<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 June 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: 1-16183
IDS/JONES GROWTH PARTNERS 87-A, LTD.
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Exact name of registrant as specified in charter
Colorado 84-1060544
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State of organization I.R.S. employer I.D.#
9697 East Mineral Avenue, P.O. Box 3309, Englewood, Colorado 80155-3309
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Address of principal executive office
(303) 792-3111
-----------------------------
Registrant's telephone number
Indicate by check mark whether the registrant (l) has filed all reports
required to be filed by Section l3 or l5(d) of the Securities Exchange Act of
l934 during the preceding l2 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 ____ No____
<PAGE> 2
IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1994 1993
------------ ------------
<S> <C> <C>
ASSETS
------
CASH $ 849,245 $ 969,416
TRADE RECEIVABLES, less allowance for doubtful
receivables of $22,953 and $14,267 at
June 30, 1994 and December 31, 1993, respectively 363,118 320,887
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 30,144,815 28,673,415
Less- accumulated depreciation (11,561,678) (10,408,482)
------------ ------------
18,583,137 18,264,933
Franchise costs, net of accumulated amortization
of $16,404,582 and $15,140,951 at June 30, 1994
and December 31, 1993, respectively 12,357,318 13,620,949
Subscriber lists, net of accumulated amortization of
$3,831,993 and $3,486,041 at June 30, 1994 and
December 31, 1993, respectively 543,907 889,859
Costs in excess of interest in net assets purchased,
net of accumulated amortization of $851,271 and
$778,421 at June 30, 1994 and December 31, 1993,
respectively 4,976,766 5,049,616
------------ ------------
Total investment in cable television
properties 36,461,128 37,825,357
DEPOSITS, PREPAID EXPENSES AND DEFERRED CHARGES 288,710 391,950
------------ ------------
Total assets $ 37,962,201 $ 39,507,610
============ ============
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these balance sheets.
2
<PAGE> 3
IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1994 1993
----------- ------------
<S> <C> <C>
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
LIABILITIES:
Debt $22,177,644 $ 22,208,312
Accounts payable-
Trade 122,393 43,541
Managing General Partner 12,029 -
Accrued liabilities 676,222 924,024
Subscriber prepayments 85,271 83,957
----------- ------------
Total liabilities 23,073,559 23,259,834
----------- ------------
PARTNERS' CAPITAL (DEFICIT):
General Partners-
Contributed capital 500 500
Accumulated deficit (213,960) (200,369)
----------- ------------
(213,460) (199,869)
----------- ------------
Limited Partners-
Net contributed capital
(164,178 units outstanding at
June 30, 1994 and December 31, 1993) 35,824,200 35,824,200
Accumulated deficit (20,722,098) (19,376,555)
----------- ------------
15,102,102 16,447,645
----------- ------------
Total liabilities and partners'
capital (deficit) $37,962,201 $ 39,507,610
=========== ============
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these balance sheets.
3
<PAGE> 4
IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended For the Six Months Ended
June 30, June 30,
---------------------------- ----------------------------
1994 1993 1994 1993
----------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
REVENUES $ 3,300,443 $3,067,783 $ 6,420,480 $ 6,014,355
COSTS AND EXPENSES:
Operating, general
and administrative 1,774,420 1,632,796 3,494,252 3,137,366
Management fees and
allocated overhead
from General Partners 427,167 391,774 847,283 762,186
Depreciation and
amortization 1,393,998 1,493,075 2,835,629 3,029,973
----------- ---------- ----------- -----------
OPERATING LOSS (295,142) (449,862) (756,684) (915,170)
----------- ---------- ----------- -----------
OTHER INCOME (EXPENSE):
Interest expense (310,101) (268,520) (585,144) (562,975)
Interest income 7,649 8,050 7,649 16,823
Other, net (30,843) (2,718) (24,955) (1,967)
----------- ---------- ----------- -----------
Total other income,
(expense), net (333,295) (263,188) (602,450) (548,119)
----------- ---------- ----------- -----------
NET LOSS $ (628,437) $ (713,050) $(1,359,134) $(1,463,289)
=========== ========== =========== ===========
ALLOCATION OF NET LOSS:
General Partners $ (6,284) $ (7,131) $ (13,591) $ (14,633)
=========== ========== =========== ===========
Limited Partners $ (622,153) $ (705,919) $(1,345,543) $(1,448,656)
=========== ========== =========== ===========
NET LOSS PER LIMITED
PARTNERSHIP UNIT $ (3.79) $ (4.30) $ (8.20) $ (8.82)
=========== ========== =========== ===========
WEIGHTED AVERAGE NUMBER
OF LIMITED PARTNERSHIP
UNITS OUTSTANDING 164,178 164,178 164,178 164,178
=========== ========== =========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these statements.
