<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarter Ended September 30, 1996
Commission File Number: 0-20135
INTERMEDIA COMMUNICATIONS INC.
(Exact name of registrant as specified in its charter)
DELAWARE 59-2913586
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
3625 Queen Palm Drive
Tampa, Florida 33619
(Address of principal executive offices)
Telephone Number (813) 621-0011
----------------------
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
----- -----
As of November 11, 1996, there were 16,252,070 shares of the Registrant's
Common Stock outstanding.
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Page 1 of 14 pages
<PAGE> 2
INTERMEDIA COMMUNICATIONS INC.
INDEX
PART I. FINANCIAL INFORMATION
<TABLE>
<CAPTION>
PAGE NO.
<S> <C>
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED):
Condensed Consolidated Statements of Operations -
Three- and nine-month periods ended September 30,
1996 and 1995......................................... 3
Condensed Consolidated Balance Sheets - September 30,
1996 and December 31, 1995............................ 4
Condensed Consolidated Statements of Cash Flows -
Nine-month periods ended September 30, 1996 and 1995.. 5
Notes to Condensed Consolidated Financial Statements.. 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS................... 10
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS... 13
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K...................... 13
SIGNATURES ..................................................... 14
</TABLE>
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
INTERMEDIA COMMUNICATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
THREE-MONTH PERIOD ENDED NINE-MONTH PERIOD
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
1996 1995 1996 1995
------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
Revenues:
Transport and enhanced data $24,133,942 $4,631,801 $ 38,786,019 $ 12,470,430
Switched 9,148,973 4,996,311 21,706,671 14,154,122
Systems integration 696,761 556,621 3,840,437 1,854,149
------------ ----------- ------------ ------------
33,979,676 10,184,733 64,333,127 28,478,701
Expenses:
Facilities administration and maintenance
and line costs 28,005,055 6,414,994 49,044,623 17,244,183
Selling, general and administrative 10,173,542 4,034,783 23,883,954 9,936,130
Depreciation and amortization 5,254,557 2,678,555 12,068,540 7,215,556
------------ ----------- ------------ ------------
43,433,154 13,128,332 84,997,117 34,395,869
------------ ----------- ------------ ------------
Loss from operations (9,453,478) (2,943,599) (20,663,990) (5,917,168)
Other income (expense):
Interest expense (10,773,537) (5,368,899) (24,178,666) (8,041,952)
Other income 5,722,714 1,983,271 9,201,073 2,447,160
------------ ----------- ------------ ------------
Loss before income taxes and extraordinary item (14,504,301) (6,329,227) (35,641,583) (11,511,960)
Income tax benefit - - - 96,952
------------ ----------- ------------ ------------
Loss before extraordinary item (14,504,301) (6,329,227) (35,641,583) (11,415,008)
Extraordinary loss related to early retirement
of debt - - - (1,592,045)
------------ ----------- ------------ ------------
Net loss $(14,504,301) $(6,329,227) $(35,641,583) $(13,007,053)
============ =========== ============ ============
Net loss per share:
Loss before extraordinary item $ (0.90) $ (0.61) $ (2.69) $ (1.11)
Extraordinary item - - - (0.16)
------------ --------- ------------ ------------
Net loss $ (0.90) $ (0.61) $ (2.69) $ (1.27)
============ ========== ============ ============
Weighted average number of shares outstanding 16,126,448 10,367,072 13,242,546 10,203,063
============ ========== ============ ============
</TABLE>
See accompanying notes.
