The URL can be used to link to this page

Home My WebLink About1985 i 1 t DelolttB i Haskins-i-Sells a Suua1000 100 Peachtree 81fool Allanko, 0oor01n 30303 (AOA}060.1000 sa TWX 810.751,3131 January 31, 1985 r j ~ Irt+ Golden Triangle Communications 1440 Lake Hearn Drive, N,E, Atlanta, Georgia 30319 1 + Dear Sirs; We have examined the consolidated financial statements Of 'J,Cox Communications, Inc, and subsidiaries which include the financial statements of Golden Triangle' Communications, for tho year ended December 31 1984, and have issued our report thereon dated'Januney 31, 1985. Our examination Was made in accordance with enerally accepted auditing standards and, gg accordingly, included such tests of the accounting records And such other auditing procedurua as we considered noceasAr.y in the circumstancea, in connection with our examination, nothing came to our attention that caused us to believe that the gross revenues i, (as defined in the CATV ordinance Al rovnd January YG, 1979 by the City Council of Denton, Texae~ of Golden Triangle OommUnicatione from within Denton, Texas for 0e year ended December 31, 1984 Which gross revenuea have been reported a by ou to be $2,5+1,010, were not reported in compliance with the ordinance, Yours truly, + 1 E 1 , 1 , a 1 y ~ 4 I i i'r~ I yid [,n po,li, u,Lvn • hv`. ~ , l.llrl l U,' Nf um UI v[ A I I lry d P A11nnl, (uwl10319 1_ , I n uro~W is 1Hr C%Coble E munkations X Cm tlf ~fn tl '~"rfr~~jy1 ~~44`~ March 13, 1985 ~tl`, ~ II tl ,~~,ll a, City Clerk City of Denton if if ts, Denton, Texas 3 1 ,i„'E, Dear Sir or Madams M l1air f ` , r l f r r` tiNr Cox Cable Golden Triangle ~ v 8nalosed for the above named corporation is the franchise tee for t the period from January 1 - Decembcr 31, 1984 computed as followsr Gross Reloeipts $2,5411070 max Rate 1 . . . r , , max Due 76 2 2 Y This computation is prepared in com>lianet with the provislons of 2 the francllao agreement. Any Inquiries concerning the above computation or payment thereof should be directed to the attention of the Tax Department at the above address. 4 1 1f'r,',rt f , sincerely, II COX CABIA COMMUNICATIONSt INC, ux Gregory L, Cox '1'nx Manager I Enclosure i, / /C f3 3r f i 1 f , 1 Y Y ~ /R f f r J 6 `F nor ! , ~ I i f~ i S Cox Cobb Ca~nrlurnwnnelis, Inc ✓ I I400L Wllearn Down ASuUsldihr of 1 Mail ls,aawoto303Io Cox CellU[iLill[Cal Will, lac. , y ri tP ' tow 1 ry C ~y" mun atlons 11 %M1tl .y` 8 1J85 ,t Plnrch 25, 1985 a M Snllcr f I City Clark > n. ` City of Denton t , a boaLou, '1'oxns 76206 RV (fol,dun 'f'i~:Lnnbl.n Y'ommun.l(lattopi4 (r Y ~ •tl E EP , e 4 V Y I it I : Y I)iitu' S I ri nr Pfutium I i Otlr csu<IlLluy" UC.LoJ.ltc[Inskhis & ~iu]Ls, Ls IlruscitLly LI Liu' ILL, 1)f,0 o s s or it it ciJ.t111g out' f'L❑rtilclul buLulur hts Cui Lltu Y 013t, und.lnt; l Ucaccntltot~ ~1, 1984 and W.IIL silltnlit ti cCrLai'Lotl gtaLuulCuL tls a()un 11S i pos8J:bJu t . 000 rucot'de indJento this stat"I"Ilt i:A tltlr on PIA PUdI IIj I985, I'Leaso excuse nny delay tts thrsr SI,ac ,muIl0i4 calmolL ho rulousail ~ i= wl(ll tlt(,. ctud,It-, 1.8 uompLoLrt, t a Yoiu'n Lt ti l Y Cox Cal) Lo Commmitunt.Ilulls 1.IIc ~.I . .s 1., Ur+ g'uIy I,. Cox { Tux Pltlntll#oi, k1 /V s 1 11, I ;P r k C 1 I 11 y , R{IY1 pi u, .e f.~ . ~ + r 1 4 ~ I''r' r ' S }F , ifi7t~ ~ (~t <ltpi, t e 1 1! 1 9F . 1 '1 I . 1 1 '1 F 1 . I 1 . 1 M AND DR F.55 OF AGENCY i EREDA 84 58 & 0• OF GEORGIA! INC. CCMI>ANIEBAFfCRUIN<iCOVCI}ACE& ~ Arl.AN pINW'IAL' CENTER f. ~T~~~ETDF.LI7Y & CASUAC 5 pp DMnANY'A Ty '3G33~ rlACHrRE ROAD, N.E. Ell ATLANTA GA U26 - COMPANY ._OF„NEW YORK 1 1] LCOLIIJIPANr U EII AM ANC AODn SO/IN6Un60~~ coklPANr C. I LEIrEIi OX ABLE GOLDEN TRIANGLE rokllwiv qx OMMUNICATIONS/ INC. LEirin D ; 4G0 LAKE NEARN DRIVE ' ILANT.A) GEORGIA 30319 anal This 10 OOorllfy. that p011010A.01 nlAmanaO tlStOd b01Dw hL "r'9n ISSUad Io Ino bleWad noniud AUovo and a10 1r1 lorc0 at this omo NotwllhatOndlnC any ronmtom Onl Iarmot4omdlhoAOlaRY 00nIra010r olhar d0oumanl wild EOllpdOl towhich 1111900nlincalo may he Issued or l113Y lmn, IhU lnbmAnaO allordod 1~y the Potiolua dbddr[boe h0fale Is nub act 10 al p10 IOrrrIS 0xalUt10119 and CanUlllonA of such ollCla9 l IT1~pr TYPE OPINSUAANCE 0lJ[IGV NUUfl EII POLICY LlMin OF UAp4t79 kN IIIOUSANUa lOWti1 _ E%PIRAIION DATE EACH AdOnEOA4E QENEAAL LIABILITY 600n Y R+JurIT 1 A COMPNENENSIYEFORM SPL3633950 8/1/86 PAA6 M[st a_ 01,11 n A 110146 FNO PCnrY UA MAOE I 1.. . ! SK A%5l41ANlf 7G UNOEnOROUND HAJANG t~ PRpopoppC1&CCOkkIIPII,,6fE0 ..~_.~.._..._.r.Y. OPEAAl1011A IIAtAnO 6OOILY INJURY Ah10 - WNIFIApOIUAL INWIANCE PNOPEnTY DAMAOF JY a~ ADAMApE IIM I COMOI14Fb l y O0O J 1 J OOO / Moto GCNIpACions PEA6ONAL nIJUAY POISONAL IMJUNY 1 / OOO / UTOMOlIRE LIAEIlI1Y 00011 Y INJI I 2251 8/1/86 EAZ11nEnll A COMPA6T16NSIYS FOAM (XJ SRB335I (1011 INJURY I OWNED _IEACH AcC10FNlf 1 HIRED Ph OPEN IY bAAIAar.~_ I NON OWNED aOFiIL"rTN :`UnYU 7 O Pllti"✓:IItY AMAot .l / V V V/ EKtl GDtAUINEU:~ nOOIIY INJUDY AND ; "OM FDIIM NN CO ~-1~ UMORELtA fnI1M t' OIHEn MAIN UMOICLA _ MIDPFniY DAMAOC 1 WOAKEft6' COMPENSATION I SI ArUIUil r. A and SR0164901 8/1/86 u ti c rl 1 EMPLOYEAS' LIABILITY 9 5Q0 A ntt IoE Nn OTHER GARAGEKERPERB SRB3352251 8/1/86 $1!000!000 EACH LOCATION i DESCRIPTION F PMOONSILOCA fON91YEltl LEA E~ S THE CITY OF UI;NTONJ TEXAs ADDi-rIONAI, INSURED Caneolistion Should any of Ilie ovu dosonlmd DOROitla be CarlCollnd h0101o Itln nxplration dAte Ularaol, file IasulnU oompany wlif i undoavt la mall, N~l_, „days wl0lon rI11Ca ID the boIOW II nnlod cofIIItotlt0 holder, bdI III to to I such Noltoo shall hn, pond no oblloollon of 1101111y of any kind upon Iho comp0ny. u7:~n'Faouness'bidfmlFlcA 7€ii3iGn Q 5 p (,Art I99UEn'L ~~~~~~_G 1 1 ._198 CITY OF DENTON DENTONJ TEXAS 16201 ATTNI CITY MANAGER ACOFD toll T?) _ t , 4 r . J f Cox cob to comma is cnl0 is AI nc. Id DO 1.00[foe •n b,ivo A6ubsidinq of Memo, 6oorgin O0919 . Cox CO nvnunl co I ions, Inc, f ICU Cie* `APR Maruh 28, 1985 } i., s City Clerk ~ 215 East McKinney Denton, Texas 6201 i Dear Sir or Madams Enclosid please find the Supplemental Financial Statements as of ' December at, 1965, for Cox Cable Go1len 'Triangle, Inc, X`, } Sincerely, Cox Cagle Communications, Inc, i ' Phy W, P,den Manager of 'Technical Reporting 1~, i•f,~ n 1, , Enclosure S, , ! rtdt~i ' M1{~ C l .