<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 1996
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 No. 0-15745
AMERICAN CABLE TV INVESTORS 4, LTD.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
State of Colorado 84-1013221
------------------------------ ---------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5619 DTC Parkway
Englewood, Colorado 80111
- - ------------------------------ ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 267-5500
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,
and (2) has been subject to such filing requirements for the past
90 days. Yes X No
--- ---
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Consolidated Balance Sheets
(unaudited)
(see note 2)
<CAPTION>
September 30, December 31,
1996 1995
------------ ------------
Assets amounts in thousands
<S> <C> <C>
Cash and cash equivalents (note 4) $ 1,896 48,104
Trade and other receivables 308 842
Prepaid expenses -- 21
Property and equipment:
Land -- 210
Cable distribution systems -- 30,719
Support equipment and buildings -- 4,094
------- -------
35,023
Less accumulated depreciation -- 17,933
------- -------
-- 17,090
------- -------
Franchise costs and other intangibles -- 40,977
Less accumulated amortization -- 39,873
------- -------
-- 1,104
------- -------
Minority interest in deficit of Newport
News Cablevision, Ltd. ("Newport
News") (note 7) -- 4,206
Funds held in escrow (notes 2 and 8) 9,525 4,525
Other assets, net of accumulated
amortization -- 259
------ -------
$11,729 76,151
======= =======
</TABLE>
(continued)
I-1
<PAGE>
<TABLE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Consolidated Balance Sheets, continued
<CAPTION>
September 30, December 31,
1996 1995
----------- ------------
Liabilities and Partners' Equity amounts in thousands
<S> <C> <C>
Cash overdraft $ 403 6,446
Accounts payable -- 75
Accrued expenses:
Franchise fees -- 1,556
Sales taxes -- 1,240
Other 148 792
------- -------
148 3,588
------- -------
Subscriber advance payments and
converter deposits -- 310
Amounts due to related parties 201 4,203
(note 6)
Debt (note 5) -- 24,255
------- -------
Total liabilities 752 38,877
------- -------
Minority interest in Newport News
(note 7) 2,074 --
Partners' equity (deficit):
General partner 1,830 (150)
Limited partners 7,073 37,424
------- -------
Total partners' equity 8,903 37,274
------- -------
Commitments and contingencies (notes 6
and 8)
$11,729 76,151
======= =======
</TABLE>
See accompanying notes to consolidated financial statements.
I-2
<PAGE>
<TABLE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited)
(see note 2)
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
1996 1995 1996 1995
amounts in thousands,
except unit amounts
<S> <C> <C> <C> <C>
Revenue $ -- 7,571 -- 27,081
Operating costs and
expenses:
Programming (primarily from
related parties - note 6) -- 1,670 -- 5,831
Operating (including
allocations from related
parties - note 6) -- 694 -- 2,282
Selling, general and
administrative (including
charges from related parties
- note 6) 93 2,579 225 9,288
Depreciation and
amortization -- 2,484 -- 8,756
---- ----- ---- -----
Total operating
expenses 93 7,427 225 26,157
---- ----- ---- ------
Operating income (loss) (93) 144 (225) 924
Other income (expense):
Gain on sale of cable
television system, net of
$510,000 of costs and
expenses in 1996 related to
1995 operations (note 2) -- 29,503 99,700 29,503
Interest expense -- (544) (10) (3,064)
Interest income 325 89 749 138
Minority interest's share of
losses (earnings) of Newport
News (61) 41 (39,976) 251
----- ---- -------- -----
Net earning s $ 171 29,233 60,238 27,752
===== ====== ====== ======
Earnings per limited
partnership unit $1.07 241.16 422.08 228.94
====== ======= ====== =======
Limited partnership units
outstanding 120,005 120,005 120,005 120,005
======= ======= ======= =======
</TABLE>
See accompanying notes to consolidated financial statements.
I-3
<PAGE>
<TABLE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Consolidated Statement of Partners' Equity
Nine months ended September 30, 1996
(unaudited)
(see note 2)
<CAPTION>
General Limited
partner partners Total
------- -------- -----
amounts in thousands
<S> <C> <C> <C>
Balance at January 1, 1996 $(150) 37,424 37,274
Distribution (7,606) (81,003) (88,609)
Net earnings 9,586 50,652 60,238
------ ------ -------
Balance at September 30, 1996 $1,830 7,073 8,903
====== ====== ======
</TABLE>
See accompanying notes to consolidated financial statements.
