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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 March 31, 1995
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/ / Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 For the transition period from
____________________ to ____________________
Commission File Number: 0-11911
Cable TV Fund 11-B, LTD.
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Exact name of registrant as specified in charter
Colorado 84-0908730
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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
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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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CABLE TV FUND 11-B, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
March 31, December 31,
ASSETS 1995 1994
-------------- ---------------
CASH $ 203,937 $ 139,532
TRADE RECEIVABLES, less allowance for doubtful
receivables of $93,955 and $72,936 at March 31, 1995
and December 31, 1994, respectively 338,348 472,417
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 41,517,487 40,659,024
Less - accumulated depreciation (17,087,205) (16,361,119)
----------- -----------
24,430,282 24,297,905
Investment in cable television joint venture 554,099 550,483
------------ ------------
Total investment in cable television properties 24,984,381 24,848,388
DEPOSITS, PREPAID EXPENSES AND DEFERRED CHARGES 1,177,312 1,054,358
----------- -----------
Total assets $ 26,703,978 $ 26,514,695
=========== ===========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
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CABLE TV FUND 11-B, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
March 31, December 31,
LIABILITIES AND PARTNERS' CAPITAL 1995 1994
--------------------------------- ------------ --------------
LIABILITIES:
Debt $ 23,559,065 $ 20,790,529
Accounts payable -
Trade 6,291 368,624
General Partner - 1,305,421
Accrued liabilities 417,578 1,084,907
Subscriber prepayments 51,399 50,293
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Total liabilities 24,034,333 23,599,774
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PARTNERS' CAPITAL:
General Partner-
Contributed capital 1,000 1,000
Accumulated earnings 51,357 53,810
----------- ------------
52,357 54,810
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Limited Partners-
Net contributed capital
(38,026 units outstanding at March 31, 1995
and December 31, 1994) 15,661,049 15,661,049
Distributions (19,013,121) (19,013,121)
Accumulated earnings 5,969,360 6,212,183
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2,617,288 2,860,111
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Total liabilities and partners'
capital $ 26,703,978 $ 26,514,695
=========== ============
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
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CABLE TV FUND 11-B, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
For the Three Months Ended
March 31,
---------------------------------
1995 1994
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REVENUES $ 3,378,047 $3,090,481
COSTS AND EXPENSES:
Operating expenses 2,057,852 1,936,522
Management fees and allocated overhead
from General Partner 435,698 398,111
Depreciation and amortization 731,885 598,092
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OPERATING INCOME 152,612 157,756
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OTHER INCOME (EXPENSE):
Interest expense (408,278) (208,497)
Other, net 6,774 7,932
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Total other income (expense), net (401,504) (200,565)
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LOSS BEFORE EQUITY IN NET INCOME
OF CABLE TELEVISION JOINT VENTURE (248,892) (42,809)
EQUITY IN NET INCOME OF CABLE
TELEVISION JOINT VENTURE 3,616 7,849
----------- ---------
NET LOSS $ (245,276) $ (34,960)
=========== =========
ALLOCATION OF NET LOSS:
General Partner $ (2,453) $ (350)
=========== =========
Limited Partners $ (242,823) $ (34,610)
=========== =========
NET LOSS PER LIMITED PARTNERSHIP UNIT $ (6.39) $ (.91)
=========== =========
WEIGHTED AVERAGE NUMBER OF LIMITED
PARTNERSHIP UNITS OUTSTANDING 38,026 38,026
=========== =========
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
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CABLE TV FUND 11-B, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
For the Three Months Ended
March 31,
----------------------------------------
1995 1994
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (245,276) $ (34,960)
Adjustments to reconcile net loss to
net cash provided in (used in) operating activities:
Depreciation and amortization 726,086 593,091
Amortization of capitalized loan fees 5,799 5,001
Equity in net income of cable
television joint venture (3,616) (7,849)
Increase (decrease) in amount due General Partner (1,305,421) 82,871
Decrease in trade receivables 134,069 110,144
Increase in deposits, prepaid expenses
and deferred charges (128,753) (141,946)
Decrease in trade accounts payable, accrued
liabilities and subscriber prepayments (1,028,556) (828,573)
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Net cash provided by (used in) operating activities (1,845,668) (222,221)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (858,463) (693,916)
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Net cash used in investing activities (858,463) (693,916)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Proceed from borrowings 22,800,000 -
Repayment of debt (20,031,464) (26,241)
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Net cash provided by (used in) financing
activities 2,768,536 (26,241)
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Increase (decrease) in cash 64,405 (942,378)
Cash, beginning of period 139,532 1,171,764
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Cash, end of period $ 203,937 $ 229,386
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SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 562,543 $ 185,003
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The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements
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CABLE TV FUND 11-B, 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 Cable TV Fund 11-B, Ltd.