~~y r Js , ~ , ~ , c '1' 'die` t) ~tl Y3 I ~4. i it 'rr ! ~t< 1 1~, PF~I,IF~A r ~ 7l, l tE~ J r, 1 i'~ ~~'1,f 11(40 j P(( 1 ~ ,t~, ~e~''r 14 Y 1171 MI. W IF I IF I, + SAMMONS COMMUNIGAXIONS INC. j 1)ALLAS, TVXAS 75205 August 29, 1988 City of Denton ~Y R 216 E, McKinney Denton, TX 76201 °t4 Gentlemen, Pursuant to the City of Denton resolution dated Auggust 20, ID85 consenting to the assignment of the 'cable television franchise from Golden Triangle Communications to gammons Communications, a" 1Jr xno,, attached please find a copy of the assignment document, ',,I>+ If you have any questions concerning the foragoing, please do not hesitate to conLaot me. ARV 'y ~'7: ' ' e?t:. ~s ncerely, , l hn'Hr Washburn ice president and General Counsel ba Enclosure ow Sandra Turley I~ t s U , r rr+ r ,,fJ k BC O gOUTW VIVAY W DALLAS, TL:kAN 70201 (214) 742: 413E E3 #j}[ 0A4*4v4b,' qY F1s th .i ,Vk .k t•, 6I.ytt., x2=4t ~S r , r y ASSIONMENT_b-'_(:A8bE TELEVISION VRANCHIS8 t t c3olden Triangle Communications, the present holder "E of the cable television franchise from the City of Denton, 1 r Texas, does hereby sell, transfer and assign all of its T' .a right, title and interest in and under such franchise F y (pursuant to the attached ordinance and resolution) to Sammons Communications, Ina, ' GOLDEN TRIANGLE COMMUNICATIONS g , qnx CAHLE XAS, INC. ' its'c3enaYal artner 9Yt DE N PUBLISHING COMPANY, i Go ral pa tner e Dates August, 1985 I f .r f 9rr r 1110 9 4 IiIJ111111a oAf6 E MrUIUYVI PAObUCSR 10-10-85~ THIS CIRtIFIOArT~q i}8 1E 6D AS A MATTER OF INfORMATIQON ONLY AND CONFERS Al©xander & Alexander of '1'exae, Inc, g%Telr~Ei7opUALT9T A THE Oc TI IOAOtlAPLDEF,THIS 01"TI;I1 A1190 09O AMEND, Diamond SlEamroclt 'I,Ower, 19e1t floor 1 Look Box f16 75201 COMPANIES AFFORDING COVERAGE ~ Uallae, Y'nxas . I 1 COMPANY A_ - LE1TEn __._Trayoier6YnOurnnco Company IN6UREb - COMPANY E LRnpA_ Plirasion National znsuranOD Comm Sammons CoEnmunicational Inc, p, 0. Hex 22$255 CoNIaANY l6ttEn -~i .t Dallas, 71a>cas 75265 COM0A4Y D = e ; LETr n Wr OMPANY ~p1~~p+p p~~~~~ p~pNr r gpyA IpN~ _ t;`1 Valli ~,1Y PSHTA~, THIS lN6UI~AMCtl AFRFOREbE 9EY THf<APCLk E8 tlE6CRI%n HkggIN09 824106 TO ALLI'YHtl T6RM8 aE IIHt%C llq~ KINDITO MAY t ' SUCH POLIClE 0, AINCDA CONOIr Lq TYPE OF lNSUILANCE POLICY NUME6A UI E N)L ltLNtilw M~ v~ M ny nABILITY LIMHO IN TNOUSANB6 OSNlRAL LIABILITY _ ~ r AOtlnEnAE ' A COA bf1isvt rCRM NJwI~Y. u Y $ $ X UPREMpa~{EgSproP~EDgAEONS TH91,0167T954-7-85 1-1-85 1-1-S6 rnna nrv ' X E DSE1NUd COLLAPSE HAIARU w ` PNEMIWE&h6MPlFifbCFEMEIONs nAaA~ti $ $ CONTRACTUAL fHbEPFNUENr COWILACTM cONMOD $ 500, $1,000 UtOAb WM PEY.MESrY b"AOE' X PERSONAL INJURY C PnASONAL INJURY $ . £ AUTOAIOlIIE LIABILETY " A X ANYAUId fBtNSA1671'9559-85 1-1-85 -1-SG i nad s X Alt DwNEOAUIOSIrrn~n~ rh~~ss~~l 1 - TCAP167T956-0-85 ~y X ALL MANED AUTOS 4AfU4gPA55N~ wAAi I X HIRFO Auras lnR AfddMp $ X NCN OYMED AUTOS I'll V Y $ X CAAAOC LVALITY DAMAtl 1 4 IRONS LILnY - - COOL®b,¢b $ r „ tf X IMARp LLAtorEpll MN045743 1-1-81 A 1 OIHEA IEUN UMOAELLA(DNA 1-1-8G cOM~kftl $ 1,000 $1,000 WORKER! COMPENSATION I A TEPUBWT951-1-85 Rinrur r ' AND 1°1-65 1-1-86 1 EfhCHACCIUENI) EMPLOYERA' LIAEIIITY $ (Dist E POLICY lllAlfl a._~._........_........W~....... - ...,_.-...It f OTNOR $ bl$EASE EACHFMPLbYEFII V , bEOCflIFT10N OF Op61ATroNS LCCA1loFlSNSJnCtEElBPECinLil6rds~ ' City of 11enLon is named as All ndditional InsLtred no Clteir intarGSt my nlFpearl i Walvar of Subrogation in favor oc City Of Denton, City of, Denton SHOULD ANY 00 THE 215 anAT1 ABOY6 b6ECAlEteD POLIOIES nE CANCELLER q L', 1leKirutey 0N DAiE fHEgNOF TI% ISSUING OOMPANY WILLY DanEDn, Texas 76201 pp tMA~yIL9QE~bKx0 xxxOa~A~YEBNyWpRxICT~TILEypN Ia TICS TO ~TNHqE~CCOnI~llt"tII~CAT,IyEY gp 079 t bRdLEViYt,~bfFF8ElfEld~c~fAj XIyEYSbinR1E~TX nUr teo itcr nc° T - e-N } t {W: A'Ii it - . LrI5LL.Y1: 41MrML nf~r I V V `1S0 UE DATE IMMfOVIYYI v9 O PrIcomeN Tina CEH11rWATE W ISSUKO AS A MAI fLR OF INrOnMATI01I 01ILY ANO CONrrHB PON A1dHltndl r 'dI Ala>;nrttlwr of 'rE?H(+5, Inc c%TENI)GFlUAt unE1111VCOVEIInOfEAFI'iOi lnED11YOTHEPO1tICEBBELOW AMEND, 19tf3 F1 aor - tack lea); E3 COMPANIES AFFOfiI?ING COVEHAOF 401 at I Telm6S 73201 __s....._._ _ clFnEnwv ATr•aveacirs InZi.irancn Company ! Lr.Tn¢n E COMPANY SAMMONS COMMUNICATIONS, INC. CC)MPANV C U. BOX 223236 COAIPAw O d.llatd, Takast 73265 3B6 cr)raPnrrr r tFilfH TNIB 18 To'C ATIFY TNAr POLICICS OPINBUNANCE LISTED BELOW HAVE DEEN EOBVtDTO THE INBUDEU NAMED ABOVE FOn TIIE POLICY P&A ODFNDICAV, NOT' ygE~t6T WIND ANY ANOUIECMPN 1EIIM OFICONDINON OF ANY CONTNAOY OIE Orl{Cn OOc UMENT WI LN RCBPFCt to WNICI{ TFEIB CEp1IFICAIE MAY r TOIONB I1PD UCHAY I F1(AIN, THE INSNNCE A11:0011010 DY YHC POLICIES OEBCNIDEO IIERPIN I8 BUDJCCT YO ALE Tilt T!V tXCLUMON8, AND.CONDI- CO - 1 TYPC OF RISVRANCE NCE POLfUY NU M001 rY?;K.r En E~m[ 41(46Y ErI°JN11AV UAOILIrY LIW78 IN 7N0USANOB I t>; n-`- rIArf 1f61tfi Yr4 L1Air IPi4DUYY7 AtENCE AnohrAlt r OENEHAL LIASILITY iCDIIY A cownithslatorm TFI SLQi671984-7-E36 01/01/116 01/t)1 /E37 v $ PUB~EpMIRS~(I1316UPFPAYIQ45 00&0r:tr $ r8M fflpa AttADSr NAIAHU : Ardhor $ 1 r 4 P)4EIUUCISA;OMPl E1E0 (N'FINTIONS _ s Pn oVnwEn ' K CONTRACTUAL. rul INOEPINOEEE) C0141rNC1010 $ 10U~J ioVO $ 8110A0 f0N1 PROPERTY OWS1 r y 1( PEASONAI 11 MY rrfWNAt INJURY $ l ooo i 'AUTOMOBILC LIADILItY n A.u MY Am TYEENSA167T755-9-06 ()1./01/06 01/01'/87 $ x tti "X ALL cvvNronuTa{v V rhss) TCAP167T9 56.0 -f36 / na lFraivll $ x All IAYNED ADIOS 5g rIP7A,f,S Pin AUIUS. PnonmY $ ax NON(will)AutUS pnu,ar- - X fwF aE E l IANLIi r nl I'D $ 1000 t co,Enau u < EXCEBB LIABILITY ~.1I W6 PU -{I 011EER tEWI UTAOAftLA 10lUA ! . L.....__........_ LA 1 _ _ _ WOBKEftB' COMPEH8A71OIf {fAEN ACClUINI) $ IU~J A TEL°00 167795 iWi rib jai0 6 0 1101/87 AND $ mI~FASEFYx~cvuMin EMPLOYERS' OADILITY , .._W $ {WttASF FhCil EMI'EUY[[I i " OIIIER ()ft6CIIIPFCW61OP 0{'CNATIUt1AlLUC•AYIONSNF IIIGLe f5PI7CIAL IYFi1S Ci i:y of - -UTffrittln 3 1r /1t)d r I . III C7LIr EAE.i as rra ESE7df: appwatf ons of ttdLlrud UJAivar of SlurmEacttiian in fAvor of City of Dontgn City Clf ountalT SHOULD ANY Or 711E AW)Yt OEGO(I POLICICH 011 OANCELLRU4Yh/fl PIRATi 14 UAYC TIIEREOt, 7IIE ISSUING COMPANY WILL 4EYUElR 713 5, Mc ItI rt II toy MAIL •3O DAYtf WHITEN NOTICE 10 THE CFIIVrIOATE HOLOFII NAMED 10 ~TTHIEE Denton TH 76201 Ot A r r T 1 K XEx . xcx' ~k X1 $`g Pill, X; x xxX,x X"" mT ' FlowaPE1 R. W111 tt3 ,1) . Omni -11 W jgj ot 1, r ! , ifs 'C,., `fl{ ~ v• f, f I L i 1 r i,~ 1 Grp , r'6 I', k 1y r{~ l 1'1r; f 5 ~rS f5~k5* ' .L,. $ fry ' S COX CABLE COMMUNICATIONS, INCA (A Subsidiary of 06x Communications, Inot) ~R ILI e ~ll ~A ilr}+iq>ri~ ~ ` ~ n A rr 1 c "i 1r't r ~a n' r + 1 ' L S jet ~r ' ~GlLt: 'I t, ,y; j 9 7 t j r1 1 r ~~t II 4 t ~Tr! a 11 ~ ~ s, t ° + sUPPLImNTAL' SCHEDULES OF GOLDEN TRIANGLE COMMUNICATIONS (A LIMI'T'ED PARTNERSHIP) I FOR THE. YEAR ENDED DECEMBER 31, 1984 AND ! `}~'t+ z ? ti`i AUDITORS1 REPORT 1 y it .r I f'. 4At 4z ,.:t P ~Lj r 4!1`41 ! (~}t Ift yY;; 1 ~ I~ ~ 5 ~+d'iYi.Yt'~.N}f}~ V++l +➢}'.~Ri+lil rr: €+Ii,t iN,ar'a 11 :r.~i. t,h rq«: Faeuv ut.-.,,q.? R.'li R3,F~n r.l°-:6={~Hd •-4f"3~t~;Rq'« 4 i { fr r ~+A tel.' ~ { t ' , +1 r ,,~r,l~ , r)n! r err, rt ~~fp r t ; a~" r !s r r ~ FF~y ~ rtv' l; 1 ~ H~q f~ 1 Ji7`A ~r r w i 4 I t I r ] D~lai~e I Haskins-Sell , t suite 160 7 ~J 100 Pooahtm 5troal l t Atlanto Ooorgla 30303 1<: (4041650-1600 TWX 810.761.3131 1" lie,' '1iit 'J~ J IIAY.1`]r't T+ 1~! Ifs I) ~ , f` t r ,7• J ' "Al f s 1'r } "1= AUDITORY REPORT t~, r t Left s~{ i are) Cox Cable Communications, Inc, , We have examined the consolidated finanoial statements of Cox Communications, lno, (the "Company°) and subsidiaries, which include the financial etatemonts of Golden THanglo Communications (a limited partnership), as of Uocember 31, i „t=1r tt, ; ? 