3
<PAGE> 4
INTERMEDIA COMMUNICATIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
<TABLE>
<CAPTION>
SEPTEMBER 30, 1996 DECEMBER 31, 1995
----------------- -----------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $241,361,080 $50,996,919
Restricted investments 845,237 18,854,015
Short-term investments 12,391,000 2,100,000
Current portion on notes receivable 1,225,520 -
Accounts receivable, net of allowance for
doubtful accounts of $1,583,165 in 1996 and $745,948 in 1995 18,442,666 7,954,194
Prepaid expenses and other current assets 2,453,388 1,832,186
---------------- ----------------
TOTAL CURRENT ASSETS 276,718,891 81,737,314
Notes Receivable 2,451,040 -
Restricted investments 40,241,757 30,869,001
Property, plant and equipment, net 164,993,744 76,169,589
Intangibles, net 34,032,162 26,986,915
Other assets 1,046,458 255,306
---------------- ----------------
TOTAL ASSETS $519,484,052 $216,018,125
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $16,579,300 $4,810,175
Accrued taxes 2,306,343 285,757
Accrued interest 7,200,000 1,800,000
Other accrued expenses 3,011,586 1,575,925
Advance billings 2,857,210 1,747,081
Current portion of long term debt 111,871 107,757
Current portion of capital lease obligation 695,138 1,057,927
---------------- ----------------
TOTAL CURRENT LIABILITIES 32,761,448 11,384,622
LONG-TERM DEBT
Long-term debt 347,721,891 159,199,226
Capital lease obligations 4,647,487 5,179,914
---------------- ----------------
TOTAL LIABILITIES 385,130,826 175,763,762
STOCKHOLDERS' EQUITY
Preferred stock - -
Common stock 164,549 103,597
Additional paid-in capital 203,772,977 74,093,476
Accumulated deficit (69,584,300) (33,942,710)
---------------- ----------------
TOTAL STOCKHOLDERS' EQUITY 134,353,226 40,254,363
---------------- ----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $519,484,052 $216,018,125
================ ================
</TABLE>
See accompanying notes.
4
<PAGE> 5
INTERMEDIA COMMUNICATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
NINE-MONTH PERIOD
SEPTEMBER 30, SEPTEMBER 30,
1996 1995
-------------------------------
<S> <C> <C>
OPERATING ACTIVITIES
Net loss $(35,641,583) $(13,007,052)
Adjustments to reconcile net loss to net cash
used by operating activities
Depreciation and amortization 12,178,042 7,215,556
Extraordinary loss - 1,592,045
Provision for doubtful accounts 714,165 370,695
Earned compensation expense on vested stock/options 501,015 -
Accreted bond interest 8,582,676 -
Changes in operating assets and liabilities:
Notes receivable (3,676,560) -
Accounts receivable (11,202,637) (3,700,169)
Prepaid expenses and other current assets (1,466,439) (553,431)
Other assets (791,152) (1,404,241)
Accounts payable 11,931,975 (1,296,341)
Accrued taxes and expenses 2,013,301 1,041,256
Accrued interest 5,400,000 7,200,000
Deferred taxes - (96,952)
Advance billings 1,110,129 511,070
-------------------------------
NET CASH USED BY OPERATING ACTIVITIES (10,347,068) (2,127,564)
INVESTING ACTIVITIES
Purchase of restricted investments - (58,789,913)
Purchase of business, net of cash acquired - (671,718)
Purchases of short-term investments (10,291,000) (2,050,000)
Maturities of restricted investments 9,481,259 -
Capital expenditures (80,810,319) (20,950,859)
Other investing activities - (160,169)
-------------------------------
NET CASH USED IN INVESTING ACTIVITIES (81,620,060) (82,622,659)
FINANCING ACTIVITIES
Net proceeds from issuance of senior discount notes 171,225,635 -
Net proceeds from issuance of common stock 112,085,567 308,690
Net proceeds from issuance of senior notes and warrants - 154,027,463
Principal payments on long term debt (84,697) (15,955,239)
Principal payments of capital lease obligation (895,216) (3,125,000)
-------------------------------
NET CASH PROVIDED BY FINANCING ACTIVITIES 282,331,289 135,255,914
INCREASE IN CASH AND CASH EQUIVALENTS 190,364,161 50,505,691
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 50,996,919 10,208,187
-------------------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $241,361,080 $60,713,878
===============================
</TABLE>
See accompanying notes.
5
<PAGE> 6
INTERMEDIA COMMUNICATIONS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Note 1 Basis of Presentation
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. For further information, refer
to the consolidated financial statements and footnotes thereto included
in the Company's annual report on Form 10-K for the year ended December
31, 1995.
