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JONES INTERCABLE INVESTORS REPORTS THIRD QUARTER RESULTS; ANNOUNCES FOURTH QUARTER DISTRIBUTION

    JONES INTERCABLE INVESTORS REPORTS THIRD QUARTER RESULTS;
              ANNOUNCES FOURTH QUARTER DISTRIBUTION
    ENGLEWOOD, Colo., Nov. 18 /PRNewswire/ -- Jones Intercable Investors L.P. (AMEX: JTV), a publicly traded master limited partnership for which Jones Intercable Inc. (NASDAQ: JOIN) serves as general partner, today announced financial results for its third quarter of 1991, which ended Sept. 30, as well as its cash distribution for the fourth quarter of $.15 per unit and its latest system appraisal value.
    Revenues for the three months ended Sept. 30 increased 8 percent from $9.0 million in 1990 to $9.7 million in 1991.  For the nine months ended Sept. 30, revenues increased 9 percent from $26.4 million in 1990 to $28.8 million in 1991.  Increases in the number of equivalent basic subscribers and service rate adjustments are the primary reasons for these revenue increases.  Equivalent basic subscribers in the partnership's two cable television systems in Alexandria, Va. and Independence, Mo. increased 5 percent from 130,515 at Sept. 30, 1990 to 137,197 at Sept. 30, 1991.
    Operating, general and administrative expenses decreased $6,969, less than 1 percent, from $4.62 million for the three months ended Sept. 30, 1990 to $4.61 million for the same period in 1991.  For the nine-month period, operating, general and administrative expenses increased 5 percent from $13.5 million in 1990 to $14.1 million in 1991.  Increases in programming fees, due in part to increases in equivalent basic subscribers, as well as increases in personnel costs, system office expenses, and plant-related expenses were primarily responsible for this increase.  Operating, general and administrative expenses for 1990 included a litigation accrual of $199,827 and $599,481, respectively, for the three- and nine-month periods.  The litigation was settled and this accrual was reversed in the fourth quarter of 1990, because the general partner did not seek indemnification from the partnership in connection with the settlement.  Without such reversal, operating, general and administrative expenses for the three-month period would have increased $192,858, or 4 percent, from $4.4 million in 1990 to $4.6 million in 1991 and for the nine-month period would have increased $1,240,965, or 10 percent, from $12.9 million in 1990 to $14.1 million in 1991.
    Operating income before depreciation and amortization for the three-month period ended Sept. 30, 1991 was $4.0 million, an increase of 20 percent from $3.3 million reported for the same period in 1990. For the nine-month period ended Sept. 30, 1991, operating income before depreciation and amortization was $11.3 million, an increase of 14 percent from $10.0 million reported in the same period in 1990. Without the effect of the accrual reversal mentioned earlier, operating income before depreciation and amortization for the three- month period would have increased 13 percent, from $3.5 million in 1990 to $4.0 in 1991 and for the nine-month period would have increased 7 percent, from $10.6 million in 1990 to $11.3 million in 1991.
    Depreciation and amortization increased 6 percent from $4.1 million in the third quarter of fiscal 1990 to $4.4 million in the same quarter of fiscal 1991, and increased 3 percent in the nine-month period from $12.7 million in 1990 to $13.1 million in the same period in 1991.  These increases are due to capital additions during 1990.
    Interest expense for the third quarter decreased 17 percent from $1.5 million in 1990 to $1.3 million in 1991.  For the nine- month period, interest expense decreased 8 percent from $4.3 million in 1990 to $3.9 million in 1991.  These decreases are due to lower interest rates on bank indebtedness.
    Net loss of the partnership decreased for the three- and nine-month periods primarily due to the decreases in operating losses and interest expense.  Nonetheless, this loss is expected to continue in the future.  The partnership incurred a net loss of $1.6 million in the third quarter of 1991, a 29 percent decrease from $2.3 million for the same period in 1990.  For the nine-month period, net loss decreased 20 percent, from $7.0 million in 1990 to $5.6 million in 1991.
