<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
- --------------------------------------------------------------------------------
FORM 11-K
(MARK ONE)
[X ] ANNUAL REPORT PURSUANT TO SECTION 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
FOR THE YEAR ENDED DECEMBER 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
FOR THE TRANSITION PERIOD FROM __________ TO ___________
COMMISSION FILE NUMBER: 0-20135
INTERMEDIA COMMUNICATIONS INC.
(Exact name of registrant as specified in its charter)
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
Intermedia Communications Inc. 401(k) Profit Sharing Plan
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Intermedia Communications Inc.
3625 Queen Palm Drive
Tampa, Florida 33619
(813) 829-0011
REQUIRED INFORMATION
Intermedia Communications Inc. 401(k) Plan is subject to the Employee
Retirement Income Security Act of 1974 (ERISA). Required information
includes financial statements and schedules for the Plan prepared in
accordance with ERISA reporting requirements.
<PAGE> 2
Audited Financial Statements
and Supplemental Schedules
Intermedia Communications Inc.
401(k) Profit Sharing Plan
Year ended December 31, 1998 and
as of December 31, 1997
with Report of Independent Auditors
<PAGE> 3
Intermedia Communications Inc.
401(k) Profit Sharing Plan
Year ended December 31, 1998 and as of December 31, 1997
TABLE OF CONTENTS
<TABLE>
<CAPTION>
<S> <C>
Report of Independent Auditors.................................................3
Audited Financial Statements
Statements of Net Assets Available for Benefits................................5
Statement of Changes in Net Assets Available for Benefits......................6
Notes to Financial Statements..................................................7
Supplemental Schedules
Line 27a--Schedule of Assets Held for Investment Purposes......................13
Line 27b--Schedule of Loans or Fixed Income Obligations........................14
Line 27d--Schedule of Reportable Transactions..................................18
Line 27f--Schedule of Nonexempt Transactions...................................22
Exhibit Index..................................................................23
Signatures.....................................................................24
</TABLE>
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<PAGE> 4
Report of Independent Auditors
The Plan Administrator
Intermedia Communications Inc.
401(k) Profit Sharing Plan
We have audited the accompanying statements of net assets available for benefits
of Intermedia Communications Inc. 401(k) Profit Sharing Plan as of December 31,
1998 and 1997, and the related statement of changes in net assets available for
benefits for the year ended December 31, 1998. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan at December
31, 1998 and 1997 and the changes in its net assets available for benefits for
the year ended December 31, 1998, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes and loans or fixed income obligations as of
December 31, 1998, and reportable transactions and nonexempt transactions for
the year then ended, are presented for purposes of
-3-
<PAGE> 5
additional analysis and are not a required part of the financial statements but
are supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of the
Plan's management. The supplemental schedules have been subjected to the
auditing procedures applied in our audits of the financial statements and, in
our opinion, are fairly stated in all material respects in relation to the
financial statements taken as a whole.
The schedule of reportable transactions that accompanies the Plan's financial
statements does not disclose the cost information for sales of assets made by
Union Central Life Insurance Company. Disclosure of this information is required
by the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. Such information is
not, however, required for the fair presentation under generally accepted
accounting principles.
/s/ Ernst & Young LLP
Tampa, Florida
July 2, 1999
-4-
<PAGE> 6
Intermedia Communications Inc.
401(k) Profit Sharing Plan
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
DECEMBER 31
1998 1997
----------- ----------
<S> <C> <C>
ASSETS
Investments:
Scudder Money Market Fund $ -- $ 226,736
Carillon Capital Fund -- 522,390
Carillon Government Securities Fund -- 214,367
Neuberger & Berman Guardian Fund -- 1,633,116
American Century Select Fund -- 1,114,920
American Century Ultra Fund -- 2,243,191
Scudder International Fund -- 349,848
The Putnam Fund for Growth & Income 3,999,058 --
Putnam Capital Appreciation Fund 6,373,468 --
Putnam Growth Opportunities Fund 12,767,105 --
Putnam International Voyager Fund 479,580 --
Putnam Diversified Income Trust 899,639 --
Putnam New Opportunities Fund 1,532,695 --
Putnam International Growth Fund 1,240,065 --
Intermedia Communications Inc. Common Stock 1,333,688 --
Putnam Money Market Fund 5,109,701 --
Putnam Equity Income Fund 3,145,553 --
Participant loans 917,087 177,568
----------- ----------
Total investments 37,797,639 6,482,136
Contributions receivable 1,159,938 228,713
----------- ----------
Total assets 38,957,577 6,710,849
LIABILITIES
Excess contributions -- 434
----------- ----------
Net assets available for benefits $38,957,577 $6,710,415
=========== ==========
</TABLE>
See accompanying notes.
-5-
<PAGE> 7
Intermedia Communications Inc.
401(k) Profit Sharing Plan
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1998
<TABLE>
<CAPTION>
ADDITIONS TO NET ASSETS AVAILABLE FOR BENEFITS ATTRIBUTED TO:
Investment income:
<S> <C>
Net appreciation in fair value of investments $ 4,255,656
Interest income 984,206
-----------
5,239,862
Contributions:
Participants 7,296,803
Employer 2,294,864
-----------
9,591,667
Transfer of net assets from merged plans 18,721,393
-----------
Total additions 33,552,922
DEDUCTIONS FROM NET ASSETS AVAILABLE FOR BENEFITS ATTRIBUTED TO:
Benefits paid to participants 1,305,760
-----------
Total deductions 1,305,760
-----------
Increase in net assets available for benefits 32,247,162
Net assets available for benefits at beginning of year 6,710,415
-----------
Net assets available for benefits at end of year $38,957,577
===========
</TABLE>
See accompanying notes.
