FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark one)
[x] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended
JUNE 30, 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 0-16200
CABLE TV FUND 14-B, LTD.
Exact name of registrant as specified in charter
Colorado #84-1024658
- -------------------------- -------------------------------------
State of organization I.R.S. employer I.D. #
c/o Comcast Corporation
1500 Market Street, Philadelphia, PA 19102-2148
- --------------------------------------------------------------------------------
Address of principal executive office
(215) 665-1700
- --------------------------------------------------------------------------------
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
------ -------
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
CONDENSED BALANCE SHEET
-----------------------
(Unaudited)
June 30, December 31,
ASSETS 2001 2000
------ -------------- --------------
Cash $285,680 $395,531
-------------- --------------
$285,680 $395,531
============== ==============
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
LIABILITIES:
Advances from affiliates..................................................... $1,000 $16,743
-------------- --------------
Total liabilities...................................................... 1,000 16,743
-------------- --------------
PARTNERS' CAPITAL:
General Partner-
Contributed capital........................................................ 1,000 1,000
Accumulated deficit........................................................ (1,000) (1,000)
-------------- --------------
-------------- --------------
Limited Partners-
Net contributed capital (261,353 units outstanding
at June 30, 2001 and December 31, 2000).................................... 112,127,301 112,127,301
Distributions................................................................ (112,853,367) (112,853,367)
Accumulated earnings......................................................... 1,010,746 1,104,854
-------------- --------------
284,680 378,788
-------------- --------------
$285,680 $395,531
============== ==============
See notes to condensed financial statements.
1
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
CONDENSED STATEMENT OF OPERATIONS
---------------------------------
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
---------- ----------- ----------- -----------
OTHER INCOME (EXPENSE):
Interest income........................................ $4,361 $5,315 $10,794 $5,315
Interest expense....................................... (1,678) (1,678)
Other, net............................................. (55,494) (52,771) (104,902) (112,695)
---------- ----------- ----------- -----------
NET LOSS ($51,133) ($49,134) ($94,108) ($109,058)
========== =========== =========== ===========
ALLOCATION OF NET LOSS:
General Partner........................................
========== =========== =========== ===========
Limited Partners....................................... ($51,133) ($49,134) ($94,108) ($109,058)
========== =========== =========== ===========
NET LOSS PER LIMITED PARTNERSHIP UNIT..................... ($0.20) ($0.19) ($0.36) ($0.42)
========== =========== =========== ===========
WEIGHTED AVERAGE NUMBER OF LIMITED
PARTNERSHIP UNITS OUTSTANDING.......................... 261,353 261,353 261,353 261,353
========== =========== =========== ===========
See notes to condensed financial statements.
2
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
CONDENSED STATEMENT OF CASH FLOWS
---------------------------------
(Unaudited)
Six Months Ended
June 30,
2001 2000
----------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss..................................................................... ($94,108) ($109,058)
Adjustments to reconcile net loss to net cash (used in)
provided by operating activities:
(Decrease) increase in advances from affiliates.......................... (15,743) 685,580
----------- ------------
Net cash (used in) provided by operating activities.................... (109,851) 576,522
Cash, beginning of period....................................................... 395,531
----------- ------------
Cash, end of period............................................................. $285,680 $576,522
=========== ============
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid................................................................ $983 $6,760
=========== ============
See notes to condensed financial statements.
3
CABLE TV FUND 14-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
June 30, 2001, the condensed statement of operations for the three and six
months ended June 30, 2001 and 2000, and the condensed statement of cash flows
for the six months ended June 30, 2001 and 2000 have been prepared by Cable TV
Fund 14-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 June 30, 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 accounting
principles generally accepted in the United States 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 periods ended June 30,
2001 are not necessarily indicative of operating results for the full year.
