-----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, MYZjLv6nrARIXDUfdUGhyGZxaKycuCz+312wH28k/ESNQJZg1iDoXhXIsGZ1SgvO qLxt35JMRRKeRob0f8yCOQ== 0000950123-02-003455.txt : 20020415 0000950123-02-003455.hdr.sgml : 20020415 ACCESSION NUMBER: 0000950123-02-003455 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010904 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020405 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENSTAR INCOME PROGRAM IV-2 LP CENTRAL INDEX KEY: 0000783764 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 581648318 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15706 FILM NUMBER: 02602949 BUSINESS ADDRESS: STREET 1: 12444 POWERSCOURT DR CITY: ST LOUIS STATE: MO ZIP: 63131 BUSINESS PHONE: 8187927132 MAIL ADDRESS: STREET 1: 10900 WILSHIRE BLVD STREET 2: 15TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90024 8-K 1 y59334e8-k.txt ENSTAR INCOME PROGRAM IV-2 L.P. FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): September 4, 2001 ENSTAR INCOME PROGRAM IV-2, L.P. -------------------------------- (Exact name of registrant as specified in its charter) Georgia ------- (State or other jurisdiction of incorporation) 000-15706 58-1648318 --------- ---------- (Commission File Number) (I.R.S. Employer Identification No.) c/o Enstar Communications Corporation 12405 Powerscourt Drive, St. Louis, Missouri 63131 -------------------------------------------------- (Address of principal executive offices) (Zip Code) (314) 965-0555 -------------- (Registrant's telephone number, including area code) Item 2. Acquisition or Disposition of Assets. On September 4, 2001, Enstar Income Program IV-2, L.P. (Enstar IV-2) entered into an asset purchase agreement, together with Enstar Income Program IV-1, L.P. (Enstar IV-1) for the sale to the City of Poplar Bluff, Missouri of the Enstar IV/PBD Systems Venture's (the "PBD Joint Venture") Poplar Bluff headend for a sale price of $8,000,000 ($1,302 per customer acquired) (the "Poplar Bluff Sale"), Enstar IV-2's one-half share of which is $4,000,000. Closing of the Poplar Bluff Sale was subject to closing sale price adjustments, regulatory approvals, customary closing conditions and the approval by the Limited Partners of Enstar IV-2 and Enstar IV-1. All of these conditions to close the transaction were achieved and on March 21, 2002, the asset purchase agreement closed. The PBD Joint Venture's Dexter, Missouri headend was not included in the Poplar Bluff Sale and will continue to be owned by the PBD Joint Venture and operated by Enstar Communications Corporation (the "Corporate General Partner") indefinitely for the foreseeable future. The Corporate General Partner can give no assurance of when, or if, the Dexter headend will ever be sold. After setting aside a $1,500,000 reserve to fund the Dexter headend's working capital needs, and paying or providing for the payment of the expenses of the Poplar Bluff Sale, the Corporate General Partner will make one or more distributions of the PBD Joint Venture's allocable share of the remaining net sale proceeds, in accordance with the Enstar IV-2 partnership agreement. Enstar IV-2 intends to make distribution payments to its limited partners in the second quarter of 2002. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. The following Unaudited Pro Forma Condensed Financial Statements are based on the historical financial information of Enstar Income Program IV-2, L.P and Enstar IV/PBD Systems Venture. The Unaudited Pro Forma Condensed Balance Sheets as of December 31, 2001 assumes the disposition of certain assets and liabilities of the PBD Joint Venture's cable system in Poplar Bluff, Missouri as if it had occurred on December 31, 2001. The Unaudited Pro Forma Condensed Statements of Operations for the year ended December 31, 2001 assume the above disposition occurred on January 1, 2001. The Unaudited Pro Forma Condensed Financial Statements of Enstar Income Program IV-2, L.P. and Enstar IV/PBD Systems Venture do not purport to be indicative of what our financial position or results of operations would actually have been had the transactions described above been completed on the dates indicated or to project our results of operations for any future date. ENSTAR INCOME PROGRAM IV-2, L.P. UNAUDITED PRO FORMA CONDENSED BALANCE SHEET AS OF DECEMBER 31, 2001 HISTORICAL POPLAR BLUFF PRO FORMA DECEMBER 31, 2001 DISPOSITION DECEMBER 31, 2001 ----------------------- -------------------- --------------------------- ASSETS ASSETS: Cash $ 80,600 $ - $ 80,600 ----------------------- -------------------- --------------------------- 80,600 - 80,600 ----------------------- -------------------- --------------------------- Equity in net assets of joint ventures: Enstar IV/PBD Systems Venture 3,515,400 2,031,400 5,546,800 Enstar Cable of Macoupin County 859,900 - 859,900 ----------------------- -------------------- --------------------------- 4,375,300 2,031,400 6,406,700 ----------------------- -------------------- --------------------------- $ 4,455,900 $ 2,031,400 $ 6,487,300 ======================= ==================== =========================== LIABILITIES AND PARTNERSHIP CAPITAL LIABILITIES: Accrued liabilities $ 25,300 $ - $ 25,300 Due to affiliates 210,700 - 210,700 ----------------------- -------------------- --------------------------- 236,000 - 236,000 ----------------------- -------------------- --------------------------- PARTNERSHIP CAPITAL (DEFICIT): General Partners Limited Partners (40,800) 20,300 (20,500) 4,260,700 2,011,100 6,271,800 ----------------------- -------------------- --------------------------- 4,219,900 2,031,400 6,251,300 ----------------------- -------------------- --------------------------- $ 4,455,900 $ 2,031,400 $ 6,487,300 ======================== =================== ===========================
