Charter 2005 Annual Report Download - page 161
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CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 2005 FORM 10-K
Notes to Consolidated Financial Statements (continued)
29. Parent Company Only Financial Statements
As the result of limitations on, and prohibitions of, distributions,
substantially all of the net assets of the consolidated subsidiaries
are restricted from distribution to Charter, the parent company.
The following condensed parent-only financial statements of
Charter account for the investment in Charter Holdco under the
equity method of accounting. The financial statements should be
read in conjunction with the consolidated financial statements of
the Company and notes thereto.
Charter Communications, Inc. (Parent Company Only)
CONDENSED BALANCE SHEETS
December 31,
2005 2004
Assets
Cash and cash equivalents $—$—
Receivable from related party 920
Notes receivable from Charter Holdco 886 1,073
Total assets $ 895 $ 1,093
Liabilities and Shareholders’ Deficit
Current liabilities $20$20
Convertible notes 863 990
Deferred income taxes 113 6
Losses in excess of investment 4,814 4,406
Other long term liabilities 122
Preferred stock — redeemable 455
Shareholders’ deficit (4,920) (4,406)
Total liabilities and shareholders’ deficit $ 895 $ 1,093
CONDENSED STATEMENTS OF OPERATIONS
Year Ended December 31,
2005 2004 2003
Revenues
Interest income $76 $52$69
Management fees 35 15 11
Total revenues 111 67 80
Expenses
Equity in losses of Charter Holdco (865) (4,488) (359)
General and administrative expenses (35) (14) (11)
Interest expense (73) (49) (65)
Total expenses (973) (4,551) (435)
Net loss before income taxes (862) (4,484) (355)
Income tax (expense) benefit (105) 143 117
Net loss (967) (4,341) (238)
Dividend on preferred equity (3) (4) (4)
Net loss after preferred dividends $ (970) $(4,345) $(242)
F-43