-----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, WWzvF3H0wfMgX+LQBYU0Qo6bPmlFm3dCRg3X9n3nDg2uNb3by6N1W8U5qwpBgzx/ Qm2KsQ6y23hp28Yz4GPnoA== /in/edgar/work/0000927356-00-002137/0000927356-00-002137.txt : 20001115 0000927356-00-002137.hdr.sgml : 20001115 ACCESSION NUMBER: 0000927356-00-002137 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDS JONES GROWTH PARTNERS 89-B LTD CENTRAL INDEX KEY: 0000849978 STANDARD INDUSTRIAL CLASSIFICATION: [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: 768061 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 0001.txt FORM 10-Q IDS/JONES GROWTH PARTNERS 89-B 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 September 30, 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 ------------------------
September 30, December 31, ASSETS 2000 1999 ------ ------------------- -------------------- Cash $ 331,205 $ - Investment in Cable Television Joint Venture - 347,629 ------------------- -------------------- Total assets $ 331,205 $ 347,629 =================== ==================== LIABILITIES AND PARTNERS' CAPITAL --------------------------------- LIABILITIES: Accrued liabilities $ 17,458 $ - Advances from affiliates 12,757 11,352 ------------------- -------------------- Total liabilities 30,215 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 September 30, 2000 and December 31, 1999) 12,623,901 12,623,901 Distributions (12,447,247) (12,447,247) Accumulated earnings 124,336 159,623 ------------------- -------------------- 300,990 336,277 ------------------- -------------------- Total liabilities and partners' capital $ 331,205 $ 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 For the Nine Months Ended September 30, September 30, -------------------------------------- -------------------------------------- 2000 1999 2000 1999 ----------------- ----------------- ------------------ ----------------- OTHER INCOME (EXPENSE): Interest income $ 11,576 $ - $ 11,576 $ - Other, net (22,513) (1,759) (46,863) (10,367) ----------------- ----------------- ------------------ ----------------- Total other income (expense), net (10,937) (1,759) (35,287) (10,367) ----------------- ----------------- ------------------ ----------------- EQUITY IN NET LOSS OF CABLE TELEVISION JOINT VENTURE - (2,324) - (59,126) ----------------- ----------------- ------------------ ----------------- NET LOSS $ (10,937) $ (4,083) $ (35,287) $ (69,493) ================= ================= ================== ================= ALLOCATION OF NET LOSS: General Partners $ - $ - $ - $ - ================= ================= ================== ================= Limited Partners $ (10,937) $ (4,083) $ (35,287) $ (65,493) ================= ================= ================== ================= NET LOSS PER LIMITED PARTNERSHIP UNIT $ (0.18) $ (0.07) $ (0.56) $ (1.10) ================= ================= ================== ================= WEIGHTED AVERAGE NUMBER OF LIMITED PARTNERSHIP UNITS OUTSTANDING 63,383 63,383 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 Nine Months Ended September 30, --------------------------------------------- 2000 1999 ------------------- -------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (35,287) $ (69,493) Adjustments to reconcile net loss to net cash used in operating activities: Equity in net loss of Cable Television Joint Venture - 59,126 Increase in accrued liabilities 17,458 - Increase in advances from affiliates 1,405 10,367 ------------------- -------------------- Net cash used in operating activities (16,424) - ------------------- -------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Distribution from Cable Television Joint Venture 347,629 - ------------------- -------------------- Net cash provided by investing activities 347,629 - ------------------- -------------------- Increase in cash 331,205 - Cash, beginning of period - - ------------------- -------------------- Cash, end of period $ 331,205 $ - =================== ==================== SUPPLEMENTAL CASH FLOW DISCLOSURE: Interest paid $ 448 $ - =================== ====================
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 September 30, 2000 and December 31, 1999, its Statements of Operations for the three and nine months ended September 30, 2000 and 1999 and its Statements of Cash Flows for the nine month periods ended September 30, 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's investment in the Venture is accounted for using the equity method. The Venture has distributed or will distribute its remaining cash to its constituent partners in the third and fourth quarters of 2000. The Partnership's only current asset is cash on hand. It is anticipated that the Partnership and the Venture will be fully liquidated and dissolved by December 31, 2000. Prior to its dissolution, the Partnership will accrue funds to cover its remaining administrative costs. All cash remaining after such accrual is made will be distributed to the Partnership's partners pursuant to the distribution procedures established by the Partnership's limited partnership agreement. It is expected that all limited partners will receive final distribution checks from the Partnership before the end of December 2000. 