ENSTAR INCOME PROGRAM IV-2, L.P. UNAUDITED PRO FORMA CONDENSED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2001 HISTORICAL POPLAR BLUFF PRO FORMA DECEMBER 31, 2001 DISPOSITION DECEMBER 31, 2001 --------------------- ------------------ -------------------------- OPERATING EXPENSES: General and administrative expenses $ (62,700) $ - $ (62,700) Amortization (12,500) - (12,500) --------------------- ------------------ -------------------------- (75,200) - (75,200) --------------------- ------------------ -------------------------- OTHER INCOME (EXPENSE): Interest expense (8,000) - (8,000) Other expense (4,600) - (4,600) --------------------- ------------------ -------------------------- (12,600) - (12,600) --------------------- ------------------ -------------------------- INCOME (LOSS) BEFORE EQUITY IN NET INCOME OF JOINT VENTURES (87,800) - (87,800) EQUITY IN NET INCOME OF JOINT VENTURES: Enstar IV/PBD Systems Venture 345,800 (92,900) 252,900 Enstar Cable of Macoupin County 194,500 - 194,500 --------------------- ------------------ -------------------------- 540,300 (92,900) 447,400 --------------------- ------------------ -------------------------- NET INCOME $ 452,500 $ (92,900) $ 359,600 ===================== ================== ========================== Net income allocated to General Partners $ 4,500 $ (900) $ 3,600 ===================== ================== ========================== Net income allocated to Limited Partners $ 448,000 $ (92,000) $ 356,000 ===================== ================== ==========================
ENSTAR IV/PBD SYSTEMS VENTURE UNAUDITED PRO FORMA CONDENSED BALANCE SHEET AS OF DECEMBER 31, 2001 HISTORICAL POPLAR BLUFF PRO FORMA PRO FORMA DECEMBER 31, 2001 DISPOSITION (a) ADJUSTMENTS (b) DECEMBER 31, 2001 -------------------- -------------------- ------------------- ------------------- ASSETS ASSETS: Cash $ 511,200 $ - $ 8,000,000 $ 8,511,200 Accounts receivable 67,800 (21,900) - 45,900 Prepaid expenses and other assets 18,500 (6,000) - 12,500 Property, plant and equipment, net 7,780,000 (3,584,300) - 4,195,700 Franchise cost, net 31,700 (5,000) - 26,700 Deferred charges, net 400 - - 400 -------------------- -------------------- ------------------- ------------------- $ 8,409,600 $ (3,617,200) $ 8,000,000 $ 12,792,400 ==================== ==================== =================== =================== LIABILITIES AND PARTNERSHIP CAPITAL LIABILITIES: Accounts payable $ 68,300 $ - $ 320,000 $ 388,300 Accrued liabilities 181,800 - - 181,800 Due to affiliates 1,128,700 - - 1,128,700 -------------------- -------------------- -------------------- ------------------ 1,378,800 - 320,000 1,698,800 -------------------- -------------------- -------------------- ------------------ VENTURERS' CAPITAL: Enstar Income Program IV-1, L.P. 3,515,400 (1,808,600) 3,840,000 5,546,800 Enstar Income Program IV-2, L.P. 3,515,400 (1,808,600) 3,840,000 5,546,800 -------------------- -------------------- ------------------- ------------------- 7,030,800 (3,617,200) 7,680,000 11,093,600 -------------------- -------------------- ------------------- ------------------- $ 8,409,600 $ (3,617,200) $ 8,000,000 $ 12,792,400 ==================== ==================== =================== ===================
(a) Represents assets of the Poplar Bluff headend which will be disposed of under the asset purchase agreement. (b) Represents proceeds from sale of $8,000,000 which will be used for transaction costs of $320,000, general working capital purposes, capital expenditures and distributions to partners. ENSTAR IV/PBD SYSTEMS VENTURE UNAUDITED PRO FORMA CONDENSED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2001 HISTORICAL POPLAR BLUFF PRO FORMA DECEMBER 31, 2001 DISPOSITION (a) DECEMBER 31, 2001 ----------------------- ------------------- ------------------------- REVENUES $ 5,088,300 $ (2,233,700) $ 2,854,600 ----------------------- ------------------- ------------------------- OPERATING EXPENSES: Service costs 1,712,900 (777,700) 935,200 General and administrative expenses 654,800 (280,400) 374,400 General Partner management fees and reimbursed expenses 1,162,400 (543,300) 619,100 Depreciation and amortization 818,300 (423,000) 395,300 ----------------------- ------------------- ------------------------- 4,348,400 (2,024,400) 2,324,000 ----------------------- ------------------- ------------------------- Operating income 739,900 (209,300) 530,600 ----------------------- ------------------- ------------------------- OTHER INCOME (EXPENSE): Interest income 62,600 - 62,600 Other expense (110,900) 23,500 (87,400) ----------------------- ------------------- ------------------------- (48,300) 23,500 (24,800) ----------------------- ------------------- ------------------------- NET INCOME $ 691,600 $ (185,800) $ 505,800 ======================= =================== =========================
(a) Represents the results of operations of the PBD Joint Venture's cable system in Poplar Bluff, Missouri to be sold. A non-recurring gain on sale of $6,329,000 net of transaction costs of approximately $320,000, resulted from the dispositions which has not been presented in the unaudited pro forma condensed statement of operations. (c) Exhibits. None. SIGNATURE 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 hereunto duly authorized. Enstar Income Program IV-2, L.P. By: Enstar Communications Corporation --------------------------------- its General Partner By: /s/ Paul E. Martin ------------------ Name: Paul E. Martin Title: Vice President and Corporate Controller (Principal Financial Officer and Principal Accounting Officer) Dated: April 5, 2002 -----END PRIVACY-ENHANCED MESSAGE-----