. The
effective interest rates on amounts outstanding as of September 30, 1994 and
1993 were 6.1 percent and 4.5 percent, respectively. On January 12, 1993, the
Partnership entered into an interest rate cap agreement covering outstanding
debt obligations of $10,000,000. The agreement protects the Partnership for
interest rates that exceed 7 percent for three years from the date of the
agreement.
Subject to Regulation and Legislation as discussed below, and assuming
successful renegotiation of the credit facility, of which there can be no
assurance, the General Partners believe that the Partnership has, and will
continue to have, sufficient sources of capital available in the form of cash
on hand and its ability to create cash reserves from operations to meet its
presently anticipated obligations.
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.
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In compliance with these rules, the Partnership reduced rates charged
for certain regulated services effective September 1, 1993. These initial
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 Managing General Partner undertook 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, however, 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 change 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. 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.
After analyzing the effect of the two methods of rate regulation, the
Managing General Partner concluded that the Partnership should comply with the
benchmark regulations. The Partnership complied with the new regulations and
further reduced rates in its cable television systems. The annualized reduction
of operating income before depreciation and amortization is $355,000, or
approximately 8 percent. The Partnership will continue its efforts to mitigate
the effect of such rate reductions.
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.
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RESULTS OF OPERATIONS
Revenues of the Partnership increased $139,632, or approximately 5
percent, for the three months ended September 30, 1994 as compared to 1993,
from $3,097,506 in 1993 to $3,237,138 in 1994. For the nine month periods,
revenues increased $545,757, or approximately 6 percent, from $9,111,861 in
1993 to $9,657,618 in 1994. Increases in advertising sales revenue accounted
for approximately 74 percent and 60 percent, respectively, of the three and
nine month increases in revenues. Since September 30, 1993, the Partnership
has added approximately 2,018 basic subscribers and approximately 2,076 pay
units, increases of approximately 7 percent and 9 percent, respectively. Basic
subscribers increased from 30,254 at September 30, 1993 to 32,272 at September
30, 1994. This expansion of the subscriber base accounted for approximately 23
percent of the increase in revenues for the three month periods and 12 percent
of the increase for the nine month periods. The increase in revenues would
have been greater but for the reduction in basic rates due to new basic rate
regulations issued by the FCC in connection with the 1992 Cable Act. See
Regulation and Legislation discussion above. No other individual factor
significantly affected the increase in revenues.
For the three month periods, operating, general and administrative
expenses increased $243,232, or approximately 15 percent, from $1,600,239 in
1993 to $1,843,471 in 1994. This increase was due to increases in personnel
related expenses, programming fees, and advertising sales expense which
accounted for 38 percent, 30 percent, and 25 percent to the increase,
respectively. For the nine month periods, operating, general and
administrative expenses increased $600,118, or approximately 13 percent, from
$4,737,605 in 1993 to $5,337,723 in 1994. Increases in programming fees, due
in part to the expansion of the subscriber base, accounted for approximately 29
percent of this increase. Advertising sales expenses accounted for
approximately 26 percent of the increase. No other single factor significantly
affected the increases in operating, general and administrative expenses.
Operating, general and administrative expense consumed approximately 52 percent
and 57 percent, respectively, of revenue during the three months ended
September 30, 1993 and 1994 and 52 percent and 55 percent, respectively, of
revenue during the nine months ended September 30, 1993 and 1994.
Management fees and allocated overhead from the General Partners
increased $9,984, or approximately 2 percent, from $402,497 for the three
months ended September 30, 1993 to $412,481 for the comparable 1994 period.
For the nine month periods ended September 30, 1993 and 1994, management fees
and allocated overhead from the General Partners increased $95,081, or
approximately 8 percent, from $1,164,683 in 1993 to $1,259,764 in 1994. These
increases are due to the increases in revenues, upon which such fees and
allocations are based, and an increase in allocated expenses from the Managing
General Partner. The Managing General Partner has experienced increases in
costs, including salaries and benefits and reregulation costs, a portion of
which were allocated to the Partnership. Depreciation and amortization expense
decreased $88,948, or approximately 6 percent, for the three month periods from
$1,477,551 in 1993 to $1,388,603 in 1994. For the nine month periods,
depreciation and amortization expense decreased $283,292, or 6 percent, from
$4,507,524 in 1993 to $4,224,232 in 1994. These decreases are due to a
reduction in amortization expense resulting from the maturation of certain
intangible assets during 1993, and a reduction in depreciation expense due to
the maturation of the Partnership's depreciable asset base.
Operating loss increased $24,636, or approximately 6 percent, from
$382,781 to $407,417 for the three month periods. This increase is a result of
the increases in operating, general, and administrative expense and management
and supervision fees and allocated overhead from the General Partners exceeding
the increase in revenue and the decrease in depreciation and amortization
expense. For the nine month periods, operating loss decreased $133,850, or
approximately 10 percent, from $1,297,951 in 1993 to $1,164,101 in 1994. This
decrease is a result of the growth in revenues and the decrease in depreciation
and amortization expense exceeding the increases in operating, general and
administrative expense, management and supervision fees, and allocated overhead
from the General Partners. Operating income before depreciation and
amortization decreased $113,584, or approximately 10 percent, from $1,094,770
to $981,186 for the three months ended September 30, 1994 as compared to 1993.
For the nine month periods ended September 30, 1993 and 1994 operating income
before depreciation and amortization decreased $149,442, or approximately 5
percent, from $3,209,573 to $3,060,131 in 1994. These decreases are the result
of the increases in operating, general and administrative expense and
management and supervision fees and allocated overhead from the General
Partners exceeding the increase in revenues.
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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
decrease. In turn, this has caused certain expenses which are a function of
revenue, such as franchise fees, copyright fees and management fees to
decrease. However, other operating costs such as programming fees, salaries
and benefits, and marketing costs as well as certain costs incurred by the
Managing 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 Managing General Partner incur cost increases (due to,
among other things, increases in programming fees, compliance costs associated
with reregulation and competition) that exceed increases in revenue. The
Managing 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) marketing efforts targeted at
non-subscribers.
Interest expense increased $113,044, or approximately 42 percent, from
$269,796 for the three months ended September 30, 1993 to $382,840 for the
three months ended September 30, 1994. For the nine month periods interest
expense increased $135,213, or approximately 16 percent from $832,771 in 1993
to $967,984 in 1994. These increases in interest expense are due primarily to
higher effective interest rates on interest bearing obligations between the
periods. Net loss increased $151,801, or approximately 24 percent, from
$643,945 in 1993 to $795,746 in 1994 for the three month periods. For the nine
month periods, net loss increased $47,646, or 2 percent, from $2,107,234 in
1993 to $2,154,880 in 1994. Such losses are expected to continue in the
future.
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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.
IDS/JONES GROWTH PARTNERS 87-A, LTD.
BY: JONES CABLE CORPORATION
Managing General Partner
By: /S/ Kevin P. Coyle
Kevin P. Coyle
Group Vice President/Finance
(Principal Financial Officer)
Dated: November 11, 1994
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EXHIBIT INDEX
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER DESCRIPTION PAGE
- - ------- ----------- ------------
27 Financial Data Schedule