4
<PAGE> 5
IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Six Months Ended
June 30,
----------------------------------
1994 1993
----------- ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(1,359,134) $(1,463,289)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization 2,835,629 3,029,973
Amortization of interest rate protection contract 16,668 16,660
Increase in trade receivables (42,231) (31,927)
Decrease in deposits, prepaid expenses and deferred charges 86,572 93,479
Decrease in accounts payable, accrued liabilities and
subscriber prepayments (167,636) (321,681)
Increase (decrease) in amount due Managing General Partner 12,029 (238,198)
----------- -----------
Net cash provided by operating activities 1,381,897 1,085,017
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (1,471,400) (1,206,776)
----------- -----------
Net cash used in investing activities (1,471,400) (1,206,776)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings - 25,382
Repayment of debt (30,668) (485,701)
Purchase of interest rate protection contracts - (100,000)
----------- -----------
Net cash used in financing activities (30,668) (560,319)
----------- -----------
Increase (decrease) in cash (120,171) (682,078)
Cash, beginning of period 969,416 1,759,321
----------- -----------
Cash, end of period $ 849,245 $ 1,077,243
=========== ===========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 536,902 $ 574,460
=========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these statements.
5
<PAGE> 6
IDS/JONES GROWTH PARTNERS 87-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 IDS/Jones Growth
Partners 87-A, Ltd. (the "Partnership") at June 30, 1994 and December 31, 1993
and its Statements of Operations and Cash Flows for the three and six month
periods ended June 30, 1994 and June 30, 1993. 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 Carmel, Indiana and Roseville, California.
(2) Jones Cable Corporation ("the Managing General Partner"), a 100
percent owned affiliate of Jones Intercable, Inc. ("JIC"), 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 and six month
periods ended June 30, 1994 were $165,022 and $321,024, respectively, compared
to $153,389 and $300,718, respectively, for the three and six month periods
ended June 30, 1993.
IDS Cable Corporation ("the Supervising General Partner") participates
in certain management decisions of the Partnership and receives a fee for its
services equal to one-half percent of the gross revenues of the Partnership,
excluding revenue from the sale of cable television systems or franchises.
Supervision fees paid to the Supervising General Partner for the three and six
month periods ended June 30, 1994 were $16,502 and $32,102, respectively,
compared to $15,339 and $30,072, respectively, for the three and six month
periods ended June 30, 1993.
The Partnership reimburses JIC 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 to the Partnership.
Allocations of personnel costs are based primarily on actual time spent by
employees of JIC with respect to each partnership managed. Other overhead
costs are allocated primarily based on revenues and/or the cost of partnership
assets managed. 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 JIC and all other systems
owned by partnerships for which JIC or affiliates are the general partners are
also allocated a proportionate share of these expenses. The Supervising
General Partner may also be reimbursed for certain expenses incurred on behalf
of the Partnership. The Managing General Partner believes that the methodology
used in allocating overhead and administrative expense is reasonable.
Reimbursements made to JIC by the Partnership for allocated overhead and
administrative expenses during the three and six month periods ended June 30,
1994 were $245,643 and $494,157, respectively, compared to $223,046 and
$431,396, respectively, for the three and six month periods ended June 30,
1993. There were no reimbursements made to the Supervising General Partner by
the Partnership for allocated overhead and administrative expenses during the
three and six month periods ended June 30, 1994 and 1993.
6
<PAGE> 7
IDS/JONES GROWTH PARTNERS 87-A, LTD.
(A Development Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Partnership expended approximately $1,471,000 in capital
improvements during the first six months of 1994. Approxmately 38 percent
related to system extensions and 22 percent related to service drops to homes.
System upgrades accounted for approximately 11 percent of these expenditures.
The remaining expenditures related to various system enhancements. These
additions were funded by cash on hand and cash generated from operations.
Anticipated capital expenditures for the remainder of 1994 are
approximately $1,470,000. System extensions and system upgrades are expected
to account for 39 percent and 30 percent, respectively, of the remaining
expenditures. The remainder is for various enhancements in the Partnership's
systems. The level of capital expenditures will depend, in part, upon the
Managing General Partner's determination as to the proper scope and timing of
such expenditures in light of the 1992 Cable Act and the Partnership's
liquidity position. Funding for these expenditures is expected to be provided
by cash on hand and cash generated from operations, and if available,
borrowings under a renegotiated credit facility.
