<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 September 30, 1994
( ) 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 : 0-15714
JONES CABLE INCOME FUND 1-C, LTD.
- - --------------------------------------------------------------------------------
Exact name of registrant as specified in charter
Colorado 84-1010419
- - --------------------------------------------------------------------------------
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 of 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
JONES CABLE INCOME FUND 1-C
(A Limited Partnership)
UNAUDITED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
ASSETS 1994 1993
------ ------------ ------------
<S> <C> <C>
CASH $ 251,467 $ 118,807
TRADE RECEIVABLES, less allowance for
doubtful receivables of $66,626 and
$42,088 at September 30, 1994 and
December 31, 1993, respectively 406,147 432,048
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 56,365,823 53,105,367
Less-accumulated depreciation (23,773,093) (20,804,731)
------------ ------------
32,592,730 32,300,636
Franchise costs, net of accumulated amortization
of $22,359,239 and $19,814,129 at September 30, 1994
and December 31, 1993, respectively 14,234,551 16,779,661
Subscriber lists, net of accumulated amortization
of $6,225,177 and $5,506,482 at September 30, 1994
and December 31, 1993, respectively 1,148,983 1,867,678
Cost in excess of interests in net assets
purchased, net of accumulated amortization
of $1,174,223 and $1,039,340 at September 30, 1994
and December 31, 1993, respectively 6,017,797 6,152,680
Noncompete agreement, net of accumulated
amortization of $223,015 and $201,388 at
September 30, 1994 and December 31, 1993,
respectively 115,285 136,912
------------ ------------
Total investment in cable television properties 54,109,346 57,237,567
DEPOSITS, PREPAID EXPENSES AND DEFERRED CHARGES 560,116 360,412
------------ ------------
Total assets $ 55,327,076 $ 58,148,834
============ ============
</TABLE>
The accompanying notes to unaudited consolidated financial statements
are an integral part of these consolidated balance sheets.
2
<PAGE> 3
JONES CABLE INCOME FUND 1-C
(A Limited Partnership)
UNAUDITED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, December 31,
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) 1994 1993
------------------------------------------- ------------ ------------
<S> <C> <C>
LIABILITIES:
Debt $ 42,358,461 $ 36,298,318
Accounts payable-
Trade - 36,832
General Partner - 4,068,472
Accrued liabilities 1,114,215 1,325,909
Accrued distribution to limited partners - 650,500
Accrued distribution to Venture partner - 429,500
Subscriber prepayments 258,794 265,589
------------ ------------
Total liabilities 43,731,470 43,075,120
------------ ------------
MINORITY INTEREST IN JOINT VENTURE 4,653,014 6,036,257
------------ ------------
PARTNERS' CAPITAL (DEFICIT):
General Partner
Contributed capital 1,000 1,000
Accumulated deficit (172,590) (151,641)
Distributions (113,443) (113,443)
------------ ------------
(285,033) (264,084)
------------ ------------
Limited Partners-
Net contributed capital (85,059 units
outstanding at September 30, 1994 and
December 31, 1993) 34,909,262 34,909,262
Accumulated deficit (15,313,991) (13,240,075)
Distributions (12,367,646) (12,367,646)
------------ ------------
7,227,625 9,301,541
------------ ------------
Total liabilities and partners' capital (deficit) $ 55,327,076 $ 58,148,834
============ ============
</TABLE>
The accompanying notes to unaudited consolidated financial statements
are an integral part of these consolidated balance sheets.
