<PAGE> 1
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, 1995.
--------------
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 0-15378
CABLE TV FUND 14-A, LTD.
- - ------------------------------------------------------------------------------
Exact name of registrant as specified in charter
Colorado #84-1024657
- - ------------------------------------------------------------------------------
State of organization I.R.S. employer I.D.#
9697 East Mineral Avenue, P.O. Box 3309, Englewood, Colorado 80155-3309
------------------------------------------------------------------------
Address of principal executive office
(303) 792-3111
------------------------------------
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
----- ------
<PAGE> 2
CABLE TV FUND 14-A, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
ASSETS 1995 1994
------ ---------------- -------------
<S> <C> <C>
CASH $ 347,838 $ 426,979
TRADE RECEIVABLES, less allowance for doubtful receivables of
$93,985 and $74,176 at March 31, 1995 and December 31, 1994,
respectively 929,228 1,070,581
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 118,709,833 117,434,221
Less- accumulated depreciation (59,775,331) (57,090,363)
----------- -----------
58,934,502 60,343,858
Franchise costs, net of accumulated amortization of $23,167,554
and $22,417,029 at March 31, 1995 and December 31, 1994,
respectively 10,971,108 11,721,633
Subscriber lists, net of accumulated amortization of $8,538,823
and $8,390,402 at March 31, 1995 and December 31, 1994,
respectively 1,117,527 1,265,948
Costs in excess of interests in net assets purchased, net of
accumulated amortization of $805,511 and $776,420 at
March 31, 1995 and December 31, 1994, respectively 5,987,747 6,016,838
Investment in cable television joint venture 5,698,579 5,883,075
----------- -----------
Total investment in cable television properties 82,709,463 85,231,352
DEPOSITS, PREPAID EXPENSES AND DEFERRED CHARGES 843,351 827,434
----------- -----------
Total assets $ 84,829,880 $ 87,556,346
=========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
2
<PAGE> 3
CABLE TV FUND 14-A, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, December 31,
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) 1995 1994
------------------------------------------- ---------------- --------------
<S> <C> <C>
LIABILITIES:
Debt $ 78,960,237 $ 77,425,047
Accounts payable-
Trade 17,146 165,894
General Partner - 706,579
Accrued liabilities 1,518,050 2,238,657
Subscriber prepayments 131,667 104,845
------------ -----------
Total liabilities 80,627,100 80,641,022
----------- -----------
PARTNERS' CAPITAL (DEFICIT):
General Partner-
Contributed capital 1,000 1,000
Accumulated deficit (645,203) (618,078)
----------- -----------
(644,203) (617,078)
----------- -----------
Limited Partners-
Net contributed capital (160,000 units outstanding at
March 31, 1995 and December 31, 1994) 68,722,000 68,722,000
Accumulated deficit (63,875,017) (61,189,598)
----------- -----------
4,846,983 7,532,402
----------- -----------
Total liabilities and partners' capital (deficit) $ 84,829,880 $ 87,556,346
=========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
3
<PAGE> 4
CABLE TV FUND 14-A, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
--------------------------------
1995 1994
---------------- -------------
<S> <C> <C>
REVENUES $10,518,379 $ 9,718,761
COSTS AND EXPENSES:
Operating expenses 6,528,527 5,905,876
Management fees and allocated overhead from General Partner 1,334,350 1,250,717
Depreciation and amortization 3,650,089 3,792,547
---------- ----------
OPERATING LOSS (994,587) (1,230,379)
---------- ----------
OTHER INCOME (EXPENSE):
Interest expense (1,532,604) (876,557)
Other, net (857) (13,686)
---------- ----------
Total other income (expense) (1,533,461) (890,243)
---------- ----------
LOSS BEFORE EQUITY IN NET LOSS OF CABLE TELEVISION
JOINT VENTURE (2,528,048) (2,120,622)
EQUITY IN NET LOSS OF CABLE TELEVISION JOINT VENTURE (184,496) (306,721)
---------- ----------
NET LOSS $(2,712,544) $(2,427,343)
========== ==========
ALLOCATION OF NET LOSS:
General Partner $ (27,125) $ (24,273)
========== ==========
Limited Partners $(2,685,419) $(2,403,070)
========== ==========
NET LOSS PER LIMITED PARTNERSHIP UNIT $ (16.78) $ (15.02)
========== ==========
WEIGHTED AVERAGE NUMBER OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 160,000 160,000
========== ==========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
4
<PAGE> 5
CABLE TV FUND 14-A, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
-----------------------------------
1995 1994