1984 and for each of the three years in the period then ended, included in the t ti ComfpanYIs Annual Itopopt to Shareholders for the Year 1989, Our opinion with reaps(it thereto is also included in such Annual Report, Stich Annual Report is attached hereto as Cxhibit 1, Our examinations also comprehended the accompanying wi lemontal schedulo-•' balance shoot of Golden 'Triangle CUminUnlcatlons s- December 310 1984 and the related supplomental achedule--atnteinent of operaticna far the year then ended. In o,.Fr opinion, such supplemental schedules, when considered in i relation to tho aforementioned consolidated 'financial statements, proaont fairly A in all materiAl rospoets the information shown thorcin, January 31, 1985 f { , ri f , ri 4 J~ r ~~r ~ rl ~ s ,r ' ~ Syr t } 11r I r E, >r r tl;i , ~{t ' t 1 11 . " `t 5 + ,gyp, rr ) SUPPLEMENTAL WjANGE SHEET f f GOLDEN TRIANGLE COMMUNICATIONS (A 141M1IT1!D PARTNERSHIP) Q DECEMBER 31, 1984 ASSETS Current Assets $ 36672 j Gash 104 18G Aacaunts reoelvable' leas allowance of $17,953 + ~;i a ' I!°i, + Materials and supplies 27i566 t+~`l . , other curront assets 9 562 u Total current assets , bt j f,,,Yr ',''rl! Plant and Equipment 88,944 hl hand „ i 213,331 L Dulltliug~ Distribution system and ether equipment 3,R)898,420 ,824 of ,s} iN"v Construction in progreee 115 7,98 11 1 t, r ! I: Deferred system costs ! , » 97,, 817 n , 1' Total 1,767j481 ° Less accumulated depreolation 4 '11, ,k 21 ti, `i ' tr 'total piaitit and oquipment 23.583 ' lntan;ible Aabete Net 2•, 831,901 ' 'Petal $ LIABILITIES AND PARiTNERSI CAPITAL. ! J li Current Liabilities $ 387,`489 Aoeounts payable general partner f Accounts payable 3,042 i i Customer advance payments 20;4?5 Other aurront lisbilttlos 1_8,1912 Total curretit 1191311itics partners' Capital 2 2'f9 0 I O f ftt+ '{iii (J Total 2, 831,963 ~*5th L Y I , ~i 1 !'~k, t I r•A 'rkt"r"ry 1, 4t p r p+' y r s a' t ,4 i l y I f( I I i~ ' trill ~ i tl t} avn 3 1 5 k' ~ I [ k, , t ff 1 t yY ~.1 ~ tl p 1i7Y~, Vl,~ # f iV 4> 1 ~I 1 i • ! , ~~Y tefi l~'i t ~ ('lP~t t'a }k I x : ¢ k~~.' 1 Y , 1 S 5 SUPPLEMENTAL STATEMENT OP OPERATIONS GOLDEN TRIANGLE, COMMUNICATIONS t" (A LIMITED PARTNERSHIP) r: FOR THE YEAR ENDED DECEMBER 310 1984 Revenues $ 2,620,154 ' Est Expenses t~ !A Plant operations and program services 1,M,540 i Marketing, general and adminlsitrative 800,082 l ~`'M1f` kal, Depreciation and amoetization 411 198 20 l9si;,. ' Total =2M Income From Operations 288, 334 Othek Income Interest -net 1f162 r Other - not 10,345 ~ 'Total ! r Not Incolne $300,941 i y EEr ¢ {I~r ~ 1 r ti 1~ ~ * S fk 1 iI r Yfj N fr'-:far 5 44. ~r t~ y~Yc s 4 v r F., i i s t 1y !I V: ~1'R Mir \ V l~ ` y ~o 40 60 a i gi =0 M President's Letter , . , I Broadcasting 5 Cable Television, . , 4 A Automobile Auctions. , . , 13 CyberTel.. . 16 Financial Section , . 17 A 9 Directory , . , . 36 i I I k I 1 r ~_4 I 1 n 1984; your company achieved another year of record financial performance Revenues and operating income Increased 21 per cent and 20 per cent respectively. While pre-tax Income rose 21tner cent. net Income and earnings per share advanced 12 per cent due to an In, c crease In our effective tax rate from 38,4 per cent to i 43,0 per cent Comparative results included rlornrecurring fourth, quarter gains of 15C per share In 1984 and 10C per share in 1983. I ' Although the winter and summer Olympic games proved to be less bene- ficlaf than the expected our broadcasting division had a satisfactory year, with operating revenues advancing 21 per Cent and o~5crating Income mow Ing up 23 per Cent. Our latest acquisition, WKI3DITVI 1n Detroit pur• chased In March 198,1 aided results, Excluding WK13DlTVl and our neW- est radio station, WAGO(FM), Chicago W as well as WLIF(FM), Baltimore, sold In January _ the dlvislon was up I I per cent and `18 per cent 16 rave nues and operating Income, respectively, UIoRep had another good performance In national television sales repre• sentatlon, and added to Its outstanding record of syndicated program pro• duction, as well Our radio group had a fine year particularly the Los Angeles and Ghnr lotto stations but progress was somewhat masked by forger than expected start-up losses at WAGOIFMI, i Broadcasting's acceptable financial perfori -,once was desplto softness in f business In the second half of 1984, which continued early In 1985. The soft- ness was due to Industry-wide factors. as well as to some erosion of our au. dlonce positions at our two largest television stations, in San Fmnclsco and Atlanta There already have been some encouraging results from prograrns { under way at those stations to bring their audience ratings and sales up to 10 potential, 3 Cox cable reported Increases of 20 per cent In revenues and operating Income - a fine year In the face of widely reported problems regarding un• 1 r satisfactory pnld program s subscrlptlon sales levels, A number of franchises were renewed, and others were IThousauds of Dollars, except per shnre amountsi rebuilt, We continued to ht Percentage car opcratin losses In sev For The Year 1984 1981 Change i oral new major urban sys• Net Revenues , $742,859 So 1a c,2 i , 20 terns, but we have made progress In modifying some 01etatinglncome $169,645 $141,082 20,2% of these franchise agree s 87,742 s r r.rrsu i z rr , menls to better reflect to. Net Income day's economic realities, I After a good start Net Mcome r er Common Share $309 52,75 f 12.•1`x, t1101 h the first nine Dividendsbcclared Por CohnnSbn 5hnre 5.33 5.!'r 11 months, the automobile L auctions division encotur Additions to Mont and Ujulpmont $137.589 $178,849 -23.1,x I!r tend a difficult fourth quor• J ter, racterg Included low Retum on Mciage 5hareho ders Lqully. IG d% to 8 I Nolns antdIsolatedebraadloca debts, The division flnlshed At Y@1Cttd the year with a 2 I per cent Plant and Ialuiprnenl • Net 5 692,192 5'r revenue Increase and to G @1,110,717 - $940 263 4-18.1% iar cent gala In operating 'total Assets..... . Income. 5lgniflcant to IoYrll)ehl 5 237,037 $ITU ai 74 1116tor y events occurred In 19$4 of. 5ht1wh0ders Equity 0 5741320: MUM + 14.8% fading broadcasting and cable television, in action iotal I)ctit10pual 011110 29.20a 2 7 { known as the "Ruic of IV, 1 1 1 1 i M the Federal Communications Commission IFCC► raised the limit on the num ber of radio and television stations a company can own. On the cable side the Cable Communications Policy Act of 1984 was W sed by Congress and signed Into law by President Reagan For radio the now regulation allows ownership of 12 AM and 12 Ffvi radio stations, effective September 1984, For Cox, that means we could • add 7 AM and 5 FM radio stations. The television ownership limit also has been raised from 7 to 12, with the effective date scheduled for April 1985. Television has an additional provision which limits an owner's reach to 25 per cent of the national audience, with a 50 per cent audience discount for UHF stations, With 5 VHF and 2 UHF television stations, Cox serves only • 93 per cent of the national audience (8.1 per cent after the UHF discount), leaving us plenty of growing room. As we have Indicated numerous times, we are very Interested In reinvest- Ingour cash flow in broadcasting, a uusiness we know well, There are rela. lively few good properties for sale, and'thet~rlces'are quite high, so we are examining opportunitles carefully In terms of our Investment criteria. Cox actively supported the cable television industry's four-year efforts to got a national cable television policy. The 1984 Cable Act clarifies the au- • thority of the FCC and state and local governments to regulate cable We feel the cable act will ease many areas of tension between cable operators and city authorities, allowing us to achieve a favorable