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, 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
- ------------------------------- -----------------------------
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)
September 30, December 31,
ASSETS 2001 2000
------ --------------- ---------------
Cash $93,195 $140,393
--------------- ---------------
$93,195 $140,393
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
LIABILITIES:
Advances from affiliates..................................... $12,924 $15,690
--------------- ---------------
Total liabilities...................................... 12,924 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....................................... 19,715,336 19,726,444
--------------- ---------------
20,068 31,176
--------------- ---------------
Limited Partners-
Net contributed capital (111,035 units outstanding
at September 30, 2001 and December 31, 2000)............... 47,645,060 47,645,060
Distributions................................................ (114,620,017) (114,620,017)
Accumulated earnings......................................... 67,035,160 67,068,484
--------------- ---------------
60,203 93,527
--------------- ---------------
$93,195 $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)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
----------- ----------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest income............................................ $920 $5,293 $2,473 $5,293
Other, net................................................. (6,345) (11,170) (46,905) (43,884)
----------- ----------- ---------- ----------
NET LOSS...................................................... ($5,425) ($5,877) ($44,432) ($38,591)
=========== =========== ========== ==========
ALLOCATION OF NET LOSS:
General Partner............................................ ($1,356) ($1,470) ($11,108) ($9,648)
=========== =========== ========== ==========
Limited Partners........................................... ($4,069) ($4,407) ($33,324) ($28,943)
=========== =========== ========== ==========
NET LOSS PER LIMITED
PARTNERSHIP UNIT........................................... ($0.04) ($0.04) ($0.30) ($0.26)
=========== =========== ========== ==========
WEIGHTED AVERAGE NUMBER OF LIMITED
PARTNERSHIP UNITS OUTSTANDING.............................. 111,035 111,035 111,035 111,035
=========== =========== ========== ==========
See notes to condensed financial statements.
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CABLE TV FUND 12-B, LTD.
------------------------
(A Limited Partnership)
CONDENSED STATEMENT OF CASH FLOWS
---------------------------------
(Unaudited)
Nine Months Ended
September 30,
2001 2000
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CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss..................................................................... ($44,432) ($38,591)
Adjustments to reconcile net loss to net cash
used in operating activities:
(Decrease) increase in advances from affiliates.......................... (2,766) 5,230
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Net cash used in operating activities.................................. (47,198) (33,361)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from Cable Television Joint Venture............................. 213,622
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Net cash provided by investing activities.............................. 213,622
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(Decrease) increase in cash..................................................... (47,198) 180,261
Cash, beginning of period....................................................... 140,393
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Cash, end of period............................................................. $93,195 $180,261
============ ============
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid................................................................ $59 $649
============ ============
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 September 30, 2001, the condensed statement of operations for the three and
nine months ended September 30, 2001 and 2000, and the condensed statement of
cash flows for the nine months ended September 30, 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 September 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 September
30, 2001 are not necessarily indicative of operating results for the full year.
The Partnership owns no properties directly. The Partnership owns a 9%
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 September 30,
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 and nine month periods ended September 30, 2001 were $2,902 and
$10,389, respectively. Reimbursements made to the general partner by the Venture
for administrative expenses for the three and nine month periods ended September
30, 2000 were $42,787 and $140,477, respectively, of which $3,928 and $12,896,
respectively, was attributable to the Partnership.
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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 September 30, 2001. The only
asset of the Partnership at September 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 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 $46,905 incurred in the first nine
months of 2001 by the Partnership related to various costs associated with the
administration of the Partnership.
Part II - OTHER INFORMATION
Item 1. Legal Proceedings
Please refer to Part II - Item 1 of our June 30, 2001 Form 10-Q for a
discussion of recent developments related to our legal proceedings.
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
None.
b) Reports on Form 8-K
None.
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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 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: November 13, 2001
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