I-4
<PAGE>
<TABLE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited)
(see note 2)
<CAPTION>
Nine months ended
September 30,
-----------------
1996 1995
------ -------
amounts in thousands
(see note 4)
Cash flows from operating activities:
<S> <C> <C>
Net earnings $ 60,238 27,752
Adjustments to reconcile net earnings to
net cash provided by (used in) operating
activities:
Depreciation and amortization -- 8,756
Gain on sale of cable television system (100,210) (29,503)
Minority interest's share of earnings
(losses) of Newport News 39,976 (251)
Management fees, expense reimbursements
and interest accrued but not paid -- 108
Changes in operating assets and liabilities,
net of effects from sale of cable
television system:
Net change in receivables, prepaid
expenses, and other assets 555 (94)
Net change in accounts payable,
accrued expenses, subscriber
advance payments and converter
deposits, and amounts due to
related parties (7,346) 4,491
-------- -------
Net cash provided by (used in)
operating activities (6,787) 11,259
------- -------
Cash flows from investing activities:
Capital expended for property and equipment (36) (1,847)
Proceeds from sale of cable television
systems,net of disposition fees paid 113,218 37,572
Other investing activities -- (150)
------- -------
Net cash provided by investing
activities 113,182 35,575
------- -------
Cash flows from financing activities:
Repayments of debt (24,255) (41,708)
Distributions to partners (88,609) --
Distribution to minority owners of
Newport News (33,696) --
Change in cash overdraft (6,043) --
--------- -------
Net cash used in financing
activities (152,603) (41,708)
--------- --------
Net increase (decrease) in cash
and cash equivalents (46,208) 5,126
Cash and cash equivalents:
Beginning of period 48,104 490
------- ------
End of period $ 1,896 5,616
========= ========
</TABLE>
See accompanying notes to consolidated financial statements.
I-5
<PAGE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
September 30, 1996
(unaudited)
(1) Basis of Consolidated Financial Statement Preparation
------------------------------------------------------
The accompanying unaudited consolidated financial statements
include the accounts of American Cable TV Investors 4, Ltd.
("ACT 4") and Newport News, a limited partnership in which
ACT 4 has a 60% ownership interest. All significant
intercompany transactions and accounts have been eliminated.
American Cable TV Investors 5, Ltd. ("ACT 5"), an affiliate,
owns the 40% minority interest in Newport News. Newport
News was formed for the purpose of acquiring, developing and
operating the cable television system located in and around
Newport News, Virginia (the "Newport News System"). ACT 4
and Newport News are collectively referred to herein as the
Partnership.
TCI Cablevision Associates, Inc. ("Cablevision") is the
managing agent of the Partnership and owns 100% of the
common stock of a general partner of the general partner of
ACT 4. Cablevision is an indirect majority-owned subsidiary
of Tele-Communications, Inc. ("TCI").
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results
could differ from those estimates.
The accompanying consolidated financial statements are
unaudited. In the opinion of management, all adjustments
(consisting only of normal recurring accruals) have been
made which are necessary to present fairly the financial
position of the Partnership as of September 30, 1996 and its
results of operations for the nine months ended September
30, 1996 and 1995. The results of operations for any
interim period are not necessarily indicative of the results
for the entire year.
These consolidated financial statements should be read in
conjunction with the consolidated financial statements and
related notes thereto included in ACT 4's December 31, 1995
Annual Report on Form 10-K.
(2) Sales Transactions
------------------
During 1995, ACT 4 sold all of its wholly-owned cable
television systems (the "Wholly-Owned Systems") in three
separate sales transactions (the "Wholly-Owned Sales"). In
addition, on January 1, 1996 the Newport News System was
sold (the "Newport News Sale" and together with the Wholly-
Owned Sales, the "Sales Transactions"). As a result of the
Sales Transactions, the Partnership is no longer engaged in
the cable television business and is currently seeking to
make a final determination of its liabilities so that
liquidating distributions can be made in connection with its
dissolution.
(continued)
I-6
<PAGE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
In one transaction, ACT 4 sold its cable television system
located in and around Colton, California (the "Colton
System") on July 3, 1995 to an indirect subsidiary of TCI
for cash proceeds of $10,216,000.
In a second transaction, ACT 4 sold its cable television
system located in and around North and South Kona and North
and South Kohala, Hawaii (the "Kona System") on July 3, 1995
to Time Warner Cable Ventures, a Division of Time Warner
Entertainment Company L.P. ("Time Warner") for cash proceeds
of $31,119,000, of which $2,500,000 was placed in escrow
(the "Kona Escrow"). The Kona Escrow was subject to any
indemnifiable claims by Time Warner through July 2, 1996.