balance between ' our shareholders' noed for an Adequate return and our service obligations to the communities we save, The cable industry has become a large source of revenue for local governments through property taxes and fran M Chide fees, and we look forvard to a period of mutual understanding, During 1984, we made major investments and capital expenditures for fu~ ture growth amounting to more than half of our not worth at the beginning of the year. These Include the acquisitions of WKBD►TVj, Detroit: WACO(FM), Chicago: Om Cable MagaslMe, a monthly publication for cable subscribers, CyberV, the leading St. Louis radio common carrier, and an automobile auction In Houston, Additionally, we continued our start-up (if the Staten Island cable system and became one of America's first cellUlar telephone operators with the Juno 1984 turn-on of our St, Louis system, We successfully introduced 'a new series, "Llfestyles of the Rich and ramous:' to our growing programming activlties,'Also. our Kansas City auction moved Into a new facility, ImwI1+, vRmI RF,vE,rliL'S CONTINUNI OPHR 41Ol'8 nwrr,,r~ m srrrrxr„r ~ rrwrr~ s r„ rr,rrmrrd $7419 $6713 \ r 44 $7810 $65.4 84 '82 '81 81 7 r I It 1 I 1 Perhaps even more Importantly - and in addition to the foregoing actlvl- ties - We Invested $138 million In plant and equipment to assure the corn tlnued growth of our existing businesses, Our total Investingg activities, In- cluding acquisltlons, reached'a record level of $258 mllllon In 1984, Despite these Investments, we have consclouslyy maintained a consorva tlve balance sheet In order to take advantage of further acquisition op or tunItles, At year-end our debt-to-capital ratio stood at a conservative 29,2 per cent, w lle our ability to generate cash flow In excess of our Internal needs has continued to Improve, Cox Communications marked Its 20th year as a publlo company In 1984, and the 50th anniversary since the first Cox station, WHIOIn Dayton, was established On this occasion, we looked back at our beginning, our growth, our current posture, our plans for the hiture and most Impor tautly, our hllosophy, values and beliefs. We would like to share these re flectlons ofpour Company. Our Company was beef out of the technology that has created infi- nite }orisons for the distribution of ontcrtalnment and Info rination, Both our pust and our future are deoply rooted in this communications t9 revolution Our mission is to create,' inarket and present entertahr rnent. Information and other selected services. Our objective is to cre- ate long-term value for our shareholders by balancing current earnings growth with Investments for the future. In oppraising our existing and potential businesses our slandnrel is to be the best at what we do and only do what we do best We re- spect ottr cuctouners and our audiences, With a mixture of caution end Initiative, we continually probe the in. creasingly fragmented and rapidly changing enter tafnmentlinformatlon f marketplace, ore behalf of our investors, The keystone of our strategy is to know where and when to make commitments of reasonable risk for j the highest possible returri. Our growth speaks for itself. It has'bcan uninterrupted through eco• Itemlc upturns and downturns During our perlod of ~ubllcownershlp M dating back to our llsting on lice New York Stock Uchange on luly 11. 1964, the market value of our outstandingg shares has Increased from $57 inlllion to $1,6 bllllon We recognize that wo linve accoinpllshed this growth by placing the highest emphasis on the abllhles of our ein• i ploy"4, Their ptofosslonall5m their skills, their energy their com• mkinent 4- are our strengths We are determined to continue to build on those strengths by on- couraging Individual Inltlntlve and entrepreneurship nt every fevol and r i by accelerating every employees career development and personal growth INCON18 )?HR SHARk PROM Giisil PROvIU1111) N4 J ' CONTINUIN0 01TRANONO CONTINUING OPERATIONS lfblA5rS U1 NlflbA3) io 9faA9 $195,8` 9161.9 108, '84 R3 '8] 8U `t 41 Our divisions and all their components are decentralised to bellm` serve their Individual marketplaces Our managers make thelr own decisions In the field. They are. respousIble for them, accountable r for them and rewarded for them In our Company, that's fundamental, this strategy creales an organizational climate rvghout bursaiiclacy that Irces up all our employees to atlaln tholr highest Iovel of achlow, mein. We believe It's good bushtess to be good c1diens of the communities we serve, we encourage our employees to Involve themselves in ac- thanes and efforts that help make their comununitles better places to Ilve better for them, for our <atullences, our (ustoriteis and oup ~1J1 shareholders. Above all, we believe In excehence. Yet we will never be quite satin fled that we have achleved It, because what Is excellent today can be Iatprovcd ui)oritotaarrowl Throughout our history, we have benefitted from the val- ues and prhtdples establisher) by the Cox family, as well as from the able advice of our Goard of Directors. our mast senior non-family director, Jack Magoon, will retire from the Board and not stand for re-election in 1985. He has pro- vided Wlse counsel and friendship to us since 1969, and for that we are deeply Indebted We look forward to continuing the Cox tradition of service for our customers and perfoi trance for our shareholders. M Witham A, Schwartz President and ► Chlef Executive Officer t t , . rr t ~ w, l :ll Dnvld R Van VnikatGurgg, prestdont, Cox cable; walla C, t.lss, !r, president, broodeasllm dlalalon Warren V. Young, nresldent, William A. Schwarlr. Mnnhelm Auetlonv, nerd john R. UIIIon, vice piesldent Branca, f 1 i t 1 J It t . ~ 1> J f Y' I r. ' / + g ' i i r i I '13ROADCAWING IN or 1984, the broadcasting dlvlslon reported record re- sults With a 21 per cent revenue galn over 1983 to $279,1 million and a 23 per cent increase In operating Income to $107.2 mllllon. On a comparable basis, 1984 revenues were up I f per cent and operating income was up 18 percent adjusting for the purchases of WACOIF:M) In Chicago and WKI3D(TV) In Detroit and the sale of wur(rm) in flaltlmore, The. broadcasting diVlslon achieved these results In spite of Industry- wide disappolntment In 0lyi*n Ics revenue due to ndvertlser uncertalnty following the eastern bloc pullout, Another factor affecting results was the siphoning of advertising dollars from the statlons spot market to sponsor the natlonal network telecast of the 01 mplcs Telekep - a sig- nificant contributor to the cllvislon helped soften the Impact, We are pleased to re tort that our e~;pense control efforts p~ald dlvi W dehds In 19m. These a forts were highlighted by our ongoing television stations, which held expenses to 9 per cent despite significant Increases in programming costs which alone accounted for 2 per cent of the total Increase. Radio expenses, whlle somewhat higher at 12,6 per cent. ware drfven by planned increases It) advertising and promotlon expendllures. These investments contributed to audience growth In key markets, espe cially Los Angeles, In 1985, the expenses for the division's ongoing open ations are budgeted again for a single digit b •rease. Televlslon WSB-TV, our ABC afflllale in Atlanta, again