In February 1989, the Partnership entered into a revolving credit and
term loan agreement. At December 31, 1993, the outstanding balance on this
line of credit of $23,000,000 was converted to a term loan payable in 28
consecutive quarterly installments which began March 31, 1993 and end December
31, 1999. The Managing General Partner has obtained waivers of the scheduled
March 31, 1994 and June 30, 1994 principal payments to provide liquidity for
capital expenditures. The Managing General Partner anticipates negotiating to
further reduce principal payments, establish a revolving credit period and
increase the maximum amount available. The regulatory matters discussed below
may have an adverse effect on the Managing General Partner's ability to
renegotiate the credit facility. Interest is at the Partnership option of
prime plus .25 percent, London Interbank Offered Rate plus 1.25 percent or CD
Rate plus 1.5 percent. The effective interest rates on amounts outstanding as
of June 30, 1994 and 1993 are 5.77 percent and 4.48 percent, respectively. On
January 12, 1993, the Partnership entered into an interest rate cap agreement
covering outstanding debt obligations of $10,000,000. The agreement protects
the Partnership for interest rates that exceed 7 percent for three years from
the date of the agreement.
Subject to the regulatory matters discussed below, and assuming
successful renegotiation of the credit facility, the General Partners believe
that the Partnership has, and will continue to have, sufficient sources of
capital available in the form of cash on hand and its ability to create cash
reserves from operations to meet its presently anticipated obligations.
Regulatory Matters
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 and managed by the Partnership, 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 reduced rates charged
for certain regulated services effective September 1, 1993. These 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 Managing General Partner has undertaken 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.
7
<PAGE> 8
On February 22, 1994, 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 changes in their rates and did not
restructure service offerings between May 15 and July 14.
The Partnership complied with the new regulations and reduced rates in
its cable television systems. The annualized reduction of operating income
before depreciation and amortization is $355,000, or approximately 8 percent.
The Partnership will continue its efforts to mitigate the effect of such rate
reductions.
The 1992 Cable Act contains new broadcast signal carriage
requirements, and the FCC has adopted regulations implementing the statutory
requirements. These new rules allow a local commercial broadcast television
station to elect whether to demand that a cable system carry its signal or to
require the cable system to negotiate with the station for "retransmission
consent." A cable system is generally required to devote up to one-third of
its activated channel capacity for the mandatory carriage of local commercial
broadcast television stations, and non-commercial television stations are also
given mandatory carriage rights, although such stations are not given the
option to negotiate retransmission consent for the carriage of their signals by
cable systems. Additionally, cable systems also are required to obtain
retransmission consent from all commercial television stations (except for
commercial satellite-delivered independent "superstations") which do not elect
mandatory carriage, commercial radio stations and, in some instances, low-power
television stations carried by cable systems.
The retransmission consent rules went into effect on October 6, 1993.
Throughout all cable television systems owned by the Partnership, no television
stations withheld their consent to retransmission of their signal. Certain
broadcast signals are being carried pursuant to extensions, and the Managing
General Partner expects to finally conclude retransmission consent negotiations
with those remaining stations without having to terminate the distribution of
any of those signals. However, there can be no assurance that such will occur.
If any broadcast station currently being carried pursuant to an extension is
dropped, there could be a negative effect on the system in which it is dropped
if a significant number of subscribers in such system were to disconnect their
service. However, in most cases, only one broadcaster in any market is being
carried pursuant to an extension arrangement, and the dropping of such
broadcaster, were that to occur, is not expected to have a negative effect on
the system.
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 was appealed directly to the United States 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 Partnership increased $232,660, or approximately 8
percent, from $3,067,783 to $3,300,443 for the three months ended June 30, 1994
as compared to 1993. For the six month periods ended June 30, 1994 and 1993,
revenues increased $406,125, or approximately 7 percent, from $6,014,355 in
1994 to $6,420,480 in 1994. Since June 30, 1993, the Partnership's systems
have added approximately 1,729 basic subscribers and approximately 1,962 pay
units, increases of approximately 6 percent and 9 percent, respectively. Basic
subscribers totalled 29,994 at June 30, 1993 compared to 31,723 at June 30,
1994. This expansion of the subscriber base accounted for approximately 20
percent of the increase in revenues for the three month periods and 41 percent
of the increase for the six month periods. Increases in advertising sales
revenue accounted for approximately 61 percent and 55 percent, respectively, of
the three and six month increases in revenues. The increase in revenues would
have been greater but for the reduction in basic rates due to new basic rate
regulations issued by the FCC in May 1993 with which the Partnership complied
effective September 1, 1993. In addition, on February 22, 1994, the FCC
announced a further rulemaking which when implemented July 14, 1994 reduced
rates further. See regulation and legislation discussion above. No other
individual factor significantly affected the increase in revenues.
