<PAGE>
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, 1998
[_] 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: 0-16183
IDS/JONES GROWTH PARTNERS 87-A, LTD.
- --------------------------------------------------------------------------------
Exact name of registrant as specified in charter
Colorado 84-1060544
- --------------------------------------------------------------------------------
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>
IDS/JONES GROWTH PARTNERS 87-A, LTD.
------------------------------------
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
------------------------
<TABLE>
<CAPTION>
September 30, December 31,
ASSETS 1998 1997
------ -------------- -------------
<S> <C> <C>
CASH $ 456,420 $ 612,953
TRADE RECEIVABLES, less allowance for doubtful
receivables of $46,640 and $31,154 at September 30, 1998
and December 31, 1997, respectively 281,007 359,817
INVESTMENT IN CABLE TELEVISION PROPERTIES:
Property, plant and equipment, at cost 19,020,149 17,704,957
Less- accumulated depreciation (9,764,394) (8,630,093)
----------- -----------
9,255,755 9,074,864
Franchise costs and other intangible assets, net of
accumulated amortization of $12,731,212 and
$12,654,022 at September 30, 1998 and December 31, 1997,
respectively 2,470,337 2,547,527
----------- -----------
Total investment in cable television properties 11,726,092 11,622,391
DEPOSITS, PREPAID EXPENSES AND OTHER ASSETS 328,161 184,684
----------- -----------
Total assets $12,791,680 $12,779,845
=========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
2
<PAGE>
IDS/JONES GROWTH PARTNERS 87-A, LTD.
------------------------------------
(A Limited Partnership)
UNAUDITED BALANCE SHEETS
------------------------
<TABLE>
<CAPTION>
September 30, December 31,
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) 1998 1997
------------------------------------------- -------------- -------------
<S> <C> <C>
LIABILITIES:
Debt $ 10,043,334 $ 10,000,000
Managing General Partner advances 234,144 235,536
Trade accounts payable and accrued liabilities 445,825 530,967
Subscriber prepayments 32,499 30,665
------------ ------------
Total liabilities 10,755,802 10,797,168
------------ ------------
PARTNERS' CAPITAL (DEFICIT):
General Partners-
Contributed capital 500 500
Accumulated deficit (8,107) (8,639)
------------ ------------
(7,607) (8,139)
------------ ------------
Limited Partners-
Net contributed capital (164,178 units
outstanding at September 30, 1998 and
December 31, 1997) 35,824,200 35,824,200
Accumulated deficit (3,780,715) (3,833,384)
Distributions (30,000,000) (30,000,000)
------------ ------------
2,043,485 1,990,816
------------ ------------
Total liabilities and partners' capital (deficit) $ 12,791,680 $ 12,779,845
============ ============
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited balance sheets.
3
<PAGE>
IDS/JONES GROWTH PARTNERS 87-A, LTD.
------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF OPERATIONS
----------------------------------
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES $2,212,347 $1,985,086 $6,355,869 $5,796,023
COSTS AND EXPENSES:
Operating expenses 1,271,391 1,153,796 3,702,718 3,478,545
Management fees and allocated overhead
from General Partners 248,775 227,515 728,437 695,868
Depreciation and amortization 479,862 349,441 1,271,509 1,009,236
---------- ---------- ---------- ----------
OPERATING INCOME 212,319 254,334 653,205 612,374
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest expense (181,578) (178,490) (536,218) (517,631)
Other, net (43,338) (3,851) (63,786) (68,478)
---------- ---------- ---------- ----------
Total other expense (224,916) (182,341) (600,004) (586,109)
---------- ---------- ---------- ----------
NET INCOME (LOSS) $ (12,597) $ 71,993 $ 53,201 $ 26,265
========== ========== ========== ==========
ALLOCATION OF NET INCOME (LOSS):
General Partners $ (126) $ 710 $ 532 $ 263
========== ========== ========== ==========
Limited Partners $ (12,471) $ 71,283 $ 52,669 $ 26,002
========== ========== ========== ==========
NET INCOME (LOSS) PER LIMITED
PARTNERSHIP UNIT $ (.08) $ .43 $ .32 $ .16
========== ========== ========== ==========
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 unaudited statements.
