UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
(X) Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the Quarterly Period Ended:
MARCH 31, 2000
OR
( ) 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 33-83740
DIAMOND CABLE COMMUNICATIONS LIMITED
(Exact name of registrant as specified in its charter)
England and Wales N/A
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Secretary
NTL Incorporated
110 East 59th Street
Diamond Plaza, Daleside Road New York, NY 10022
Nottingham NG2 3GG, England (212) 906-8440
- --------------------------------------------------------------------------------
(Address of Registrant's (Name, address and telephone
principal executive offices) number of agent for service)
--------------------------
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 March 31, 2000, there were 59,138,851 shares of the Registrant's Ordinary
Shares of 2.5 pence each outstanding. The Registrant is an indirect, wholly
owned subsidiary of NTL Incorporated and there is no market for the Registrant's
shares.
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
TABLE OF CONTENTS
Page
Number
PART I. FINANCIAL INFORMATION
- ------ ---------------------
Item 1. Financial Statements
Condensed Consolidated Balance Sheets as of
March 31, 2000 (Unaudited) and December 31, 1999..............2
Condensed Consolidated Statements of Operations
for the Three months ended March 31, 2000 and
1999 (Unaudited)..............................................3
Condensed Consolidated Statement of
Shareholder's Deficiency for the Three months
ended March 31, 2000 (Unaudited)..............................4
Condensed Consolidated Statements of Cash Flows for
the Three months ended March 31, 2000 and 1999
(Unaudited)...................................................5
Notes to the Condensed Consolidated
Financial Statements (Unaudited)..........................6 - 8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations............9 - 10
Item 3. Quantitative and Qualitative Disclosures About
Market Risk..................................................11
PART II.OTHER INFORMATION
- ------- -----------------
Item 6. Exhibits and Reports on Form 8-K.............................11
SIGNATURES............................................................12
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
PART I FINANCIAL INFORMATION
- ------ ---------------------
ITEM 1. FINANCIAL STATEMENTS
- ------- --------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
---------------- -----------------
(Unaudited) (See Note)
(in (UK Pound)000's, except share data)
<S> <C> <C>
Assets
- ------
Current assets
Cash and cash equivalents................................................ (UK Pound)66,418 (UK Pound)124,348
Trade receivables - less allowance for doubtful accounts
of (UK Pound)4,117 (2000) and (UK Pound)4,100 (1999).................. 15,683 14,050
Due from affiliates...................................................... 17,631 2,387
Other.................................................................... 3,013 4,350
---------------- -----------------
Total current assets.................................................. 102,745 145,135
Property and equipment - net ................................................ 514,725 518,056
Deferred financing costs - net of accumulated amortization of
(UK Pound)7,934 (2000) and (UK Pound)7,288 (1999)........................ 17,218 17,864
Goodwill - net of accumulated amortization of (UK Pound)21,826 (2000) and
(UK Pound)20,613 (1999).................................................. 75,134 76,347
Franchise costs - net of accumulated amortization of (UK Pound)254 (2000)
and (UK Pound)248 (1999)................................................. 362 368
---------------- -----------------
Total assets................................................................. (UK Pound)710,184 (UK Pound)757,770
================ =================
Liabilities and shareholder's deficiency
- ----------------------------------------
Current liabilities
Accounts payable......................................................... (UK Pound)27,613 (UK Pound)31,158
Accounts payable deposit................................................. 35,942 50,558
Interest payable......................................................... 3,300 14,060
Current portion of long-term debt........................................ 2,718 2,730
Other.................................................................... 16,805 15,681
---------------- -----------------
Total current liabilities............................................. 86,378 114,187
Long-term debt
Notes payable............................................................ 907,862 882,805
Capital lease obligations................................................ 1,571 2,129
Mortgage loan............................................................ 2,185 2,204
---------------- -----------------
Total long-term debt.................................................. 911,618 887,138
Commitments and contingent liabilities
Shareholder's deficiency:
Ordinary shares: 70,000,000 authorized; 59,138,851 issued and outstanding 1,478 1,478
Additional paid-in-capital............................................... 134,466 134,466
Accumulated deficit...................................................... (423,756) (379,499)
---------------- -----------------
Total shareholder's deficiency........................................ (287,812) (243,555)
---------------- -----------------
Total liabilities and shareholder's deficiency............................... (UK Pound)710,184 (UK Pound)757,770
================ =================
<FN>
Note: The balance sheet at December 31, 1999 has been derived from the audited financial statements at that date.
See accompanying notes.