---------------- ----------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (2,712,544) $(2,427,343)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:
Depreciation and amortization 3,613,006 3,783,797
Amortization of capitalized loan fees 37,083 8,750
Equity in net loss of cable television joint venture 184,496 306,721
Amortization of interest rate protection contract 4,167 4,167
Increase (decrease) in advances from General Partner (706,579) 945,147
Decrease in trade receivables 141,353 181,940
Increase in deposits, prepaid expenses and deferred charges (57,168) (83,243)
Decrease in trade accounts payable, accrued liabilities and
subscriber prepayments (842,533) (493,158)
----------- ----------
Net cash provided by (used in) operating activities (338,719) 2,226,778
----------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (1,275,612) (1,129,611)
----------- ----------
Net cash used in investing activities (1,275,612) (1,129,611)
----------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings 1,600,000 19,524
Repayment of debt (64,810) (1,362,855)
----------- ----------
Net cash provided by (used in) financing activities 1,535,190 (1,343,331)
----------- ----------
Decrease in cash (79,141) (246,164)
Cash, beginning of period 426,979 476,782
----------- ----------
Cash, end of period $ 347,838 $ 230,618
=========== ==========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 1,435,149 $ 908,202
=========== ==========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
5
<PAGE> 6
CABLE TV FUND 14-A, LTD.
(A Limited Partnership)
NOTES TO UNAUDITED FINANCIAL STATEMENTS
(1) This Form 10-Q is being filed in conformity with the SEC requirements
for unaudited financial statements and does not contain all of the necessary
footnote disclosures required for a fair presentation of the Balance Sheets and
Statements of Operations and Cash Flows in conformity with generally accepted
accounting principles. However, in the opinion of management, this data
includes all adjustments, consisting only of normal recurring accruals,
necessary to present fairly the financial position of Cable TV Fund 14-A, Ltd.
(the "Partnership") at March 31, 1995 and December 31, 1994 and its Statements
of Operations and Cash Flows for the three month periods ended March 31, 1995
and 1994. Results of operations for these periods are not necessarily
indicative of results to be expected for the full year.
The Partnership owns and operates the cable television systems
serving the areas in and around Turnersville, New Jersey; Buffalo, Minnesota;
Naperville, Illinois; Calvert County, Maryland; and certain communities in
Central Illinois. In addition, the Partnership owns an approximate 27 percent
interest in Cable TV Fund 14-A/B Venture (the "Venture"). The Venture owns and
operates the cable television system serving certain areas in Broward County,
Florida (the "Broward County System").
(2) Jones Intercable, Inc., a publicly held Colorado corporation (the
"General Partner"), manages the Partnership and receives a fee for its services
equal to 5 percent of the gross revenues of the Partnership, excluding revenues
from the sale of cable television systems or franchises. Management fees for
the three month periods ended March 31, 1995 and 1994 (excluding the
Partnership's interest in the Venture) were $525,919 and $485,938,
respectively.
The Partnership reimburses the General Partner for certain allocated
overhead and administrative expenses. These expenses represent the salaries
and benefits paid to corporate personnel, rent, data processing and other
corporate facilities costs. Such personnel provide engineering, marketing,
administrative, accounting, legal and investor relations services to the
Partnership. Allocations of personnel costs are based primarily on actual time
spent by employees of the General Partner with respect to each partnership
managed. Remaining overhead costs are allocated based on revenues of the
Partnership as a percentage of total revenues of owned and managed cable
television systems of the General Partner. Systems owned by the General
Partner and all other systems owned by partnerships for which Jones Intercable,
Inc. is the general partner are also allocated a proportionate share of these
expenses. The General Partner believes that the methodology used in allocating
overhead and administrative expenses is reasonable. Reimbursements made to the
General Partner by the Partnership for allocated overhead and administrative
expenses for the three month periods ended March 31, 1995 and 1994 (excluding
the Partnership's interest in the Venture) were $808,431 and $764,779,
respectively.
