0000950138-95-000187.txt : 19950817
0000950138-95-000187.hdr.sgml : 19950817
ACCESSION NUMBER: 0000950138-95-000187
CONFORMED SUBMISSION TYPE: 10-Q
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 19950630
FILED AS OF DATE: 19950814
DATE AS OF CHANGE: 19950816
SROS: AMEX
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GALAXY CABLEVISION L P
CENTRAL INDEX KEY: 0000809608
STANDARD INDUSTRIAL CLASSIFICATION: 4841
IRS NUMBER: 431429049
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 10-Q
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-09423
FILM NUMBER: 95564023
BUSINESS ADDRESS:
STREET 1: 1220 N MAIN
STREET 2: C/O GALAXY CABLEVISION MANAGEMENT INC
CITY: SIKESTON
STATE: MO
ZIP: 63801
BUSINESS PHONE: 3144713080
MAIL ADDRESS:
STREET 1: 1220 N MAIN
CITY: SIKESTON
STATE: MO
ZIP: 63801
10-Q
1
SECOND QTR 10-Q, 1995
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 June 30, 1995
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 1-9423
GALAXY CABLEVISION, L.P.
(Exact name of Registrant as specified in its charter)
Delaware 43-1429049
(state of incorporation) (IRS Employer Identification Number)
c/o Galaxy Cablevision Management, Inc.
1220 North Main, Sikeston, Missouri 63801
(address of principle executive offices) (zip code)
Registrant's telephone number, including area code (314) 471-3080
Indicate by check mark whether the Registrant (1) has filed all
reports required by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the previous 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 ______
Number of Limited Partnership Units outstanding as of August 8,
1995 - 2,142,000
GALAXY CABLEVISION, L.P.
FORM 10-Q
FOR THE SIX MONTHS ENDED JUNE 30 , 1995
INDEX
PAGE
PART I. Financial Information
Item 1. Financial Statements . . . . . . . . . . . 3
Notes to Financial Statements . . . . . . . 7
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations . . . . . . . . . . . . . . . 10
PART II. Other Information . . . . . . . . . . . . . . 13
PART I. FINANCIAL INFORMATION
2
ITEM 1. -- FINANCIAL STATEMENTS
GALAXY CABLEVISION, L.P.
(IN PROCESS OF LIQUIDATION-NOTES 1 & 2)
STATEMENTS OF NET ASSETS IN PROCESS OF LIQUIDATION
June 30, 1995 December 31, 1994
(unaudited)
CASH AND CASH EQUIVALENTS $2,015,608 $14,571,652
OTHER CURRENT ASSETS 595,612 767,002
ESCROW DEPOSITS 0 100,000
DUE FROM AFFILIATES-NET 5,466 327,071
INVESTMENT IN AFFILIATE (Note 5) 3,000,000 2,500,000
CABLE TELEVISION SYSTEMS 0 3,550,000
NOTES RECEIVABLE 1,747,067 1,561,256
------------ ------------
TOTAL ASSETS 7,363,753 23,376,981
------------ ------------
NOTES PAYABLE 0 1,281,816
ACCOUNTS PAYABLE 14,947 602,448
ACCRUED EXPENSES AND OTHER
LIABILITIES 148,001 703,383
ACCRUED DISTRIBUTIONS TO PARTNERS 0 11,250,909
RESERVE FOR ESTIMATED COSTS
DURING PERIOD OF LIQUIDATION 526,016 1,200,000
------------ ------------
TOTAL LIABILITIES 688,964 15,038,556
------------ ------------
NET ASSETS IN PROCESS
OF LIQUIDATION $6,674,789 $8,338,425
============ ============
See notes to financial statements.
3
GALAXY CABLEVISION, L.P.
