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 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 number 1-9423
GALAXY CABLEVISION, L.P.
(Exact name of Registrant as specified in its
charter)
Delaware 43-1429049
----------------- ---------------------
(state of incorporation) (IRS Employer Identification Number)
-------------------------- ------------------------------------
c/o Galaxy Cablevision Management, Inc.
1220 North Main, Sikeston, Missouri 63801
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(address of principle executive offices) (zip code)
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Registrant's telephone number, including
area code (573) 472-8200
Indicate by check mark whether the Registrant (1) has filed all reports required
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
previous 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
Number of Limited Partnership Units outstanding as of November 1,
1996 - 2,142,000
GALAXY CABLEVISION, L.P.
FORM 10-Q
FOR THE THREE AND SIX MONTHS
ENDED SEPTEMBER 30, 1996
INDEX
PAGE
PART I. Financial Information
Item 1. Financial Statements .......................................3
Notes to Financial Statements....................................5
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations ......................................................6
PART II. Other Information ..............................................7
PART I. FINANCIAL INFORMATION
ITEM 1. -- FINANCIAL STATEMENTS
GALAXY CABLEVISION, L.P.
(IN PROCESS OF LIQUIDATION-NOTES 1 & 2)
STATEMENTS OF NET ASSETS IN
PROCESS OF LIQUIDATION
September 30, 1996 December 31, 1995
------------------ -----------------
(unaudited)
CASH AND CASH EQUIVALENTS $3,334,966 $1,435,941
OTHER CURRENT ASSETS 787,092
ESCROW DEPOSITS 101,100
INVESTMENT IN AFFILIATE(Note 2) 3,800,000
NOTES RECEIVABLE Note 3) 1,747,037
---------- ----------
TOTAL ASSETS 3,334,966 7,871,170
---------- ----------
ACCRUED EXPENSES AND OTHER
LIABILITIES 94,620 75,805
DUE TO AFFILIATES-NET 71,478 77,481
RESERVE FOR ESTIMATED COSTS
DURING PERIOD OF LIQUIDATION 427,108 500,000
TOTAL LIABILITIES 593,206 653,286
---------- ----------
NET ASSETS IN PROCESS
OF LIQUIDATION $2,741,760 $7,217,884
========== ==========
See notes to financial statements.
GALAXY CABLEVISION, L.P.
(IN PROCESS OF LIQUIDATION-NOTES 1 & 2)
STATEMENT OF CHANGES IN NET ASSETS IN
PROCESS OF LIQUIDATION
(unaudited)
<TABLE>
<CAPTION>
For the three and nine months ended
September 30, September 30,
1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net Assets in Process of Liquidation,
Beginning of Period $ 2,885,113 $ 6,674,789 $ 7,217,884 $ 8,338,425
Expenses in Excess of Revenues
from Operations (969) (684,238)
Increase (Decrease) in Valuation of
Investment of Affiliate 800,000 2,093,229 1,300,000
Distributions Paid (Note 4) (6,426,000)
Reduction (Increase) in Reserve for
Estimated Costs During Period
of Liquidation (143,353) 969 (143,353) 684,238
----------- ----------- ----------- -----------
Net Assets in Process of Liquidation
End of Period $ 2,741,760 $ 7,474,789 $ 2,741,760 $ 7,474,789
=========== =========== =========== ===========
<FN>
See notes to financial statements.
</FN>
</TABLE>
GALAXY CABLEVISION, L.P.
(In Process of Liquidation - Notes 1 & 2)
NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
1. STATEMENT OF ACCOUNTING PRESENTATIONS AND OTHER INFORMATION
The attached interim financial statements are unaudited; however, in the
opinion of management, all adjustments necessary for a fair presentation of
financial position and results of operations have been made, including those
required for liquidation basis accounting. The interim financial statements are
presented in accordance with the rules and regulations of the Securities and
Exchange Commission and consequently do not include all the disclosures required
by generally accepted accounting principles. It is suggested that the
accompanying financial statements be read in conjunction with the Partnership's
Annual Report on Form 10-K for the year ended December 31, 1995.
On September 30, 1994, the Partnership adopted the liquidation basis of
accounting. The statements of net assets in process of liquidation at September
30,
1996 and December 31,
1995 and the statements of changes in net assets in process of liquidation for
the three and nine months ended September 30, 1996 and September 30, 1995 have
been prepared on a liquidation basis. Assets have been presented at net
realizable value and liabilities have been presented at settlement amounts.
2. DISTRIBUTIONS TO UNITHOLDERS AND GENERAL PARTNERS
On November 5, 1996, the Galaxy Cablevision Management, L.P. as the Managing
General Partner of the Partnership (the "Manager") approved a distribution of
$1.28 per unit to the Unitholders of record as of the close of business on
November 5, 1996. This distribution will result in a payment of $2,741,760 to
the Unitholders. This distribution will be paid during the week of the 18th of
November. This represents the final liquidating distribution to the Unitholders.
PART I. FINANCIAL INFORMATION
ITEM 2.--MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Partnership realized expenses in excess of revenues from operations during
the first nine months of 1995. Such excess expenses incurred were generally
anticipated and within amounts accrued for such purposes under accrued expenses
and other liabilities and reserve for estimated costs during period of
liquidation. An adjustment was made to increase the reserve for estimated costs
during the period of liquidation during the third quarter of 1996 in the amount
$143,353.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 1995, the Partnership had $3,334,966 in deposited primarily
in interest-bearing accounts. Cash and cash equivalents exceeded total
liabilities by $2,741,760. These remaining liabilities of the Partnership were
subsequently paid during October of 1996.
WINDING UP
Having sold all of its operating assets, the Partnership is now in the process
of dissolution and winding up. All liabilities were paid and provisions made for
conditional, contingent and unmatured claims as of November 5, 1996 and, as a
result, Manager approved the liquidation and termination of the Partnership on
November 6, 1996. All future claims , including conditional, contingent and
unmatured claims against the partnership have been assumed by Galaxy Cablevision
Management, Inc., a general partner of the Manager.
PART II. OTHER INFORMATION
Items 1 through 6
None.
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.
GALAXY CABLEVISION, L.P.
BY: GALAXY CABLEVISION MANAGEMENT, L.P.,
as Managing General Partner
BY: GALAXY CABLEVISION MANAGEMENT, INC.,
as General Partner
Date: November 13, 1996 \s\ Tommy L. Gleason
--------------------
BY: Tommy L. Gleason, Jr.
President and Director
Date: November 13, 1996 \s\ J. Keith Davidson
----------------------
BY: J. Keith Davidson
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 3334996
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 593206
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2741760
<TOTAL-LIABILITY-AND-EQUITY> 3334966
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