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. As a result of this transaction, Jones Intercable no longer exists and Comcast JOIN Holdings, Inc. continued as the surviving corporation of the merger. On August 1, 2000, Comcast JOIN Holdings, Inc. was merged with and into Comcast Cable Communications, Inc., ("Comcast Cable"), another wholly owned subsidiary of Comcast. The Managing General Partner is now a wholly owned subsidiary of Comcast Cable and, as such, is an indirect wholly owned subsidiary of Comcast. The Managing General Partner and Comcast Cable share corporate offices with Comcast at 1500 Market Street, Philadelphia, Pennsylvania 19102-2148. (2) The Partnership 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 Partnership. Such services, and their related costs, are necessary to the administration of the Partnership until it is dissolved. Such costs were charged to other expense on the Partnership's Statements of Operations. Reimbursements made by the Partnership to its Managing General Partner for administrative expenses during the three and nine month periods ended September 30, 2000 were $4,006 and $15,270, respectively. Reimbursements by the Venture to its Managing General Partner for administrative expenses during the three and nine month periods ended September 30, 1999 were $10,953 and $26,761, respectively, of which $2,673 and $6,530, respectively, were attributed to the Partnership's 24.4 percent interest in the Venture. IDS Cable Corporation (the supervising general partner of the Partnership) may also be reimbursed for certain expenses incurred on behalf of the Partnership and the Venture. There were no reimbursements made to IDS Cable Corporation during the three and nine month periods ended September 30, 2000 and 1999. 5 (3) Financial information regarding the Venture is presented below. UNAUDITED BALANCE SHEETS ------------------------
September 30, December 31, 2000 1999 ------------------- ------------------- ASSETS ------ Cash $ - $ 3,436,939 ------------------- ------------------- Total assets $ - $ 3,436,939 =================== =================== LIABILITIES AND PARTNERS' CAPITAL --------------------------------- Advances from affiliates $ - $ 2,012,230 Partner's contributed capital 57,344,709 57,344,709 Distributions (52,799,319) (51,374,610) Accumulated deficit (4,545,390) (4,545,390) ------------------- ------------------- Total liabilities and partner's capital $ - $ 3,436,939 =================== =================== UNAUDITED STATEMENTS OF OPERATIONS ---------------------------------- For the Three Months Ended For the Nine Months Ended September 30, September 30, ------------------------------------ -------------------------------------- 2000 1999 2000 1999 -------------- ------------------- --------------- ------------------- Interest expense $ - $ (33,987) $ - $ (90,866) Interest income - 36,939 - 123,131 Other, net - (12,477) - (274,586) -------------- ------------------- --------------- ------------------- Net loss $ - $ (9,525) $ - $ (242,321) ============== =================== =============== ===================
Reimbursements for administrative expenses paid to the Venture's Managing General Partner totaled $10,953 and $26,761, respectively, for the three and nine months ended September 30, 1999. No reimbursements for administrative expenses were paid to the Venture's Managing General Partner in 2000. 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. Neither the Partnership nor the Venture currently own any cable television systems. The Partnership's investment in the Venture is accounted for under the equity method. The Venture has distributed or will distribute its remaining cash to its constituent partners in the third and fourth quarters of 2000. The Partnership's only current asset is cash on hand. It is anticipated that the Partnership and the Venture will be fully liquidated and dissolved by December 31, 2000. Prior to its dissolution, the Partnership will accrue funds to cover its remaining administrative costs. All cash remaining after such accrual is made will be distributed to the Partnership's partners pursuant to the distribution procedures established by the Partnership's limited partnership agreement. It is expected that all limited partners will receive final distribution checks from the Partnership before the end of December 2000. The Partnership's current and periodic reporting obligations under the Securities Exchange Act of 1934, as amended, and the Partnership's quarterly and annual reporting obligations under Section 3.7 of the Partnership's limited partnership agreement will cease upon the Partnership's termination. As a result, it is expected that this quarterly report on SEC Form 10-Q for the quarter ended September 30, 2000 will be the Partnership's final detailed financial report to limited partners. During the first quarter of 2001, the Managing General Partner will deliver final tax reports on Form 1065, Schedule K-1 to all limited partners of record as of the date of the Partnership's dissolution. If, as expected, the Partnership is dissolved before the end of 2000, the Partnership and its partners will have no tax reporting obligations beyond the taxable year 2000. RESULTS OF OPERATIONS - --------------------- Neither the Partnership nor the Venture currently own any cable television systems. Other expense of $46,863 incurred in the first nine months of 2000 related to various costs associated with the administration and liquidation of the Partnership. 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: November 14, 2000 9 EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
5 9-MOS DEC-31-2000 JAN-01-2000 SEP-30-2000 331,205 0 0 0 0 0 0 0 331,205 30,215 0 0 0 0 300,990 331,205 0 0 0 0 35,287 0 0 (35,287) 0 (35,287) 0 0 0 (35,287) (.56) (.56)
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