delivered the 1934 highest profft margin in the division and ended the year as our most profitable statlon, W513-TV oper- ates in one of the best growth markets In the country. After being involved In a hotly con tested race, WSI rV has regained leadership In { 5 r! por Washington News Office. Iocallred the Presidenrlal race for Cox stations, bur a in the W _ MOlypq I 4 1 i t z 1 news at() p,m;, according to earl 1985 Y l Arbltron reports, and Is lied for first place at I I p m. an Improvement over the last • report, t WHIG-TV, our Daytort CBS affiliate, on- loyed n record year In revenues and oper• ating income and continues to dominate the market Total day, WHIO•TV's share nearly doubles the audience share of the second place station, During the early news. the station attracts almost 50 per f ; cent of the audience and approaches a I- ~ tod lead In the late news over Its nearest competitor. The station earned many awards in 1984, including three regional 8mmys for news and sports. WSOC•TV our ABC affiliate In Charlotte, also had a record year in rove- Ilues and operating income The station's ratings continue to be very strong, and we continue to be pleased with our audience position in both early and late news wSOC•TV earned statewide awards from the Associated Press and the Radio and Television News Directors Assocl- ation for a news serles on death row Inmates, For its promotion ef-04 forts, the station won two awards from the international Film and TV restlval of New Mork, MOD Is 1VPXI( f V) land we havehpurchased ssevo al new entertain ments the voice of the pprograms, These include an afternoon talk•varletyy show called American Football League "golerlea ' which has rear romise. Stealer football broadcasts on conference chatnpioms WpXIITV) continue to draw large audlences the MIAMI Dolphins, KTVU(TV) in San Francisco is one Of the most successful Inde )en- t+ dent stations in the country, and remains a major proflt center for us, KTVU(1'V) Is rated second In prime time among all Independents In the country. Its 10 p.m, news continues to excel and often out. ranks the late news of at least one of the three network affiliates. And, the are happy to note that some latlngs softness in the key , ~ 1•8 p.m, time period has been largely corrected. KTVU(TVI in y ` s r k the latest 1984 reports Is second among all stations ht 1819 ter ; ~t year olds from 6-8 p,m., a significant achievement against network affiliates: The station won two regional Cmtn)-s for i Rl41'IINw,;Ls O19;kAEh\G 1\Ct),1111 (lwflars hi.Vblllopsl (lkU7r,.lrt dHNbnsl $279J $107.2 . 5231.7 \ S87J ~ ~ i S7G.p - :7 6 a3 i ; et '82 82 '81 '81 b '8b '8D M I ~ t I w news excellence and was honored by the Inter national Film and TV Festival In New York for Its J news promotion. KDNL('rV) In St, Louis, our first UHF Indepen- dent, showed significant improvement in the latest 1984 rat- ings books; and continues to report excellent revenue gains. 1 The number of households reached increased by 21 per cent over the previous year Ir, the latest Arbitron book In 1984 KDNL(TV) strengthened its sports coverage. and tole- cast events for three of the four major professional teams In y . St. Loins: Nlues hockey, Steamers soccer, and the cardinals preseason football games, our newest television station WKBDI'rVl In Detroit, ranks ` first among UHF Independents In the top 10 markets, r i according to the latest Nielsen Independent flanking Report. O! Since we n ciulred WKBD(TV) In March 1984, the station has i exceeded our expectations WKI3DfrVI Is well programmed and promoted and should continue to hold Its strong position, I The Cox Washington News dfflce, one of the fit ;t In th natl ,1's capltal, provides timely news reports via satellilu to '1 'Rep developed this X911 our stations. In addition the bureau produced a 20-part series on cancer ti.. cossrui new syndicated w research In 1984, which was aired by all Cox stations and 10 of our cable se >is, which premiered in 1484. systems;' TeIeRep TeloRep, Cox's natlonal television sales representation firm Is the thirst largest rep company In the United States In bo.`.I billings and cc.terage, in 1984 billings aopronched $600 million and coverage exceeded 61 percent H of the nation, Headquartered In New York 'IelnRep has additional offices In 16 major advertising' centers around the country, From its inception In 1969, TedeRep has rn tlntnlned a select list of client stations which now totals 45, including six ~oX-o%vned operations. Client sta- tions are concentrated chlefly In the top U.S. televlslon markets. Currently TeleRep has major station clients In 19 of the top 20 markets and '36 of the 7 top 40 Nielsen DMA markets. Several significant successes have come through'IeleRep'l programming i arm, Television Program Enterprises ITPEI, which Is In the forefront of the booming syndication business In =iJuhctlon with partners; TeleRep has developed and run several series M recont years, Including: Solid Gold, the nation's top-rated weekly music show is seen on 2 i4 sta• i ~I~llf,h;t9sin\ k1,1'C\t~l?s It %wo kf:%II~;, IEt h1' S0l4lGIS Ill' i{)L'RCi; UlilluP.vl Bullofa 1lifrmidJ NA dn>iill s~oo,o saa~: .1 ` NclivUrk ' sIUlB $7H f r AG.S S7A.7 I National 'q4 84 N7 'H 3 87 8! HI '<li i.ueol sn Hp 7 L I w tlons around the country and has been renewed for Its sixth season begin- ning in rail 1985. Entertainment Tonight, a daily, satellitc•fed show available to 94 per cent of US, TV households, Is In Its fourth season, We Search, hosted by Ed McMahon, constantly climbed In ratings each month through Its first season (1983,1984) ending vti it ratings 67 per cent higher than its premiere month Ratings have been oven higher In 1984- 1985. Billed as 'TGe World's Greatest Talent Hunl ' Star Scorch now rums on 185 stations and has been renewed for fall 1985, Lifestyles of the Rich and F&HOnl premiered In April 1984 and reached the to I0 first run syndicated series list by September. In Its first rating report Llreatyles increased Its May time period ratings all average of 40 per cent over corresponding 1983 figures. I TIPS also administers Operation Prlmc i ime, created In answer to the 111 desire by many stations to develop their own original prime time program- Ming. The OilT minl-series events In 1984 included the inspirational "Helm Keller The Miracle ConlInues ' The year also brought the very successful ~ project, "A Womaa of 5uf+sl<u~cc ' which earned critical acclaim. Radio i In Los Angeles, KOSI'(FM) had Its highest ratings ever and ranks second In adults 25.54 In combination with sister station KFi, a :0,000 Watt, clear ehar,nel station, our operations rank first among adult contemporary for , mats in the key 25.54 selling demcgrapphlcs, The statlons led the radio group In a crating Income In 1984 with a 47 per cent Increase WS8 AM•f M In Atlanta Is second In morning drive and has good 25.54 year old derr)graphics, WSB•PM's adult contemporary format Is well- the market, Accepted In Sister station WSB Is a 50,000 watt, clear-channel adull contemporary format with a sports orientation, During 1985, WSB will of _ BrnadsAtlanta Falcons any! University of Georfla football and bask ttball~ WHIG AM-rM, our Da ton combination, continues to dominate the mar- ket with 24 per