(IN PROCESS OF LIQUIDATION-NOTES 1 & 2)
STATEMENT OF CHANGES IN NET ASSETS IN PROCESS OF LIQUIDATION
(unaudited)
For the For the
Three Months Ended Six Months Ended
June 30, 1995 June 30, 1995
Net Assets in Process of Liquidation,
beginning of period $8,338,425 $8,338,425
Increase in Value of
Investment of Affiliate 500,000 500,000
Expenses in Excess of Revenues from
Operations (620,567) (673,984)
Distributions paid (Note 4) (2,163,636) (2,163,636)
Reduction in Reserve
for Estimated Costs During
Period of Liquidation 620,567 673,984
------------ ------------
Net Assets in Process of
Liquidation as of
June 30, 1995 $6,674,789 $6,674,789
============ =============
GALAXY CABLEVISION, L.P.
STATEMENT OF OPERATIONS
(Historical Cost Basis)
(Unaudited)
For the For the
Three Months Ended Six Months Ended
June 30, 1994 June 30, 1994
SUBSCRIPTION SERVICES REVENUE $5,115,946 $10,159,864
------------ ------------
OPERATING EXPENSES:
Systems operations (exclusive of
depreciation and amortization
expense shown separately below):
Related Party 6,843 18,846
Other 2,063,234 4,070,256
------------ ------------
2,070,077 4,089,102
4
Selling, general and administrative:
Related Party 396,807 819,081
Other 1,067,477 2,065,643
------------ ------------
1,464,284 2,884,724
Depreciation Expense 1,599,958 3,202,214
Amortization Expense 110,283 243,679
------------ ------------
Total operating expenses 5,244,602 10,419,719
------------ ------------
OPERATING LOSS (128,656) (259,855)
EQUITY IN LOSS OF INVESTEE (215,389) (405,093)
INTEREST INCOME 36,404 72,463
OTHER INCOME (116,371) (81,459)
INTEREST EXPENSE (451,535) (860,751)
------------ ------------
NET LOSS $ (875,547) $(1,534,695)
============ =============
ALLOCATION OF NET LOSS
General Partners $ (8,755) $ (15,347)
============ =============
Limited Partners $ (866,792) $(1,519,348)
============ =============
NET LOSS PER LIMITED
PARTNERSHIP UNIT $ (0.40) $ (0.71)
============ =============
WEIGHTED AVERAGE NUMBER OF LIMITED
PARTNERSHIP UNITS OUTSTANDING 2,142,000 2,142,000
============ =============
See notes to financial statements.
GALAXY CABLEVISION, L.P.
STATEMENT OF CASH FLOWS
(Historical Cost Basis)
(Unaudited)
For the For the
Three Months Ended Six Months Ended
June 30, 1994 June 30, 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (875,547) $(1,534,695)
Adjustments to reconcile net
loss to net cash flow provided by
operating activities:
Depreciation and amortization 1,710,241 3,445,893
Gain on sale of assets 42,902 15,220
Equity in loss of investee 215,389 405,093
5
Net changes in assets and liabilities:
Subscriber receivables (35,106) (116,222)
Prepaid expenses and
other assets (186,022) (183,886)
Due to affiliate - net 183,851 (161,731)
Accounts payable (261,608) 145,602
Accrued expenses and
other liabilities (1,956) (26,473)
------------ ------------
Net cash provided by
operating activities 791 844 1,988,801
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets (1,000) 26,382
Upgrade of cable TV systems (321,722) (909,107)
Purchase of vehicles and
equipment (151,220) (387,511)
Proceeds from note receivable 13,550 13,550
------------ ------------
Net cash used by investing
activities (460,392) (1,256,686)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing 85,230 85,230
Repayments of borrowings (576,343) (1,083,811)
------------ ------------
Net cash used by financing
activities (491,113) (998,581)
------------ ------------
NET DECREASE IN CASH (159,661) (266,466)
CASH AT BEGINNING OF THE PERIOD 368,540 475,345
------------ ------------
CASH AT END OF THE PERIOD $ 208,879 $ 208,879
------------ ------------
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest $ 443,624 $ 918,146
============ =============
See notes to financial statements.
GALAXY CABLEVISION, L.P.
