-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TrGAaeYQBiH8sKl9FU/G8yOzj28JqNfxS7dZfKsWbdMonkDZuq0oPPkgJZAcPK3q ZesYFTFHEjQNfgTVANDghw== 0000927356-00-001122.txt : 20000516 0000927356-00-001122.hdr.sgml : 20000516 ACCESSION NUMBER: 0000927356-00-001122 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDS JONES GROWTH PARTNERS 89-B LTD CENTRAL INDEX KEY: 0000849978 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 841060546 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-17734 FILM NUMBER: 634735 BUSINESS ADDRESS: STREET 1: 9697 E MINERAL AVE PO BOX 3309 STREET 2: C/O JONES INTERCABLE INC CITY: ENGLEWOOD STATE: CO ZIP: 80155-3309 BUSINESS PHONE: 3037923111 MAIL ADDRESS: STREET 1: C/O JONES INTERCABLE INC STREET 2: 9697 E MINERAL AVE PO BOX 3309 CITY: ENGLEWOOD STATE: CO ZIP: 80155-3309 10-Q 1 FORM 10-Q - IDS/JONES GROWTH PARTNERS 89-B, LTD. FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (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 [_] 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: 0-17734 IDS/JONES GROWTH PARTNERS 89-B, LTD. - -------------------------------------------------------------------------------- Exact name of registrant as specified in its charter Colorado #84-1060546 - -------------------------------------------------------------------------------- State of organization I.R.S. employer I.D. # c/o Comcast Corporation 1500 Market Street, Philadelphia, PA 19102-2148 ----------------------------------------------- Address of principal executive office (215) 665-1700 ----------------------------- Registrant's telephone number 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 --- --- IDS/JONES GROWTH PARTNERS 89-B, LTD. ------------------------------------ (A Limited Partnership) UNAUDITED BALANCE SHEETS ------------------------
March 31, December 31, ASSETS 2000 1999 ------ ------------------- ------------------- Investment in cable television joint venture $ 338,861 $ 347,629 ------------------- ------------------- Total assets $ 338,861 $ 347,629 =================== =================== LIABILITIES AND PARTNERS' CAPITAL --------------------------------- LIABILITIES: Advances from affiliates $ 19,479 $ 11,352 ------------------- ------------------- Total liabilities 19,479 11,352 ------------------- ------------------- PARTNER'S CAPITAL: General Partners- Contributed capital 500 500 Accumulated deficit (500) (500) ------------------- ------------------- - - ------------------- ------------------- Limited Partners- Net contributed capital (63,383 units outstanding at March 31, 2000 and December 31, 1999) 12,623,901 12,623,901 Distributions (12,447,247) (12,447,247) Accumulated earnings 142,728 159,623 ------------------- ------------------- 319,382 336,277 ------------------- ------------------- Total liabilities and partners' capital $ 338,861 $ 347,629 =================== ===================
The accompanying notes to unaudited financial statements are an integral part of these unaudited balance sheets. 2 IDS/JONES GROWTH PARTNERS 89-B, LTD. ------------------------------------ (A Limited Partnership) UNAUDITED STATEMENTS OF OPERATIONS ----------------------------------
For the Three Months Ended March 31, --------------------------------------------- 2000 1999 ------------------- ------------------- OTHER EXPENSE $ (8,127) $ - EQUITY IN NET LOSS OF CABLE TELEVISION JOINT VENTURE (8,768) (85,023) ------------------- ------------------- NET LOSS $ (16,895) $ (85,023) =================== =================== ALLOCATION OF NET LOSS: General Partners $ - $ - =================== =================== Limited Partners $ (16,895) $ (85,023) =================== =================== NET LOSS PER LIMITED PARTNERSHIP UNIT $ (0.27) $ (1.34) =================== =================== WEIGHTED AVERAGE NUMBER OF LIMITED PARTNERSHIP UNITS OUTSTANDING 63,383 63,383 =================== ===================
The accompanying notes to unaudited financial statements are an integral part of these unaudited statements. 3 IDS/JONES GROWTH PARTNERS 89-B, LTD. ------------------------------------ (A Limited Partnership) UNAUDITED STATEMENTS OF CASH FLOWS ----------------------------------
For the Three Months Ended March 31, --------------------------------------------- 2000 1999 ------------------- ------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (16,895) $ (85,023) Adjustments to reconcile net loss to net cash provided by operating activities: Equity in net loss of Cable Television Joint Venture 8,768 85,023 Increase in advances from affiliates 8,127 - ------------------- ------------------- Net cash provided by operating activities - - ------------------- ------------------- Net change in cash - - Cash, beginning of period - - ------------------- ------------------- Cash, end of period $ - $ - =================== =================== SUPPLEMENTAL CASH FLOW DISCLOSURE: Interest paid $ - $ - =================== ===================
The accompanying notes to unaudited financial statements are an integral part of these unaudited statements. 