Subsequent to September 30, 1996, the Kona Escrow, exclusive
of $108,000 paid to Time Warner in connection with a claim
for indemnification, was released to ACT 4. The amount due
Time Warner for such claim has been included in "Other
accrued expenses" in the accompanying consolidated balance
sheets. Such amount was charged to operations prior to 1996.
ACT 4 also received interest of $147,000 in conjunction with
the release of the Kona Escrow.
In a third transaction, ACT 4 sold its cable television
system located in and around Chino, California on December
1, 1995 to Citizens Century Cable Television Venture
("Citizens-Century"), an unaffiliated third party, for cash
proceeds of $40,585,000 (the "Chino Sale"). Pursuant to the
terms of the sale agreement, $2,025,000 of the sales price
was placed in escrow (the "Chino Escrow") and was subject to
any indemnifiable claims made by Citizens-Century through
May 29, 1996. In May 1996, Citizens-Century filed a claim
for a breach of warranty in connection with the Chino Sale.
Citizens-Century has not submitted to ACT 4 an estimate of
the cost associated with such claim. The claim for
indemnification has had and will continue to have the effect
of delaying the release of funds from the Chino Escrow. In
addition, any successful indemnification claim will have the
effect of reducing the amount of the Chino Escrow ultimately
released to ACT 4. See note 8.
In a fourth transaction, the Newport News System was sold on
January 1, 1996 to Cox Communications Rhode Island, Inc.
("Cox"), an unaffiliated third party, for cash proceeds of
$121,886,000 (the "Newport News Sale"). Pursuant to the
terms of the sale agreement, $5,000,000 of the sales price
was placed in escrow (the "Newport News Escrow") and was
subject to any indemnifiable claims made by Cox through
September 27, 1996. Subsequent to September 30, 1996, the
Newport News Escrow plus accrued interest of $170,000 was
released to Newport News. ACT 4 has a 60% ownership
interest in Newport News. Accordingly, ACT 4 received
$50,544,000 of the net cash proceeds (after satisfaction of
transaction costs and Newport News' liabilities and
exclusive of Newport News' Escrow) from the Newport News
Sale in January 1996 and received 60% of the Newport News
Escrow and accrued interest subsequent to September 30,
1996.
The gain on the Newport News Sale has been reduced by
$510,000 to reflect certain of Newport News' operating costs
and expenses which were incurred in 1995 but which were
reflected in the 1996 financial records of Newport News.
(continued)
I-7
<PAGE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
All of the Sales Transactions were approved by the limited
partners at a special meeting that occurred on June 20,
1995.
In connection with the Wholly-Owned Sales, ACT 4 used most
of the cash proceeds to (i) pay disposition fees of
$2,454,000 ($1,840,500 to Cablevision and $613,500 to
Presidio Cable IV Corp. ("PCC"), a subsidiary of Presidio
Capital Corp.) and (ii) repay debt and related accrued
interest of $35,150,000. In connection with the Newport
News Sale, Newport News used most of the cash proceeds to
(i) pay a disposition fee of $3,668,000 ($2,751,000 to
Cablevision and $917,000 to PCC), (ii) repay debt and
related accrued interest of $24,306,000 and (iii) make
initial cash distributions to ACT 4 and ACT 5 of $50,544,000
and $33,696,000, respectively. ACT 4 then made initial
distributions in January 1996 to its general and limited
partners of $7,606,000 ($6,085,000 to Cablevision and
$1,521,000 to PCC) and $81,003,000 ($675 per limited
partnership unit), respectively.
The allocation of distributions to the general and limited
partners of ACT 4 is based upon percentages set forth in ACT
4's limited partnership agreement and, therefore, such
allocation is not directly affected by the general and
limited partners' respective financial statement capital
account balances (which balances include the original
capital contributions of each class of partners and the
allocation of ACT 4's inception-to-date net earnings).
Accordingly, the amounts ultimately distributed to the ACT 4
partners will not correspond to the respective financial
statement capital account balances of the general and
limited partners. However, due to differences in the
financial statement and federal income tax treatment of the
allocation of the gain recognized in connection with the
Sales Transactions, the amounts ultimately distributed to
the ACT 4 partners will correspond to their respective
capital account balances, as reported for federal income tax
purposes. There is no assurance as to the timing or amount
of ACT 4's final cash distributions.
(3) Allocation of Net Earnings and Net Losses
-----------------------------------------
Pursuant to ACT 4's limited partnership agreement, net
earnings and net losses of ACT 4 are to be allocated 1% to
the general partners and 99% to the limited partners until
the limited partners have received cumulative distributions
equal to their original capital contributions ("Payback").
After the limited partners have received distributions equal
to Payback, the allocations of net earnings and net losses
shall be 25% to the general partners and 75% to the limited
partners.