3
<PAGE> 4
JONES CABLE INCOME FUND 1-C
(A Limited Partnership)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
----------------------------------- --------------------------------
1994 1993 1994 1993
---------------- ---------------- ---------------- -------------
<S> <C> <C> <C> <C>
REVENUES $ 5,330,688 $ 5,130,755 $15,822,865 $15,190,555
COSTS AND EXPENSES:
Operating, general and
administrative 3,007,731 2,787,400 8,940,861 8,415,968
Management fees and allocated
overhead from
General Partner 646,464 651,131 1,993,259 1,895,596
Depreciation and amortization 2,144,074 2,221,056 6,462,837 6,604,096
----------- ----------- ----------- -----------
OPERATING LOSS (467,581) (528,832) (1,574,092) (1,725,105)
----------- ----------- ----------- -----------
OTHER INCOME (EXPENSE):
Interest expense (757,247) (499,644) (1,967,464) (1,471,143)
Other, net 92,874 6,746 63,448 11,023
----------- ----------- ----------- -----------
Total other income
(expense), net (664,373) (492,898) (1,904,016) (1,460,120)
----------- ----------- ----------- -----------
CONSOLIDATED LOSS (1,131,954) (1,021,730) (3,478,108) (3,185,225)
MINORITY INTEREST IN
CONSOLIDATED LOSS 450,178 406,342 1,383,243 1,266,764
----------- ----------- ----------- -----------
NET LOSS $ (681,776) $ (615,388) $(2,094,865) $(1,918,461)
=========== =========== =========== ===========
ALLOCATION OF NET LOSS
General Partner $ (6,818) $ (6,154) $ (20,949) $ (19,185)
=========== =========== =========== ===========
Limited Partners $ (674,958) $ (609,234) $(2,073,916) $(1,899,276)
=========== =========== =========== ===========
NET LOSS PER LIMITED
PARTNERSHIP UNIT $ (7.93) $ (7.16) $ (24.38) $ (22.33)
=========== =========== =========== ===========
WEIGHTED AVERAGE NUMBER
OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 85,059 85,059 85,059 85,059
=========== =========== =========== ===========
</TABLE>
The accompanying notes to unaudited consolidated financial statements
are an integral part of these consolidated statements.
4
<PAGE> 5
JONES CABLE INCOME FUND 1-C
(A Limited Partnership)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Nine Months Ended
September 30,
--------------------------------
1994 1993
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(2,094,865) $(1,918,461)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization 6,462,837 6,604,096
Minority interest in net loss (1,383,243) (1,266,764)
Decrease in accrued distribution to Cable
Television Joint Venturer (429,500) (1,288,500)
Amortization of interest rate protection contract 36,376 36,376
Decrease (increase) in trade receivables 25,901 (234,394)
Increase in deposits, prepaid
expenses and deferred charges (310,240) (12,732)
Decrease in accounts payable, accrued
liabilities and subscriber payments (255,321) (110,676)
Increase (decrease) in advances from General Partner (4,068,472) 2,428,990
----------- -----------
Net cash provided by (used in) operating activities (2,016,527) 4,237,935
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net (3,260,456) (2,729,049)
----------- -----------
Net cash used in investing activities (3,260,456) (2,729,049)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings 6,185,656 634,245
Repayment of debt (125,513) (90,011)
Distributions to limited partners - (1,951,500)
Decrease in accrued distributions to limited partners (650,500) -
Purchase of interest rate protection contract - (145,500)
----------- -----------
Net cash provided by (used in) financing activities 5,409,643 (1,552,766)
----------- -----------
Increase (decrease) in cash 132,660 (43,880)
Cash, beginning of period 118,807 235,037
----------- -----------
Cash, end of period $ 251,467 $ 191,157
=========== ===========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 1,811,666 $ 1,507,572
=========== ===========
</TABLE>
The accompanying notes to unaudited consolidated financial statements
are an integral part of these consolidated statements.
5
<PAGE> 6
JONES CABLE INCOME FUND 1-C
(A Limited Partnership)
NOTES TO UNAUDITED CONSOLIDATED 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 Jones Cable Income Fund
1-C (the "Partnership") at September 30, 1994 and December 31, 1993 and its
Statements of Operations and Cash Flows for the three and nine month periods
ended September 30, 1994 and 1993. Results of operations for these periods are
not necessarily indicative of results to be expected for the full year.
The accompanying financial statements include 100 percent of the
accounts of the Partnership and those of the Brighton, Broomfield and Boulder
County, Colorado, Myrtle Creek, Oregon, Clearlake Oaks, California, South Sioux
City, Nebraska, and Three Rivers and Watervliet, Michigan cable television
systems reduced by the approximate 40 percent minority interest in Jones Cable
Income Fund 1-B/C Venture (the "Venture"). All interpartnership accounts and
transactions have been eliminated.
(2) Jones Intercable, Inc., a publicly held Colorado corporation ("the
General Partner"), manages the Partnership and the Venture and receives a fee
for its services equal to 5 percent of the gross revenues of the Venture,
excluding revenues from the sale of cable television systems or franchises.
Management fees paid to the General Partner by the Venture for the three and
nine month periods ended September 30, 1994 were $266,534 and $791,143,
respectively, as compared to $256,538 and $759,528, respectively, for the
similar 1993 periods.
The Venture reimburses the General Partner for certain allocated
overhead and administrative expenses. These expenses represent the salaries
and related benefits paid for corporate personnel, rent, data processing
services and other corporate facilities costs. Such personnel provide
engineering, marketing, administrative, accounting, legal and investor
relations services to the Venture. 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 and/or assets managed for the partnership. Effective December 1,
1993, the allocation method was changed to be based only on revenue, which the
General Partner believes provides a more accurate method of allocation.