cent of the audience 12 or older (latest Arbltron). We have the highest rated AM, FM, and combination In Dayton, In Charlotte, WSOC•FM is the leading station In the market with Its coun- try music format. Over the past year WSOC•rM has been second in the no. tion among country rM stations In total 12+ listeners, We recently switched t ° our AM to the successful country format and expect the combination to do even better, WSOC AM•FM led the group In operating margins In 1984 WSa,TV, Atlanta, earned live In Miami, WAiA(rMj ranks second among adult contemporary stations in news Ftnmys In 1484, Including ' the market and sister station WIOD W With an emphasis on Informatlon and "best ovarall" news sports Is the leading English language AM In the market. Our hhliadelphin rM station, WZOO, Is beginning to benefit from the format change to contour- porary hits music, Revenues are improving and audience accept. ' ante Is growing Our newest station. WACO(rMI w t In Chicago, Is an excellent facility, broadcasting from Sears ToWer In „ the country's third largest radio market, Our contemporary hits for- mat went on the air In April and early airdlenco results are encour• aging, although saics have lagged, We hope to take advantage of this r ' new buslness opportunity in 1985. w l , 1 l 1 a 01 ox Cable reported 26 per cent Increases in both revenues and operating Income for 1984. At year-end basic sut; scrihltons Were 1538000 and paid program subscriptions were 1,557,000. Tier units Iadvertlsing•snpported satellite programming services sold as a separate packa o Ir• creased to 253 000. After adjusting for four small systems sold during December 1984, basic subscriptions and pail program subscriptions Increased 8 per cent and 4 per 15 cent respectively over 1983. Our system hr San Diego exemplified this growth wlth the signing In j November of the 250000th subscriber, making Cox C..hle Son Diego the first cable system in the nation with a quarter of a mWIon customers. Other Cox systems also made significant strides in 1964. Franchise renew als were successfully negotiated In Santa Barbara and Eureka, California; Parma I Lubbock, Texas: North Oregon, and Calensvll ea[ lorida. Rebuild of ouhlsy toms inCuand reka and hortervIlle, Californln were completed. And four more systems began rebuflds In 1984. , We were faced with operating losses 1n our four malor urban builds Omaha, Tucson. New Orleans and Vancouver - with construction costs higher than expected and revenues lower than forecast. We have been suc• cessful In Initial efforts to modify these franchIsr agreements to better re• fleet etweare at fledtlo se~litiri realities, of the Caele~COrnmunlcatlonsshllry Act of 1984. This federal leglslatlon, NOVO became effective on December 29, 1984, will deregulate cable service rates within two years, establish amore equitable proses, for franchise renewals, prohibit cable crossownershIp by J 04 1 rO'/ i Ip ,M►r .tl/ rl~ ~i Cox Cablo established a now :ap/~~/ r~ r►~ field warkotnig department, t~'Wf~ryMtl~f focusing on so es telornorkettaµ r AttNM~~~ r~ may/ ~r Y and customer service, r a ;t A~'e l ,t 1 ,11M `I ~r@ I 1y nAt V `t)47111,11M ry~fCoN ble oekbuslete Jet Se4rface S uJ' I rho t7ster`mti luihaci ,ate µ~rgr' r e? 1 {p 41 P~ r i 1111 1 I I .1 V 1 r telephollo and televlslon op- orators anal set a i per cent w Ilmlt oil franchise fees among other provIslons In December we completed It the stile of three of our four suburban Cltlcago syystems and our ltobinson. Illlllois system la total of 20,200 basic ) subscr Ibus). The stile of the foul-I h ChicIgo systcnt (4900 basic slbscdbors) will be com- pleted In the first TIM ter of I ter::. I I')A"i, We hove hait I)les• # cocc, Ili the Clilcago %iburbs since 1977, so this decision 0 a was partlcolarly difflcuil I low- 0 %101', ourprlmaiyntotivation' b ~Mihjt, (,I ;t.curimg (hest' franchlses !It~l 4rt' war' the anticlpatiort of ptusu, ,ts frig a Randlise foi a portion of the City of Ghlr•rpo Due to In- creasing ','Inchts(! demands. A 1 r We chose not to subtfilt n bld for the Chicago franchise. We also eirtered Info an t agreement In sell our cable syslems In Midingloh, Itullal d and Montp llri Vermont µd z North Ada+ns Massachusetts; and Saranac Lake ow York. In 178-1 Cox (:1111' Still I'lep Ili accordance with a contraCtllsrl agrecinunI vnlere(l Into In I978our Incal cult `)rated n, .fgnlug of Its pm lnets exerclsoO their right to )nrrchase otn 80 per cunt ownership httvr ! ('i" fft ittlga1in'•• rr1 is lbdust -1 qft ost In Co, Cable Purl WiYnot In icana, in )'irwat'y 1987. ~i htd We contlnued a vory aggi s'ssiva rater Inc'rear'o prograa{ dorm(; 198'1 Implementing Increases In 24 of our 70 svstenm As it result, reventic gains "M per customer )e'r.month eUnih 'i"'Ci 1(, t,r()1V 5a(l5fitet(11Ily, somewhat off• setting (lie IttclustNywldc roftonmt{ ut pofd progiam subscrlptlons, We are addressing lhls challenge by implomontlog matketing strltegles that target bath modetatcr rtlid heavy cable IN users ~ ' 321';1"l;\lrl 4 UI'I,Itlfl\lt f\Cfflll; ~ rld,llrn Nr ttl lNufrU " rrhn u, in 11NUnlld ~ $405.1 s5A.G ' f _ I $2GI g $17./ t r 91H[1,9 I 81 1 ryf ( ICI I o t V 1 We are monitoring the Impact of videocassette recorders r~ on premlwn service sales. Our extensive research Indicates: thut VCR's are not having a significantly negative Impact. " Howover, recognizing the growln presence of VCR's In " • ~ t~' many of our current and potential customers' homes we have changed our markeune, efforts to focus on rite compact bully of VCR's and cable Cable advertising continues to be a promising source of additional revenue for us, 91 owing by almost 50 per cent In 1984, Almost all of those dollaro are comity from local ad vertlsers, although regional and natlonnl advertisers are showing Increased Interest. We have entered Into several In- terconnect agreements with other cable operntors In conti- guous areas and wlth'cable represontatlon firms to take nd vantage of this opportunity by Increasing the number of c II customers reached by the Joint systems ).r In April, we purchased On Cable Publications, publishers of On Cable Maeatlne, a monthly cable program mega zlne, We bellovd this publication serves a vital industry need, In adc tlon tti providing our sys tens and the Corporation with a putentlai new revenue WrOMY1. We d€scontlnued, In August, our efforts to de- velop enhanced cable servlcos, choosing In. • stead to focus on our operations and on near. ° term market tests for emorgIng eniartalnment services decision was based upon an evaluation ovor a four year parlod of the consumer aceaptance of Interactive home services, as wall as the lack of commercially poilabla ! ardwnrd Cox Cable continued Its aggressive efforts to Improve cuslomar service Cox cabin systems were 11011. durfn 1984, In two g eve s conducted one a broad mnrketin surve erect al pro onus for excellence (i y g y 111 tacit gramming and administered in cur 14 largest systems, and ilia ether a more specific cus• conununlty Invoivemont, tomer servlco survey administered in 26 s items our customers told us that service in all areas has Improved. In the marketing survey, 70 per Con( rated our servlco as a 7 or greater on a 10-point scale Mghty,elght per cent indicated that our sorvfcc