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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, 2000
------------------
[_] 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: 0-17734
IDS/JONES GROWTH PARTNERS 89-B, LTD.
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Exact name of registrant as specified in its charter
Colorado #84-1060546
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State of organization I.R.S. employer I.D. #
c/o Comcast Corporation
1500 Market Street, Philadelphia, PA 19102-2148
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Address of principal executive office
(215) 665-1700
-----------------------------
Registrant's telephone number
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No _____
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IDS/JONES GROWTH PARTNERS 89-B, LTD.
------------------------------------
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
------------------------
<TABLE>
<CAPTION>
September 30, December 31,
ASSETS 2000 1999
------ ------------------- --------------------
<S> <C> <C>
Cash $ 331,205 $ -
Investment in Cable Television Joint Venture - 347,629
------------------- --------------------
Total assets $ 331,205 $ 347,629
=================== ====================
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
LIABILITIES:
Accrued liabilities $ 17,458 $ -
Advances from affiliates 12,757 11,352
------------------- --------------------
Total liabilities 30,215 11,352
------------------- --------------------
PARTNER'S CAPITAL:
General Partners-
Contributed capital 500 500
Accumulated deficit (500) (500)
------------------- --------------------
- -
------------------- --------------------
Limited Partners-
Net contributed capital (63,383 units outstanding
at September 30, 2000 and December 31, 1999) 12,623,901 12,623,901
Distributions (12,447,247) (12,447,247)
Accumulated earnings 124,336 159,623
------------------- --------------------
300,990 336,277
------------------- --------------------
Total liabilities and partners' capital $ 331,205 $ 347,629
=================== ====================
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
2
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IDS/JONES GROWTH PARTNERS 89-B, LTD.
------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
----------------------------------
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
-------------------------------------- --------------------------------------
2000 1999 2000 1999
----------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
OTHER INCOME (EXPENSE):
Interest income $ 11,576 $ - $ 11,576 $ -
Other, net (22,513) (1,759) (46,863) (10,367)
----------------- ----------------- ------------------ -----------------
Total other income (expense), net (10,937) (1,759) (35,287) (10,367)
----------------- ----------------- ------------------ -----------------
EQUITY IN NET LOSS OF CABLE
TELEVISION JOINT VENTURE - (2,324) - (59,126)
----------------- ----------------- ------------------ -----------------
NET LOSS $ (10,937) $ (4,083) $ (35,287) $ (69,493)
================= ================= ================== =================
ALLOCATION OF NET LOSS:
General Partners $ - $ - $ - $ -
================= ================= ================== =================
Limited Partners $ (10,937) $ (4,083) $ (35,287) $ (65,493)
================= ================= ================== =================
NET LOSS PER LIMITED
PARTNERSHIP UNIT $ (0.18) $ (0.07) $ (0.56) $ (1.10)
================= ================= ================== =================
WEIGHTED AVERAGE NUMBER
OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 63,383 63,383 63,383 63,383
================= ================= ================== =================
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
3
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IDS/JONES GROWTH PARTNERS 89-B, LTD.
------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
----------------------------------
<TABLE>
<CAPTION>
For the Nine Months Ended
September 30,
---------------------------------------------
2000 1999
------------------- --------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (35,287) $ (69,493)
Adjustments to reconcile net loss to net cash
used in operating activities:
Equity in net loss of Cable Television Joint Venture - 59,126
Increase in accrued liabilities 17,458 -
Increase in advances from affiliates 1,405 10,367
------------------- --------------------
Net cash used in operating activities (16,424) -
------------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from Cable Television Joint Venture 347,629 -
------------------- --------------------
Net cash provided by investing activities 347,629 -
------------------- --------------------
Increase in cash 331,205 -
Cash, beginning of period - -
------------------- --------------------
Cash, end of period $ 331,205 $ -
=================== ====================
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 448 $ -
=================== ====================
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
4
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IDS/JONES GROWTH PARTNERS 89-B, 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 complete 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 IDS/Jones Growth Partners
89-B, Ltd. (the "Partnership") at September 30, 2000 and December 31, 1999, its
Statements of Operations for the three and nine months ended September 30, 2000
and 1999 and its Statements of Cash Flows for the nine month periods ended
September 30, 2000 and 1999.
The Partnership owns a 24.4 percent interest in IDS/Jones Joint Venture
Partners (the "Venture") through a capital contribution of $14,008,000 made in
1990. Jones Cable Corporation, a Colorado corporation, is the "Managing General
Partner." Neither the Partnership nor the Venture currently own any cable
television systems. The Partnership's investment in the Venture is accounted for
using the equity method. The Venture has distributed or will distribute its
remaining cash to its constituent partners in the third and fourth quarters of
2000. The Partnership's only current asset is cash on hand. It is anticipated
that the Partnership and the Venture will be fully liquidated and dissolved by
December 31, 2000.
Prior to its dissolution, the Partnership will accrue funds to cover its
remaining administrative costs. All cash remaining after such accrual is made
will be distributed to the Partnership's partners pursuant to the distribution
procedures established by the Partnership's limited partnership agreement. It is
expected that all limited partners will receive final distribution checks from
the Partnership before the end of December 2000.
