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, 2001
[ ] 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: 0-13807
CABLE TV FUND 12-B, LTD
Exact name of registrant as specified in charter
Colorado #84-0969999
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State of organization I.R.S. employer I.D. #
c/o Comcast Corporation
1500 Market Street, Philadelphia, PA 19102-2148
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Address of principal executive office
(215) 665-1700
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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-B, LTD.
(A Limited Partnership)
CONDENSED BALANCE SHEET
(Unaudited)
March 31, December 31,
ASSETS 2001 2000
------ ---------------- ----------------
Cash $118,336 $140,393
---------------- ----------------
$118,336 $140,393
================ ================
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
LIABILITIES:
Advances from affiliates..................................................... $2,380 $15,690
---------------- ----------------
Total liabilities...................................................... 2,380 15,690
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PARTNERS' CAPITAL:
General Partner-
Contributed capital........................................................ 1,000 1,000
Distributions.............................................................. (19,696,268) (19,696,268)
Accumulated earnings....................................................... 19,724,257 19,726,444
---------------- ----------------
28,989 31,176
---------------- ----------------
Limited Partners-
Net contributed capital (111,035 units outstanding
at March 31, 2001 and December 31, 2000)................................... 47,645,060 47,645,060
Distributions................................................................ (114,620,017) (114,620,017)
Accumulated earnings......................................................... 67,061,924 67,068,484
---------------- ----------------
86,967 93,527
---------------- ----------------
$118,336 $140,393
================ ================
See notes to condensed financial statements.
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CABLE TV FUND 12-B, LTD.
(A Limited Partnership)
CONDENSED STATEMENT OF OPERATIONS
(Unaudited)
For the Three Months Ended
March 31,
2001 2000
------------ ------------
OTHER (EXPENSE) INCOME:
Interest income.............................................................. $62
Equity in net loss of cable television joint venture......................... ($6,162)
Other, net................................................................... (8,809) (11,973)
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NET LOSS........................................................................ ($8,747) ($18,135)
============ ============
ALLOCATION OF NET LOSS:
General Partner.............................................................. ($2,187) ($4,534)
============ ============
Limited Partners............................................................. ($6,560) ($13,601)
============ ============
NET LOSS PER LIMITED
PARTNERSHIP UNIT............................................................. ($0.06) ($0.12)
============ ============
WEIGHTED AVERAGE NUMBER OF LIMITED PARTNERSHIP
UNITS OUTSTANDING............................................................ 111,035 111,035
============ ============
See notes to condensed financial statements.
2
CABLE TV FUND 12-B, LTD.
(A Limited Partnership)
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
For the Three Months Ended
March 31,
2001 2000
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss..................................................................... ($8,747) ($18,135)
Adjustments to reconcile net loss to net cash
used in operating activities:
Equity in net loss of cable television joint venture..................... 6,162
(Decrease) increase in advances from affiliates.......................... (13,310) 11,973
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Net cash used in operating activities.................................. (22,057)
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Decrease in cash................................................................ (22,057)
Cash, beginning of period....................................................... 140,393
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Cash, end of period............................................................. $118,336
============= =============
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid................................................................ $59 $
============= =============
See notes to condensed financial statements.
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CABLE TV FUND 12-B, LTD.
(A Limited Partnership)
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
(1) The condensed balance sheet as of December 31, 2000 has been condensed from
the audited balance sheet as of that date. The condensed balance sheet as of
March 31, 2001 and the condensed statements of operations and of cash flows for
the three months ended March 31, 2001 and 2000 have been prepared by Cable TV
Fund 12-B, Ltd. (the "Partnership") and have not been audited by the
Partnership's independent auditors. In the opinion of management, all
adjustments necessary to present fairly the financial position, results of
operations and cash flows as of March 31, 2001 and for all periods presented
have been made.
Certain information and note disclosures normally included in the
Partnership's annual financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. These condensed
financial statements should be read in conjunction with the financial statements
and notes thereto included in the Partnership's December 31, 2000 Annual Report
on Form 10-K filed with the Securities and Exchange Commission. The results of
operations for the period ended March 31, 2001 are not necessarily indicative of
operating results for the full year.
The Partnership owns no properties directly. The Partnership owns a 9
percent interest in Cable TV Fund 12-BCD Venture (the "Venture"). The Venture
has sold all of its cable television systems. The Venture was liquidated in
October 2000 and therefore, the Partnership has no investment in the Venture at
March 31, 2001 or December 31, 2000. The Partnership and the Venture have
continued in existence because of pending litigation in which the Partnership
and the Venture are a party. It cannot be predicted when the Partnership and the
Venture will be dissolved.
(2) The Partnership reimburses its general partner for certain administrative
expenses. These expenses represent the salaries and related benefits paid for
corporate personnel. Such personnel provide administrative, accounting, tax,
legal and investor relations services to the Partnership. Such services, and
their related costs, are necessary to the administration of the Partnership
until the Partnership is dissolved. Such charges were included in other, net in
the accompanying condensed statement of operations. Reimbursements made to the
general partner by the Partnership for administrative expenses during the three
months ended March 31, 2001 were $4,457. Reimbursements made to the general
partner by the Venture for administrative expenses for the three months ended
March 31, 2000 were $52,920, of which $4,858 was attributable to the
Partnership.
(3) Summarized financial information regarding the Venture, for the three months
ended March 31, 2000, is presented below.
UNAUDITED STATEMENTS OF OPERATIONS
For the Three
Months Ended
March 31,
2000
------------------
Other, net....................................... ($67,126)
------------------
Consolidated loss.......................... ($67,126)
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CABLE TV FUND 12-B, LTD.
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Venture was liquidated in October 2000 and therefore, the
Partnership has no investment in the Venture at March 31, 2001. The only asset
of the Partnership at March 31, 2001 was its cash on hand which is being held in
reserve to pay the Partnership's administrative expenses until the Partnership
is dissolved. The Partnership and the Venture have continued in existence
because of pending litigation in which the Partnership and the Venture are a
party. It cannot be predicted when the Partnership and the Venture will be
dissolved.
RESULTS OF OPERATIONS
The Venture has sold all of its cable television systems and was
liquidated in October 2000. Other expense of $8,809 incurred in the first
quarter of 2001 by the Partnership related to various costs associated with the
administration of the Partnership.
Part II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
None.
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 12-B, LTD.
BY: COMCAST CABLE COMMUNICATIONS, INC.
------------------------------------
General Partner
By: /S/ Lawrence J. Salva
------------------------------------
Lawrence J. Salva
Senior Vice President
(Principal Accounting Officer)
Dated: May 15, 2001
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