Charter 2004 Annual Report Download - page 148

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CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 2004 FORM 10-K
Notes to Consolidated Financial Statements (continued)
26. PARENT COMPANY ONLY FINANCIAL STATEMENTS The following condensed parent-only financial statements of
Charter account for the investment in Charter Holdco under the
As the result of limitations on, and prohibitions of, distributions, equity method of accounting. The financial statements should be
substantially all of the net assets of the consolidated subsidiaries read in conjunction with the consolidated financial statements of
are restricted from distribution to Charter, the parent company. the Company and notes thereto.
Charter Communications, Inc. (Parent Company Only)
Condensed Balance Sheet
December 31,
2004 2003
Assets
Cash and cash equivalents $—$1
Receivable from related party 20 9
Investment in Charter Holdco ——
Notes receivable from Charter Holdco 1,073 828
$ 1,093 $ 838
Liabilities and Shareholders’ Deficit
Current liabilities $20$10
Convertible notes 990 774
Deferred income taxes 6149
Losses in excess of investment 4,406 25
Other long term liabilities 22 —
Preferred stock — redeemable 55 55
Shareholders’ deficit (4,406) (175)
Total liabilities and shareholders’ deficit $ 1,093 $ 838
Condensed Statement of Operations
Year Ended December 31,
2004 2003 2002
REVENUES
Interest income $52$69$76
Management fees 15 11 9
Total revenues 67 80 85
EXPENSES
Equity in losses of Charter Holdco (4,488) (359) (2,922)
General and administrative expenses (14) (11) (9)
Interest expense (49) (65) (73)
Total expenses (4,551) (435) (3,004)
Net loss before income taxes (4,484) (355) (2,919)
Income taxes 143 117 405
Net loss (4,341) (238) (2,514)
Dividend on preferred equity (4) (4) (3)
Net loss after preferred dividends $(4,345) $ (242) $(2,517)
F-40