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<PAGE> 8
Intermedia Communications Inc.
401(k) Profit Sharing Plan
Notes to Financial Statements
December 31, 1998
1. DESCRIPTION OF PLAN
The following description of the Intermedia Communications Inc. 401(k) Profit
Sharing Plan (the Plan) provides only general information. Participants should
refer to the Plan agreement for a more complete description of the Plan's
provisions.
GENERAL
The Plan is a defined contribution plan covering substantially all employees of
Intermedia Communications Inc. and affiliated companies (collectively, the
"Company") who have at least one year of service and are age 21 or older, except
those employees whose employment is governed by a collective bargaining
agreement or leased employees. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
Effective January 1, 1998, the Plan was amended to allow employees to become
eligible to participate in the Plan with three months of service. Effective July
1, 1998, the Plan was amended and restated to allow for the transfer of certain
plan assets to the Putnam Group of Investment Funds. Additional amendments were
made to the Plan to allow employees who were employed by the following companies
acquired by the Company to participate in the Plan: Shared Technologies
Fairchild, Inc. (Shared), Long Distance Saver group of companies (collectively,
"LDS") and National Telecommunications of Florida, Inc. and NTC, Inc.
(collectively, "National"). Employees previously making salary reduction
contributions under 401(k) plans sponsored by Shared, LDS, or National
(collectively, previous plans) began to make salary deferrals into the Plan at
the rates being made under the previous plans, unless such participants elected
to change or cease making such contributions.
CONTRIBUTIONS
Each year, participants may contribute up to 15% of pretax annual compensation
up to certain amounts, as defined in the Plan document. Participants may also
contribute amounts representing distributions from other qualified defined
benefit or defined contribution plans. Company contributions are discretionary
at the option of the Company's Board of Directors. The Company contributed 50%
of the first 6% of compensation that a participant contributed to the Plan
during 1998 and 1997.
Effective July 1, 1998, the Plan was amended to change the Company's
contribution to 50% of the first 7% of compensation that a participant
contributed.
-7-
<PAGE> 9
Intermedia Communications Inc.
401(k) Profit Sharing Plan
Notes to Financial Statements (continued)
1. DESCRIPTION OF PLAN (CONTINUED)
PARTICIPANT ACCOUNTS
Each participant's account is credited with the participant's contributions and
allocations of (a) the Company's contributions and (b) Plan earnings.
Allocations are based on participant compensation or account balances, as
defined. Forfeited balances of terminated participants' nonvested accounts are
used to reduce future company contributions. The benefit to which a participant
is entitled is the benefit that can be provided from the participant's account.
VESTING
Participants are immediately vested in their contributions plus actual earnings
thereon. Vesting in the Company contribution portion of their accounts plus
actual earnings thereon is based on years of service. A participant is
incrementally vested over three years of credited service.
INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct employer and employee
contributions in percentage increments in any of eleven investment options.
Participants may change their investment options daily.
PARTICIPANT LOANS
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum of the lesser of $50,000 or 50% of the participant's vested account
balance. Loan terms range from 1-15 years. The loans are secured by the balance
in the participant's account and bear interest at a rate commensurate with local
prevailing rates as determined quarterly by the plan administrator.
Principal and interest are paid ratably through monthly payroll deductions.
PAYMENT OF BENEFITS
Upon termination of service, death, disability, or retirement, a participant may
elect to receive a lump-sum payment equal to the vested value of his or her
account, or choose from various forms of annuity payments. As of December 31,
1998 participants elected distributions in the amount of $14,112 that had not
yet been paid.
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<PAGE> 10
2. SUMMARY OF ACCOUNTING POLICIES
INVESTMENT VALUATION AND INCOME RECOGNITION
The Plan's investments are stated at fair value. Pooled separate accounts are
recorded at fair value based on the current market prices of the underlying
assets as determined by the insurance company. Mutual funds are recorded at fair
value based on the current quoted market prices. The participant loans are
valued at cost which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates that affect the
amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
3. INVESTMENTS
The Plan's investments were held and administered by Union Central Life
Insurance Company through June 30, 1998 and by Putnam Fiduciary Trust Company
beginning July 1, 1998.
-9-
<PAGE> 11
Intermedia Communications Inc.