(the "Partnership") at March 31, 1995 and December 31, 1994 and its Statements
of Operations and Cash Flows for the three month periods ended March 31, 1995
and 1994. Results of operations for these periods are not necessarily
indicative of results to be expected for the full year.
(2) Jones Intercable, Inc. (the "General Partner"), a publicly held
Colorado corporation, manages the cable television system servicing areas in
and around Lancaster, New York (the "New York Systems") owned directly by the
Partnership and the cable television system owned by Cable TV Joint Fund 11
("the Venture"), in which the Partnership owns an approximate 8 percent
interest, and receives a fee for its services equal to 5 percent of the gross
revenues of the Partnership and the Venture, excluding revenues from the sale
of the cable television systems or franchises. Management fees for the three
month periods ended March 31, 1995 and 1994 (excluding Fund 11-B's approximate
8 percent interest in the Venture) were $168,902 and $154,524, respectively.
The Partnership and the Venture reimburse the General Partner for
certain allocated overhead and administrative expenses. These expenses
represent the salaries and related benefits paid to 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 and the Venture. Allocations of
personnel costs are primarily based upon actual time spent by employees of the
General Partner with respect to each partnership managed. Remaining overhead
costs are allocated based on revenue of the Partnership as a percentage of
total revenues of owned and managed cable television systems of the General
Partner. 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 by the Partnership to the General
Partner for allocated overhead and administrative expenses for the three month
periods ending March 31, 1995 and 1994 (excluding Fund 11-B's approximate 8
percent interest in the Venture) were $266,796 and $243,587, respectively.
(3) On June 29, 1990, the Venture completed the sale of all of its
Wisconsin cable television systems, except for the system serving the City of
Manitowoc (the "Manitowoc System"). The Manitowoc System was not sold because
the City of Manitowoc (the "City") did not consent to the transfer of the
franchise. The City of Manitowoc franchise contains a provision that the City
claimed allowed the City to acquire the Manitowoc System upon expiration of the
franchise. On April 9, 1991, the Venture took legal action, seeking a
declaration as to whether the buy-out right was enforceable under Federal law.
In October 1993, the City and the Venture settled the legal action. In the
settlement, the City conceded that its buy-out right was not applicable in the
event the franchise is renewed, and represented to the Venture that it knew of
no reason for non-renewal of the franchise. The City also agreed that the term
of the renewal franchise would be 12 years and that the applicable franchise
fee would be 5 percent. The Venture paid the City $1,850,000, which will be
returned, with interest, in the event that the City does not renew the
franchise. If the franchise is renewed, the $1,850,000 will be amortized over
the life of the franchise. The franchise renewal process has begun and the
General Partner expects that it will be completed during 1995.
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4) Financial information regarding the Venture is presented below.
UNAUDITED BALANCE SHEETS
March 31, December 31,
1995 1994
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ASSETS
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Cash and accounts receivable $ 2,425,213 $ 2,521,713
Investment in cable television properties 2,657,774 2,724,042
Other assets 1,859,723 1,853,355
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Total assets $ 6,942,710 $ 7,099,110
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LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
Debt $ 23,013 $ 26,385
Payables and accrued liabilities 275,378 474,880
Partners' contributed capital 45,000,000 45,000,000
Distributions (118,914,493) (118,914,493)
Accumulated earnings 80,558,812 80,512,338
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Total liabilities and partners' capital $ 6,942,710 $ 7,099,110
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UNAUDITED STATEMENTS OF OPERATIONS
For the Three Months Ended
March 31,
------------------------------------------
1995 1994
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Revenues $ 853,728 $ 811,158
Operating expenses (583,736) (481,487)
Management fees and allocated overhead from
Jones Intercable, Inc. (116,322) (109,605)
Depreciation and amortization (139,565) (130,490)
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Operating income 14,105 89,576
Interest expense (6,284) (4,297)
Interest income 38,046 15,475
Other, net 607 133
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Net income $ 46,474 $ 100,887
========== ========
Management fees and reimbursements for general and administrative
expenses paid to Jones Intercable, Inc. by the Venture totaled $42,686 and
$73,636, respectively, for the three months ended March 31, 1995 and $40,558
and $69,047, respectively, for the three months ended March 31, 1994.