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. Overhead and administrative expenses allocated to the
Venture by the General Partner for the three and nine month periods ended
September 30, 1994 were $379,930 and $1,202,116, respectively, as compared to
$394,593 and $1,136,068, respectively, for the similar 1993 periods.
6
<PAGE> 7
JONES CABLE INCOME FUND 1-C
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Partnership owns an approximate 60 percent interest in the
Venture. The accompanying financial statements include 100 percent of the
accounts of the Partnership and those of the Venture systems reduced by the 40
percent minority interest in the Venture.
During the first nine months of 1994, capital improvements within the
Venture's operating systems totaled approximately $3,260,000. Approximately 21
percent of these expenditures related to the rebuild and upgrade of two of the
Venture's cable television systems, approximately 27 percent were for service
drops to subscribers' homes and approximately 13 percent were for the
construction of new cable plant. The remainder of these expenditures related
to various enhancements in all of the Venture's systems. Funding for these
improvements was provided primarily by the Venture's credit facility as
discussed below. For the remainder of 1994, the Venture expects to expend an
additional $1,380,000 on capital improvements. Approximately 20 percent of the
anticipated expenditures is for the continued rebuild of certain of the
Venture's cable television systems, approximately 29 percent is for the
construction of new cable plant and approximately 9 percent is for the
construction of service drops to subscribers' homes. The remaining
expenditures are for various enhancements in all of the Venture's systems.
Funding for these expenditures is expected to be provided by borrowings under a
renegotiated credit facility as discussed below. The level of capital
expenditures will depend, in part, upon the General Partner's determination as
to the proper scope and timing of such expenditures in light of the 1992 Cable
Act and the Venture's liquidity position.
In May 1994, the Venture completed negotiation of its credit facility
to increase the maximum amount available to $45,000,000 and to extend the
revolving credit period to June 30, 1997, at which time the outstanding balance
is payable in full. At September 30, 1994, $42,100,000 was outstanding on the
Venture's credit facility. Interest on outstanding principal is calculated at
the Venture's option of the prime rate plus 1/2 percent, or LIBOR plus 1-1/2
percent. The effective interest rates on amounts outstanding as of September
30, 1994 and 1993 were 6.45 percent and 4.43 percent, respectively. In January
of 1993, the Venture entered into an interest rate cap agreement covering
outstanding debt obligations of $15,000,000. The Venture paid a fee of
$145,500. The agreement protects the Venture from interest rates that exceed 7
percent for three years from the date of the agreement.
Due to the regulatory matters discussed below, and to the Venture's
borrowing limitation of 45 percent of the fair market value of its assets, no
distribution was declared for the third quarter of 1994. The Venture will use
cash flow from operations to fund capital expenditures. Because the Venture's
credit facility has been renegotiated, the Venture will attempt to provide some
level of distributions in the future, a determination of the level of
distributions, if any, will be made on a quarter by quarter basis.
Subject to Regulation and Legislation as discussed below, the General
Partner believes that the Venture has sufficient sources of capital to meet its
presently anticipated needs.
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 allows for a greater degree of regulation of 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 the 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.
7
<PAGE> 8
In compliance with these rules, the Venture reduced rates charged for
certain regulated services effective September 1, 1993. These initial
reductions resulted in some decrease in revenues and operating income before
depreciation and amortization; however, the decrease was not as severe as
originally anticipated. The General Partner undertook actions to mitigate a
portion of these reductions primarily through (a) new service offerings in some
systems, (b) product re-marketing and re-packaging and (c) marketing efforts
directed at non-subscribers.
On February 22, 1994, however, the FCC adopted several additional rate
orders including an order which revised its earlier-announced regulatory
scheme with respect to rates. The FCC's new 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. However the FCC held rate
reductions in abeyance in certain systems. 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 change in their rates and did not
restructure service offerings between May 15, 1994 and July 14, 1994.
On February 22, 1994, the FCC also adopted interim cost-of-service
regulations. Rate reductions will not be required where it is successfully
demonstrated that rates for basic and other regulated programming services are
justified and reasonable using cost-of-service standards. The FCC established
an interim industry-wide 11.25 percent permitted rate of return, and requested
comments on whether this standard and other interim cost-of-service standards
should be made permanent. The FCC also established a presumption that
acquisition costs above a system's book value should be excluded from the rate
base, but the FCC will consider individual showings to rebut this presumption.