</FN>
</TABLE>
2
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
---------------- ----------------
(in (UK Pound)000's)
<S> <C> <C>
Revenue................................................................. (UK Pound)35,833 (UK Pound)27,303
---------------- ----------------
Costs and expenses
Operating............................................................ 12,351 9,513
Selling, general and administrative.................................. 13,621 11,023
Depreciation and amortization........................................ 19,187 12,568
Other expenses (Note 3).............................................. - 8,533
---------------- ----------------
45,159 41,637
---------------- ----------------
Operating loss.......................................................... (9,326) (14,334)
Other income (expense)
Interest income...................................................... 1,382 2,361
Interest expense and amortization of debt discount and expenses...... (26,057) (23,445)
Foreign exchange losses, net......................................... (10,256) (19,996)
---------------- ----------------
Net loss ............................................................... (UK Pound)(44,257) (UK Pound)(55,414)
================ ================
</TABLE>
See accompanying notes.
3
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDER'S DEFICIENCY
------------------------------------------------------------
(Unaudited)
(in (UK Pound)000's except share data)
<TABLE>
<CAPTION>
Additional Total
Paid-in- Accumulated Shareholder's
Ordinary Shares capital Deficit Deficiency
---------------------------- ----------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
Balance at December 31, 1999......... 59,138,851 (UK Pound)1,478 (UK Pound)134,466 (UK Pound)(379,499) (UK Pound)(243,555)
Net loss............................. - - - (44,257) (44,257)
---------- --------------- ----------------- ------------------ ------------------
Balance at March 31, 2000............ 59,138,851 (UK Pound)1,478 (UK Pound)134,466 (UK Pound)(423,756) (UK Pound)(287,812)
========== =============== ================= ================== ==================
</TABLE>
See accompanying notes.
4
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
2000 1999
----------------- -----------------
(in (UK Pound)000's)
<S> <C> <C>
Net cash (used in) provided by operating activities........................ (UK Pound)(42,762) (UK Pound)128,628
----------------- -----------------
Investing activities
Purchase of property and equipment...................................... (14,586) (31,160)
Proceeds from disposition of property and equipment..................... 7 -
----------------- -----------------
Net cash used in investing activities.......................... (14,579) (31,160)
----------------- -----------------
Financing activities
Principal payments...................................................... (20) (20)
Capital lease payments.................................................. (569) (773)
----------------- -----------------
Net cash used in financing activities.......................... (589) (793)
----------------- -----------------
Effect of exchange rate changes on cash and cash equivalents............... - 1,968
----------------- -----------------
(Decrease) increase in cash and cash equivalents........................... (57,930) 98,643
Cash and cash equivalents at beginning of period........................... 124,348 164,738
----------------- -----------------
Cash and cash equivalents at end of period................................. (UK Pound)66,418 (UK Pound)263,381
================= =================
Supplemental disclosure of cash flow information
Cash paid during the period for interest................................ (UK Pound)21,979 (UK Pound)9,936
</TABLE>
See accompanying notes.
5
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
Diamond Cable Communications Limited (formerly Diamond Cable Communications
Plc) (the "Company") is a holding company which holds all of the shares of
various companies which operate broadband communications networks for
telephone, cable television and Internet services in the United Kingdom
(the "UK"). The Company holds these shares through an intermediate holding
company, Diamond Holdings Limited (formerly Diamond Holdings Plc) ("Diamond
Holdings").
The accompanying unaudited condensed consolidated financial statements of
the Company and its subsidiaries (the "Group") have been prepared in
accordance with U.S. generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01
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. Operating results for the three
months ended March 31, 2000 are not necessarily indicative of the results
that may be expected for the year ending December 31, 2000. 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, 1999.
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative
Instruments and Hedging Activities." This statement, which establishes
accounting and reporting standards for derivatives and hedging activities,
is required to be adopted by the Group effective January 1, 2001. Upon the
adoption of SFAS No. 133, all derivative instruments are required to be
recognized in the statement of financial position as either assets or
liabilities and measured at fair value. The Company is evaluating the
impact that the adoption of SFAS No. 133 will have on its financial
position and results of operations.
2. Comprehensive loss
Comprehensive loss for the three-month periods ended March 31, 2000 and
1999 was (UK Pound)(44,257,000) and (UK Pound)(53,446,000), respectively.
3. NTL Incorporated Acquisition
On March 8, 1999, the share exchange was completed whereby all of the
holders of the Company's ordinary and deferred shares exchanged their
shares for newly issued common stock of NTL Incorporated ("NTL"). Other
expenses of (UK Pound)8.5 million in 1999 consist of costs incurred in
connection with the Share Exchange Agreement, including fees paid to
Goldman, Sachs & Co. and Columbia Management for their role as joint
financial advisors to the Company in examining potential business
opportunities and other strategic alternatives leading up to the share
exchange.