4
<PAGE>
IDS/JONES GROWTH PARTNERS 87-A, LTD.
------------------------------------
(A Limited Partnership)
UNAUDITED STATEMENTS OF CASH FLOWS
----------------------------------
<TABLE>
<CAPTION>
For the Nine Months Ended
September 30,
---------------------------
1998 1997
------------- ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 53,201 $ 26,265
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,271,509 1,009,236
Decrease in trade receivables 78,810 38,450
Increase in deposits, prepaid expenses and deferred charges (203,495) (502,024)
Increase (decrease) in trade accounts payable, accrued
liabilities and subscriber prepayments (83,308) 136,117
Increase (decrease) in Managing General Partner
Advances (1,392) 191,432
----------- -----------
Net cash provided by operating activities 1,115,325 899,476
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (1,315,192) (1,160,215)
----------- -----------
Net cash used in investing activities (1,315,192) (1,160,215)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing 46,525 350,000
Repayment of debt (3,191) (200,000)
----------- -----------
Net cash provided by financing activities 43,334 150,000
----------- -----------
Decrease in cash (156,533) (110,739)
Cash, beginning of period 612,953 478,797
----------- -----------
Cash, end of period $ 456,420 $ 368,058
=========== ===========
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Interest paid $ 565,300 $ 575,256
=========== ===========
</TABLE>
The accompanying notes to unaudited financial statements
are an integral part of these unaudited statements.
5
<PAGE>
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 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
87-A, Ltd. (the "Partnership") at September 30, 1998 and December 31, 1997, its
results of operations for the three and nine month periods ended September 30,
1998 and 1997 and its cash flows for the nine month periods ended September 30,
1998 and 1997. 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 system serving the
areas in and around Roseville, California (the "Roseville System").
(2) Jones Cable Corporation (the "Managing General Partner"), a wholly owned
subsidiary of Jones Intercable, Inc. ("Intercable"), 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 paid to the Managing General Partner by the
Partnership for the three and nine month periods ended September 30, 1998 were
$110,617 and $317,793, respectively, compared to $99,254 and $289,801,
respectively, for the three and nine month periods ended September 30, 1997.
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 by the Partnership for
the three and nine month periods ended September 30, 1998 were $11,062 and
$31,779, respectively, compared to $9,925 and $28,980, respectively, for the
three and nine month periods ended September 30, 1997.
The Partnership reimburses Intercable 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
Partnership. Such services, and their related costs, are necessary to the
operations of the Partnership and would have been incurred by the Partnership if
it was a stand alone entity. Allocations of personnel costs are based primarily
on actual time spent by employees of Intercable 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 partnerships
of Intercable. Systems owned by Intercable and all other systems owned by
partnerships for which Intercable is the general partner are also allocated a
proportionate share of these expenses. The Managing General Partner believes
that the methodology used in allocating overhead and administrative expense is
reasonable. Reimbursements made to Intercable by the Partnership for allocated
overhead and administrative expenses during the three and nine month periods
ended September 30, 1998 were $127,096 and $378,865, respectively, compared to
$118,336 and $377,087, respectively, for the three and nine month periods ended
September 30, 1997.
The Supervising General Partner also may be reimbursed for certain expenses
incurred on behalf of the Partnership. There were no reimbursements made to the
Supervising General Partner by the Partnership for allocated overhead and
administrative expenses during the three and nine month periods ended September
30, 1998 and 1997.