Earnings per limited partnership unit is calculated by
dividing the net earnings attributable to the limited
partners by the number of limited partnership units
outstanding during the period. ACT 4's January 1996
distributions, which were funded with proceeds from the
Sales Transactions, allowed limited partners to achieve
Payback. As such, Payback was deemed to have occurred in
connection with the consummation of the Newport News Sale.
Accordingly, the limited partners' share of earnings for the
nine months ended September 30, 1996 includes $22,578,000
allocated prior to achieving Payback and $28,074,000
allocated after achieving Payback.
(continued)
I-8
<PAGE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(4) Supplemental Disclosure of Cash Flow Information
-------------------------------------------------
The Partnership considers investments with initial
maturities of six months or less to be cash equivalents. At
September 30, 1996, $1,896,000 of the Partnership's cash and
cash equivalents was invested in money market funds.
Cash paid by the Partnership for interest was $62,000 and
$2,764,000 during the nine months ended September 30, 1996
and 1995, respectively.
(5) Debt
September 30, December 31,
1996 1995
------------ ------------
amounts in thousands
Newport News Bank Credit Facility(a) $ -- 23,400
Subordinated promissory note
payable to Cablevision (b) -- 855
------ ------
$ -- 24,255
====== ======
(a) The Newport News Bank Credit Facility was repaid
in full in January 1996 with proceeds from the Newport
News Sale. See note 2.
(b) Interest accrued at 13.55% per annum on the
subordinated notes. Accrued interest amounted to
$216,000 at December 31, 1995 and was included with the
subordinated notes. At December 31, 1995, all of the
amounts due under the subordinated notes related to
Newport News. In January 1996 the Partnership used
proceeds from the Newport News Sale to repay amounts
due under the subordinated notes. See notes 2 and 6.
(6) Transactions with Related Parties
---------------------------------
The Partnership purchased programming services from
affiliates of TCI. The charges, which approximated such TCI
affiliates' cost and were based upon the number of
subscribers served by the Partnership, aggregated $5,236,000
during the nine months ended September 30, 1995.
The Partnership has a management agreement with Cablevision,
whereby Cablevision is responsible for performing all
services necessary for the management of the Partnership's
cable television systems. As compensation for these
services, the Partnership pays a management fee equal to 6%
(approximately 5-1/2% to Cablevision and 1/2% to PCC) of the
Partnership's gross revenue, as defined in the management
agreement. Such fees aggregated $1,659,000 for the nine
months ended September 30, 1995.
(continued)
I-9
<PAGE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
The Partnership also reimburses Cablevision for direct out-
of-pocket and indirect expenses allocable to the Partnership
and for certain personnel employed on a full- or part-time
basis to perform accounting, marketing, technical or other
services. Such reimbursements amounted to $27,000 and
$500,000 for the nine months ended September 30, 1996 and
1995, respectively.
The Colton System shared office facilities, personnel and
certain distribution assets with certain affiliated cable
television systems. As a result, certain of the Colton
System's operating and administrative salaries and expenses
were allocated based upon the Colton System's estimated
utilization of such office facilities and personnel. ACT 4
sold the Colton System to an indirect subsidiary of TCI on
July 3, 1995. See note 2.
Cablevision and PCC had agreed to defer payment of certain
management fees and expense reimbursements owed to them by
the Partnership, which were in excess of the payment amount
allowed by the terms of the Partnership's bank credit
facilities. In addition, Cablevision made advances to the
Partnership. Such deferred amounts and advances were
evidenced by subordinated notes payable to Cablevision. See
note 5. Total interest charged by Cablevision for the nine
months ended September 30, 1995 was $366,000.
The Partnership was obligated to pay a disposition fee equal
to 3% (2-1/4% to Cablevision and 3/4% to PCC) of the gross
proceeds from the sale of any of its cable systems. Such
fee was due and payable at the time the cable system was
sold if the consideration received was greater than its
adjusted cost, as defined in ACT 4's limited partnership
agreement. The Partnership paid disposition fees of
$3,668,000 and $1,239,000 during the nine months ended
September 30, 1996 and 1995, respectively, in connection
with certain of the Sales Transactions. See note 2.
Amounts due to related parties, which represent non-interest-
bearing payables to TCI and its affiliates, consist of the
net effect of cash advances and certain intercompany expense
allocations.
(7) Minority Interest
-----------------
Through December 31, 1995, ACT 4 allocated to ACT 5 losses
of Newport News in excess of ACT 5's investment in Newport
News. At December 31, 1995, aggregate excess losses of
$4,206,000 were reflected as an asset in the accompanying
consolidated balance sheets. The gain allocated to ACT 5
upon the consummation of the Newport News Sale was more than
sufficient to offset such excess losses. See note 2.