Operating results for the three- and nine-month period ended
September 30, 1996 are not necessarily indicative of the results that
may be expected for the year ending December 31, 1996.
Note 2 Property, Plant and Equipment
Property, Plant and Equipment consisted of:
<TABLE>
<CAPTION>
September 30, 1996 December 31, 1995
-------------------- -----------------
<S> <C> <C>
Telecommunications equipment $ 102,310,112 $50,506,651
Fiber optic cable 29,540,893 27,891,274
Furniture and fixtures 14,162,581 5,223,389
Leasehold improvements 3,842,829 985,876
Real Estate 756,026 -
Construction in progress 42,000,429 12,830,122
------------- -----------
192,612,870 97,437,312
Less accumulated depreciation (27,619,126) (21,267,723)
------------- -----------
$ 164,993,744 $76,169,589
============= ===========
</TABLE>
6
<PAGE> 7
<TABLE>
<CAPTION>
Note 3 Long-Term Debt
Long term debt consists of:
September 30, 1996 December 31, 1995
-------------------- -----------------
<S> <C> <C>
13.5% Senior Notes
$160 million face amount,
due 2005 $159,088,960 $ 158,983,840
12.5% Senior Discount Notes
$330 million face amount,
due 2006 188,501,976 -
Other notes payable 242,826 323,143
------------- --------------
347,833,762 159,306,983
Less current portion (111,871) (107,757)
------------- --------------
$ 347,721,891 $ 159,199,226
============= ==============
</TABLE>
In June 1995, the Company issued $160 million principal amount of 13.5%
Senior Notes, due 2005 which were subsequently exchanged for 13.5% Series
B Senior Notes due 2005 "the Senior Notes" and warrants to purchase
350,000 shares of the Company's common stock. The Company has allocated
$1,051,200 of the proceeds to the warrants, representing the estimated
fair value at the date of issue. The Senior Notes are limited in
aggregate principal amount to $160 million and mature on June 1, 2005.
The Senior Notes may be redeemed at the option of the Company, in whole or
in part, on or after June 1, 2000, beginning at a premium of 106.75% of
par and declining to par in 2003, plus accrued and unpaid interest and
liquidated damages, if any, through the redemption date. The Senior Notes
bear interest at the rate of 13.5% per annum payable semiannually in
arrears on June 1 and December 1. The Senior Notes agreement contains
certain convenants including limits on the incurrence of additional
indebtedness, with which the Company is in compliance at September 30,
1996.
The terms of the Senior Note agreement required the Company to use a
portion of the proceeds to purchase pledged securities ("Restricted
Investments") sufficient to provide for payment of interest on the Senior
Notes through June 1, 1998 and as security for repayment of principal on
the Senior Notes. In 1995, the Company purchased U.S. Government
Securities whose maturity coincides with the interest payment dates.
In May 1996, the Company issued $330 million principal amount of 12.5%
Senior Discount Notes due May 15, 2006. The original issue discount
price of each $1,000 of the Senior Discount Notes was $545.21. The
discount is to be amortized over the term of Senior Discount Notes using
the effective interest method. Commencing on November 15, 2001,
interest on the Senior Discount Notes will be payable semi-annually in
arrears on May 15 and November 15 at a rate of 12.5% per annum. Interest
expense and amortization of the discount are included in interest expense
for all periods presented. The Senior Discount Notes are redeemable at
the option of the Company after May 15, 2001, at a premium declining to
par in 2004, plus accrued and unpaid interest. The Senior Discount Notes
agreement contains certain restrictive convenants including limitations
on the incurrence of additional indebtedness, with which the Company is
in compliance at September 30, 1996.
7
<PAGE> 8
Accrued interest on the Senior Discount Notes included in long term debt
for the nine month period ended September 30, 1996 was $2,860,892.
Interest capitalized for the nine month periods ended September 30, 1996
and 1995 was $1,939,584 and $347,823, respectively.