(In Process of Liquidation - Notes 1 & 2)
NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
1. STATEMENT OF ACCOUNTING PRESENTATIONS AND OTHER INFORMATION
6
The attached interim financial statements are unaudited;
however, in the opinion of management, all adjustments
necessary for a fair presentation of financial position and
results of operations have been made, including those
required for liquidation basis accounting. The interim
financial statements are presented in accordance with the
rules and regulations of the Securities and Exchange
Commission and consequently do not include all the
disclosures required by generally accepted accounting
principles. It is suggested that the accompanying financial
statements be read in conjunction with the Partnership's
Annual Report on Form 10-K for the year ended December 31,
1994.
On September 30, 1994, the partnership adopted the
liquidation basis of accounting as a result of the Texas-
Louisiana Sale (see below). The statements of net assets in
process of liquidation at June 30, 1995 and December 31,
1994 and the statements of changes in net assets in process
of liquidation for the three months and six months ended
June 30, 1995 have been prepared on a liquidation basis.
Assets have been presented at estimated net realizable value
and liabilities have been presented at estimated settlement
amounts.
The valuation of assets and liabilities necessarily requires
many estimates and assumptions and there are uncertainties
in carrying out the liquidation of the Partnership's
assets. The actual value of liquidating distributions, if
any, will depend on a variety of factors, including the
actual timing of distributions to Unitholders, and the
resolution of the Partnership's contingent liabilities and
the costs of winding up. The actual amounts are likely to
differ from the amounts presented in the financial
statements.
The statements of operations and cash flows for the three
months and six months ended June 30, 1994 have been prepared
using the historical cost (going concern) basis of
accounting on which the Partnership had previously been
reporting its financial condition and its results of
operations.
2. SALE OF CABLE TELEVISION SYSTEMS
On September 30, 1994, the partnership sold all of the
Texas-Louisiana Systems, which consisted of 34,355 basic
subscribers as of such date (approximately 59% of the
Partnership's total basic subscribers), to Friendship Cable
7
of Texas. Inc. (the "Texas-Louisiana Sale") for a purchase
price of $42,625,000 (before proration of certain expenses).
The Kentucky Systems, which served 15,270 basic subscribers
as of November 30, 1994, were sold on December 23, 1994 to
Galaxy Telecom, L.P. (the "Kentucky Sale") for $18,437,500
(before proration of certain expenses).
On December 7, 1994 the Austin Systems, which served 5,417
basic subscribers as of November 30, 1994, were sold to Time
Warner Entertainment Company, L.P., through its division
Time Warner Cable Ventures ("Time Warner") for $7,300,000
(before proration of certain expenses).
On March 31, 1995 the Cameron Systems, which served 3,755
basic subscribers as of such date, were sold to Galaxy
Telecom, L.P. for a purchase price of $3,550,000. The
purchase price was paid by delivery to the Partnership of
cash in the amount of $3,350,000 (before proration of
certain expenses), and a promissory note in the amount of
$200,000 executed by Galaxy Telecom, Inc., the managing
general partner of Galaxy Telecom, L.P. The $200,000
promissory note (the "Telecom Note") is a balloon note under
which all principal and interest are due and payable in
March, 2004. Interest is compounded annually and accrues at
rates from 9% to 17% over the 9 year term. This note is
included in notes receivable on the statement of net assets
in process of liquidation as of June 30, 1995.
On December 23, 1995, the same date the Partnership entered
into a definitive asset purchase agreement to sell the
Cameron Systems, an agreement was reached between Galaxy and
the Gleasons providing for the purchase of the Telecom Note
by the Gleasons from the partnership upon the Partnership
making one or more distributions to Unitholders amounting in
the aggregate to $1 per Unit or more, excluding any
distribution from the proceeds of the Kentucky Sale or the
Cameron Sale. Under the agreement (the "Put Agreement"),
the purchase price to be paid by the Gleasons for the
Telecom Note is equal to the principal plus all accrued
interest as of the date of such purchase.
3. RELATED PARTY TRANSACTIONS
The Partnership has historically shared certain operational
and administrative expenses with other companies affiliated
with the General Partners. Expenses which cannot be
specifically identified to a particular company are
allocated to the various companies using a formula that
8
relates benefits derived to subscribers of each company,
homes passed of each company and/or revenues of each
company. Management believes this allocation method and the
resulting expenses are reasonable. For the three months
ended June 30, 1994, there were $6,843 of systems operating
expenses and $131,391 of selling, general and administrative
expenses allocated to the Partnership from a related party.