401(k) Profit Sharing Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
Activity in each Fund for the year ended December 31, 1998 was as follows:
<TABLE>
<CAPTION>
SCUDDER CARILLON NEUBERGER AMERICAN AMERICAN
MONEY CARILLON GOVERNMENT & BERMAN CENTURY CENTURY
MARKET CAPITAL SECURITIES GUARDIAN SELECT ULTRA
FUND FUND FUND FUND FUND FUND
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS AVAILABLE FOR
BENEFITS ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 5,412 $ (17,533) $ 6,488 $ 206,236 $ 250,501 $ 642,089
Interest income 1,437 1,784 416 4,675 1,445 5,770
--------------------------------------------------------------------------------------
6,849 (15,749) 6,904 210,911 251,946 647,859
Contributions:
Participants 46,347 198,461 55,360 650,559 379,659 902,054
Employer 13,765 63,322 17,520 215,052 124,715 319,684
--------------------------------------------------------------------------------------
60,112 261,783 72,880 865,611 504,374 1,221,738
Transfer due to plan merger 25,735 43,573 16,917 75,537 53,268 65,938
--------------------------------------------------------------------------------------
Total additions 92,696 289,607 96,701 1,152,059 809,588 1,935,535
DEDUCTIONS FROM NET ASSETS AVAILABLE
FOR BENEFITS ATTRIBUTED TO:
Benefits paid to participants 42,639 36,272 47,736 117,345 102,128 147,805
--------------------------------------------------------------------------------------
Total deductions 42,639 36,272 47,736 117,345 102,128 147,805
--------------------------------------------------------------------------------------
Net increase in assets available for
benefits 50,057 253,335 48,965 1,034,714 707,460 1,787,730
Transfers between funds (net) (276,793) (775,725) (263,332) (2,667,830) (1,822,380) (4,030,921)
Net assets available for benefits at
beginning of year 226,736 522,390 214,367 1,633,116 1,114,920 2,243,191
--------------------------------------------------------------------------------------
Net assets available for benefits at end
of year $ -- $ -- $ -- $ -- $ -- $ --
======================================================================================
<CAPTION>
THE PUTNAM
SCUDDER PUTNAM FUND CAPITAL
INTERNATIONAL FOR GROWTH APPRECIATION
FUND AND INCOME FUND
------------------------------------------
<S> <C> <C> <C>
ADDITIONS TO NET ASSETS AVAILABLE FOR
BENEFITS ATTRIBUTED TO:
Investment income:
Net appreciation (depreciation)
in fair value of investments $ 85,914 $ (125,514) $ 886,817
Interest income 524 298,447 177,452
------------------------------------------
86,438 172,933 1,064,269
Contributions:
Participants 199,909 409,680 413,004
Employer 74,428 126,539 112,693
------------------------------------------
274,337 536,219 525,697
Transfer due to plan merger 7,174 845,392 5,021,772
------------------------------------------
Total additions 367,949 1,554,544 6,611,738
DEDUCTIONS FROM NET ASSETS AVAILABLE
FOR BENEFITS ATTRIBUTED TO:
Benefits paid to participants 41,231 106,460 47,210
------------------------------------------
Total deductions 41,231 106,460 47,210
------------------------------------------
Net increase in assets available for 326,718 1,448,084 6,564,528
benefits
Transfers between funds (net) (676,566) 2,550,974 (191,060)
Net assets available for benefits at
beginning of year 349,848 -- --
------------------------------------------
Net assets available for benefits at end
of year $ -- $ 3,999,058 $ 6,373,468
==========================================
</TABLE>
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<PAGE> 12
<TABLE>
<CAPTION>
PUTNAM INTERMEDIA PUTNAM PUTNAM
GROWTH PUTNAM PUTNAM PUTNAM NEW PUTNAM COMMUNICATIONS MONEY EQUITY
OPPORTUNITIES INTERNATIONAL DIVERSIFIED OPPORTUNITIES INTERNATIONAL INC. MARKET INCOME
FUND VOYAGER FUND INCOME TRUST FUND GROWTH FUND COMMON STOCK FUND FUND
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 2,337,578 $ 41,366 $ (30,025) $ 184,907 $ 39,454 $ (203,768) $ 114 $ (54,380)
-- 13,183 20,847 42,866 35,761 -- 65,639 293,991
- ------------------------------------------------------------------------------------------------------------------
2,337,578 54,549 (9,178) 227,773 75,215 (203,768) 65,753 239,611
795,818 210,912 72,985 644,386 235,788 975,207 344,228 210,556
214,201 63,098 21,180 185,635 54,668 160,190 91,470 57,359
- ------------------------------------------------------------------------------------------------------------------
1,010,019 274,010 94,165 830,021 290,456 1,135,397 435,698 267,915
4,112,244 123,982 590,817 407,900 279,377 -- 4,484,081 1,915,390
- ------------------------------------------------------------------------------------------------------------------
7,459,841 452,541 675,804 1,465,694 645,048 931,629 4,985,532 2,422,916
428,578 4,963 17,187 5,213 30,143 2,912 77,269 44,094
- ------------------------------------------------------------------------------------------------------------------
428,578 4,963 17,187 5,213 30,143 2,912 77,269 44,094
- ------------------------------------------------------------------------------------------------------------------
7,031,263 447,578 658,617 1,460,481 614,905 928,717 4,908,263 2,378,822
5,735,842 32,002 241,022 72,214 625,160 404,971 201,438 766,731
-- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------
$12,767,105 $479,580 $ 899,639 $1,532,695 $1,240,065 $ 1,333,688 $5,109,701 $ 3,145,553
=================================================================================================================
<CAPTION>
LOANS AND
RECEIVABLES COMBINED
- ----------------------------
<S> <C>
$ -- $ 4,255,656
19,969 984,206
- ----------------------------
19,969 5,239,862
551,890 7,296,803
379,345 2,294,864
- ----------------------------
931,235 9,591,667
652,296 18,721,393
- ----------------------------
1,603,500 33,552,922
6,575 1,305,760
- ----------------------------
6,575 1,305,760
- ----------------------------
1,596,925 32,247,162
74,253 --
405,847 6,710,415
- ----------------------------
$2,077,025 $38,957,577
============================
</TABLE>
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<PAGE> 13
Intermedia Communications Inc.