(3) Certain prior year amounts have been reclassified to conform to the
1995 presentation.
6
<PAGE> 7
(4) Financial information regarding the Venture is presented below.
<TABLE>
<CAPTION>
UNAUDITED BALANCE SHEETS
------------------------
March 31, 1995 December 31, 1994
-------------- -----------------
<S> <C> <C>
ASSETS
------
Cash and accounts receivable $ 1,175,553 $ 856,159
Investment in cable television properties 64,236,535 65,314,914
Other assets 428,906 426,387
------------- -----------
Total assets $ 65,840,994 $ 66,597,460
============= ===========
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
Debt $ 41,668,635 $ 42,271,921
Payables and accrued liabilities 2,789,312 2,261,576
Partner's contributed capital 70,000,000 70,000,000
Accumulated deficit (48,616,953) (47,936,037)
------------- -----------
Total liabilities and partners' capital $ 65,840,994 $ 66,597,460
============= ===========
</TABLE>
UNAUDITED STATEMENTS OF OPERATIONS
----------------------------------
<TABLE>
<CAPTION>
For the Three Months Ended
March 31,
----------------------------------------
1995 1994
------------------ -----------------
<S> <C> <C>
Revenues $ 5,925,887 $ 5,495,740
Operating expenses (3,270,576) (3,060,413)
Management fees and allocated overhead to General Partner (738,585) (688,291)
Depreciation and amortization (1,746,181) (2,315,450)
------------ ----------
Operating income (loss) 170,545 (568,414)
Interest expense (852,720) (564,820)
Other, net 1,259 1,423
------------ ----------
Net loss $ (680,916) $(1,131,811)
============ ==========
</TABLE>
7
<PAGE> 8
Management fees and reimbursements for overhead and
administrative expenses paid to Jones Intercable, Inc. by the Venture totaled
$296,294 and $442,291, respectively, for the three month period ended March 31,
1995, and $274,787 and $413,504, respectively, for the three month period ended
March 31, 1994. Management fees and reimbursements paid by the Venture and
attributable to the Partnership totaled $80,226 and $119,817, respectively, for
the three months ended March 31, 1995, and $74,467 and $112,059, respectively,
for the three months ended March 31, 1994.
8
<PAGE> 9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Partnership-
Capital expenditures totaled approximately $1,276,000 during the
first three months of 1995. Approximately 32 percent of the expenditures
related to new plant construction in all of the Partnership's systems.
Approximately 31 percent of the expenditures related to construction of service
drops to subscribers' homes. The remainder of the expenditures was for various
enhancements in all of the Partnership's systems. These expenditures were
funded by cash generated from operations. Capital expenditures for the
remainder of 1995 are approximately $8,333,000. Approximately 42 percent of
the expenditures is for new plant construction. Approximately 21 percent is
for construction of service drops to subscribers' homes. Funding for
improvements is expected to come from cash on hand, cash generated from
operations and borrowings under the Partnership's revolving credit facility.
During July 1994, the Partnership entered into an $80,000,000
revolving credit facility. The revolving credit facility converts to a term
loan on September 30, 1996, at which time the then-outstanding balance is
payable in quarterly installments through March 31, 2002. At March 31, 1995,
$78,500,000 was outstanding under this agreement, leaving $1,500,000 available
for future needs of the Partnership. Interest on the outstanding principal
balance is at the Partnership's option of Prime plus 1/4 percent or a fixed
rate defined as the CD rate plus 1-3/8 percent or the London Interbank Offered
Rate plus 1-1/4 percent. A fee of 3/8 of one percent per annum on the unused
portion of the new commitment is also paid. The effective interest rates on
amounts outstanding as of March 31, 1995 and 1994 were 7.49 percent and 4.64
percent, respectively.
On January 12, 1993, the Partnership entered into an interest rate
cap agreement covering outstanding debt obligations of $5,000,000. The
Partnership paid a fee of $50,000. The agreement protects the Partnership from
LIBOR interest rates that exceed 7 percent for three years from the date of the
agreement. The fee is being charged to interest expense over the life of the
agreement using the straight-line method.