4. Joint Purchasing Alliance Agreement
The Company and NTL entered into a Joint Purchasing Alliance Agreement (the
"Alliance Agreement") on March 5, 1999, pursuant to which the Company acts
as purchasing agent on behalf of a number of subsidiaries of NTL. Under the
terms of the Alliance Agreement, on March 8, 1999, the Company received a
deposit of (UK Pound)137 million from various subsidiaries of NTL. Funds
held by the Company under the Alliance Agreement are recorded on the
balance sheet as Cash and Cash Equivalents and Accounts Payable Deposit.
6
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
5. Property and Equipment
Property and equipment consists of (in (UK Pound)000's):
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
----------------- -----------------
(Unaudited)
<S> <C> <C>
Operating equipment.................................. (UK Pound)645,475 (UK Pound)624,013
Other equipment...................................... 25,140 25,103
Construction in progress............................. 4,134 11,153
----------------- -----------------
674,749 660,269
Accumulated depreciation............................. (160,024) (142,213)
----------------- -----------------
(UK Pound)514,725 (UK Pound)518,056
================= =================
</TABLE>
6. Notes Payable
Notes payable consist of (in (UK Pound)000's):
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
----------------- -----------------
(Unaudited)
<S> <C> <C>
13 1/4% Senior Discount Notes........................ (UK Pound)179,061 (UK Pound)176,533
11 3/4% Senior Discount Notes........................ 307,683 294,724
10 3/4% Senior Discount Notes........................ 217,094 208,498
10% Senior Sterling Notes............................ 135,000 135,000
9 1/8% Senior Notes.................................. 69,024 68,050
----------------- -----------------
(UK Pound)907,862 (UK Pound)882,805
================= =================
</TABLE>
7. Related Party Transactions
Since the acquisition of the Company by NTL in March 1999, a subsidiary of
NTL has been providing management, financial, legal and technical services
to the Group. Beginning in the fourth quarter of 1999, this subsidiary
began charging the Group for these services using an allocation formula
based on customers. The Group was charged (UK Pound)3.2 million for the
three months ended March 31, 2000, which is included in selling, general
and administrative expenses and in the due from affiliates balance. It is
not practicable to determine the amount of these expenses that would have
been incurred had the Group operated as an unaffiliated entity. In the
opinion of management of the Group, the allocation method is reasonable.
7
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Concluded)
(Unaudited)
8. Summarized Financial Information about Diamond Holdings Limited
On February 6, 1998, Diamond Holdings , a subsidiary of the Company, issued
(UK Pound)135,000,000 principal amount of its 10% Senior Notes due February
1, 2008 and $110,000,000 principal amount of its 9 1/8% Senior Notes due
February 1, 2008 (together, the "1998 Notes"). The 1998 Notes have been
fully and unconditionally guaranteed by the Company as to principal,
interest and other amounts due. The following table presents summarized
consolidated financial information for Diamond Holdings as of and for the
three months ended March 31, 2000. This summarized financial information is
being provided pursuant to Section G of Topic 1 of Staff Accounting
Bulletin No. 53, "Financial Statement Requirements in Filings Involving the
Guarantee of Securities by a Parent."
<TABLE>
<CAPTION>
Three months
ended Year ended
March 31, December 31,
2000 1999
----------------- ------------------
(in (UK Pound)000's)
<S> <C> <C>
Summarized Consolidated Results of Operations Information
Revenue..................................................... (UK Pound)35,833 (UK Pound)119,476
================= ==================
Operating costs and expenses................................ (UK Pound)45,151 (UK Pound)141,666
================= ==================
Net loss.................................................... (UK Pound)(45,874) (UK Pound)(132,380)
================= ==================
March 31, December 31,
2000 1999
----------------- -----------------
(in (UK Pound)000's)
Summarized Consolidated Balance Sheet Information
Current assets.............................................. (UK Pound)89,470 (UK Pound)17,878
Fixed and noncurrent assets................................. 595,638 600,361
----------------- -----------------
Total assets................................................ (UK Pound)685,108 (UK Pound)618,239
================== =================
Current liabilities......................................... (UK Pound)40,376 (UK Pound)54,768
Noncurrent liabilities...................................... 1,018,611 891,476
Shareholder's deficiency.................................... (373,879) (328,005)
----------------- -----------------
Total liabilities and shareholder's deficiency.............. (UK Pound)685,108 (UK Pound)618,239
================== =================
</TABLE>
8
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
---------------------------------------------------------------
Overview
- --------
Diamond Cable Communications Limited (formerly Diamond Cable Communications Plc)
(the "Company") is a holding company which holds all of the shares of various
companies which operate broadband communications networks for telephone, cable
television and Internet services in the United Kingdom (the "UK"). The Company
holds these shares through an intermediate holding company, Diamond Holdings
Limited (formerly Diamond Holdings Plc) ("Diamond Holdings"). Except as the
context may otherwise require references to the "Group" refer to the Company and
its subsidiaries.