401(k) Profit Sharing Plan
Notes to Financial Statements (continued)
4. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at anytime and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
5. INCOME TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated June 2, 1995, stating that the Plan is qualified under Section 401(a) of
the Internal Revenue Code (the Code) and, therefore, the related trust is exempt
from taxation. Once qualified, the Plan is required to operate in conformity
with the Code to maintain its qualification. The Plan has been amended since
receiving the determination letter. However, the Plan Administrator believes the
Plan is being operated in compliance with the applicable requirements of the
Code and, therefore, believes that the Plan is qualified and the related trust
is tax exempt.
6. ADMINISTRATIVE EXPENSES
The Company pays for all administrative costs on behalf of the Plan. These costs
may include third-party administration fees, legal fees, audit fees, and
investment fees, among others. Fees for administrative services are based upon
reasonable and customary rates.
7. YEAR 2000 ISSUE (UNAUDITED)
The Plan Sponsor has determined that it will be necessary to take certain steps
in order to ensure that the Plan's information systems are prepared to handle
Year 2000 dates. The Plan Sponsor is taking a two phase approach. The first
phase addresses internal systems that must be modified or replaced to function
properly. Both internal and external resources are being utilized to replace or
modify existing software applications, and test software and equipment for the
Year 2000 modifications. The Plan Sponsor anticipates substantially completing
this phase of the project by mid 1999. Costs associated with modifying software
and equipment are not estimated to be significant and will be paid by the Plan
Sponsor.
For the second phase of the project, Plan management established formal
communications with its third-party service providers to determine that they
have developed plans to address their own Year 2000 problems as they relate to
the Plan's operations. All third-party service providers have indicated that
they are Year 2000 compliant at this time. If modification of data processing
systems of either the Plan, the Plan Sponsor, or its service providers are not
completed timely, the Year 2000 problem could have a material impact on the
operations of the Plan. Plan management has not developed a contingency plan,
because they are confident that all systems will be Year 2000 ready.
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<PAGE> 14
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27a--Schedule of Assets Held for Investment Purposes
December 31, 1998
<TABLE>
<CAPTION>
(C) DESCRIPTION OF
INVESTMENT, INCLUDING
(B) IDENTITY OF MATURITY DATE, RATE
ISSUE, BORROWER, OF INTEREST, PAR OR (E) CURRENT
(A) LESSOR OR SIMILAR PARTY MATURITY VALUE (D) COST VALUE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Mutual Funds:
* Putnam Fiduciary Trust The Putnam Fund for Growth
Company & Income $ 4,097,728 $ 3,999,058
* Putnam Fiduciary Trust Putnam Capital Appreciation
Company Fund 5,523,674 6,373,468
* Putnam Fiduciary Trust Putnam Growth Opportunities
Company Fund 10,365,493 12,767,105
* Putnam Fiduciary Trust Putnam International Voyager
Company Fund 438,056 479,580
* Putnam Fiduciary Trust Putnam Diversified Income
Company Trust 927,987 899,639
* Putnam Fiduciary Trust Putnam New Opportunities
Company Fund 1,345,923 1,532,695
* Putnam Fiduciary Trust Putnam International Growth
Company Fund 1,192,416 1,240,065
* Intermedia Communciations Intermedia Communications Inc.
Inc. common stock 1,540,312 1,333,688
* Putnam Fiduciary Trust Putnam Money Market Fund
Company 5,109,701 5,109,701
* Putnam Fiduciary Trust Putnam Equity Income Fund
Company 3,197,921 3,145,553
----------- -----------
33,739,211 36,880,552
Participant Loans 5.6% - 10.75% - 917,087
----------- -----------
$33,739,211 $37,797,639
=========== ===========
</TABLE>
*Party-in-interest.