was better than or equal to that of an establishf.d lMl publld utility, 'these surveys will provide us with an objective comparison of the cluallty ` (JABIJ,, 5UI)511 MINS 11 t~t'!Uth;ltl~la'Is1Ull`ItI~R 1m) 11AID PftllukANI S !if5t,l~nn: I'r,K hlutirn 5[1 mcmircl lm Ile rhuuadkdV ~ f Ads _ / 1099 JS.BA cnbfo 1 stItV52rb Cf4 s 1'NA &1 INi Ni %AJ r N NI INO [aerie Pold NI RaVo 13togram rHU 4,r SubscripUans II \ i i 1 of sal y[ce offered by ur syat0ins and departments, providing a common standard to facllltate thoe exchange of Ideas We 11150 have established anew ffeld marketing department focusing on • spaciflc field driven programs in sales, telemarkcling and customer service, j We 010 developing dad h nip emonting a broad range of training programs for ernployees intileso areas And we have made significant proggress In the deccntrp[lxatlon of Cox Cable, We believe that the skills needed Io provide excellent customer sor- vice - a better undelstandhtg of customer's, community Involvement ready access to customer records, to name it (mv ate most a roppel • exercised In our Individual cable systems We are rommitlocl tapTstrlbluIntting as mulch authority and responsibility to the field as is feasible to carry out this brooder operating role, Most mafor systonts have assumed the porpolual Inventory processing functions We have begun conversion to stand-alone bllling and customer Informatlon systems having such systems In place In two of our medlum • shed cable systems And the accounting hVICtlons have been assumed by two of our larger cable systems. Addltfonally, we began redesigning certain informntion and processing systema during 1984 to better meet the needs of the Hold Cycfe bllling was 1 Introdured Into our Pensacola. hlorido Y stem, dlvldlttg subscrlhers Into four bllling cycles and freeing the office from thelnefflclenclcs of ppoaks and valleys In the monthly workload We plan to Introduce this capability to 19 more systems in 1985 Cox cable's commitment to'con3nttmlty Involvement also was attested to Ili 1964, with Cox systems being honored nationally for excelfonco In focal pro ramming. The National Ca~ilo `ftlovislon Asso tlon presented Awards l tar Cnblocasting Excellence (ACCI to our systerns In Cleveland, Ohlo, 1 Cranston/fohnslon, Rhode Island; and Now Orleans, Louisiana Imo awards), Cox Cable San Diego won 41 Si)eclal Rccognlt101`1 AtVard for its W s Cox Cuble has been recognizAch[eveont ed In several cn i}munlties, as well as Indus" 11da, for its role In encouraging mlnorltyparticfpadon in the cable lndustry, At Its 1984 Mlnorhy Buslncss Symposium, the Netlonal Cablo Tele- vlslon Assoclation honored Cox for Its "continuing commitment to minority involvement In tine growth and development of the cable tulovlslon Intfusuw," • In the coming year, Cox Cable will i continue Its aggressive efforl9 to im- sutloc,n,vrz prove customer service, ",ongthon j n,l9ic 1 93s,o7§ i community and poBtleal InV01v+ la lt, effectively cfistrlbute authority id re- I'ald Prugl,lm Suls~t dlvluns 1,516,577 I rir t sponslblllty to field locations and streamline out- sales and marketing ef• • I lot OWN 292,707 1 1 4 forts. We look forward to 1985 as a year Ilurdgs ndssed 7 70],701 ~,,ra.7u~ of continued opportunity and growth, Ifooln In Mmkot 3,011,277 nth Mlles of flaw 26,924 2 5,811 f,, M Iktuitu~c I 9d07.094,U00-i;.tF~~fn nr 111CO"10 etwoDolrrarlotlah alld AlnOttitolion 81 9,877006 5II1d11xu 10,1. 1 AddIllona to Phlil did 1'go1l'incm 9111,186000 t+l i ~ •yi Plant and Cqulpinant Not 9967,001,000 5;4108 1 001) ~ ntlriulp " 1 791 i r ' I k Anks Robins w, 011,1 ndpJrk 41 aysFml aad Ln!kC Oun lr 5) 11 ow ftnld bl IYA1 12 ii I _I I 9 '1 j he wholesale automobile auction division of Cox experi• cncod iii record year In N8+1 with reVOLIO iJI) 21 per cent and,operaling Income uI) 0 per Cont. Our IG auctions rogls tered nearly 800,000 cars and ti Licks, an Increase of 23 per cent over the previous year. The number of vehicles sold at weekly sales Increased by nearly 13 per cent over 1983, '1 lie acquisition of an atlcllon In the ggraving S001.11 Texas market of Houston was a highlight for the year as was the opening of a new facility for our Kansas Clty auction, Thourdh results were orceptable for 1984, they did not meet our eapecta- dons f hc, auctions ar o part of a blonder spectrum of automobile marketing that Is affected by priceg of new cars, Interest rates e nd production lovely; In 198+1, although we had higher registrations we were adversely affected by ,a decrease in the ratio of cars sold to cars reglsternd When this occurs, we have the operating expense of Incrensed r eglstrntlong without the bencflt of w additlonnl revenue from taro sold. A substantial percentage of our fees are earned only If (lie cars arc3 sold, With Improvements In now cars salon tat it record level In 19t3A1, dealer Inter r est declined in the used car portion of their opcratiofis, which had been so Important to their profitability In recent years. The cars hr which buyers were most Inlet'sled were hi short Supply. curs from model years 1981 1982 and 1981 wefu scarce becnuse fewer cars were manufactured in those years as tiro auto Industry reacted to decreased demand. fb help fore customers to new cars, the auto Industry has Introduced five year financing. In many casos. retail customers have ;--,id more poi munti for a latc,inodel ased car than for it now car. Auctiol is sw n as ours, which handle many Ime model curs for dully rental compAnles, were the most alfected,by e this development WC ON' Itoprhul that a good 61)1 '111$ market will give tin the nto nenttim the need for another record year In 1981, We were pleased with our contlnulng sueccss in developing more bn5I11e55 from fleet operators and tense c'uihpanlcs, as well its ntanufactmers Those buslnusses Increasingly look to our auction; to help ntrtrkei their used vc+itl• i A plonoor In the luduelry, binnhLAM Auto Auction III Ponneyh-arrru Is crlobratitig Ic4 ,It1th annlvoryory, j t a 1 cles New and used car dealers at- tend auctions to holy balance their Inventories and to keep current In the used car market, Iteconditlon 1 a SAS CITY Ing services are In place at most of i our facllilies to helpp these custom ers get top dollar for their vehicles. AUT ' AUCTION The division Is celebrating Its both anniversary In 1985, Manhelm Auctions was a pioneer In the field, t DIM finding success with a business phl losophy that Is key to a service In- 3001 GREAT. equal treatment for all," While maintaining well established standards, the division • has kept up-to-date with business practices and marketing strategies that help us take advantage, of new opportunities. A'now facility for our Kansas Cox saw the potential of the Wholesale auto auction Industry In 1968 when City auction lncroasos our we purchased three Operallons in Pennsylvania New Jersey and Virginia. The a MamZdiuvenass In that mldwest Company was diverslfyyIng due to rederal Communications Commission regu Iatlons which limited he number of broadcasting stations a company could own. We were aware of the auctions through Bhtrk Bunk, a guide to wholesale 0 used car and truck prices which we published at the time. over the years the division has grown to IG auctions In 12 States and Con• ada