Management fees and reimbursements for general and administrative expenses paid
by the Venture and attributable to the Partnership totaled $3,321 and $5,729,
respectively, for the three months ended March 31, 1995 and $3,155 and $5,372,
respectively, for the three months ended March 31, 1994.
5) Certain prior year amounts have been reclassified to conform to the
1995 presentation.
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CABLE TV FUND 11-B, LTD.
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
During the first quarter of 1995, the General Partner solicited that
it is evaluating the few indications which were received, one of which was the
General Partner. Any sale of the New York Systems will be subject to the
approval of the holders of a majority of the Partnership's limited partnership
interests.
During the first quarter of 1995, the Partnership expended
approximately $858,000 on capital improvements. The continuation of the rebuild
and upgrade of the New York Systems accounted for approximately 51 percent of
the capital expenditures. Converters accounted for approximately 41 percent of
the capital expenditures. The remainder of the capital expenditures were for
various other enhancements in the New York Systems. Funding for these
expenditures was provided primarily by cash generated from operations and
borrowings from the Partnership's credit facility. Budgeted capital additions
for the remainder of 1995 are approximately $2,938,000. The rebuild and
upgrade of the New York Systems will account for approximately 40 percent of
the expected capital expenditures. Plant extensions and service drops to homes
will account for approximately 31 percent of the expected capital expenditures.
The remainder of the capital expenditures will be used for various other
enhancements in the New York Systems. Depending upon the timing of the
potential sale of the New York Systems as discussed above, the Partnership will
likely only make the portion of the budgeted capital expenditures scheduled to
be made during the Partnership's continued ownership of the New York Systems.
Funding for these expenditures is expected to be provided by cash generated
from operations and available borrowings from the Partnership's new credit
facility discussed below.
On February 28, 1995, the Partnership entered into a new $25,000,000
revolving credit and term loan agreement. The revolving credit period expires
December 31, 1996, at which time the outstanding balance converted to a term
loan payable in 24 consecutive quarterly installments commencing March 31,
1997. Proceeds from this credit facility were used to repay amounts
outstanding under the Partnership's previous credit facility, repay amounts due
the General Partner and fund capital expenditures. As of March 31, 1995,
$22,800,000 was outstanding under this agreement, leaving $2,200,000 available
for future needs of the Partnership. Interest payable on outstanding amounts
is at the Partnership's option of the base rate plus 1/4 percent or the London
InterBank Offered Rate plus 1-1/8 percent. The Partnership paid a loan
facility fee of $75,000 upon closing of the credit facility renegotiations.
The effective interest rates on outstanding obligations as of March 31, 1995
and 1994 were 7.56 percent and 4.67 percent, respectively. This loan is
expected to be paid in full upon closing of the sale of the Augusta System as
discussed above.
The Partnership has sufficient sources of capital available to meet
its presently anticipated needs from its ability to generate cash from
operations and from borrowings available under its new credit facility.
In addition to the systems owned by it directly, the Partnership owns
an approximate 8 percent interest in Cable TV Joint Fund 11 (the "Venture").
The investment in this cable television joint venture is accounted for under
the equity method. When compared to the December 31, 1994 balance, this
investment increased by $3,616, from $550,483 at December 31, 1994 to $554,099
at March 31, 1995. This increase represents the Partnership's proportionate
share of income generated by the Venture during the first quarter of 1995.