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<PAGE> 15
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27b--Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
(G) DETAILED DESCRIPTION OF LOAN INCLUDING
AMOUNT RECEIVED DATES OF MAKING AND MATURITY, INTEREST
(C) DURING YEAR RATE, THE TYPE AND VALUE OF COLLATERAL, ANY
ORIGINAL -------------------- (F) UNPAID RENEGOTIATION OF THE LOAN AND THE
(B) IDENTITY AMOUNT OF (D) (E) BALANCE AT TERMS OF THE RENEGOTIATION, AND
AND ADDRESS OF OBLIGOR LOAN* PRINCIPAL INTEREST END OF YEAR OTHER MATERIAL ITEMS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Bean, Linda $ 121 - - $ 121 Issued 10/31/98, 9.75% interest rate,
5710 NW 69th Ave collateralized by participant's account,
Tamarac, FL 33321 terminated employee
Christie, Glesford J 1,500 - - 1,500 Issued 9/18/98, 9.50% interest rate,
2611 E 99th Ave collateralized by participant's account,
Tampa, FL 33612 not set up in payroll
Dearing, Joey L 1,673 - - 1,673 Issued 10/31/98, 9.50% interest rate,
3039 NW 118th Dr collateralized by participant's account,
Coral Springs, FL 33065 not set up in payroll
Detardo, Thomas 2,238 - - 2,238 Issued 10/31/98, 9.75% interest rate,
collateralized by participant's account,
not set up in payroll
Domke, David W 2,231 - - 2,231 Issued 9/30/98, 7.19% interest rate,
708 Paddington Place collateralized by participant's account,
Brandon, FL 33510 not set up in payroll
Domke, David W 2,084 - - 2,084 Issued 9/30/98, 7.33% interest rate,
708 Paddington Place collateralized by participant's account,
Brandon, FL 33510 not set up in payroll
Forman, Todd H 1,200 - - 1,200 Issued 10/29/98, 9.50% interest rate,
5306 Briarcliff Gables Cr NE collateralized by participant's account,
Atlanta, GA 30329 terminated employee
<CAPTION>
AMOUNT OVERDUE
------------------------
(B) IDENTITY (H) (I)
AND ADDRESS OF OBLIGOR PRINCIPAL INTEREST
- -------------------------------------------------------
<S> <C> <C>
Bean, Linda $ 121 $ 6
5710 NW 69th Ave
Tamarac, FL 33321
Christie, Glesford J 424 35
2611 E 99th Ave
Tampa, FL 33612
Dearing, Joey L 61 26
3039 NW 118th Dr
Coral Springs, FL 33065
Detardo, Thomas 73 36
Domke, David W 500 36
708 Paddington Place
Brandon, FL 33510
Domke, David W 507 34
708 Paddington Place
Brandon, FL 33510
Forman, Todd H 169 19
5306 Briarcliff Gables Cr NE
Atlanta, GA 30329
</TABLE>
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<PAGE> 16
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27b--Schedule of Loans or Fixed Income Obligations (continued)
Year ended December 31, 1998
<TABLE>
<CAPTION>
(G) DETAILED DESCRIPTION OF LOAN INCLUDING
AMOUNT RECEIVED DATES OF MAKING AND MATURITY, INTEREST
(C) DURING YEAR RATE, THE TYPE AND VALUE OF COLLATERAL, ANY
ORIGINAL -------------------- (F) UNPAID RENEGOTIATION OF THE LOAN AND THE
(B) IDENTITY AMOUNT OF (D) (E) BALANCE AT TERMS OF THE RENEGOTIATION, AND
AND ADDRESS OF OBLIGOR LOAN* PRINCIPAL INTEREST END OF YEAR OTHER MATERIAL ITEMS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Gervais, Tina M 2,800 - - 2,800 Issued 9/15/98, 9.50% interest rate,
4231 1/2 West Bay to Bay collateralized by participant's account,
Tampa, FL 33629 not set up in payroll
Giatrelis, Daniel J 124 - - 124 Issued 9/30/98, 6.60% interest rate,
10 Conrod Ct collateralized by participant's account,
Mansfield, MA 02408 not set up in payroll
Goll, Ronnie S 13,000 - - 13,000 Issued 9/30/98, 7.08% interest rate,
2595 Warrendale Bane Rd collateralized by participant's account,
Baden, PA 15005 not set up in payroll
Graziano, John J 4,400 - - 4,400 Issued 10/31/98, 8.50% interest rate,
4733 Windsor Ave collateralized by participant's account,
Orlando, FL 323819 not set up in payroll
Hessing, Fina A 1,000 - - 1,000 Issued 10/31/98, 8.50% interest rate,
2531 NW 56th Ave #106 collateralized by participant's account,
Lauderhill, FL 33313 not set up in payroll
Hyman, Deborah 2,000 - - 2,000 Issued 9/30/98, 7.39% interest rate,
113 Carriage Path So collateralized by participant's account,
Milford, CT 06460 not set up in payroll
Hysner, Eugene R 3,600 - - 3,600 Issued 9/30/98, 7.08% interest rate,
19046 Bruce B Downs Blvd Apt 227 collateralized by participant's account,
Tampa, FL 33647 not set up in payroll
<CAPTION>
AMOUNT OVERDUE
------------------------
(B) IDENTITY (H) (I)
AND ADDRESS OF OBLIGOR PRINCIPAL INTEREST
- -------------------------------------------------------
<S> <C> <C>
Gervais, Tina M 257 65
4231 1/2 West Bay to Bay
Tampa, FL 33629
Giatrelis, Daniel J 124 2
10 Conrod Ct