For the six months ended June 30, 1994, there were $18,846
of systems operating expenses and $302,690 of selling,
general and administrative expenses allocated to the
Partnership from a related party. There were no such
expenses for the three months ended June 30, 1995. For the
six months ended June 30, 1995 there were $1,846 of systems
operation expenses and $2,266 of selling, general and
administrative expenses allocated to the Partnership from a
related party.
The Partnership pays to the Managing General Partner
management fees for management services. Payments for such
expenses for the three month and six month periods ended
June 30, 1995 were $14,834. Payments for the three months
ended June 30, 1994 totaled $230,218. Payments for the six
months ended June 30, 1994 totaled $457,194. The
Partnership has historically used a related entity to
provide air travel to the various regions where it operates
CATV systems and the corporate offices. These payments
totaled $35,198 and $77,925 for the three months ended June
30, 1994 and the six month period ended June 30, 1994,
respectively. There were no such expenses during 1995. The
expense is based on an hourly in-flight charge plus fuel and
other direct costs. In addition, the Partnership leases
certain office space from a shareholder of a related entity.
The rental expenses for the second quarter of 1994 and 1995
were $27,678 and $16,600, respectively. The rental expenses
for the first six months of 1994 and 1995 were $56,503 and
$26,400, respectively. Such transactions with related
entities are on terms at least as favorable as those prices
and terms being offered generally in the same marketplace by
unrelated entities for goods and services as nearly
identical as possible in regard to quality, technical
advancement and availability.
4. DISTRIBUTIONS TO UNITHOLDERS AND GENERAL PARTNERS
On April 10, 1995, the Managing General Partner of the
Partnership approved a distribution of $1.00 per unit
payable on May 5, 1995, to the Unitholders of record as of
the close of business on April 24, 1995. This distribution
9
resulted in a payment of $2,142,000 to the Unitholders and
$21,636 to the General Partners.
5. INVESTMENT IN AFFILIATE
The investment in affiliate, "Charter Holdings Investment",
has been adjusted to approximate the net realizable value of
the Company's investment assuming a discount factor of
approximately 30% applied to the quoted price of CableMaxx,
Inc. common stock multiplied by the estimated number of
shares of such common stock indirectly owned by the
Partnership through its investment in Charter Wireless Cable
Holdings, L.L.C. (approximately 730,000 shares). The only
assets held by Charter Wireless Holdings, L.L.C. are shares
of CableMaxx, Inc, a publicly traded operator of certain
wireless cable television systems located in Texas.
10
PART I. FINANCIAL INFORMATION
ITEM 2.--MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The Partnership realized no revenues in excess of expenses
from operations during the first six month of 1995, as
expenses incurred were generally anticipated and within
amounts accrued for such purposes under accrued expenses and
other liabilities and reserve for estimated costs during
period of liquidation. Aside from such expenses, no
adjustment was made to the reserve for estimated costs
during the period of liquidation. The revenues in excess of
expenses from operations is unaffected by depreciation and
amortization expenses, as such expenses are not recognized
under liquidation basis accounting.
SALE OF CABLE SYSTEMS
On March 31, 1995 the Cameron Systems, which served 3,755
basic subscribers as of such date, were sold to Galaxy
Telecom, L.P. for a purchase price of $3,550,000. The
purchase price was paid by delivery to the Partnership of
cash in the amount of $3,350,000 (before proration of
certain expenses), and a promissory note in the amount of
$200,000 executed by Galaxy Telecom, Inc., the managing
general partner of Galaxy Telecom, L.P. The $200,000
promissory note (the "Telecom Note") is a balloon note under
which all principal and interest are due and payable in
March, 2004. Interest is compounded annually and accrues at
rates from 9% to 17% over the 9 year term. This note is
included in notes receivable on the statement of net assets
in process of liquidation as of June 30, 1995.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 1994, the Partnership had $14,571,652 in
cash and cash equivalents deposited primarily in interest-
bearing accounts. On January 20, 1995, the Partnership paid
distributions to the Unitholders and General Partners in the
amount of $11,250,909. On January 31, 1995 the Partnership
paid $450,000 to satisfy total in full all principal
indebtedness under its Revolving Credit and Term Loan
Agreement with Fleet National Bank. On March 31, 1995 the
Partnership received cash proceeds from the Cameron Sale of
$3,350,000. On May 5, 1995 the Partnership paid
distributions to the Unitholders and General Partners in the
11
total amount of $2,163,636. During the first six months of
1995, the Partnership also paid other liabilities and
expenses, leaving a balance of $2,015,608 in cash and cash
equivalents deposited mainly in interest-bearing accounts as
of June 30, 1995.