In addition to those systems owned exclusively by the Partnership,
Cable TV Fund 14-A owns an interest of approximately 27 percent in Cable TV
Fund 14-A/B Venture (the "Venture"). The Partnership's investment in this
cable television joint venture, accounted for under the equity method,
decreased by $184,496 compared to the December 31, 1994 balance. This decrease
represents the Partnership's proportionate share of losses generated by the
Venture for the first three months of 1995. These losses are anticipated to
continue.
The Venture-
For the three months ended March 31, 1995, the Venture generated net
cash from operating activities totaling $970,103, which is available to fund
capital expenditures and non-operating costs. During the first three months of
1995, capital expenditures in the Venture-owned Broward County System totaled
approximately $655,000. Approximately 41 percent of these expenditures related
to new plant construction. Approximately 33 percent of these expenditures
related to service drops to homes. Rebuild of the cable plant accounted for
approximately 18 percent of these expenditures. The remainder of the
expenditures was for various enhancements in the Broward County System. Such
expenditures were funded primarily from cash generated from operations.
Anticipated capital expenditures for the remainder of 1995 are approximately
$2,552,000. Approximately 33 percent will relate to new plant construction.
Approximately 31 percent will relate to service drops to homes. Approximately
17 percent will relate to plant rebuilds in the Broward County System. The
remainder of the anticipated expenditures is for various enhancements in the
Broward County System. These capital expenditures are expected to be funded
from cash on hand and cash generated from operations.
On December 31, 1992, the then-outstanding balance of $46,800,000 on
the Venture's revolving credit facility converted to a term loan. The balance
outstanding on the term loan at March 31, 1995 was $41,535,468. The term loan
is payable in quarterly installments which began March 31, 1993 and is payable
in full by December 31, 1999. In June 1994, the General Partner completed
negotiations to lower the level of principal payments in order to provide
liquidity for capital expenditures. Installments paid during the first quarter
of 1995 totalled $585,000. Installments due during the remainder of 1995 total
$1,755,000. Funding for these installments is expected to come from cash on
hand and cash generated from
9
<PAGE> 10
operations. Interest is at the Venture's option of Prime plus 1/2 percent,
LIBOR plus 1-1/2 percent or CD rate plus 1-5/8 percent. The effective interest
rates on amounts outstanding as of March 31, 1995 and 1994 were 7.63 percent
and 5.04 percent, respectively.
In January 1993, the Venture entered into an interest rate cap
agreement covering outstanding debt obligations of $25,000,000. The Venture
paid a fee of $246,250. The agreement protects the Venture from LIBOR interest
rates that exceeded 7 percent for three years from the date of the agreement.
The General Partner believes that the Venture has sufficient sources
of capital to service its presently anticipated needs from cash on hand and
cash generated from operations.
Regulation and Legislation
Congress enacted the Cable Television Consumer Protection and
Competition Act of 1992 (the "1992 Cable Act"), which became effective on
December 4, 1992. This legislation has caused significant changes to the
regulatory environment in which the cable television industry operates. The
1992 Cable Act generally imposes a greater degree of regulation on the cable
television industry. Under the 1992 Cable Act's definition of effective
competition, nearly all cable systems in the United States, including those
owned by the Partnership and Venture, are subject to rate regulation of basic
cable services. In addition, the 1992 Cable Act allows the FCC to regulate
rates for non-basic service tiers other than premium services in response to
complaints filed by franchising authorities and/or cable subscribers. In April
1993, the FCC adopted regulations governing rates for basic and non-basic
services. The FCC's rules became effective on September 1, 1993. In
compliance with these rules, the Partnership and Venture reduced rates charged
for certain regulated services effective September 1, 1993.
On February 22, 1994, however, the FCC adopted several additional
rate orders including orders which revised its earlier-announced regulatory
scheme with respect to rates and established interim cost-of-service
regulations. The FCC's February 22, 1994 regulations will generally require
rate reductions, absent a successful cost-of-service showing, of 17 percent of
September 30, 1992 rates, adjusted for inflation, channel modifications,
equipment costs, and increases in programming costs. The new regulations
became effective on May 15, 1994, but operators could elect to defer rate
reductions to July 14, 1994, so long as they made no changes in their rates and
did not restructure service offerings between May 15 and July 14.