The Partnership has sold all of its cable television systems. The
Partnership has continued in existence because of pending litigation in which
the Partnership is a party. It cannot be predicted when the Partnership 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 costs were included in Other, net in
the accompanying condensed statement of operations. Reimbursements made to the
general partner by the Partnership for administrative expenses for the three and
six months ended June 30, 2001 were $20,684 and $50,739, respectively.
Remimbursements made to the general partner by the Parntership for
administrative expenses for the three and six months ended June 30, 2000 were
$27,951 and $66,530, respectively.
4
CABLE TV FUND 14-B, LTD.
------------------------
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
FINANCIAL CONDITION
- -------------------
The only asset of the Partnership at June 30, 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 has continued in existence
because of pending litigation in which the Partnership is a party. It cannot be
predicted when the Partnership will be dissolved.
RESULTS OF OPERATIONS
- ---------------------
The Partnership has sold all of its cable television systems. Interest
income of $10,794 was earned during the first six months of 2001 on the cash
balance on hand. Other expense of $104,902 incurred in the first six months of
2001 related to various costs associated with the administration of the
Partnership.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The Partnership is a nominal defendant in several cases consolidated
under the caption City Partnership Co., derivatively on behalf of Cable TV Fund
14-B, Ltd., plaintiff v. Jones Intercable, Inc., defendant and Cable TV Fund
14-B, Ltd., nominal defendant (U.S. District Court, District of Colorado, Civil
Action No. 99-WM-1051)(consolidated with 99-WM-1155, 99-WM-1702, 99-B-1508,
99-B-1604, 99-B-1751 and 99-B-1778). The plaintiffs in these cases are
challenging the terms of, and the procedures of the limited partner votes
approving, Jones Intercable's acquisitions of the cable television systems
serving Albuquerque, New Mexico, Calvert County, Maryland and Palmdale and
Littlerock, California formerly owned by the Partnership and/or other
partnerships of which Jones Intercable was the general partner. Comcast Cable
Communications, Inc. is the Partnership's current general partner as successor
to Jones Intercable. The cases are presented as both class and derivative
actions. In June 2001, the plaintiffs filed a motion for class certification. In
August 2001, defendant Comcast Cable Communications, Inc. filed a brief in
opposition to plaintiffs' motion for class certification. A hearing on the
motion is scheduled for September 2001. If the plaintiffs' motion for class
certification is denied, the cases would proceed only as derivative actions.
The Partnership together with Jones Intercable and certain of Jones
Intercable's other managed partnerships are defendants in a case captioned
Everest Cable Investors, LLC, et al., plaintiffs v. Jones Intercable, Inc., et
al., defendants (Superior Court, Los Angeles County, State of California, Case
No. BC 213632) originally filed in July 1999. The plaintiffs filed their first
amended complaint in January 2000. In that complaint the plaintiffs allege that
certain of them formed a venture to acquire limited partnership interests in the
partnerships and that plaintiffs were frustrated in this purpose by Jones
Intercable's alleged refusal to provide plaintiffs with lists of the names and
addresses of the limited partners of the partnerships. Plaintiffs further allege
that their failure to obtain the partnership lists prevented them from making
tender offers for the partnerships' limited partnership interests causing them
economic loss. In March 2000 the defendants demurred to the plaintiffs' first
amended complaint and in May 2000 the trial court sustained the defendants'
demurrers without leave to amend as to all but the one plaintiff that was a
limited partner of any of the partnerships. The plaintiffs appealed this ruling
to the California State Court of Appeal for the Second Appellate District. In
June 2001, the appellate court ruled that all of the plaintiffs have standing to
bring the action and the trial court's judgment was reversed. The case will now
proceed to discovery and trial.
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
None.
b) Reports on Form 8-K
None.
5
SIGNATURE
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 14-B, LTD.
BY: COMCAST CABLE COMMUNICATIONS, INC.
----------------------------------
General Partner
By: /S/ Lawrence J. Salva
----------------------------------
Lawrence J. Salva
Senior Vice President
(Principal Accounting Officer)
Dated: August 13, 2001
6