As of June 30, 1995, other current assets is comprised of
interest accrued on notes receivable of $570,291, and
miscellaneous receivables of $30,787.
As of June 30, 1995, cash and cash equivalents exceeded
total liabilities by $1,326,641.
The liquidity needs of the Partnership for the remainder of
1995 are expected to be satisfied by existing cash reserves
or by the proceeds from the sale of the remaining assets.
The Partnership accrued a reserve of $1,200,000 as of
December 31, 1994 to cover certain costs during the period
of liquidation, such as the accrual for state income taxes,
future losses from operations of the Cameron Systems, future
state income tax liabilities, professional fees, general and
administration expenses, contingency reserves and other
costs related to dissolution and winding up. Actual
expenses of $673,984 were paid in 1995 and charged against
such reserve, reducing the reserve to $526,016 as of June
30, 1995.
DISSOLUTION; WINDING UP
Having sold all of its operating assets, the Partnership is
now in dissolution. The Managing General Partner is in the
process of liquidating the Partnership's non-operating
assets and winding up the Partnership's affairs. In
connection with the Cameron Sale, Galaxy received and now
holds the Telecom Note, which is a promissory note in the
amount of $200,000 from Galaxy Telecom, Inc., the managing
general partner of Galaxy Telecom, L.P., the purchaser of
the Cameron Systems. Galaxy also holds the Harron Note,
which is a note receivable in the face amount of $1,500,000
from Harron Cablevision of Texas, Inc. Galaxy's only other
significant non-cash asset is its minority (approximately
14.6%) interest in Charter Wireless Cable Holdings, L.L.C.
("Charter Holdings"), which is the majority owner of
CableMaxx, Inc. a publicly traded operator of certain
wireless cable television systems located in Texas (the
"Charter Holdings Investment").
12
None of the Telecom Note, the Harron Note or the Charter
Holdings Investment are currently liquid. Under the terms
of the governing documents of Charter Holdings, the
Partnership cannot transfer its ownership interest in
Charter Holdings without the consent of the other members
and, even if such consents were obtained, the Managing
General Partner believes the Partnership would be required
to sell its investment at a substantial discount. However,
the Managing General Partner believes that Charter Holdings
may ultimately either liquidate its investment in CableMaxx
and distribute the proceeds to the members, including
Galaxy, or distribute the CableMaxx stock directly to the
members. It is therefore the Managing General Partner's
current intention to continue to hold the Charter Holdings
Investment until such distribution unless the Partnership is
able to sell the investment without substantial discount.
The Partnership cannot predict when it will receive
distributions, if any, in respect of the Charter Holdings
Investments.
The Harron Note is a balloon note under which all principal
and accrued interest is not payable until June 1996.
Principal and accrued interest through June 30, 1995 totals
approximately $2,100,000. Although the Partnership is not
restricted from selling the Harron Note, the Managing
General Partner believes that such a sale would be at a
substantial discount to the value of the note. As a result,
the Managing General Partner currently expects to hold the
Harron Note until its maturity.
The Telecom Note is also a balloon note, under which all
principal and accrued interest are due and payable in March
2004. Galaxy is restricted from selling the Telecom Note to
anyone except an affiliate of the Partnership. On December
23, 1994, Galaxy entered into an agreement with Tommy L.
