UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(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, 2001
OR
( ) Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the Transition Period from ________ to ________.
Commission File Number 0-24792
NTL (TRIANGLE) LLC
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-4086747
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
110 East 59th Street
New York, NY 10022
(212) 906-8440
- --------------------------------------------------------------------------------
(Address, including zip code, and telephone number,
including area code, of Registrant's principal executive offices)
--------------------------
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 twelve months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such requirements
for the past 90 days.
Yes X No
--- ---
--------------------------
As of March 31, 2001, there were 800,000 shares of the Registrant's common
membership interests outstanding. The Registrant is an indirect, wholly owned
subsidiary of NTL Incorporated and there is no market for the Registrant's
Common Stock. The Registrant meets the conditions set forth in General
Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with
the reduced disclosure format.
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
TABLE OF CONTENTS
Page
Number
------
PART I. FINANCIAL INFORMATION
- ------- ---------------------
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of
March 31, 2001 (Unaudited) and December 31, 2000.............2
Condensed Consolidated Statements of Operations
for the Three Months Ended March 31, 2001 and
2000 (Unaudited).............................................3
Condensed Consolidated Statements of Cash Flows for
the Three Months Ended March 31, 2001 and 2000
(Unaudited)..................................................4
Condensed Consolidated Statement of Shareholder's
Equity for the Three Months Ended March 31, 2001
(Unaudited)..................................................5
Notes to Condensed Consolidated Financial Statements
(Unaudited)..............................................6 - 7
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations...........8 - 10
PART II. OTHER INFORMATION
- -------- -----------------
Item 6. Exhibits and Reports on Form 8-K............................11
SIGNATURES...........................................................12
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
PART I. FINANCIAL INFORMATION
- ------- ---------------------
ITEM 1. FINANCIAL STATEMENTS
- ------- --------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
March 31, December 31,
2001 2000
----------------- -----------------
(Unaudited) (See Note)
(in (UK Pound)000's, except share data)
Assets
Current assets
Cash and cash equivalents................................................ (UK Pound)9,683 (UK Pound)4,706
Accounts receivable, less allowance for doubtful accounts of
(UK Pound)9,509 (2001) and (UK Pound)8,914 (2000)...................... 22,931 18,933
Other current assets..................................................... 9,311 13,850
----------------- -----------------
Total current assets................................................. 41,925 37,489
Property and equipment, net................................................. 465,705 466,157
Intangible assets, net...................................................... 384,920 395,683
Other assets, net........................................................... 7,322 21,276
----------------- -----------------
(UK Pound)899,872 (UK Pound)920,605
================= =================
Liabilities and shareholder's equity
Current liabilities
Accounts payable and accrued expenses.................................... (UK Pound)48,834 (UK Pound)53,268
Interest payable......................................................... 15,214 4,883
Deferred revenue......................................................... 14,841 14,928
Due to affiliates........................................................ 15,011 24,316
Current portion of long-term debt........................................ 662 662
----------------- -----------------
Total current liabilities.............................................. 94,562 98,057
Loans from affiliate........................................................ 45,466 25,549
Long-term debt, less current portion........................................ 367,096 348,761
Commitments and contingent liabilities
Deferred income taxes....................................................... 8,597 8,611
Shareholder's equity:
Common membership interests, (UK Pound).01 par value - authorized
and issued 800,000 shares.............................................. 8 8
Additional capital....................................................... 394,107 394,107
Accumulated other comprehensive (loss) income............................ (11) 746
(Accumulated deficit) retained earnings.................................. (9,953) 44,766
----------------- -----------------
Total shareholder's equity............................................. 384,151 439,627
----------------- -----------------
(UK Pound)899,872 (UK Pound)920,605
================= =================
Note: The balance sheet at December 31, 2000 has been derived from the audited financial statements at that date.
See accompanying notes.
2
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
(Unaudited)
Three Months Ended
March 31,
2001 2000
------------------ ------------------
(in (UK Pound)000's)
Revenue..................................................................... (UK Pound)42,043 (UK Pound)38,677
------------------ ------------------
Costs and expenses
Operating................................................................ 19,609 15,283
Selling, general and administrative...................................... 22,855 13,126
Depreciation and amortization............................................ 24,923 16,753
------------------ ------------------
67,387 45,162
------------------ ------------------
Operating loss.............................................................. (25,344) (6,485)
Other income (expense)
Interest expense......................................................... (9,799) (8,137)
Interest expense to affiliate............................................ (538) -
Investment income........................................................ 119 331
Exchange losses.......................................................... (19,157) (6,656)
------------------ ------------------
(29,375) (14,462)
------------------ ------------------
Loss before income taxes.................................................... (54,719) (20,947)
Income tax benefit.......................................................... - 146
------------------ ------------------
Net loss.................................................................... (UK Pound)(54,719) (UK Pound)(20,801)
================== ==================
See accompanying notes.