(3) In October 1996, the Partnership entered into an asset purchase agreement
pursuant to which it agreed to sell the Roseville System to an unaffiliated
party for $30,900,000. The sale was approved by the holders of a majority of the
limited partnership interests in the Partnership. Closing of the sale was
subject to a number of material closing conditions, one of which was never
satisfied. Because the prospective purchaser was affiliated with the company
that provides telephone services in the geographical area in which the Roseville
System provides cable television services, a waiver from the Federal
Communications Commission (the "FCC") of Section 652 of the Telecommunications
Act of 1996, which prohibits the acquisition by a telephone company and its
affiliates of cable systems in the telephone company's service area, was
6
<PAGE>
necessary to permit the prospective purchaser to consummate its purchase of the
Roseville System. The prospective purchaser, with the support and assistance of
the Managing General Partner, actively sought this waiver from the FCC, but the
FCC failed to grant the request for the waiver. As a result of the FCC's failure
to grant the request for the waiver, the asset purchase agreement between the
Partnership and that prospective purchaser expired and was not renewed in
February 1998, and the Managing General Partner again marketed the Roseville
System for sale.
In July 1998, the Partnership signed an asset purchase agreement to sell
the Roseville System to Comcast Corporation or one of its affiliates for a sales
price of $40,000,000, subject to customary closing adjustments. Comcast
Corporation currently is not an affiliate of the Partnership or of either of the
General Partners. Comcast Corporation has agreed, however, to acquire a
controlling ownership interest in the parent of the Managing General Partner.
Closing of the sale of the Roseville System, which is expected to occur in the
fourth quarter of 1998, will be subject to several conditions, including
necessary governmental and other third party consents. The sale has been
approved by the Supervising General Partner and by the holders of a majority of
the limited partnership interests in the Partnership.
Upon the proposed sale of the Roseville System, based upon financial
information as of September 30, 1998, the Partnership will repay all of its
indebtedness, which totaled $10,277,478 (including $10,000,000 borrowed under
its credit facility, $234,144 in advances from the Managing General Partner and
capital lease obligations of $43,334), pay brokerage fees to The Jones Group,
Ltd. ("The Jones Group"), a subsidiary of Intercable, and IDS Management
Corporation, an affiliate of the Supervising General Partner, totaling
$1,000,000, representing 2.5 percent of the sales price, for acting as brokers
and financial advisors in this transaction, settle working capital adjustments
and then the $29,309,786 of net sale proceeds will be distributed to the
Partnership's partners of record as of the date of the sale of the Roseville
System. Because the distribution to be made on the sale of the Roseville System
together with the April 1996 distribution from the sale of the Partnership's
cable television system serving the communities in and around Carmel, Indiana
will exceed 125 percent of the amounts originally contributed to the Partnership
by the limited partners, the general partners will receive general partner
distributions on the sale of the Roseville System. The limited partners as a
group will receive $27,308,746, the Managing General Partner will receive
$1,000,520 and the Supervising General Partner will receive $1,000,520 of the
net proceeds from the sale of the Roseville System. This distribution will give
the Partnership's limited partners an approximate return of $166 for each $250
limited partnership interest, or $664 for each $1,000 invested in the
Partnership.
Taking into account the April 1996 distribution from the sale of the
Partnership's cable television system serving the communities in and around
Carmel, Indiana and the anticipated distribution from the sale of the Roseville
System, the limited partners of the Partnership can expect to receive a total
return of $349 for each $250 limited partnership interest, or $1,396 for each
$1,000 invested in the Partnership.
Since the Roseville System represents the only asset of the Partnership,
the Partnership will be liquidated and dissolved upon the distribution of the
net proceeds from the sale of the Roseville System, most likely in the first
quarter of 1999.
7
<PAGE>
IDS/JONES GROWTH PARTNERS 87-A, LTD.