Note 4 Acquisitions
On February 15, 1995 the Company purchased FiberNet USA, Inc. (a
development stage company) and FiberNet Telecommunications Cincinnati,
Inc. (collectively FiberNet) for a total purchase price of $8,320,765
which included 683,583 shares of the Company's common stock, valued at
$7,861,205 and a $1.2 million convertible note payable. The Company has
accounted for the Fibernet acquisition as if it occurred on March 1, 1995
using the purchase method of accounting. The operating results of
FiberNet included in the Company's Consolidated Financial Statements
since March 1, 1995, including the FiberNet acquisition as if it occurred
on January 1, 1995, were not materially different from the results of
operations as reported.
On February 20, 1996, the Company entered into an agreement to purchase
the telecommunications division of EMI Communications Corp. "EMI", a
wholly owned subsidiary of Newhouse Broadcasting Corporation. On June
28, 1996, the Company consummated the acquisition of EMI. The total
purchase price amounted to $18,155,000 and included 937,500 shares of the
Company's common stock, valued at $16,875,000. The Company has accounted
for the EMI acquisition using the purchase method. EMI's
telecommunications division, headquartered in Syracuse, New York, is a
provider of frame relay based network services and interexchange private
line services primarily in the northeastern United States. EMI operates
owned and leased microwave and fiber optic digital network capacity in
New York, Massachusetts, Vermont, Rhode Island, Connecticut, New Jersey,
Pennsylvania, Maryland and the District of Columbia and maintains POPs in
most major cities in these states.
The following unaudited pro forma results of operations presents the
consolidated results of operations as if the acquisition of EMI and
FiberNet had occurred at the beginning of the periods presented, and do
not purport to be indicative of the results that actually would have
occurred if either of the companies had been acquired as of those dates
or of results which may occur in the future.
<TABLE>
<CAPTION>
Nine-months ended September 30
1996 1995
-------------------------------
<S> <C> <C>
Revenue $90,215,000 $ 61,006,000
Net loss (36,965,000) (14,590,000)
Net loss per share (2.67) (1.31)
</TABLE>
8
<PAGE> 9
Note 5 Common Stock
On May 8, 1996, the Company issued an additional 4,674,503 shares of
common stock, through a public offering, resulting in net proceeds of
$111,768,994. The closing price for the common stock on May 8, 1996 was
$26.063 per share.
Note 6 Commitments and Contingencies
On May 3, 1995, the Company asserted a claim for indemnification
against the former shareholder of Phone One, Inc. (the "Former
Shareholder") for approximately $1 million on account of various
breaches of representations and warranties made by the Former
Shareholder to the Company in the agreement for the acquisition of
Phone One, Inc. (the "Phone One Acquisition Agreement"). The former
Shareholder has objected to the indemnification claim, which is
subject to arbitration under the Phone One Acquisition Agreement. On
May 24, 1995 the former Shareholder advised the Company that it has
filed a complaint against the Company in the Florida circuit court for
Dade County seeking rescission of the Phone One, Inc. acquisition and
damages for breach of contract in excess of $3 million. Pursuant to
the mandatory arbitration requirements of the Phone One Acquisition
Agreement, in July 1995, the Company filed a demand for arbitration,
and the action was stayed in the circuit court. The parties
negotiated a settlement proposal, and on August 27, 1996, the dispute
was settled and mutual general releases exchanged by which the Company
delivered 22,357 of the holdback shares, pursuant to the terms of the
Phone One Acquisition Agreement. On September 3, 1996, the action in
circuit court was dismissed with prejudice.
9
<PAGE> 10
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The following discussion should be read in conjunction with the condensed
consolidated financial statements and notes thereto included herewith, and with
the Company's Management's Discussion and Analysis of Financial Condition and
Results of Operations and audited consolidated financial statements and notes
thereto included in the Company's annual report on Form 10-K for the year ended
December 31, 1995, filed with the Securities and Exchange Commission.