For the three month periods ended June 30, 1994 and 1993, operating,
general and administrative expenses increased $141,624, or approximately 9
percent, from $1,632,796 in 1993 to $1,774,420 in 1994. Operating, general and
administrative expenses increased $356,886, or approximately 11 percent, from
$3,137,366 in 1993 to $3,494,252 for the six months ended June 30, 1994. These
increases in operating, general and administrative expenses were due to
increases in programming fees, personel related costs, and advertising sales
expenses. Operating, general and administrative expense consumed approximately
53 percent of revenue for each of the three months ended June 30, 1993 and 1994
and 54 percent and 52 percent, respectively, of revenue during the six months
ended June 30, 1993 and 1994. No other single factor significantly affected
the increase in operating, general and administrative expenses.
Management fees and allocated overhead from the General Partners
increased $35,393, or approximately 9 percent, from $391,774 to $427,167 for
the three months ended June 30, 1993 and 1994. For the six month periods ended
June 30, 1994 and 1993, management fees and allocated overhead from the General
Partners increased $85,097, or approximately 11 percent, from $762,186 in 1993
to $847,283 in 1994. These increases are due primarily to the increases in
revenues upon which such fees and allocations are based, and an increase in
allocated expenses from the Managing General Partner. The Managing General
Partner has experienced increases in costs, including salaries and benefits and
reregulation costs, a portion of which were allocated to the Partnership.
Depreciation and amortization expense decreased $99,077, or approximately 7
percent, from $1,493,075 to $1,393,998 for the three months ended June 30, 1994
as compared to 1993. For the six month periods ended June 30, 1994 and 1993,
depreciation and amortization expense decreased $194,344, or approximately 6
percent, from $3,029,973 in 1993 to $2,835,629 in 1994. These decreases are
due to a reduction in amortization expense resulting from the maturation of
certain intangible assets during 1993, and a reduction in depreciation expense
due to the maturation of the Partnership's depreciable asset base.
Operating loss decreased $154,720, or approximately 34 percent, from
$449,862 to $295,142 for the three month periods. This decrease was due to the
increase in revenues and the decrease in depreciation and amortization expense
exceeding the increases in operating, general and administrative expense and
management and supervision fees and allocated overhead from the General
Partners. For the six month periods, operating loss decreased $158,486, or
approximately 17 percent, from $915,170 in 1993 to $756,684 in 1994. The
decrease was attributable to the increase in revenues and the decrease in
depreciation and amortization expense exceeding the increases in operating,
general and administrative expense, management and supervision fees, and
allocated overhead from the General Partners. Operating income before
depreciation and amortization increased $55,643, or approximately 5 percent,
from $1,043,213 to $1,098,856 for the three months ended June 30, 1993 as
compared to 1994. This increase is a result of the increase in revenue
exceeding the increases in operating, general and administrative expense,
management and supervision fees and allocated overhead from the General
Partners. For the six month periods ended June 30, 1993 and 1994, operating
income before depreciation and amortization decreased $38,858, or approximately
2 percent, from $2,114,803 in 1993 to $2,078,945 in 1994. This decrease is a
result of the increases in operating, general and administrative expense,
management and supervision fees and allocated overhead from the General
Partners exceeding the increase in revenues.
9
<PAGE> 10
Interest expense increased $41,581, or approximately 15 percent, from
$268,520 for the three months ended June 30, 1993 to $310,101 for the three
months ended June 30, 1994. Interest expense increased $22,169, or
approximately 4 percent, from $562,975 to $585,144 for the six months ended
June 30, 1993 as compared to 1994. These increases in interest expense are due
to higher effective interest rates charged on outstanding obligations between
the periods. Net loss decreased $84,613, or approximately 12 percent, from
$713,050 to $628,437 for the three month periods. For the six month periods
ended June 30, 1994 and 1993, net loss decreased $104,155, or approximately 7
percent, from $1,463,289 to $1,359,134. The decreases are due to the factors
discussed above, and such losses are expected to continue.
10
<PAGE> 11
PART II - OTHER INFORMATION
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.
IDS/JONES GROWTH PARTNERS 87-A, LTD.
BY: JONES CABLE CORPORATION
Managing General Partner
By: /s/ KEVIN P. COYLE
Kevin P. Coyle
Group Vice President/Finance
(Principal Financial Officer)
Dated: August 12, 1993
12