(continued)
I-10
<PAGE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(8) Contingencies
--------------
In May 1996, Citizens-Century filed a claim for a breach of
warranty in connection with the Chino Sale. Citizens-
Century has not submitted to ACT 4 an estimate of the cost
associated with such claim. The claim for indemnification
has had and will continue to have the effect of delaying the
release of funds from the Chino Escrow. In addition, any
successful indemnification claim will have the effect of
reducing the amount of the Chino Escrow ultimately released
to ACT 4. See note 2.
I-11
<PAGE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Management's Discussion and Analysis of
- - ---------------------------------------
Financial Condition and Results of Operations
--------------------------------------------
The following discussion should be read in conjunction with
the accompanying consolidated statements and ACT 4's December 31,
1995 Annual Report on Form 10-K.
General
-------
Sales Transactions. During 1995, ACT 4 sold the Wholly-
Owned Systems in three separate sales transactions. In addition,
on January 1, 1996 the Newport News System was sold. As a result
of the Sales Transactions, the Partnership is no longer engaged
in the cable television business and is currently seeking to make
a final determination of its liabilities so that liquidating
distributions can be made in connection with its dissolution.
For additional information, see note 2 to the accompanying
consolidated financial statements.
Material Changes in Results of Operations
-----------------------------------------
As a result of the Sales Transactions, the Partnership is no
longer engaged in the cable television business and is currently
seeking to make a final determination of its liabilities so that
liquidating distributions can be made in connection with its
dissolution. Accordingly, the Partnership's results of
operations for the nine months ended September 30, 1996 are
primarily comprised of selling, general and administrative
("SG&A") expenses, the gain from the Newport News Sale, interest
income and the minority interest's share of Newport News' net
earnings. The Partnership's SG&A expenses are comprised
primarily of costs associated with the administration of the
Partnership. The gain from the Newport News Sale has been reduced
by $510,000 to reflect certain of Newport News' operating costs
and expenses which were incurred in 1995 but which were reflected
in the 1996 financial records of Newport News. See note 2 to the
accompanying consolidated financial statements.
Interest income increased $236,000 and $611,000 during the
three and nine month periods ended September 30, 1996,respectively,
as compared to the corresponding prior year periods. Such increases
are due to (i) an increase in the average balance of the
Partnership's cash and cash equivalents and (ii) interest earned
on the Newport News Escrow and the Kona Escrow.
Material Changes in Financial Condition
--------------------------------------
ACT 4 anticipates that it will make liquidating
distributions in connection with its dissolution as soon as
possible following the final determination and satisfaction of
the Partnership's liabilities, but not prior to the release of
funds from the Chino Escrow. In May 1996, Citizens-Century filed
a claim for a breach of warranty in connection with the Chino
Sale. Citizens-Century has not submitted to ACT 4 an estimate of
the cost associated with such claim. The claim for
indemnification has had and will continue to have the effect of
delaying the release of funds from the Chino Escrow. In
addition, any successful indemnification claim will have the
effect of reducing the amount of the Chino Escrow ultimately
released to ACT 4.
(continued)
I-12
<PAGE>
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
Material Changes in Financial Condition
---------------------------------------
During the nine months ended September 30, 1996, the
Partnership used cash proceeds received in connection with the
Sales Transactions to make distributions to its partners and to
fund other financing and operating activities. See the
Partnership's consolidated statements of cash flows included
within the accompanying consolidated financial statements.
I-13
AMERICAN CABEL TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
AND SUBSIDIARIES
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 filed during the quarter ended
September 30, 1996 - none
II-1
<PAGE>
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.
AMERICAN CABLE TV INVESTORS 4, LTD.
(A Colorado Limited Partnership)
By: IR-TCI PARTNERS IV, L.P.,
Its General Partner
By: TCI VENTURES FOUR, INC.,
A General Partner
Date: November 13, 1996 By: /s/ Gary K. Bracken
Gary K. Bracken
Vice President and Controller
(Principal Accounting Officer)
II-2
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 1,896
<SECURITIES> 0
<RECEIVABLES> 308
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 11,729
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 8,903
<TOTAL-LIABILITY-AND-EQUITY> 11,729
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10
<INCOME-PRETAX> 60,238
<INCOME-TAX> 0
<INCOME-CONTINUING> 60,238
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 60,238
<EPS-PRIMARY> 422.08
<EPS-DILUTED> 0<F1>
<FN>
<F1>(EPS-Primary) Amount represents net earnings per limited partner.
</FN>
</TABLE>