The need for special rate relief will also be considered by the FCC if an
operator demonstrates that the rates set by a cost-of-service proceeding would
constitute confiscation of investment, and that, absent a higher rate, the
credit necessary to operate and to attract investment could not be maintained.
The FCC will establish a uniform system of accounts for operators that elect
cost-of-service rate regulation, and the FCC has adopted affiliate transaction
regulations. After a rate has been set pursuant to a cost-of-service showing,
rate increases for regulated services will be indexed for inflation, and
operators will also be permitted to increase rates in response to increases in
costs beyond their control, such as taxes and increased programming costs.
After analyzing the effect of the two methods of rate regulation, the
General Partner concluded that the Venture should elect to file cost-of-service
showings in its Brighton, Broomfield and Boulder County Colorado, Myrtle Creek,
Oregon, South Sioux City, Nebraska and Three Rivers and Watervliet, Michigan
systems and should comply with the benchmark regulations in its Clearlake Oaks
system. The Venture complied with the new benchmark regulations and further
reduced rates in its Clearlake Oaks, California system. The annualized
reduction of operating income before depreciation and amortization is $130,000,
or approximately 2 percent, in that system. In the systems electing
cost-of-service, the General Partner anticipates no further reduction in
revenues or operating income before depreciation and amortization resulting
from the FCC's rate regulations.
There have been several lawsuits filed by cable operators and
programmers in Federal court challenging various aspects of the 1992 Cable Act,
including provisions relating to mandatory broadcast signal carriage,
retransmission consent, access to cable programming, rate regulations,
commercial leased channels and public access channels. On April 8, 1993, a
three-judge Federal district court panel issued a decision upholding the
constitutionality of the mandatory signal carriage requirements of the 1992
Cable Act. That decision has been appealed directly to the United State
Supreme Court. The United States Supreme Court vacated the lower court decision
on June 27, 1994 and remanded the case to the district court for further
development of a factual record. The Court's majority determined that the
must-carry rules were content neutral, but that it was not yet proven that the
rules were needed to preserve the economic health of the broadcasting industry.
In the interim, the must-carry rules will remain in place during the pendency
of the proceedings in district court. In 1993, a Federal district court for
the District of Columbia upheld provisions of the 1992 Cable Act concerning
rate regulation, retransmission consent, restrictions on vertically integrated
cable television operators and programmers, mandatory carriage of programming
on commercial leased channels and public, educational and governmental access
channels and the exemption for municipalities from civil damage liability
arising out of local regulation of cable services. The 1992 Cable Act's
provisions providing for multiple ownership limits for cable operators and
advance notice of free previews for certain programming services have been
found unconstitutional, and these decisions have been appealed. In November
1993, the United States Court of Appeals for the District of Columbia held that
the FCC's regulations implemented pursuant to Section 10 of the 1992 Cable Act,
which permit cable operators to ban indecent programming on public, educational
or governmental access channels or leased access channels, were
unconstitutional, but the court has agreed to reconsider its decision. All of
these decisions construing provisions of the 1992 Cable Act and the FCC's
implementing regulations have been or are expected to be appealed.
8
<PAGE> 9
RESULTS OF OPERATIONS
Revenues of the Venture increased $199,933, or approximately 4
percent, from $5,130,755 to $5,330,688 for the three months ended September 30,
1993 as compared to 1994. For the nine month periods ended September 30, 1994
and 1993, revenues increased $632,310, or approximately 4 percent, from
$15,190,555 at September 30, 1993 to $15,822,865 at September 30, 1994. Since
September 30, 1993, the Venture has added 4,501 basic subscribers, representing
an increase of approximately 8 percent. Basic subscribers increased from
57,564 at September 30, 1993 to 62,065 at September 30, 1994. This increase in
the subscriber base accounted for approximately 70 percent and 77 percent,
respectively, of the three and nine month increases in revenues. The increase
in basic revenue would have been greater but for the reduction in basic rates
charged due to new basic rate regulations issued by the FCC in May 1993 in
regard to the 1992 Cable Act. Increases in advertising sales revenue accounted
for approximately 26 percent and 20 percent, respectively, of the three and
nine month increases in revenues. Basic service rate adjustments primarily
accounted for the remainder of the increase for the three and nine month
periods. No other single factor significantly affected the three and nine
month increases in revenues
Operating, general and administrative expense increased $220,331, or
approximately 8 percent, from $2,787,400 to $3,007,731 for the three months
ended September 30, 1994 as compared to 1993. For the nine months ended
September 30, 1994 and 1993, operating, general and administrative expense
increased $524,893, or approximately 6 percent, from $8,415,968 at September
30, 1993 to $8,940,861 at September 30, 1994. Operating, general and
administrative expense represented 56 percent of revenue for both the three and
nine month periods ended September 30, 1994 as compared to 54 percent and 55
percent, respectively, for the three and nine month periods ended September 30,
1993. An increase in personnel costs and the increases for the three and nine
month periods. These increases were partially offset by decreases in copyright
fees for the three and nine months ended September 30, 1994. No other
individual factors were significant to the increases in operating, general and
administrative expenses. Management fees and allocated overhead from the
General Partner decreased $4,667, or less than 1 percent, from $651,131 to
$646,464 for the three months ended September 30, 1994 as compared to 1993.