    In addition, the partnership announced that it has declared a $.15 per unit distribution for its fourth quarter, ending Dec. 31, 1991.  The distribution will be paid on or about Feb. 15, 1992 to unitholders of record as of Dec. 1, 1991.  Announcements regarding distributions will continue to be on a quarter-by-quarter basis.
    An independent appraisal is conducted annually on the partnership's two cable television systems.  The recent 1991 appraisal valued the two systems at a total of $211,877,000, a decrease of 13 percent from the 1990 appraisal of $243,476,000. The new appraisal represents $2079 per subscriber and 10.6x cash flow.  "The current appraisal reflects the tight credit climate of today's cable marketplace.  We believe that the value per subscriber is an accurate assessment in light of recent cable transactions," said James B. O'Brien, President and Chief Operating Officer of the general partner Jones Intercable Inc.  The new appraisal does not affect the partnership's borrowing limitation.
    Jones Intercable is one of the largest cable television operators in the United States.  It is also the world's largest cable television management company, managing cable operations from publicly held entities.  It manages cable operations in 20 states and three countries.
    For more detailed financial information, contact the Corporate Communications department of Jones Intercable at 303-792-3111 or write 9697 E. Mineral Avenue, Englewood, CO 80112.
                   JONES INTERCABLE INVESTORS L.P.
                       (A Limited Partnership)
                   UNAUDITED FINANCIAL HIGHLIGHTS
                            For the Three Months Ended     Percent
                                    Sept. 30,              Increase
                             1991               1990      (Decrease)
    Revenues            $  9,666,751      $   8,978,090        8
    Operating, General
    and Administrative
    Expenses            $  4,614,754      $   4,621,723        ---
    Operating Income
    before Depreciation
    and Amortization    $  4,013,516      $   3,347,335       20
    Depreciation and
    Amortization        $  4,375,293      $   4,137,318        6
    Net Loss            $ (1,640,406)     $  (2,322,821)     (29)
    Allocation of Net
    Loss:
      General Partner   $    (16,404)     $     (23,228)     (29)
    Class A Unitholders $ (1,624,002)     $  (2,299,593)     (29)
      Weighted Average
      Number of Class A
      Units Outstanding    8,322,632          8,322,632       ---
      Net Loss Per
      Class A Unit      $       (.20)     $        (.28)     (29)
                   JONES INTERCABLE INVESTORS L.P.
                        (A Limited Partnership)
                    UNAUDITED FINANCIAL HIGHLIGHTS
                            For the Nine Months Ended      Percent
                                    Sept. 30,              Increase
                             1991               1990      (Decrease)
    Revenues            $ 28,768,752      $  26,409,466        9
    Operating, General
    and Administrative
    Expenses            $ 14,146,557      $  13,505,073        5
    Operating Income
    before Depreciation
    and Amortization    $ 11,342,504      $   9,978,128       14
    Depreciation and
    Amortization        $ 13,129,239      $  12,746,522        3
    Net Loss            $ (5,633,653)     $  (7,032,187)     (20)
    Allocation of Net
    Loss:
      General Partner   $    (56,337)     $     (70,322)     (20)
    Class A Unitholders $ (5,577,316)     $  (6,961,865)     (20)
      Weighted Average
      Number of Class A
      Units Outstanding    8,322,632          8,322,632       ---
      Net Loss Per
      Class A Unit      $       (.67)     $        (.84)     (20)
    UNAUDITED BALANCE SHEET DATA         Sept. 30,         Dec. 31,
                                           1991              1990
    Total Assets                        $ 88,930,845     $ 97,625,987
    Total Debt                          $ 64,048,923     $ 63,634,396
    Total Partners' Capital             $ 20,207,288     $ 29,584,625
    -0-                       11/18/91
    /CONTACT:  Jim Carlson or Nancy Reed Long of Jones Intercable Investors, 303-792-3111/
    (JTV JOIN) CO:  Jones Intercable Investors L.P. ST:  Colorado IN:  TLS SU:  ERN BB -- DV001 -- 1282 11/18/91 09:34 EST
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Date:Nov 18, 1991
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