Mansfield, MA 02408
Goll, Ronnie S 325 191
2595 Warrendale Bane Rd
Baden, PA 15005
Graziano, John J 119 62
4733 Windsor Ave
Orlando, FL 323819
Hessing, Fina A 29 14
2531 NW 56th Ave #106
Lauderhill, FL 33313
Hyman, Deborah 234 35
113 Carriage Path So
Milford, CT 06460
Hysner, Eugene R 423 61
19046 Bruce B Downs Blvd Apt 227
Tampa, FL 33647
</TABLE>
-15-
<PAGE> 17
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27b--Schedule of Loans or Fixed Income Obligations (continued)
Year ended December 31, 1998
<TABLE>
<CAPTION>
(G) DETAILED DESCRIPTION OF LOAN INCLUDING
AMOUNT RECEIVED DATES OF MAKING AND MATURITY, INTEREST
(C) DURING YEAR RATE, THE TYPE AND VALUE OF COLLATERAL, ANY
ORIGINAL -------------------- (F) UNPAID RENEGOTIATION OF THE LOAN AND THE
(B) IDENTITY AMOUNT OF (D) (E) BALANCE AT TERMS OF THE RENEGOTIATION, AND
AND ADDRESS OF OBLIGOR LOAN* PRINCIPAL INTEREST END OF YEAR OTHER MATERIAL ITEMS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Kentfield,Linda J 4,300 - - 4,300 Issued 9/30/98, 7.08% interest rate,
510 Vassar collateralized by participant's account,
Tacoma, WA 98466 not set up in payroll
Kintz,C W 3,300 - - 3,300 Issued 9/30/98, 7.08% interest rate,
1110 NO Elmer collateralized by participant's account,
Griffith, IN 46319 not set up in payroll
Mack,Stephen C 7,188 - - 7,188 Issued 9/30/98, 7.21% interest rate,
3910 Timberlea Court collateralized by participant's account,
Country Club Hill, IL 60478 terminated employee
Matthews,Chris E 14,133 - - 14,133 Issued 9/30/98, 7.39% interest rate,
13470 Gent Drive collateralized by participant's account,
Austin, TX 78729 terminated employee
Ortolano,Anthony 3,637 - - 3,637 Issued 10/31/98, 9.75% interest rate,
collateralized by participant's account,
terminated employee
Otten,Bruce S 1,056 - - 1,056 Issued 10/31/98, 9.50% interest rate,
1813 Park Manor Drive collateralized by participant's account,
Orlando, FL 32817 terminated employee
Phelan,Robert F 181 - - 181 Issued 9/30/98, 6.20% interest rate,
201 Penn Street collateralized by participant's account,
Newton, PA 18940 not set up in payroll
AMOUNT OVERDUE
------------------------
(B) IDENTITY (H) (I)
AND ADDRESS OF OBLIGOR PRINCIPAL INTEREST
- -------------------------------------------------------
<S> <C> <C>
Kentfield,Linda J 181 75
510 Vassar
Tacoma, WA 98466
Kintz,C W 139 57
1110 NO Elmer
Griffith, IN 46319
Mack,Stephen C 382 127
3910 Timberlea Court
Country Club Hill, IL 60478
Matthews,Chris E 748 255
13470 Gent Drive
Austin, TX 78729
Ortolano,Anthony 132 44
Otten,Bruce S 206 16
1813 Park Manor Drive
Orlando, FL 32817
Phelan,Robert F 181 3
201 Penn Street
Newton, PA 18940
</TABLE>
-16-
<PAGE> 18
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27b--Schedule of Loans or Fixed Income Obligations (continued)
Year ended December 31, 1998
<TABLE>
<CAPTION>
(G) DETAILED DESCRIPTION OF LOAN INCLUDING
AMOUNT RECEIVED DATES OF MAKING AND MATURITY, INTEREST
(C) DURING YEAR RATE, THE TYPE AND VALUE OF COLLATERAL, ANY
ORIGINAL -------------------- (F) UNPAID RENEGOTIATION OF THE LOAN AND THE
(B) IDENTITY AMOUNT OF (D) (E) BALANCE AT TERMS OF THE RENEGOTIATION, AND
AND ADDRESS OF OBLIGOR LOAN* PRINCIPAL INTEREST END OF YEAR OTHER MATERIAL ITEMS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Purtell,Robert J 2,229 - - 2,229 Issued 6/30/98, 9.25% interest rate,
112 Edden Lane collateralized by participant's account,
North Syracuse, NY 13212 terminated employee
Roach,Charles E 2,400 - - 2,400 Issued 6/30/98, 9.50% interest rate,
8304 Autumn Oak Dr. collateralized by participant's account,
Port Richey, FL 34668 not set up in payroll
Robles,Santiago 5,296 - - 5,296 Issued 10/31/98, 9.26% interest rate,
6466 Contempo Lane collateralized by participant's account,
Boca Raton, FL 33433 terminated employee
Silverman,Diane R 500 - - 500 Issued 10/31/98, 8.50% interest rate,
6540 N E 18Th Avenue #108 collateralized by participant's account,
Fort Lauderdale, FL 33334 terminated employee
Skorski,Wesley 7,001 - - 7,001 Issued 9/30/98, 7.21% interest rate,
405 Lake Vista Drive collateralized by participant's account,
East Hampton, CT 06424 terminated employee
Starr,Marty 7,000 - - 7,000 Issued 10/29/98, 9.5% interest rate,
12430 Windy Wisp Lane collateralized by participant's account,
Houston, TX 77071 terminated employee
Surman,Louis 5,145 - - 5,145 Issued 10/31/98, 9.5% interest rate,
835 SW 16th St collateralized by participant's account,
Fort Lauderdale, FL 33315 terminated employee
Column (a) is not applicable.