Liquidity and Capital Resources
- -------------------------------
The Company issued senior discount notes in September 1994, December 1995 and
February 1997 (collectively, the "Discount Notes"). In February 1998, Diamond
Holdings issued two new series of notes (the "1998 Notes"). The 1998 Notes are
guaranteed by the Company as to payment of principal, interest and any other
amounts due. In connection with the issuance of the 1998 Notes, the Group
terminated its existing bank facility.
The further development and construction of the Group's broadband communications
network will require substantial capital investment. The Group currently
estimates that the additional capital expenditures and debt service requirements
of the Group, net of cash from operations from April 1, 2000 through December
31, 2000 will be approximately (UK Pound)23.0 million. These capital
expenditures could vary significantly depending on, among other things, the
number of customers actually connected to the network, the availability of
construction resources, the impact of competition from other cable or
telecommunications operators or television delivery platforms, and the pace of
the Group's construction program. The Group expects to use the (UK Pound)30.5
million cash and cash equivalents on hand, which excludes the (UK Pound)35.9
million held on behalf of affiliates pursuant to the Joint Purchasing Alliance
Agreement, to meet its cash requirements.
To the extent that the amounts required for capital expenditures exceed the
estimates, or the Group's cash flow does not meet expectations, the amount of
cash requirements will increase. There can be no assurance that debt or equity
financing, if necessary, will be available to the Group on acceptable commercial
terms or at all.
Condensed Consolidated Statements of Cash Flows
- -----------------------------------------------
Net cash (used in) provided by operating activities amounted to (UK Pound)(42.8)
million and (UK Pound)128.6 million for the three months ended March 31, 2000
and 1999, respectively. During the three months ended March 31, 2000, net cash
(used in) operating activities includes cash used for the Joint Purchasing
Alliance Agreement of (UK Pound)(14.6) million compared to cash provided of (UK
Pound)116.6 million in the prior period, non-cash foreign exchange losses of (UK
Pound)10.7 million compared to losses of (UK Pound)19.9 million in the prior
period, and accretion on the Discount Notes of (UK Pound)14.3 million compared
to (UK Pound)17.8 million in the prior period. The remainder of the change is
primarily due to changes in working capital as a result of the timing of
receipts and disbursements.
Net cash used in investing activities amounted to (UK Pound)14.6 million and (UK
Pound)31.2 million for the three months ended March 31, 2000 and 1999,
respectively, primarily for continuing fixed asset purchases.
Net cash used in financing activities amounted to (UK Pound)589,000 and (UK
Pound)793,000 for the three months ended March 31, 2000 and 1999, respectively,
for capital lease payments and mortgage principal payments.
Results of Operations for the Three Months Ended March 31, 2000 and 1999
- ------------------------------------------------------------------------
Revenue for the three months ended March 31, 2000 and 1999 was (UK Pound)35.8
million and (UK Pound)27.3 million, respectively, representing an increase of
(UK Pound)8.5 million. This growth is primarily attributable to increases in the
number of telephone
9
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
lines and cable television customers, together with the provision of new
services. These trends are expected to continue for the foreseeable future.
Operating costs for the three months ended March 31, 2000 and 1999 were (UK
Pound)12.4 million and (UK Pound)9.5 million, respectively, representing an
increase of (UK Pound)2.8 million. This increase is predominantly attributable
to increases in interconnection costs and programming costs as a result of
growth in telephone lines and cable television customers.
Selling, general and administrative expenses for the three months ended March
31, 2000 and 1999 were (UK Pound)13.6 million and (UK Pound)11.0 million,
respectively, representing an increase of (UK Pound)2.6 million. Beginning in
the fourth quarter of 1999, a subsidiary of NTL began charging the Group for
management, financial, legal and technical services it provides to the Group.
This charge was (UK Pound)3.2 million in the three months ended March 31, 2000.
As a percentage of total revenues however, selling, general and administrative
expenses decreased to 38.0% for the three months ended March 31, 2000 from 40.4%
in the comparable period in 1999.
Depreciation and amortization expense for the three months ended March 31, 2000
and 1999 was (UK Pound)19.2 million and (UK Pound)12.6 million, respectively,
representing an increase of (UK Pound)6.6 million. This increase was
attributable to the increasing cost of the Group's network and the related
additional depreciation.