------------------------------------
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
FINANCIAL CONDITION
- -------------------
In October 1996, the Partnership entered into an asset purchase agreement
pursuant to which it agreed to sell the Roseville System to an unaffiliated
party for $30,900,000. The sale was approved by the holders of a majority of
the limited partnership interests in the Partnership. Closing of the sale was
subject to a number of material closing conditions, one of which was never
satisfied. Because the prospective purchaser was affiliated with the company
that provides telephone services in the geographical area in which the Roseville
System provides cable television services, a waiver from the Federal
Communications Commission (the "FCC") of Section 652 of the Telecommunications
Act of 1996, which prohibits the acquisition by a telephone company and its
affiliates of cable systems in the telephone company's service area, was
necessary to permit the prospective purchaser to consummate its purchase of the
Roseville System. The prospective purchaser, with the support and assistance of
the Managing General Partner, actively sought this waiver from the FCC, but the
FCC failed to grant the request for the waiver. As a result of the FCC's
failure to grant the request for the waiver, the asset purchase agreement
between the Partnership and that prospective purchaser expired and was not
renewed in February 1998, and the Managing General Partner again marketed the
Roseville System for sale.
In July 1998, the Partnership signed an asset purchase agreement to sell
the Roseville System to Comcast Corporation or one of its affiliates for a sales
price of $40,000,000, subject to customary closing adjustments. Comcast
Corporation currently is not an affiliate of the Partnership or of either of the
General Partners. Comcast Corporation has agreed, however, to acquire a
controlling ownership interest in the parent of the Managing General Partner.
Closing of the sale of the Roseville System, which is expected to occur in the
fourth quarter of 1998, will be subject to several conditions, including
necessary governmental and other third party consents. The sale has been
approved by the Supervising General Partner and by the holders of a majority of
the limited partnership interests in the Partnership.
Upon the proposed sale of the Roseville System, based upon financial
information as of September 30, 1998, the Partnership will repay all of its
indebtedness, which totaled $10,277,478 (including $10,000,000 borrowed under
its credit facility, $234,144 in advances from the Managing General Partner and
capital lease obligations of $43,334), pay brokerage fees to The Jones Group,
Ltd. ("The Jones Group"), a subsidiary of Intercable, and IDS Management
Corporation, an affiliate of the Supervising General Partner, totaling
$1,000,000, representing 2.5 percent of the sales price, for acting as brokers
and financial advisors in this transaction, settle working capital adjustments
and then the $29,309,786 of net sale proceeds will be distributed to the
Partnership's partners of record as of the date of the sale of the Roseville
System. Because the distribution to be made on the sale of the Roseville System
together with the April 1996 distribution from the sale of the Partnership's
cable television system serving the communities in and around Carmel, Indiana
will exceed 125 percent of the amounts originally contributed to the Partnership
by the limited partners, the general partners will receive general partner
distributions on the sale of the Roseville System. The limited partners as a
group will receive $27,308,746, the Managing General Partner will receive
$1,000,520 and the Supervising General Partner will receive $1,000,520 of the
net proceeds from the sale of the Roseville System. This distribution will give
the Partnership's limited partners an approximate return of $166 for each $250
limited partnership interest, or $664 for each $1,000 invested in the
Partnership.
Taking into account the April 1996 distribution from the sale of the
Partnership's cable television system serving the communities in and around
Carmel, Indiana and the anticipated distribution from the sale of the Roseville
System, the limited partners of the Partnership can expect to receive a total
return of $349 for each $250 limited partnership interest, or $1,396 for each
$1,000 invested in the Partnership.
Since the Roseville System represents the only asset of the Partnership,
the Partnership will be liquidated and dissolved upon the distribution of the
net proceeds from the sale of the Roseville System, most likely in the first
quarter of 1999.
For the nine months ended September 30, 1998, the Partnership generated net
cash from operating activities totaling $1,115,325. The Partnership expended
approximately $1,315,000 in capital improvements during the first nine months of
1998. Of these improvements, approximately 46 percent related to the
construction of cable television plant related to new
8
<PAGE>
homes passed. Approximately 34 percent related to service drops to homes. The
remainder was for other capital expenditures to maintain the value of the
Roseville System. Funding for these expenditures was provided by cash on hand
and cash generated from operations. Budgeted capital expenditures for the
remainder of 1998 in the Partnership's Roseville System are approximately
$123,000. Construction of system extensions related to new homes passed will
account for approximately 38 percent of these expenditures. Service drops to
homes will account for approximately 10 percent of the anticipated expenditures.