For the nine months ended September 30, 1994 and 1993, management fees and
allocated overhead from the General Partner increased $97,663, or approximately
5 percent, from $1,895,596 at September 30, 1993 to $1,993,259 at September 30,
1994. This increase is due to the increases in revenues.
Depreciation and amortization expense decreased $76,982, or 3 percent,
from $2,221,056 to $2,144,074 for the three months ended September 30, 1994 as
compared to 1993. For the nine months ended September 30, 1994 and 1993,
depreciation and amortization expense decreased $141,259, or approximately 2
percent, from $6,604,096 at September 30, 1993 to $6,462,837 at September 30,
1994. These decreases are due to the maturation of the Venture's depreciable
asset base.
Operating loss decreased $61,251, or approximately 12 percent, from
$528,832 to $467,581 for the three months ended September 30, 1994 as compared
to 1993. Operating loss for the nine months ended September 30, 1994 and 1993
decreased $151,013, or approximately 9 percent, from $1,725,105 at September
30, 1993 to $1,574,092 at September 30, 1994. These decreases are a result of
the increases in operating, general and administrative expense and management
fees and allocated overhead from the General Partner exceeding the growth in
revenues and the decrease in depreciation and amortization expense.
Operating income before depreciation and amortization remained
relatively consistent for the three and nine month periods ended September 30,
1994 and 1993. Operating income before depreciation and amortization was
$1,676,493 for the three month period ended September 30, 1994 and $1,692,224
for the comparable 1993 period. Operating income before depreciation and
amortization was $4,888,745 for the nine month period ended September 30, 1994
and $4,878,991 for the comparable 1993 period. Increases in revenues were
offset by increases in operating, general and administrative expenses.
Interest expense increased $257,603, or approximately 52 percent, from
$499,644 to $757,247 for the three months ended September 30, 1994 as compared
to 1993. For the nine months ended September 30, 1994 and 1993, interest
expense increased $496,321, or approximately 34 percent, from $1,471,143 in
1993 to $1,967,464 in 1994. These increases were due to higher effective
interest rates and to higher outstanding balances on interest bearing
obligations.
9
<PAGE> 10
Net loss increased $66,388, or approximately 11 percent, from $615,388
to $681,776 for the three months ended September 30, 1994 as compared to 1993.
For the nine month periods, net loss increased $176,404, or approximately 9
percent, from $1,918,461 in 1993 to $2,094,865 in 1994. These increases are
attributable to the factors discussed above. Such losses are expected to
continue in the future.
10
<PAGE> 11
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
11
<PAGE> 12
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.
JONES CABLE INCOME FUND 1-C
BY: JONES INTERCABLE, INC.
General Partner
By: /S/ Kevin P. Coyle
Kevin P. Coyle
Group Vice President/Finance
(Principal Financial Officer)
Dated: November 10, 1994
12
<PAGE> 13
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER DESCRIPTION PAGE
- - ------- ----------- ------------
<S> <C> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> SEP-30-1994
<CASH> 251,467
<SECURITIES> 0
<RECEIVABLES> 406,147
<ALLOWANCES> 66,626
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 56,365,823
<DEPRECIATION> 23,773,093
<TOTAL-ASSETS> 55,327,076
<CURRENT-LIABILITIES> 1,373,009
<BONDS> 42,358,461
<COMMON> 0
0
0
<OTHER-SE> 6,942,592
<TOTAL-LIABILITY-AND-EQUITY> 55,327,076
<SALES> 0
<TOTAL-REVENUES> 15,822,865
<CGS> 0
<TOTAL-COSTS> 17,396,957
<OTHER-EXPENSES> (1,446,691)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,967,464
<INCOME-PRETAX> (2,094,865)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,094,865)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,094,865)
<EPS-PRIMARY> (24.38)
<EPS-DILUTED> (24.38)
</TABLE>