On April 7, 1999, Comcast Corporation ("Comcast") completed the
acquisition of a controlling interest in Jones Intercable, Inc. ("Jones
Intercable"), the parent of the Managing General Partner until March 2, 2000. In
December 1999, Comcast and Jones Intercable entered into a definitive merger
agreement pursuant to which Comcast agreed to acquire all of the outstanding
shares of Jones Intercable not yet owned by Comcast. On March 2, 2000, Jones
Intercable was merged with and into Comcast JOIN Holdings, Inc., a wholly owned
subsidiary of Comcast. As a result of this transaction, Jones Intercable no
longer exists and Comcast JOIN Holdings, Inc. continued as the surviving
corporation of the merger. On August 1, 2000, Comcast JOIN Holdings, Inc. was
merged with and into Comcast Cable Communications, Inc., ("Comcast Cable"),
another wholly owned subsidiary of Comcast. The Managing General Partner is now
a wholly owned subsidiary of Comcast Cable and, as such, is an indirect wholly
owned subsidiary of Comcast. The Managing General Partner and Comcast Cable
share corporate offices with Comcast at 1500 Market Street, Philadelphia,
Pennsylvania 19102-2148.
(2) The Partnership reimburses its Managing General Partner for certain
administrative expenses. These expenses represent the salaries and related
benefits paid for corporate personnel. Such personnel provide administrative,
accounting, tax, legal and investor relations services to the Partnership. Such
services, and their related costs, are necessary to the administration of the
Partnership until it is dissolved. Such costs were charged to other expense on
the Partnership's Statements of Operations. Reimbursements made by the
Partnership to its Managing General Partner for administrative expenses during
the three and nine month periods ended September 30, 2000 were $4,006 and
$15,270, respectively. Reimbursements by the Venture to its Managing General
Partner for administrative expenses during the three and nine month periods
ended September 30, 1999 were $10,953 and $26,761, respectively, of which $2,673
and $6,530, respectively, were attributed to the Partnership's 24.4 percent
interest in the Venture.
IDS Cable Corporation (the supervising general partner of the
Partnership) may also be reimbursed for certain expenses incurred on behalf of
the Partnership and the Venture. There were no reimbursements made to IDS Cable
Corporation during the three and nine month periods ended September 30, 2000 and
1999.
5
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(3) Financial information regarding the Venture is presented below.
UNAUDITED BALANCE SHEETS
------------------------
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------------- -------------------
ASSETS
------
<S> <C> <C>
Cash $ - $ 3,436,939
------------------- -------------------
Total assets $ - $ 3,436,939
=================== ===================
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
Advances from affiliates $ - $ 2,012,230
Partner's contributed capital 57,344,709 57,344,709
Distributions (52,799,319) (51,374,610)
Accumulated deficit (4,545,390) (4,545,390)
------------------- -------------------
Total liabilities and partner's capital $ - $ 3,436,939
=================== ===================
UNAUDITED STATEMENTS OF OPERATIONS
----------------------------------
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
------------------------------------ --------------------------------------
2000 1999 2000 1999
-------------- ------------------- --------------- -------------------
Interest expense $ - $ (33,987) $ - $ (90,866)
Interest income - 36,939 - 123,131
Other, net - (12,477) - (274,586)
-------------- ------------------- --------------- -------------------
Net loss $ - $ (9,525) $ - $ (242,321)
============== =================== =============== ===================
</TABLE>
Reimbursements for administrative expenses paid to the Venture's Managing
General Partner totaled $10,953 and $26,761, respectively, for the three and
nine months ended September 30, 1999. No reimbursements for administrative
expenses were paid to the Venture's Managing General Partner in 2000.
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IDS/JONES GROWTH PARTNERS 89-B, LTD.
------------------------------------
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
FINANCIAL CONDITION
-------------------
The Partnership owns a 24.4 percent interest in the Venture. Neither the
Partnership nor the Venture currently own any cable television systems. The
Partnership's investment in the Venture is accounted for under the equity
method. The Venture has distributed or will distribute its remaining cash to its
constituent partners in the third and fourth quarters of 2000. The Partnership's
only current asset is cash on hand. It is anticipated that the Partnership and
the Venture will be fully liquidated and dissolved by December 31, 2000.
Prior to its dissolution, the Partnership will accrue funds to cover its
remaining administrative costs. All cash remaining after such accrual is made
will be distributed to the Partnership's partners pursuant to the distribution
procedures established by the Partnership's limited partnership agreement. It is
expected that all limited partners will receive final distribution checks from
the Partnership before the end of December 2000.
The Partnership's current and periodic reporting obligations under the
Securities Exchange Act of 1934, as amended, and the Partnership's quarterly and
annual reporting obligations under Section 3.7 of the Partnership's limited
partnership agreement will cease upon the Partnership's termination. As a
result, it is expected that this quarterly report on SEC Form 10-Q for the
quarter ended September 30, 2000 will be the Partnership's final detailed
financial report to limited partners.
During the first quarter of 2001, the Managing General Partner will
deliver final tax reports on Form 1065, Schedule K-1 to all limited partners of
record as of the date of the Partnership's dissolution. If, as expected, the
Partnership is dissolved before the end of 2000, the Partnership and its
partners will have no tax reporting obligations beyond the taxable year 2000.
RESULTS OF OPERATIONS
---------------------
Neither the Partnership nor the Venture currently own any cable
television systems. Other expense of $46,863 incurred in the first nine months
of 2000 related to various costs associated with the administration and
liquidation of the Partnership.
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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
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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.
IDS/JONES GROWTH PARTNERS 89-B, LTD.
BY: JONES CABLE CORPORATION,
its Managing General Partner
By: /S/ Lawrence J. Salva
-----------------------------------
Lawrence J. Salva
Senior Vice President
(Principal Accounting Officer)
Dated: November 14, 2000
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