The Partnership has filed cost-of-service showings for the Buffalo,
Minnesota; Naperville, Illinois; and Calvert County, Maryland systems and thus
anticipates no further reductions in rates in these systems. The
cost-of-service showings have not yet received final approvals from franchising
authorities, however, and there can be no assurance that the Partnership's
cost-of-service showings will prevent further rate reductions in such systems
until such final approvals are received. The Partnership complied with the
February 1994 benchmark regulations and further reduced rates in the
Turnersville, New Jersey and Central Illinois systems effective July 1994.
The Venture complied with the February 1994 benchmark regulations and
further reduced rates in the Broward County System effective July 1994.
RESULTS OF OPERATIONS
The Partnership --
Revenues of the Partnership increased $799,618, or approximately 8
percent, from $9,718,761 for the first quarter of 1994 to $10,518,379 for the
first quarter of 1995. An increase in the subscriber base accounted for
approximately 58 percent of the increase and an increase in advertising sales
revenue accounted for approximately 23 percent of the increase in revenues.
The number of basic subscribers increased 7,616, or approximately 8 percent,
from 92,489 at March 31, 1994 to 100,105 at March 31, 1995. Premium service
subscriptions increased 5,379, or approximately 6 percent, from 84,196 at March
31, 1994 to 89,575 at March 31, 1995. The increase in revenues would have been
greater but for the reductions in basic rates in the Turnersville, New Jersey
and Central Illinois systems due to basic rate regulations issued by the FCC in
February 1994 with which the Partnership complied effective July 1994. No
other individual factor was significant to the increases in revenues.
Operating expenses consist primarily of costs associated with the
administration of the Partnership's cable television systems. The principal
cost components are salaries paid to system personnel, programming expenses,
10
<PAGE> 11
professional fees, subscriber billing costs, rent for leased facilities, cable
system maintenance expenses and consumer marketing expenses.
Operating expenses increased $622,651, or approximately 11 percent,
from $5,905,876 in 1994 to $6,528,527 in 1995. Operating expenses represented
61 percent of revenue in 1994 compared to 62 percent in 1995. Increases in
programming fees, personnel related costs and advertising sales costs primarily
accounted for the increase in operating expenses. This increase was due, in
part, to the increase in the subscriber base and the increase in advertising
sales revenue. No other individual factor was significant to the increase in
operating expenses. Management fees and allocated overhead from the General
Partner increased $83,633, or approximately 7 percent, from $1,250,717 for the
three month period ended 1994 to $1,334,350 for the three month period ended
1995. The increase is due to the increase in revenues, upon which such
management fees and allocated overhead are based, and increases in allocated
expenses from the General Partner. The General Partner has experienced
increases in expenses, including personnel costs, a portion of which is
allocated to the Venture. Depreciation and amortization expense decreased
$142,458, or approximately 4 percent, from $3,792,547 for the three month
period ended 1994 to $3,650,089 for the three month period ended 1995 primarily
due to the maturation of a portion of the intangible asset base.
Operating loss decreased $235,792, or approximately 19 percent, from
$1,230,379 for the three month period ended 1994 to $994,587 for the three
month period ended 1995 due primarily to the increase in revenues and the
decrease in depreciation and amortization expense. Operating income before
depreciation and amortization increased $93,334, or approximately 4 percent,
from $2,562,168 for the three months ended March 31, 1994 to $2,655,502 for the
similar period in 1995. This decrease is due to the increase in revenues
exceeding the increases in operating expenses and management fees and allocated
overhead from the General Partner.
Interest expense increased $656,047, or approximately 75 percent,
from $876,557 in 1994 to $1,532,604 in 1995 due primarily to higher outstanding
balances on interest bearing obligations and higher effective interest rates.
Loss before equity in net loss of cable television joint venture increased
$407,426, or approximately 19 percent, from $2,120,622 in 1994 to $2,528,048 in
1995 due primarily to the increase in interest expense.
In addition to the systems owned exclusively by the Partnership,
Cable TV Fund 14-A owns an approximate 27 percent interest in the Venture.