<CAPTION>
AMOUNT OVERDUE
------------------------
(B) IDENTITY (H) (I)
AND ADDRESS OF OBLIGOR PRINCIPAL INTEREST
- -------------------------------------------------------
<S> <C> <C>
Purtell,Robert J 519 92
112 Edden Lane
North Syracuse, NY 13212
Roach,Charles E 558 102
8304 Autumn Oak Dr.
Port Richey, FL 34668
Robles,Santiago 392 79
6466 Contempo Lane
Boca Raton, FL 33433
Silverman,Diane R 39 7
6540 N E 18Th Avenue #108
Fort Lauderdale, FL 33334
Skorski,Wesley 901 119
405 Lake Vista Drive
East Hampton, CT 06424
Starr,Marty 149 114
12430 Windy Wisp Lane
Houston, TX 77071
Surman,Louis 193 80
835 SW 16th St
Fort Lauderdale, FL 33315
</TABLE>
Column (a) is not applicable.
* Amount represents either original amount of loan or amount transferred into
the Plan from a previous plan.
-17-
<PAGE> 19
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27d--Schedule of Reportable Transactions
Year ended December 31, 1998
<TABLE>
<CAPTION>
(H) CURRENT
VALUE OF ASSET (I) NET
(A) IDENTITY OF (C) PURCHASE (D) SELLING (G) COST OF ON TRANSACTION GAIN OR
PARTY INVOLVED (B) DESCRIPTION OF ASSET PRICE PRICE ASSET* DATE (LOSS)*
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Category (i)--Individual Transaction in Excess of 5% of Plan Assets
- -------------------------------------------------------------------
Union Central Life
Insurance Company Carillon Capital Fund $ 766,359 $ 766,359 -
Union Central Life American Century Select
Insurance Company Fund 1,794,951 1,794,951 -
Union Central Life American Century Ultra
Insurance Company Fund 4,019,693 4,019,693 -
Union Central Life Scudder International
Insurance Company Fund 687,397 687,397 -
Union Central Life Neuberger & Berman
Insurance Company Guardian Fund
2,656,637 2,656,637 -
Putnam Fiduciary Trust Putnam Equity Income
Company Fund $ 766,359 766,359 -
Putnam Fiduciary Trust Putnam Growth
Company Opportunities Fund 5,814,644 5,814,644 -
Putnam Fiduciary Trust Putnam International
Company Growth Fund 687,397 698,397 -
Putnam Fiduciary Trust The Putnam Fund for
Company Growth and Income 2,656,637 2,656,637 -
Putnam Fiduciary Trust Putnam Growth
Company Opportunities Fund 398,821 398,821 -
Putnam Fiduciary Trust Putnam Growth
Company Opportunities Fund 424,949 422,544 424,949 $ 2,405
Putnam Fiduciary Trust Intermedia
Company Communications Inc.
Common Stock 363,949 363,949 -
Putnam Fiduciary Trust Intermedia
Company Communications Inc.
Common Stock 435,025 435,025 -
Putnam Fiduciary Trust Intermedia
Company Communications Inc.
Common Stock 398,821 376,400 398,821 22,421
</TABLE>
-18-
<PAGE> 20
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27d--Schedule of Reportable Transactions (continued)
Year ended December 31, 1998
<TABLE>
<CAPTION>
(H) CURRENT
VALUE OF ASSET (I) NET
(A) IDENTITY OF (C) PURCHASE (D) SELLING (G) COST OF ON TRANSACTION GAIN OR
PARTY INVOLVED (B) DESCRIPTION OF ASSET PRICE PRICE ASSET* DATE (LOSS)*
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Category (iii)--Series of Transactions in Excess of 5% of Plan Assets
- ---------------------------------------------------------------------
Union Central Life Scudder Money Market
Insurance Company Fund $ 108,985 $ 108,985 $ 108,985
Union Central Life Scudder Money Market
Insurance Company Fund $ 341,533 341,533 -
Union Central Life Carillon Government
Insurance Company Securities Fund 91,041 91,041 91,041
Union Central Life Carillon Government
Insurance Company Securities Fund 311,896 311,896 -
Union Central Life
Insurance Company Carillon Capital Fund 310,882 310,882 310,882
Union Central Life
Insurance Company Carillon Capital Fund 815,541 815,541 -
Union Central Life Neuberger & Berman
Insurance Company Guardian Fund 973,038 973,038 973,038
Union Central Life Neuberger & Berman
Insurance Company Guardian Fund 2,812,261 2,812,261 -
Union Central Life American Century
Insurance Company Select Fund 561,956 561,956 561,956
Union Central Life American Century
Insurance Company Select Fund 1,928,377 1,928,377 -
Union Central Life American Century
Insurance Company Ultra Fund 1,336,721 1,336,721 1,336,721
Union Central Life American Century
Insurance Company Ultra Fund 4,222,086 4,222,086 -
Union Central Life Scudder International
Insurance Company Fund 297,642 297,642 297,642
Union Central Life Scudder International
Insurance Company Fund 733,404 733,404 -
Putnam Fiduciary Trust The Putnam Fund for
Company Growth and Income 4,431,116 4,431,116 4,431,116 -
Putnam Fiduciary Trust The Putnam Fund for
Company Growth and Income 310,354 333,388 310,354 $(23,034)
Putnam Fiduciary Trust Putnam Capital
Company Appreciation Fund 5,805,248 5,805,248 5,805,248 -
</TABLE>
-19-
<PAGE> 21
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27d--Schedule of Reportable Transactions (continued)