3
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
(Unaudited)
Three Months Ended
March 31,
2001 2000
---------------- -----------------
(in (UK Pound)000's)
Net cash (used in) provided by operating activities...................... (UK Pound)(3,231) (UK Pound)10,151
---------------- -----------------
Investing activities
Purchases of marketable securities.................................... - (1,365)
Capital expenditures.................................................. (12,039) (8,079)
---------------- -----------------
Net cash used in investing activities........................... (12,039) (9,444)
---------------- -----------------
Financing activities
Loans from affiliate.................................................. 20,576 -
Principal payments.................................................... (314) (465)
---------------- -----------------
Net cash provided by (used in) financing activities............. 20,262 (465)
Effect of exchange rate changes on cash......................... (15) (87)
---------------- -----------------
Increase in cash and cash equivalents.................................... 4,977 155
Cash and cash equivalents, beginning of period........................... 4,706 27,895
---------------- -----------------
Cash and cash equivalents, end of period................................. (UK Pound)9,683 (UK Pound)28,050
================ =================
Supplemental disclosure of cash flow information
Cash paid during the period for interest.............................. (UK Pound)- (UK Pound)53
See accompanying notes.
4
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDER'S EQUITY
--------------------------------------------------------
(Unaudited)
(in 000's)
Retained
Accumulated Earnings
Compre- Other Compre- (Accum-
Common Additional hensive hensive ulated
Shares Par Capital Loss Income (Loss) Deficit) Total
------ --- ------- ---- ------------- -------- -----
Balance at
December 31, 2000.... 800 (UK Pound)8 (UK Pound)394,107 (UK Pound)746 (UK Pound)44,766 (UK Pound)439,627
Net loss............. (UK Pound)(54,719) (54,719) (54,719)
Currency translation
adjustment......... (757) (757) (757)
-----------------
Comprehensive loss... (UK Pound)(55,476)
---- ----------- ----------------- ----------------- ------------- ---------------- -----------------
Balance at
March 31, 2001....... 800 (UK Pound)8 (UK Pound)394,107 (UK Pound)(11) (UK Pound)(9,953) (UK Pound)384,151
==== =========== ================= ============= ================ =================
See accompanying notes.
5
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of
NTL (Triangle) LLC (formerly NTL (Bermuda) Limited) (the "Company") have
been prepared in accordance with U.S. generally accepted accounting
principles for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three months ended March 31, 2001 are not necessarily
indicative of the results that may be expected for the year ending December
31, 2001. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's Annual Report on
Form 10-K for the year ended December 31, 2000.
The Company is an indirect, wholly-owned subsidiary of NTL Incorporated
("NTL").
Certain prior period amounts have been reclassified to conform to the
current presentation.
2. Comprehensive Loss
The Company's comprehensive loss for the three months ended March 31, 2001
and 2000 was (UK Pound)55.5 million and (UK Pound)21.4 million,
respectively.
3. Restructuring Costs
The Company recorded restructuring costs in November 2000 as a result of
the completion of a consolidation review. This charge consisted of employee
severance and related costs of (UK Pound)5.6 million for approximately 470
employees to be terminated and lease exit costs of (UK Pound)2.9 million.
As of March 31, 2001, (UK Pound)388,000 of the provision had been used for
employee severance. As of March 31, 2001, approximately 60 employees had
been terminated. The remaining restructuring reserve of (UK Pound)8.1
million includes (UK Pound)5.2 million for employees severance and related
costs and (UK Pound)2.9 million for lease exit costs.