On June 29, 1990, the Venture completed the sale of all of its
Wisconsin cable television systems, except for the system serving the City of
Manitowoc (the "Manitowoc System"). The Manitowoc System was not sold because
the City of Manitowoc (the "City") did not consent to the transfer of the
franchise. The City of Manitowoc franchise contains a provision that the City
claimed allowed the City to acquire the Manitowoc System upon expiration of the
franchise. On April 9, 1991, the Venture took legal action, seeking a
declaration as to whether the buy-out right was enforceable under Federal law.
In October 1993, the City and the Venture settled the legal action. In the
settlement, the City conceded that its buy-out right was not applicable in the
event the franchise is renewed, and represented to the Venture that it knew of
no reason for non-renewal of the franchise. The City also agreed that the term
of the renewal franchise would be 12 years and that the applicable franchise
fee would be 5 percent. The Venture paid the City $1,850,000, which will be
returned, with interest, in the event that the City does not renew the
franchise. If the franchise is renewed, the $1,850,000 will be
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amortized over the life of the franchise. The franchise renewal process has
begun and the General Partner expects that it will be completed during 1995.
For the three months ended March 31, 1995, the Venture generated
operating income before depreciation and amortization of $153,670 and incurred
interest expense totaling $6,284, leaving $147,386 to fund capital expenditures
and non-operating costs. During the first three months of 1995, the Venture
expended approximately $48,000 for capital expenditures in the Manitowoc
System. These capital additions were used for various enhancements to maintain
the value of the system. These expenditures were funded from cash generated
from operations. Anticipated capital expenditures for the remainder of 1995
are approximately $252,000. These expenditures will be for various
enhancements to maintain the value of the system. It is expected that these
capital expenditures will be funded from cash on hand and cash generated from
operations.
The Venture had no bank debt outstanding at March 31, 1995.
The Venture has sufficient liquidity and capital resources, including
cash on hand and its ability to generate cash from operations, to meet its
anticipated needs.
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 imposes a greater degree of regulation of the cable
television industry. Under the 1992 Cable Act's definition of effective
competition, nearly all cable television systems in the United States,
including those owned by the Partnership and Venture, 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 and Venture reduced
rates charged for certain regulated services effective September 1, 1993.
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 and established interim cost-of-service regulations. The
FCC's February 22, 1994 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. 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, 1994 and July 14, 1994.
The Venture complied with the February 1994 benchmark regulations and
further reduced rates in its Manitowoc System effective July 1994. The Venture
has filed cost-of-service showings for its New York Systems and thus
anticipates no further reductions in rates. The cost-of-service showings have
not yet received final approval from franchising authorities, however, and
there can be no assurance that the Partnership's cost-of-service showing will
prevent further rate reductions until such final approval is received.
RESULTS OF OPERATIONS
Revenues of the New York Systems increased $287,566, or approximately
9 percent, from $3,090,481 during the first quarter of 1994 to $3,378,047
during the first quarter of 1995. An increase in basic subscribers in the New
York Systems primarily accounted for the increase in revenue. Basic
subscribers increased 1,807, or approximately 5 percent, from 36,024 at March
31, 1994 to 37,831 at March 31, 1995. No other factors individually were
significant to the increase in revenues.
Operating expenses increased $121,330, or approximately 6 percent,
from $1,936,522 at March 31, 1994 to $2,057,852 at March 31, 1995. Operating
expense represented 61 percent of revenue in 1995 and 63 percent of revenue in
1994. Increases in programming fees, personnel related costs and advertising
sales expense, which were partially offset by decreases in copyright fees and
marketing related expense, primarily accounted for the increase in operating
expenses. No other factors individually were significant to the increase in
the Partnership's operating expenses. Management fees
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and allocated overhead from the General Partner increased $37,587, or
approximately 9 percent, from $398,111 for the first three months of 1994 to
$435,698 for the comparable 1995 period due to the increase in revenues, upon
which such fees and allocations are based, and an increase in expenses
allocated from the General Partner. The General Partner has experienced
increases in expenses, including personnel costs, a portion of which is
allocated to the Partnership. Depreciation and amortization expense increased
$133,793, or approximately 22 percent, from $598,092 at March 31, 1994 to
$731,885 at March 31, 1995 due to capital additions in 1994.