Other expenses of (UK Pound)8.5 million for the three months ended March 31,
1999 relate to costs incurred in connection with the Share Exchange Agreement,
including fees paid to financial advisors to the Group.
Interest expense and amortization of debt discount and expenses for the three
months ended March 31, 2000 and 1999 was (UK Pound)26.1 million and (UK
Pound)23.4 million, respectively, representing an increase of (UK Pound)2.6
million. For the three months ended March 31, 2000, interest expense includes
the accretion of the discount on the Discount notes of (UK Pound)14.3 million,
interest on the 1994 and 1998 Notes of (UK Pound)10.9 million, amortization of
debt financing costs of (UK Pound)600,000 and other interest expense of (UK
Pound)300,000. For the three months ended March 31, 1999, interest expense
includes the accretion of the discount on the Discount notes of (UK Pound)17.8
million, interest on the 1998 Notes of (UK Pound)4.9 million, amortization of
debt financing costs of (UK Pound)600,000 and other interest expense of (UK
Pound)100,000.
A substantial portion of the Group's existing debt obligations are denominated
in U.S. dollars, while the Group's revenues and expenses are generated and
stated in UK pounds sterling. During the three months ended March 31, 2000 and
1999, the Group recorded net foreign exchange losses of (UK Pound)10.3 million
and (UK Pound)20.0 million, respectively, primarily due to the unrealized losses
on translation of its Discount Notes and 1998 Notes. Changes in foreign currency
exchange rates may affect the Group's ability to satisfy its obligations,
including obligations under outstanding debt instruments, as they become due.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
- --------------------------------------------------------------------------------
Certain statements contained herein constitute "forward-looking statements" as
that term is defined under the Private Securities Litigation Reform Act of 1995.
When used herein, the words, "believe," "anticipate," "should," "intend,"
"plan," "will," "expects," "estimates," "projects," "positioned," "strategy,"
and similar expressions identify such forward-looking statements. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the Group, or industry results, to be materially different from those
contemplated, projected, forecasted, estimated or budgeted, whether expressed or
implied, by such forward-looking statements. Such factors include the following:
general economic and business conditions, the Group's ability to continue to
design networks, install facilities, obtain and maintain any required
governmental licenses or approvals and finance construction and development, all
in a timely manner at reasonable costs and on satisfactory terms and conditions,
as well as assumptions about customer acceptance, churn rates, overall market
penetration and competition from providers of alternative services, the impact
of new business opportunities requiring significant up-front investment, and
availability, terms and deployment of capital.
10
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
- ------- ---------------------------------------------------------
There have been no material changes in the reported market risks since
the end of the most recent fiscal year.
PART II. OTHER INFORMATION
- -------- -----------------
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ------- --------------------------------
(a) Exhibits:
27 Financial Data Schedule.
(b) Reports on Form 8-K:
No reports on Form 8-K were filed by the Company during the quarter
ended March 31, 2000.
11
<PAGE>
DIAMOND CABLE COMMUNICATIONS LIMITED
FORM 10-Q
QUARTER ENDED MARCH 31, 2000
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.
DIAMOND CABLE COMMUNICATIONS LIMITED
--------------------------------------
Date: May 11, 2000 By: /s/ Leigh C. Wood
---------------------------------
Leigh C. Wood
Chairman of the Board and Director
(Principal Executive Officer)
Date: May 11, 2000 By: /s/ David Kelham
---------------------------------
David Kelham
Director (Principal Financial and
Accounting Officer)
12
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000929649
<NAME> DIAMOND CABLE COMMUNICATIONS LTD
<MULTIPLIER> 1,000
<CURRENCY> POUNDS STERLING
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<EXCHANGE-RATE> 1.5934
<CASH> 66,418
<SECURITIES> 0
<RECEIVABLES> 19,800
<ALLOWANCES> (4,117)
<INVENTORY> 0
<CURRENT-ASSETS> 102,745
<PP&E> 674,749
<DEPRECIATION> (160,024)
<TOTAL-ASSETS> 710,184
<CURRENT-LIABILITIES> 86,378
<BONDS> 911,618
0
0
<COMMON> 1,478
<OTHER-SE> (289,290)
<TOTAL-LIABILITY-AND-EQUITY> 710,184
<SALES> 0
<TOTAL-REVENUES> 35,833
<CGS> 0
<TOTAL-COSTS> 45,159
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 26,057
<INCOME-PRETAX> (44,257)
<INCOME-TAX> 0
<INCOME-CONTINUING> (44,257)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (44,257)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