4. Property and Equipment
Property and equipment consist of (in (UK Pound)000's):
March 31, December 31,
2001 2000
----------------- -----------------
(Unaudited)
Operating equipment................................................ (UK Pound)508,778 (UK Pound)498,922
Other equipment.................................................... 57,233 57,125
Construction in progress........................................... 56,050 51,652
----------------- -----------------
622,061 607,699
Accumulated depreciation........................................... (156,356) (141,542)
----------------- -----------------
(UK Pound)465,705 (UK Pound)466,157
================= =================
6
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONCLUDED
(Unaudited)
5. Intangible Assets
Intangible assets consist of (in (UK Pound)000's):
March 31, December 31,
2001 2000
----------------- -----------------
(Unaudited)
Goodwill, net of accumulated amortization of
(UK Pound)40,789 (2001) and (UK Pound)34,955 (2000).. (UK Pound)309,119 (UK Pound)314,953
License acquisition costs, net of accumulated
amortization of (UK Pound)12,624 (2001) and
(UK Pound)10,820 (2000).............................. 23,444 25,248
Customer lists, net of accumulated amortization of
(UK Pound)10,076 (2001) and (UK Pound)8,365 (2000)... 22,246 23,957
Other, net of accumulated amortization of
(UK Pound)28,252 (2001) (UK Pound)26,838 (2000)...... 30,111 31,525
----------------- -----------------
(UK Pound)384,920 (UK Pound)395,683
================= =================
6. Joint Purchasing Alliance Agreement
As of March 31, 2001 and December 31, 2000, other assets include a
receivable for a deposit of (UK Pound)7.3 million and (UK Pound)21.3
million, respectively, which will be utilized under a Joint Purchasing
Alliance Agreement entered into between subsidiaries of the Company and
Diamond Cable Communications Limited, a subsidiary of NTL, for combined
fixed asset purchases. The Company's original deposit was (UK Pound)51.9
million in March 1999.
7. Related Party Transactions
In October 2000, Cablelink entered into a loan agreement with a subsidiary
of NTL to provide funding of up to (IR Pound)300.0 million ((UK Pound)235.2
million), of which (IR Pound)58.0 million ((UK Pound)45.5 million) and (IR
Pound)32.0 million ((UK Pound)25.1 million) had been borrowed at March 31,
2001 and December 31, 2000, respectively. The outstanding borrowings are
due in October 2007. Interest is payable quarterly in arrears beginning
March 31, 2001 at EURIBOR plus 1%. The effective interest rate at March 31,
2001 was 5.69%. Accrued interest of (IR Pound)937,000 ((UK Pound)735,000)
and (IR Pound)257,000 ((UK Pound)201,000) was included in due to affiliates
in the consolidated balance sheet at March 31, 2001 and December 31, 2000,
respectively.
Since the acquisition of the Company by NTL in October 1998, a subsidiary
of NTL has been providing management, financial, legal and technical
services to the Company. Beginning in the fourth quarter of 1999, this
subsidiary began charging the Company for these services using an
allocation formula based on customers. The Company was charged (UK
Pound)14.7 million and (UK Pound)2.8 million in the three months ended
March 31, 2001 and 2000, respectively, which is included in selling,
general and administrative expenses and in due to affiliates in the
consolidated balance sheet. It is not practicable to determine the amounts
of these expenses that would have been incurred had the Company operated as
an unaffiliated entity. In the opinion of management of the Company, the
allocation method is reasonable.
8. Contingencies
The Company is involved in legal proceedings and claims which arise in the
ordinary course of its business. In the opinion of management, the amount
of ultimate liability with respect to these actions will not materially
affect the financial position, results of operations or liquidity of the
Company.
7
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- ------- ---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
Overview
- --------
NTL (Triangle) LLC (the "Company") is a holding company which holds all of the
shares of various companies principally engaged in the development,
construction, management and operation of broadband communications networks for
telephone, cable television and Internet services in the United Kingdom ("UK")
and Ireland. The Company owns the companies that have franchises for Darlington
and Teesside (collectively, "Teesside") and Cambridge Holding Company Limited
("Cambridge") in the UK, and Cablelink Limited ("Cablelink"), which owns the
companies that provide services in Dublin, Galway and Waterford, Ireland.
Liquidity and Capital Resources
- -------------------------------
In November 1995, the Company issued $517.3 million principal amount at maturity
of 11.20% Senior Discount Debentures due 2007 (the "2007 Discount Debentures").
Interest accretes on the 2007 Discount Debentures at 11.20% per annum compounded
semiannually from November 15, 1995 to November 15, 2000, after which date
interest became payable in cash on each May 15 and November 15 through November
15, 2007. The 2007 Discount Debentures contain restrictive covenants which limit
the Company's ability to pay dividends.
The Company currently estimates that it will require approximately (UK
Pound)117.0 million from April 1, 2001 through December 31, 2001 for capital
expenditures and debt service, net of cash from operations. Management expects
that the (UK Pound)117.0 million required will be funded through cash on hand,
debt or equity from NTL or its subsidiaries and from the Joint Purchasing
Alliance Agreement deposit of (UK Pound)7.3 million. Subsidiaries of the Company
and Diamond Cable Communications Limited, a subsidiary of NTL, entered into this
agreement in 1999 for joint fixed asset purchases. The Company's ability to meet
its long-term liquidity and capital requirements is contingent upon Cambridge,
Teesside and Cablelink's ability to generate positive operating cash flow, or,
if necessary, to obtain external financing, although there can be no assurance
that any such financing will be obtained on acceptable terms and conditions.