Gleason and Tommy L. Gleason, Jr. (the "Gleasons") which
requires the Gleasons to purchase the Telecom Note from the
Partnership upon the Partnership thereafter making one or
more distributions to Unitholders amounting in the aggregate
to $1 per Unit or more, excluding any distribution from the
proceeds of the Kentucky Sale or the Cameron Sale. Under
the agreement (the "Put Agreement"), the purchase price to
be paid by the Gleasons for the Telecom Note is equal to the
principal plus all accrued interest as of the date of such
purchase. The Managing General Partner currently intends to
hold the Telecom Note until it is purchased by the Gleasons
in accordance with the Put Agreement.
13
In connection with the Texas-Louisiana Sale and the Austin
Sale, the Partnership has undertaken certain indemnification
obligations. Specifically, Galaxy has agreed to indemnify
Friendship, the purchaser of the Texas-Louisiana Systems,
for certain damages, liabilities, costs and expenses
incurred by Friendship solely as a result of any breach by
Galaxy of any written representation, warranty agreement or
covenant of Galaxy contained in the Texas-Louisiana Purchase
Agreement and for liabilities arising out of ownership of
the systems prior to September 30, 1994. The Partnership's
maximum liability for such breach is $2,000,000. Galaxy's
representations and warranties survive until March 31, 1996
(except as to tax matters, which survive for the applicable
statute of limitations). Any claims for indemnification
cannot be made until the total of all such claims exceeds
$50,000.
The Partnership has also agreed to indemnify Time Warner,
the purchaser of the Austin Systems, for certain claims,
losses, liabilities, damages, liens, penalties, costs and
expenses incurred by Time Warner as a result of any breach
by Galaxy of any written representation, warranty, agreement
or covenant of Galaxy contained in the Austin Purchase
Agreement. The Partnership's maximum liability for such
breach is $1,200,000. The representations and warranties
survive until June 7, 1996, and any claim for
indemnification must be made by September 5, 1996. No claim
can be made until the total of all such claims exceeds
$25,000.
The risk of Galaxy being required to pay an indemnification
claim is a factor which the Managing General Partner will
consider in determining the amount and timing of any future
distributions to Unitholders. The Managing General Partner
believes that the likelihood of such a claim being brought
by Friendship or Time Warner decreases with the passage of
time.
14
PART II. OTHER INFORMATION
Items 1 through 5
None.
Item 6
(a) Exhibits
Exhibit
Number Description Reference
3(a) Certificate of Limited Incorporated by reference
Partnership of Registrant, to Exhibit 3(a) of
filed with the state of Amendment No. 1 (filed
Delaware on December 15, February 18, 1987) to
1986. Galaxy's Registration
Statement on Form S-1
(filed January 16, 1987),
Commission File No. 33-
11388.
3(b) Amended and Restated Incorporated by reference
Certificate of Limited to Exhibit 3(b) of
Partnership of Registrant, Amendment No. 1 (filed
filed with the Secretary of February 18, 1987) to
State of Delaware on Galaxy's Registration
January 16, 1987. Statement on Form S-1
(filed January 16, 1987),
Commission File No. 33-
11388.
3(c) Amended and Restated Incorporated by reference
Agreement of Limited to Exhibit 3(c) of
Partnership of Registrant, Amendment No. 1 (filed
dated February 1, 1987 February 18, 1987) to
Galaxy's Registration
Statement on Form S-1
(filed January 16, 1987),
Commission File No. 33-
11388.
(b) Reports on Form 8-K
No current report on Form 8-K was filed by the Partnership
during the quarter ended June 30, 1995.
15
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.
GALAXY CABLEVISION, L.P.
BY: GALAXY CABLEVISION MANAGEMENT, L.P.,
as Managing General Partner
BY: GALAXY CABLEVISION MANAGEMENT, INC.,
as General Partner
Date: August 12, 1995 /s/ Tommy L. Gleason, Jr.
BY: Tommy L. Gleason, Jr.
President and Director
Date: August 12, 1995 /s/ J. Keith Davidson
BY: J. Keith Davidson
Chief Financial Officer
16
EX-27
2
5
3-MOS
DEC-31-1995
JUN-30-1995
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601078
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7363753
688964
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