Year ended December 31, 1998
<TABLE>
<CAPTION>
(H) CURRENT
VALUE OF ASSET (I) NET
(A) IDENTITY OF (C) PURCHASE (D) SELLING (G) COST OF ON TRANSACTION GAIN OR
PARTY INVOLVED (B) DESCRIPTION OF ASSET PRICE PRICE ASSET* DATE (LOSS)*
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Category (iii)--Series of Transactions in Excess of 5% of Plan Assets (continued)
- ---------------------------------------------------------------------------------
Putnam Fiduciary Trust Putnam Capital
Company Appreciation Fund 320,554 281,574 320,554 38,980
Putnam Fiduciary Trust Putnam Growth
Company Opportunities Fund 11,665,824 11,665,824 11,665,824 -
Putnam Fiduciary Trust Putnam Growth
Company Opportunities Fund 1,239,094 1,300,331 1,239,094 (61,237)
Putnam Fiduciary Trust Putnam International
Company Voyager Fund 462,289 462,289 462,289 -
Putnam Fiduciary Trust Putnam International
Company Voyager Fund 24,031 24,233 24,031 (202)
Putnam Fiduciary Trust Putnam New
Company Opportunities Fund 1,379,330 1,379,330 1,379,330 -
Putnam Fiduciary Trust Putnam New
Company Opportunities Fund 31,259 33,407 31,259 (2,148)
Putnam Fiduciary Trust Putnam International
Company Growth Fund 1,312,278 1,312,278 1,312,278 -
Putnam Fiduciary Trust Putnam International
Company Growth Fund 116,128 119,862 116,128 (3,734)
Intermedia
Putnam Fiduciary Trust Communications
Company Inc. Common Stock 2,002,981 2,002,981 2,002,981 -
Putnam Fiduciary Trust Intermedia
Company Communications
Inc. Common Stock 465,513 462,669 465,513 2,844
Putnam Fiduciary Trust Putnam Money Market
Company Fund 5,344,512 5,344,512 5,344,512 -
Putnam Fiduciary Trust Putnam Money Market
Company Fund 234,811 234,811 234,811 -
Putnam Fiduciary Trust Putnam Equity Income
Company Fund 3,307,317 3,307,317 3,307,317 -
</TABLE>
-20-
<PAGE> 22
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27d--Schedule of Reportable Transactions (continued)
Year ended December 31, 1998
<TABLE>
<CAPTION>
(H) CURRENT
VALUE OF ASSET (I) NET
(A) IDENTITY OF (C) PURCHASE (D) SELLING (G) COST OF ON TRANSACTION GAIN OR
PARTY INVOLVED (B) DESCRIPTION OF ASSET PRICE PRICE ASSET* DATE (LOSS)*
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Category (iii)--Series of Transactions in Excess of 5% of Plan Assets (continued)
- ---------------------------------------------------------------------------------
Putnam Fiduciary Trust Putnam Equity Income
Company Fund 107,384 109,396 107,384 (2,012)
Putnam Fiduciary Trust Putnam Diversified
Company Income Trust 978,079 978,079 978,079 -
Putnam Fiduciary Trust Putnam Diversified
Company Income Trust 48,418 50,092 48,418 (1,674)
</TABLE>
There were no category (ii) or (iv) reportable transactions during 1998.
Columns (e) and (f) are not applicable.
*Information on historical cost of individual investments is not provided by
Union Central Life Insurance Company.
-21-
<PAGE> 23
Intermedia Communications Inc.
401(k) Profit Sharing Plan
E.I.N: 69-2913586
Plan No.: 001
Line 27f--Schedule of Nonexempt Transactions
Year ended December 31, 1998
<TABLE>
<CAPTION>
(B) RELATIONSHIP TO (C) DESCRIPTION OF TRANSACTIONS INCLUDING MATURITY DATE,
(A) IDENTITY OF PARTY PLAN, EMPLOYER, OR RATE OF INTEREST, COLLATERAL,
INVOLVED OTHER PARTY-IN-INTEREST PAR OR MATURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Intermedia Communications Plan Sponsor Late remittance of LDS and National participant
Inc. contributions for September in the amount of $51,604,
deposited December 11, 1998
Intermedia Communications Plan Sponsor Late remittance of LDS and National participant
Inc. contributions for October in the amount of $47,169,
deposited December 4, 1998
Intermedia Communications Plan Sponsor Late remittance of Shared participant contributions for
Inc. December in the amount of $276,580, deposited February 4,
1999
Columns (d) through (j) are not applicable.
</TABLE>
-22-
<PAGE> 24
Exhibit Index
<TABLE>
<CAPTION>
Number Exhibit
<S> <C>
23.1 Consent of Independent Accountants
</TABLE>
23
<PAGE> 25
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
Intermedia Communications Inc.
401(k) Plan
(Name of Plan)
Date: July 14, 1999 By: /s/C. Lynn Wartenberg
------------------------
C. Lynn Wartenberg
Senior Director, Human
Resources, Compensations,
Benefits and Systems
24
<PAGE> 1
Exhibit 23.1
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form
S-8, No. 333-80893) pertaining to Intermedia Communications Inc. 401(k) Profit
Sharing Plan of our report dated July 2, 1999, with respect to the financial
statements and schedules of the Intermedia Communications Inc. 401(k) Profit
Sharing Plan included in this Annual Report (Form 11-K) for the year ended
December 31, 1998.
/s/ Ernst & Young LLP
Tampa, Florida
July 7, 1999