In October 2000, Cablelink entered into a loan agreement with a subsidiary of
NTL to provide funding of up to (IR Pound)300.0 million ((UK Pound)235.2
million), of which (IR Pound)58.0 million ((UK Pound)45.5 million) and (IR
Pound)32.0 million ((UK Pound)25.1 million) had been borrowed at March 31, 2001
and December 31, 2000, respectively. The outstanding borrowings are due in
October 2007. Interest is payable quarterly in arrears beginning March 31, 2001
at EURIBOR plus 1%. The effective interest rate at March 31, 2001 was 5.69%.
Accrued interest of (IR Pound)937,000 ((UK Pound)735,000) and (IR Pound)257,000
((UK Pound)201,000) was included in due to affiliates in the consolidated
balance sheet at March 31, 2001 and December 31, 2000, respectively.
Condensed Consolidated Statements of Cash Flows
- -----------------------------------------------
Net cash (used in) provided by operating activities amounted to (UK Pound)(3.2)
million and (UK Pound)10.2 million for the three months ended March 31, 2001 and
2000, respectively. The decrease in net cash provided by operating activities is
primarily due to the change in the Company's operating income before
depreciation and amortization and changes in working capital as a result of the
timing of receipts and disbursements.
Net cash used in investing activities amounted to (UK Pound)12.0 million and (UK
Pound)9.4 million for the three months ended March 31, 2001 and 2000,
respectively. During the three months ended March 31, 2001, net cash used in
investing activities includes capital expenditures of (UK Pound)12.0 million.
Net cash provided by (used in) financing activities amounted to (UK Pound)20.3
million and (UK Pound)(465,000) for the three months ended March 31, 2001 and
2000, respectively. During the three months ended March 31, 2001, net cash
provided by financing activities includes (UK Pound)20.6 million in cash
received by Cablelink from a subsidiary of NTL. Net cash used in financing
activities of (UK Pound)465,000 in the three months ended March 31, 2000 was for
principal payments.
8
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
Results of Operations
- ---------------------
Consolidated financial information for the Company for the three months ended
March 31, 2001 and 2000 is as follows (in (UK Pound)000's, "NM" denotes
percentage is not meaningful):
Three Months Ended
March 31, Increase/(Decrease)
2001 2000 (UK Pound) %
----------------- ----------------- ---------------- --------
Revenues.......................................... (UK Pound)42,043 (UK Pound)38,677 (UK Pound)3,366 8.7%
Operating, selling, general and administrative 42,464 28,409 14,055 49.5%
expenses
Depreciation and amortization..................... 24,923 16,753 8,170 48.8%
----------------- -----------------
Operating loss.................................... (25,344) (6,485) (18,859) 290.8%
----------------- -----------------
Interest expense.................................. 9,799 8,137 1,662 20.4%
Interest expense to affiliate..................... 538 - 538 NM
Investment income................................. (119) (331) (212) 64.0%
Exchange losses................................... 19,157 6,656 12,501 187.8%
----------------- -----------------
Loss before income taxes.......................... (54,719) (20,947) (33,772) 161.2%
Income tax benefit................................ - 146 (146) (100%)
----------------- -----------------
Net loss..........................................(UK Pound)(54,719) (UK Pound)(20,801) (33,918) 163.1%
================= =================
Substantially all of the increases in revenues, operating expenses, selling,
general and administrative expenses and depreciation and amortization expense
for the three months ended March 31, 2001, as compared to the same period in
2000, are attributable to the continued development of the Company's operations
and increased business activity resulting from the growth in the number of
subscribers in Cambridge, Teesside and Cablelink.
For the three months ended March 31, 2000, certain costs have been reclassified
from selling, general and administrative expenses to operating costs to conform
to the 2001 classification.
Operating costs were (UK Pound)19.6 million and (UK Pound)15.3 million for the
three months ended March 31, 2001 and 2000, respectively. Operating costs as a
percentage of revenue was 46.6% and 39.5% for the three months ended March 31,
2001 and 2000, respectively.
Selling, general and administrative expense were (UK Pound)22.9 million and (UK
Pound)13.1 million for the three months ended March 31, 2001 and 2000,
respectively. Beginning in the fourth quarter of 1999, a subsidiary of NTL began
charging the Company for management, financial, legal and technical services it
provides to the Company. These charges were (UK Pound)14.7 million and (UK
Pound)2.8 million for the three months ended March 31, 2001 and 2000,
respectively. After adjusting for the NTL charges, selling, general and
administrative expenses as a percentage of revenue was 19.5% and 26.6% for the
three months ended March 31, 2001 and 2000, respectively.