4 IDS/JONES GROWTH PARTNERS 89-B, LTD. ------------------------------------- (A Limited Partnership) NOTES TO UNAUDITED FINANCIAL STATEMENTS --------------------------------------- (1) This Form 10-Q is being filed in conformity with the SEC requirements for unaudited financial statements and does not contain all of the necessary footnote disclosures required for a complete presentation of the Balance Sheets and Statements of Operations and Cash Flows in conformity with generally accepted accounting principles. However, in the opinion of management, this data includes all adjustments, consisting only of normal recurring accruals, necessary to present fairly the financial position of IDS/Jones Growth Partners 89-B, Ltd. (the "Partnership") at March 31, 2000 and December 31, 1999 and its Statements of Operations and Cash Flows for the three months ended March 31, 2000 and 1999. The Partnership owns a 24.4 percent interest in IDS/Jones Joint Venture Partners (the "Venture") through a capital contribution of $14,008,000 made in 1990. Jones Cable Corporation, a Colorado corporation, is the "Managing General Partner." Neither the Partnership nor the Venture currently own any cable television systems. The Partnership and the Venture are expected to be dissolved in 2000. The Partnership's investment in the Venture is accounted for using the equity method. At March 31, 2000 the Partnership had recorded an investment in the Venture of $338,861. On April 7, 1999, Comcast Corporation ("Comcast") completed the acquisition of a controlling interest in Jones Intercable, Inc. ("Jones Intercable"), the parent of the Managing General Partner until March 2, 2000. In December 1999, Comcast and Jones Intercable entered into a definitive merger agreement pursuant to which Comcast agreed to acquire all of the outstanding shares of Jones Intercable not yet owned by Comcast. On March 2, 2000, Jones Intercable was merged with and into Comcast JOIN Holdings, Inc., a wholly owned subsidiary of Comcast. Comcast JOIN Holdings, Inc. continues as the surviving corporation of the merger. As a result of this transaction, Jones Intercable no longer exists and the Managing General Partner is now a wholly owned subsidiary of Comcast JOIN Holdings, Inc. and, as such, is an indirect wholly owned subsidiary of Comcast. The Managing General Partner and Comcast JOIN Holdings, Inc. share corporate offices with Comcast at 1500 Market Street, Philadelphia, Pennsylvania 19102-2148. (2) The Venture reimburses its Managing General Partner for certain administrative expenses. These expenses represent the salaries and related benefits paid for corporate personnel. Such personnel provide administrative, accounting, tax, legal and investor relations services to the Venture and its constituent partnerships. Such services, and their related costs, are necessary to the administration of the Venture and its constituent partnerships until they are dissolved. Such costs were charged to other expense on the Venture's Statements of Operations. Reimbursements made by the Venture to its Managing General Partner for administrative expenses during the three month periods ended March 31, 2000 and 1999 (reflecting the Partnership's 24.4 percent interest in the Venture) were $6,048 and 1,248, respectively. IDS Cable Corporation (the supervising general partner of the Partnership) may also be reimbursed for certain expenses incurred on behalf of the Venture. There were no reimbursements made to IDS Cable Corporation during the three month periods ended March 31, 2000 and 1999. 5 (3) Financial information regarding the Venture is presented below.
UNAUDITED BALANCE SHEETS ------------------------ March 31, December 31, 2000 1999 ------------------- ------------------- ASSETS ------ Cash $ 3,427,939 $ 3,436,939 ------------------- ------------------- Total assets $ 3,427,939 $ 3,436,939 =================== =================== LIABILITIES AND PARTNERS' CAPITAL --------------------------------- Advances from affiliates $ 2,039,165 $ 2,012,230 Partner's contributed capital 57,344,709 57,344,709 Distributions (51,374,610) (51,374,610) Accumulated deficit (4,581,325) (4,545,390) ------------------- ------------------- Total liabilities and partners' capital $ 3,427,939 $ 3,436,939 =================== =================== UNAUDITED STATEMENTS OF OPERATIONS ---------------------------------- For the Three Months Ended March 31, --------------------------------------------- 2000 1999 ------------------- ------------------- Interest expense $ - $ (32,040) Interest income - 49,252 Other, net (35,935) (365,668) ------------------- ------------------- Net loss $ (35,935) $ (348,456) =================== ===================
Reimbursements for overhead and administrative expenses paid to the Venture's Managing General Partner totaled $24,788 and $5,114, respectively, for the three months ended March 31, 2000 and 1999. 6 IDS/JONES GROWTH PARTNERS 89-B, LTD. ------------------------------------ (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND --------------------------------------------------------------- RESULTS OF OPERATIONS --------------------- FINANCIAL CONDITION - ------------------- The Partnership owns a 24.4 percent interest in the Venture. The Partnership's investment in the Venture is accounted for under the equity method. The Partnership's investment in the Venture decreased by $8,768, which represents the Partnership's share of losses generated by the Venture during the three months ended March 31, 2000. Neither the Partnership nor the Venture currently own any cable television systems. The Partnership and the Venture are expected to be dissolved in 2000. RESULTS OF OPERATIONS - --------------------- Neither the Partnership nor the Venture currently own any cable television systems. The Partnership incurred other expense of $8,127 in the first quarter of 2000, which related to various costs associated with the administration of the Partnership. The Venture incurred other expense of $35,935 in the first quarter of 2000, which related to various costs associated with the administration of the Venture and its constituent partnerships. 7 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 None. 8 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. IDS/JONES GROWTH PARTNERS 89-B, LTD. BY: JONES CABLE CORPORATION, its Managing General Partner By: /S/ Lawrence J. Salva ---------------------------------- Lawrence J. Salva Senior Vice President (Principal Accounting Officer) Dated: May 15, 2000 9 EX-27 2 FINANCIAL DATA SCHEDULE
5 3-MOS DEC-31-2000 JAN-01-2000 MAR-31-2000 0 0 0 0 0 0 0 0 338,861 19,479 0 0 0 0 319,382 338,861 0 0 0 0 8,127 0 0 (16,895) 0 (16,895) 0 0 0 (16,895) (.27) (.27)
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