Results of Operations
The Company's revenue for the third quarter and first nine months of 1996
increased 234% and 126% respectively, from $10.2 million and $28.5 million in
the third quarter and first nine months of 1995, respectively to $34.0 million
and $64.3 million for the same respective periods in 1996. A significant
portion of the growth in revenue was a result of the EMI acquisition which was
consummated on June 28, 1996 and resulted in $13.5 million of revenue for the
third quarter. Other significant factors attributing to the growth related to
continued enhanced data service and long distance revenue. Enhanced data
service revenue for the third quarter and first nine months of 1996 increased
by 278% and 238% respectively, from $1.8 million and $4.7 million for the
third quarter and first nine months of 1995, respectively to $6.8 million and
$15.9 million for the same respective periods in 1996. Long distance revenue
for the third quarter and first nine months of 1996 increased by 82% and 53%
respectively from $5.0 million and $14.2 million for the third quarter and
first nine months of 1995, respectively to $9.1 million and $21.7 million for
the same respective periods in 1996. The Company believes that service revenue
will grow as the Company adds sales force, expands into new territories and
adds to its product offerings in other territories.
Operating Expenses for the third quarter and first nine months of 1996
increased 231% and 147%, respectively from $13.1 million and $34.4 million in
the third quarter and first nine months of 1995, respectively to $43.4 million
and $85.0 million for the same respective periods in 1996. Of the increase in
the third quarter and first nine months of 1996, $12.4 million is attributable
to EMI, $10.1 million and $24.1 million respectively, is attributed the
Company's long distance services. The increase is primarily consistent with the
costs associated with the growth in the Company's enhanced data and long
distance services, particularly network service expense and personnel
additions.
Facilities administration and maintenance and line costs for the third
quarter and first nine months of 1996 increased by 337% and 184%, respectively
from $6.4 million and $17.2 million in the third quarter and first nine months
of 1995, respectively to $28.0 million and $49.0 million for the same respective
periods in 1996. The increase was due primarily to $10.3 million in expenses
relating to EMI, in addition to the rapid growth in leased network capacity
required to meet the growing demand for enhanced data services and as a result
of increasing network service expenses associated with the Company's
interexchange long distance services.
Selling, general and administrative expenses for the third quarter and
first nine months of 1996 increased by 152% and 140%, respectively from $4.0
million and $9.9 million in the third quarter and first nine months of 1995,
respectively to $10.2 million and $23.9 million for the same respective periods
in 1996. Of the increase, $1.1 million relates to expenses associated with
EMI. The remaining increase is a result of the Company's continued growth and
10
<PAGE> 11
represents a major increase in the sales, marketing, management information
services and customer service personnel, one time expenditures for employee
recruitment, relocation, training and increased commissions relating to the
rise in revenues for these periods. The increase is also the result of leasing
new office space to accommodate the rapid growth in Company personnel.
Depreciation and amortization expense for the third quarter and first nine
months of 1996 increased 96% and 67%, respectively from $2.7 million and $7.2
million in the third quarter and first nine months of 1995, respectively to
$5.3 million and $12.1 million for the same respective periods in 1996. Of the
increase, $1 million relates to expenses associated with EMI. Remaining
additions relate to telecommunications equipment placed in service.
Interest expense for the third quarter and first nine months of 1996
increased 101% and 201% from $5.4 million and $8.0 million in the third quarter
and first nine months of 1995, to $10.8 million and $24.2 million for the same
respective periods in 1996. Of the increase, $5.7 million and $8.5 million in
the third quarter and first nine months of 1996, resulted from interest expense
on the May 1996 issuance of $330 million principal amount of 12.5% Senior
Discount Notes and the effect from nine full months of interest expense on the
excess proceeds from the June 1995 issuance of $160 million principal amount of
13.5% Senior Notes partially offset by capitalized interest.
Other income for the third quarter and first nine months of 1996 increased
189% and 276%, respectively from $2.0 million and $2.4 million in the third
quarter and first nine months of 1995, respectively to $5.7 million and $9.2
million for the same respective periods in 1996. This increase is the result
of interest earned on the cash available from the excess proceeds related to
the May 1996 issuance of $330 million principal amount of 12.5% Senior Discount
Notes and the issuance of 4,674,503 common shares, par value $.01 per share, at
$26.00 per share. In addition, there is also an effect from nine full months
of interest earned on the excess proceeds from the June 1995 issuance of $160
million principal amount of 13.5% Senior Notes.