During 2001, the Company intends to drive the majority of revenue growth from
increases in average revenue per customer rather than through the addition of
new customers. This allows the Company to achieve revenue targets, have a lower
capital requirement due to fewer installations, and improve EBITDA as the
Company reduces front-loaded costs such as customer acquisition costs and
initial maintenance costs.
Interest expense for the three months ended March 31, 2001 and 2000 was (UK
Pound)9.8 million and (UK Pound)8.1 million, respectively, representing an
increase of (UK Pound)1.7 million. The increase is primarily attributable to the
compounding of interest on the 2007 Discount Debentures.
9
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
In October 2000, Cablelink entered into a loan agreement with a subsidiary of
NTL to provide funding of up to (IR Pound)300.0 million ((UK Pound)235.2
million), of which (IR Pound)58.0 million ((UK Pound)45.5 million) had been
borrowed at March 31, 2001. Interest expense to affiliate was (UK Pound)538,000
during the three months ended March 31, 2001.
Investment income for the three months ended March 31, 2001 and 2000 was (UK
Pound)119,000 and (UK Pound)331,000, respectively, representing a decrease of
(UK Pound)212,000. The decrease is primarily attributable to decreases in the
average cash balances available for investment in 2001 as compared to the same
period in 2000.
Exchange losses for the three months ended March 31, 2001 and 2000 were (UK
Pound)19.2 million and (UK Pound)6.7 million, respectively, representing an
increase of (UK Pound)12.5 million. The increase primarily resulted from the
impact of fluctuations in the valuation of the UK Pound Sterling on the 2007
Discount Debentures, which are denominated in US dollars. The Company's results
of operations will continue to be affected by exchange rate fluctuations.
The Company recorded restructuring costs in November 2000 as a result of the
completion of a consolidation review. This charge consisted of employee
severance and related costs of (UK Pound)5.6 million for approximately 470
employees to be terminated and lease exit costs of (UK Pound)2.9 million. As of
March 31, 2001, (UK Pound)388,000 of the provision had been used for employee
severance. As of March 31, 2001, approximately 60 employees had been terminated.
The remaining restructuring reserve of (UK Pound)8.1 million includes (UK
Pound)5.2 million for employees severance and related costs and (UK Pound)2.9
million for lease exit costs.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
- --------------------------------------------------------------------------------
Certain statements contained herein constitute "forward-looking statements" as
that term is defined under the provisions of the Private Securities Litigation
Reform Act of 1995. When used herein, the words "believe," "anticipate,"
"should," "intend," "plan," "will," "expects," "estimates," "projects,"
"positioned," "strategy," and similar expressions identify such forward-looking
statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of the Company, or industry results, to be materially different
from those contemplated, projected, forecasted, estimated or budgeted, whether
expressed or implied, by such forward-looking statements. Such factors include,
among others: general economic and business conditions, the Company's ability to
continue to design networks, install facilities, obtain and maintain any
required governmental licenses or approvals and finance construction and
development, all in a timely manner at reasonable costs and on satisfactory
terms and conditions, as well as assumptions about customer acceptance, churn
rates, overall market penetration and competition from providers of alternative
services, the impact of new business opportunities requiring significant
up-front investment, and availability, terms and deployment of capital. The
Company assumes no obligation to update the forward-looking statements contained
herein to reflect actual results, changes in assumptions or changes in factors
affecting such statements.
10
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
PART II. OTHER INFORMATION
- -------- -----------------
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
(a) Exhibits:
None.
(b) Reports on Form 8-K:
No reports on Form 8-K were filed by the Company during the
quarter ended March 31, 2001.
11
NTL (TRIANGLE) LLC AND SUBSIDIARIES
FORM 10-Q
QUARTER ENDED MARCH 31, 2001
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.
NTL (TRIANGLE) LLC
------------------------------------------
(Registrant)
By: NTL Group Limited
Its Sole Managing Member
Date: May 14, 2001 By: /s/ Stephen A. Carter
------------------------------------------
Stephen A. Carter
(Director and Chief Operating Officer of
NTL Group Ltd., the sole managing member)
on behalf of registrant
Date: May 14, 2001 By: /s/ Stuart Ross
------------------------------------------
Stuart Ross
(Director and Chief Financial Officer of
NTL Group Ltd., the sole managing member)
on behalf of registrant
12