The Venture-
The Venture's revenues increased $430,147, or approximately 8 percent,
from $5,495,740 for the three months ended March 31, 1994 to $5,925,887 in the
first quarter of 1995. The increase in revenues was due to increases in the
number of basic subscribers and premium subscriptions, home shopping revenues,
and premium service revenues. Basic subscribers increased approximately 5
percent from 46,611 at March 31, 1994 to 48,876 at March 31, 1995. Premium
subscriptions increased approximately 9 percent from 39,157 at March 31, 1994
to 42,657 at March 31, 1995. The increase in revenues would have been greater
but for reductions in basic rates due to basic rate regulations issued by the
FCC in February 1994 with which the Venture complied effective July 1994. No
other individual factor was significant to the increase in revenues.
Operating expenses consist primarily of costs associated with the
administration of the Venture's cable television systems. The principal cost
components are salaries paid to system personnel, programming expenses,
professional fees, subscriber billing costs, rent for leased facilities, cable
system maintenance expenses and consumer marketing expenses.
Operating expenses increased $210,163, or approximately 7 percent,
from $3,060,413 at March 31, 1994 to $3,270,576 at March 31, 1995. Operating
expenses represented 56 percent of revenue for the first quarter of 1994
compared to 55 percent for the similar period in 1995. The increase in
operating expenses was due primarily to increases in programming fees and
personnel related expenses. No other individual factor was significant to the
increase in operating expenses. Management fees and allocated overhead from
the General Partner increased $50,294, or approximately 7 percent, from
$688,291 at March 31, 1994 to $738,585 at March 31, 1995 due to the increase in
revenues, upon which such fees and allocations are based, and an increase in
allocated expenses from the General Partner. The General Partner has
experienced increases in expenses, including personnel costs, a portion of
which is allocated to the Venture. Depreciation and amortization expense
decreased $569,269, or approximately 25 percent, from $2,315,450 at March 31,
1994 to $1,746,181 for the three months ended March 31, 1995. This decrease
was due to the maturation of the Venture's intangible asset base.
11
<PAGE> 12
The Venture recorded operating income of $170,545 for the first three
months of 1995, compared to an operating loss of $568,414 in 1994, primarily
due to the decrease in depreciation and amortization expense. Operating income
before depreciation and amortization increased $169,690, or approximately 10
percent, from $1,747,036 for the three months ended March 31, 1994 to
$1,916,726 for the similar period in 1995. This increase was due to the
increase in revenues exceeding the increases in operating expenses and
management fees and allocated overhead from the General Partner.
Interest expense increased $287,900, or approximately 51 percent, from
$564,820 at March 31, 1994 to $852,720 at March 31, 1995 due to higher
effective interest rates on interest bearing obligations. Net loss of the
Venture decreased $450,895, or approximately 40 percent, from $1,131,811 at
March 31, 1994 to $680,916 at March 31, 1995. This decrease was primarily
attributed to the decrease in depreciation and amortization expense. These
losses are the result of the factors discussed above and are expected to
continue in the future.
12
<PAGE> 13
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
None
13
<PAGE> 14
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 14-A, LTD.
BY: JONES INTERCABLE, INC., LTD.
General Partner
By: /S/ Kevin P. Coyle
-----------------------------------------
Kevin P. Coyle
Group Vice President/Finance
(Principal Financial Officer)
Dated: May 12 , 1995
14
<PAGE> 15
INDEX TO EXHIBITS
Exhibit Description Page
- - ------- ----------- ----
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 347,838
<SECURITIES> 0
<RECEIVABLES> 929,228
<ALLOWANCES> (93,985)
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 118,709,833
<DEPRECIATION> (59,775,331)
<TOTAL-ASSETS> 84,829,880
<CURRENT-LIABILITIES> 1,666,863
<BONDS> 78,960,237
<COMMON> 0
0
0
<OTHER-SE> 4,202,780
<TOTAL-LIABILITY-AND-EQUITY> 84,829,880
<SALES> 0
<TOTAL-REVENUES> 10,518,379
<CGS> 0
<TOTAL-COSTS> 11,512,966
<OTHER-EXPENSES> 185,353
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,532,604
<INCOME-PRETAX> (2,712,544)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,712,544)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,712,544)
<EPS-PRIMARY> (16.78)
<EPS-DILUTED> (16.78)
</TABLE>