Extraordinary loss of $1.6 million for the first nine months of 1995 is
related to $1 million in prepayment penalties, related to certain indebtedness
repaid from the proceeds of the June 1995 issuance of $160 million principal
amount of 13.5% Senior Notes and the write off of the unamortized deferred
financing costs.
Net loss for the third quarter and first nine months of 1996 increased
129% and 174%, respectively from $6.3 million and $13.0 million in the third
quarter and first nine months of 1995 respectively to $14.5 million and $35.6
million for the same respective periods in 1996 due to reasons discussed above.
The consolidation of earnings from EMI resulted in $1.1 million net income for
the period.
Liquidity and Capital Resources
Net cash used in operating activities for the first nine months of 1996
totaled $10.3 million compared to $2.1 million for the same period in 1995.
This change resulted primarily from the Company's increased net loss and an
increase in accounts and notes receivable, partially offset by increased
depreciation and amortization expense and accounts payable. The Company also
expended approximately $80.8 million of cash in the first nine months of 1996
to purchase telecommunications equipment associated with network expansion.
11
<PAGE> 12
The Company estimates that it requires approximately $360 million to fund
anticipated capital expenditures for 1996 through 1999. The Company expects to
fund the balance of its capital expenditures with working capital, operating
cash flow and through public or private debt and/or equity financing. In May,
1996 the Company closed the financing $330 million principal amount of 12.5%
Senior Discount Notes generating gross proceeds of $179.9 million. In
addition, the Company issued 4,674,503 shares of common stock, par value $.01
per share issued at $26.00 per share in May 1996. The combined net proceeds of
$288 million to the Company will be used to finance continued expansion of the
Company's telecommunications networks and the installation of voice switches.
These proceeds will allow the Company to offer local exchange service and
support general corporate purposes, including working capital. There can be no
assurance as to the Company's ability to complete any other debt or equity
financing or the terms upon which any such financing may be available.
The Company has from time to time held, and continues to hold, preliminary
discussions with (i) potential strategic investors (i.e. investors in the same
or a related business) who have expressed an interest in making an investment
in or acquiring the Company, (ii) potential joint venture partners looking
toward formation of strategic alliances that would expand the reach of the
Company's network or services without necessarily requiring an additional
investment in the Company are (iii) companies that represent potential
acquisition opportunities for the Company. There can be no assurance that any
agreement with any potential strategic investor, joint venture partner or
acquisition target will be reached nor does management believe that any thereof
is necessary to successfully implement its strategic plans.
12
<PAGE> 13
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K
There were no reports filed on Form 8-K for the quarter ended September
30,1996.
13
<PAGE> 14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: November 12, 1996
INTERMEDIA COMMUNICATIONS INC.
(Registrant)
/s/ Robert M. Manning
-----------------------------------------
Robert M. Manning
Senior Vice President and Chief Financial
Officer
/s/ Jeanne M. Walters
-----------------------------------------
Jeanne M. Walters
Controller and Chief Accounting Officer
14
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF INTERMEDIA COMMUNICATIONS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<CASH> 241,361,080
<SECURITIES> 13,236,237
<RECEIVABLES> 19,668,186
<ALLOWANCES> 1,583,165
<INVENTORY> 0
<CURRENT-ASSETS> 276,718,891
<PP&E> 192,612,870
<DEPRECIATION> (27,619,126)
<TOTAL-ASSETS> 519,484,052
<CURRENT-LIABILITIES> 32,761,448
<BONDS> 385,130,826
0
0
<COMMON> 164,549
<OTHER-SE> 134,188,677
<TOTAL-LIABILITY-AND-EQUITY> 519,484,052
<SALES> 0
<TOTAL-REVENUES> 64,333,127
<CGS> 0
<TOTAL-COSTS> 49,044,623
<OTHER-EXPENSES> 12,068,540
<LOSS-PROVISION> 714,165
<INTEREST-EXPENSE> 24,178,666
<INCOME-PRETAX> (35,641,583)
<INCOME-TAX> 0
<INCOME-CONTINUING> (35,641,583)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
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