The remainder is for other capital expenditures to maintain the value of the
Roseville System until it is sold. Depending upon the timing of the closing of
the sale of the Roseville System, the Partnership will make only the portion of
the budgeted capital expenditures scheduled to be made during the Partnership's
continued ownership of the Roseville System. Funding for these expenditures is
expected to be provided by cash on hand and cash generated from operations. The
Partnership is obligated to the prospective buyer of the Roseville System to
conduct its business in the ordinary course until the sale of the Roseville
System is finalized.
The Partnership's $10,000,000 revolving credit facility allows for the
entire commitment to be available through March 31, 1999, at which time the
commitment will be reduced quarterly until December 31, 2003, when the
commitment will reduce to zero and will be payable in full. At September 30,
1998, the maximum of $10,000,000 was outstanding under the revolving credit
facility. The entire remaining outstanding balance at the time of the sale of
the Roseville System will be repaid upon the closing of the sale. Interest on
the commitment is at the Partnership's option of the Prime Rate or the London
Interbank Offered Rate plus 1-1/4 percent. The effective interest rates on
amounts outstanding were 6.97 percent and 6.94 percent at September 30, 1998 and
1997, respectively.
The Partnership has sufficient sources of capital, including cash on hand
and cash generated from operations, to fund capital expenditures and other
liquidity needs of the Partnership until the Roseville System is sold.
RESULTS OF OPERATIONS
- ---------------------
Revenues of the Partnership increased $227,261, or approximately 11
percent, to $2,212,347 for the three months ended September 30, 1998 from
$1,985,086 for the similar period in 1997. Revenues increased $559,846, or
approximately 10 percent, to $6,355,869 for the nine month period ended
September 30, 1998 from $5,796,023 for the similar period in 1997. Increases in
the number of basic subscribers in the Partnership's Roseville System accounted
for approximately 56 and 65 percent, respectively, of the increase in revenues
for the three and nine month periods ended September 30, 1998. The number of
basic subscribers in the Roseville System increased by 1,636 subscribers, or
approximately 9 percent, to 20,455 subscribers at September 30, 1998 from 18,819
subscribers for the similar period in 1997. Basic service rate increases
accounted for approximately 32 and 26 percent, respectively, of the increase in
revenues for the three and nine month periods ended September 30, 1998. No
other single factor significantly contributed to the increase in revenues.
Operating expenses consist primarily of costs associated with the operation
and administration of the Partnership's Roseville System. 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 marketing expenses.
Operating expenses increased $117,595, or approximately 10 percent, to
$1,271,391 for the three month period ended September 30, 1998 from $1,153,796
for the similar period in 1997. Operating expenses increased $224,173, or
approximately 6 percent, to $3,702,718 for the nine month period ended September
30, 1998 from $3,478,545 for the similar period in 1997. These increases were
primarily due to increases in programming fees which was due in part to the
increase in subscriber base. No other single factor significantly affected the
increase in operating expenses. Operating expenses represented 57 and 58
percent, respectively, of revenues for the three month periods ended September
30, 1998 and 1997, and 58 percent and 60 percent, respectively, for the nine
month periods ended September 30, 1998 and 1997.
The cable television industry generally measures the financial performance
of a cable television system in terms of operating cash flow (revenues less
operating expenses). This measure is not intended to be a substitute or
improvement upon the items disclosed on the financial statements, rather it is
included because it is an industry standard. Operating cash flow increased
$109,666, or approximately 13 percent, to $940,956 for the three months ended
September 30, 1998 compared to $831,290 for the similar 1997 period. Operating
cash flow increased $335,673, or approximately 14 percent, to $2,653,151 for the
nine months ended September 30, 1998 compared to $2,317,478 for the similar 1997
period. These increases were the result of the increases in revenues exceeding
the increases in operating expenses.