Operating income decreased $5,144, or approximately 3 percent, from
$157,756 at March 31, 1994 to $152,612 at March 31, 1995. This decrease is due
to the increases in operating expense, management fees and allocated expense
from the General Partner and depreciation and amortization expense exceeding
the increase in revenues. Operating income before depreciation and
amortization increased $128,649, or approximately 17 percent, from $755,848
for the three months ended March 31, 1994 to $884,497 for the similar period in
1995. This increase is due to the increase in revenues exceeding the increases
in operating expense and management fees and allocated overhead from the
General Partner.
Interest expense increased $199,781, or approximately 96 percent, from
$208,497 at March 31, 1994 to $408,278 at March 31, 1995. This increase is due
primarily to higher outstanding balances on interest bearing obligations and to
higher effective interest rates in 1995 compared to 1994. Loss before equity
in net income of cable television joint venture was $42,809 for the period
ending March 31, 1994 compared to $248,892 for the 1995 period due to the
decrease in operating income and the increase in interest expense.
The Venture
In addition to the New York Systems owned by it directly, the
Partnership owns an approximate 8 percent interest in the Venture. Revenues of
the Venture increased $42,570, or approximately 5 percent, from $811,158 for
the three month period ended March 31, 1994 to $853,728 for the comparable 1995
period. An increase in the subscriber base primarily accounted for the
increase in revenues. The number of basic subscribers increased 1,068, or
approximately 11 percent, from 9,939 at March 31, 1994 to 11,007 at March 31,
1995. Premium service subscriptions increased 1,558, or approximately 29
percent, from 5,427 at March 31, 1994 to 6,985 at March 31, 1995. No other
individual factor contributed significantly to 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 expense in the Manitowoc System increased $102,249, or
approximately 21 percent, from $481,487 for the first three months of 1994 to
$583,736 for the comparable 1995 period. Operating expense represented 68
percent of revenue for the three month period ended March 31, 1995 and 59
percent of revenue for the three month period ended March 31, 1994. The
increase in operating expense was due to the increases in programming fees and
marketing related costs, which were partially offset by decreases in
advertising sales expense and copyright fees. No other individual factor
significantly affected the increase in operating expenses. Management fees and
allocated overhead from the General Partner increased $6,717, or approximately
6 percent, from $109,605 for the first three months of 1994 to $116,322 for the
comparable 1995 period. The increase for the three month period was due to the
increase in revenues, upon which such fees and allocations are based, as well
as an increase in expenses allocated from the General Partner. The General
Partner has experienced increases in expenses, including personnel costs and
reregulation costs, a portion of which is allocated to the Venture.
Depreciation and amortization expense increased $9,075, or approximately 7
percent, from $130,490 for the first three months of 1994 to $139,565 for the
comparable 1995 period due capital additions in 1994.
Operating income decreased $75,471, or approximately 84 percent, from
$89,576 for the first three months of 1994 to $14,105 for the comparable 1995
period due to increases in operating, general and administrative expense,
management fees and allocated overhead from the General Partner and
depreciation and amortization expense exceeding the increase in revenues.
Operating income before depreciation and amortization decreased $66,396, or
approximately 30 percent, from $220,066 for the three months ended March 31,
1994 to $153,670 for the similar period in 1995. This decrease is due to the
increases in operating expense and management fees and allocated overhead from
the General Partner exceeding the increase in revenues. The decrease in
operating income before depreciation and amortization reflects 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 otherwise would have been the case. 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 otherwise would
have been the case. However, other operating costs such as programming fees,
salaries
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and benefits, and marketing costs as well as other costs incurred by the
General Partner, which are allocated to the Venture, continue to increase at
historical rates. 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 Venture 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) new service offerings; (b) product re-marketing and
re-packaging; and (c) marketing efforts directed at non-subscribers.
Interest expense for the Venture increased $1,987, or approximately 46
percent, from $4,297 for the first three months of 1994 to $6,284 for the
comparable 1995 period due to higher outstanding balances on interest bearing
obligations. Net income of the Venture decreased $54,413, or approximately 54
percent, from $100,887 for the first three months of 1994 to $46,474 for the
comparable 1995 period primarily due to the decrease in operating income.
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PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
None
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CABLE TV FUND 11-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 12, 1995
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INDEX TO EXHIBITS
Exhibit Description Page
- - ------- ----------- ----
27 Financial Data Schedule