Management fees and allocated overhead from the General Partners increased
$21,260, or approximately 9 percent, to $248,775 for the three month period
ended September 30, 1998 from $227,515 for the similar period in 1997.
9
<PAGE>
Management fees and allocated overhead from the General Partners increased
$32,569, or approximately 5 percent, to $728,437 for the nine month period ended
September 30, 1998 from $695,868 for the similar period in 1997. These
increases were due to the increases in revenues, upon which such management fees
are based, and the timing of certain expenses from the Managing General Partner.
Depreciation and amortization expense increased $130,421, or approximately
37 percent, to $479,862 for the three month period ended September 30, 1998 from
$349,441 for the similar period in 1997. Depreciation and amortization expense
increased $262,273, or approximately 26 percent, to $1,271,509 for the nine
month period ended September 30, 1998 from $1,009,236 for the similar period in
1997. These increases were due to increases in the Partnership's depreciable
asset base.
Operating income decreased $42,015, or approximately 17 percent, to
$212,319 for the three month period ended September 30, 1998 from $254,334 for
the similar period in 1997. This decrease was due to the increases in
management fees and allocated overhead from the General Partners and
depreciation and amortization expense exceeding the increase in operating cash
flow. Operating income increased $40,831 to $653,205 for the nine month period
ended September 30, 1998 compared to $612,374 for the similar period in 1997.
This increase was due to the increase in operating cash flow exceeding the
increases in management fees and allocated overhead from the General Partners
and depreciation and amortization expense.
Interest expense of the Partnership increased $3,088, or approximately 2
percent, to $181,578 for the three month period ended September 30, 1998 from
$178,490 for the similar period in 1997. Interest expense of the Partnership
increased $18,587, or approximately 4 percent, to $536,218 for the nine month
period ended September 30, 1998 from $517,631 for the similar period in 1997.
This increase was due to higher outstanding balances on interest bearing
obligations.
The Partnership reported a net loss of $12,597 for the three months ended
September 30, 1998 compared to net income of $71,993 for the similar 1997
period. The Partnership reported net income of $53,201 for the nine months
ended September 30, 1998 compared to $26,265 for the similar 1997 period. These
changes were due to the factors discussed above.
10
<PAGE>
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
The sale of the Roseville System was subject to the approval of the holders of a
majority of the limited partnership interests of the Partnership. A vote of the
limited partners was conducted by the Managing General Partner by mail in
September and October of 1998. Limited partners of record at the close of
business on August 31, 1998 were entitled to notice of, and to participate in,
this vote of limited partners. Following are the final results of the vote of
the limited partners:
<TABLE>
<CAPTION>
No. of
Interests Approved Against Abstained Did Not Vote
Entitled to -------------- -------------- -------------- --------------
Vote No. % No. % No. % No. %
----------- ------- ----- ------- ----- ------- ----- ------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Roseville System Sale 164,178 91,869 55.9 613 .4 1,248 .8 70,448 42.9
</TABLE>
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
27) Financial Data Schedule
b) Reports on Form 8-K
None
11
<PAGE>
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: November 13, 1998
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 456,420
<SECURITIES> 0
<RECEIVABLES> 327,647
<ALLOWANCES> 46,640
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 19,020,149
<DEPRECIATION> 9,764,394
<TOTAL-ASSETS> 12,791,680
<CURRENT-LIABILITIES> 712,468
<BONDS> 10,043,334
0
0
<COMMON> 0
<OTHER-SE> 2,035,878
<TOTAL-LIABILITY-AND-EQUITY> 12,791,680
<SALES> 0
<TOTAL-REVENUES> 6,355,869
<CGS> 0
<TOTAL-COSTS> 3,702,718
<OTHER-EXPENSES> 2,063,732
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 536,218
<INCOME-PRETAX> 53,201
<INCOME-TAX> 0
<INCOME-CONTINUING> 53,201
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 53,201
<EPS-PRIMARY> .32
<EPS-DILUTED> .32
</TABLE>