byy opening two new operations and acquiring existing ones, All are strn teglcally located to serve large populatlotl centers anti transportation hubs, We continue to look at key growth markets for acnuisltlons of w011•mnnaged auctions, We are very optimistic about our Houston auction, acquired In September in 00 A market that was one of our target areas for expansion Having developed a staff there, we are fine-tuning operations to serve dealers In the 3.2 ml11Ion population of greater Houston, The activity we see already In our lease car area and reconditioning center strengthen the confidence we have In this growing market. In the fourth quarter, we completed a facility for our Kansas City Auction moving out of a crowded urbyn area into a 17•acrc Inehrstrlal hIark with excel. lent expressway access our experienced management team it) Kansas City Is i kl,t I;,VI~I,`, OPl;k l'I'I\C I1C(1111; r u~dr ~r~ irr uern,n•r rrkui,ir~ rri u~rrN~,,.i ~ 9933 9i80 \ $4I r 51'i~n S7~1,0 S13.A 912,E S3(1.9 y;l 8q i '14i S.3 NI Al N11 8(} I,r M I i r y i :c t 1 i{ it try a ..1 ~ d lit ai i 1~ well-respeated Wlth their leadership and this new faculty we have the ele c # : y8 mentsnecessaryto materially In- A crease our business in this market The fast-growing Orlando, hlorlda auctlon in 1984 became our third to exceed 100,000 cars registered for the year, Up 35 per cent in reglstra lions, Orlando was just short of a 2,000 aversga per sale, In 1985, the ti auction is scheduled to acid its eighth and ninth selling lanes, build a recon- ditioning center and expand its office \ L_ space; Other standouts for the year were our Anaheim, Californla and Borden. A highlight of On year was town, Now jersey auCtlons which exceeded their record 1983 results In all the acquisition of an aucion In categories tho growing Houston Texas n Our Phoenix and Toronto auctions, purchased In the fourth quarter of 1983, ntnrkat. both reported excellent results for their first full year with Manhelm Auctions, Each of these auctions had an operating philosophy similar to ours, and their transltlon into our Company has been smooth, , During 1984, computer operatlotrs'ware expanded to our phoenix auction, bringing to 12 the number of computerized locations we have, In 1985 Boston and Kansas City are scheduled to receive computer services. Computerized operations provide the auctions Instant information on the I day's transactions, which previously took until the next clay to complete The computers allow our auctions to process and control their heavy volume of sales more offielently. In addition, they are used In marketing to keep track of current and potential customers We are disclosing for the first lhno Information regarding the gross sales vol r4 ume of cars sold at our auctions In 1984 our IG locations sold vehicles with a gross stiles price of $1.9 billion, an Incroaso of 19 per cent over 19$3's $1.6 bil• Ilan, We believe that Identifies us as the world's largest operator of automo + We auctions, Wo loop forward to continued pro cogs and growth In the 40th anniversary year and beyond, whllo following prlnclples of decentralized management and i fair and equal treatment for all that have brought us success since tho auc I (long first went into business We continue to believe that tho longg torn) out- look for the Wltolesala auto auction Industry is good as we provide an essen HAI service for new and used car dealers, fleets, leasing companion financial Institutions and automobile Manufacturers, (NOSS 8AH,S PRICE - RRA I;X'trhl PI9RCAk S01,1) or C as sot h 1 SIUB ~ 51:6 ! t SIUU 1 4j. $I~7 4 L u ed i xl xl 'au nu _I 1 s l r t f oil] 11 June 198,1, Cox enwred the radio comic on carrier IRCCi business with the ace}ulsltlon of 90 per cent of Cyber'rel Cor•• )oratlon Cyberrel is the oldest and Iar€,~esl paging and 1110- I1e telephone operator In St. hauls altcl the largest in Illinois I outside Chicago. Cyborlcl's cxpcrlencc provides Cot the rneans to develop and manage our early entry into now RCC 1 technologlcs Such a, cellular radio Cox ante Cyber7c°I first became afflllalod In 1982 as equal partners pursuing one of the two C [tidal hero liconses In St. Louis. A set- Microwave Link tlennent betweon CyberTol•Cox and the two other competingg ap 1►canis Ut'rorn MTSO gave CyberlehCo,x a 70 percent ownership poslillon and lieipet: avoRl the t potential adverse effects of a head-start for the compothtg telephone ~o company. On july 16, 1984, Cyberlel Cellulnr'1'elcl)hono Compally t Inc rain t became the first otmotional cellular provider In St. LOUIS, The sys outgolrig f 1 \I G, G„ q, , tem was constructed in record lime through (lie extraordinary ef- r tt~il`~f ti forts of our employees and vendors By tine fllst quarter of 1985, l; A ` a F j r } r x : the system WIN have grown to I I rolls covering more (halt 3,000 vt~.I,'4t n square rnlles 2°~ tt t An aggressive and award tvlruting advertising car n• aG, palgn tvis developed ontpliasfzing the strengths of the Cyborlel system, products; Selling and scrvtccs, through Cybor'rcl Cellular s own droct sales force and ~a notivork of agents has mat ualned monllilY subscriber t growth at projected levels, Roducilons III subscrlber equip inert( costs are expocted to further drive the growth of collu- t'f lar In Coming y ears Willie profit brook-oven for a cCll system Is licit expected to be reached for about tlltci`inr Yarus we f+01 Cellular shows proinlse for prodL161A long- ter m value for shareholders, ~ Cyber lol's cr Iginal business Is Its paging sotvice, which serves opproxlmately 12.000 subscribers In 8t. Louis, southern I11lools and central Illinois. Paging is also a growth htdustl y projected to ex• panel at a ratC III excess of 20 per Celli per yell' to 10 million lirilts by J 990, Co►lufar radlo combines the up from 4 till lion [it 1964. Driving that growth are nely paglrtg products and technology of computer switch, Services which C b Ing with radio communicatlon y 4r li l to lad the way hr eftwo fl, fewosciinhtgvlce tos g basic 17aging to provide wlrefbia quality services of lone nnly and tone allot voice are two n muner Ic WHO Ielephono sarvln), display alld alphn•nortterlc display pageis, which arc, atlracting new Custom. ors and prompting upgrades from Elie existing subset Ibor base. Plans for 1985 include the creation of a wldc• l arm system Glitch would allow still. sci•lbels to ti5e their pagors When busk noss lakes Thew anywhere ht it Condor runtiing from St Louis to most major markets In Central Illlnofs, We bellow Iho radio common Carrier Industry is beglnnhig the consolldatlort 1 phase that we have scion ift the earlier clays of broadcasting and cable lOO- stun. Ow. rarN onu y should 1111MV Cox to realfstlcally asgess thc+ oppottofikles f for future gtowth through In(croal ex• paltsiorl and acqufsltfoi7; ti In 1984 Cyher'1'e1Cur lurvfed or) IIIe first Celltdnr syslant IR yLl N. V ;a 1 1 1 Cor ~CR~tto et ountlnp bfeff c0ri0" 1IateA ~he Cnnrpainy'e ~ otseralting results through en ~ Iniern~ily{deve4oped ean+putterolioo uo*d fior budot ni aynderH, w t forecaeting 1 , u. 44 ! Aso. iy r Results of 0 eratlons - Results of Opetatlvns - 111 1984 Compared to 1983 1983 Compared to 1982 i r I Ire Company's net revenues Increased 21in The Company's net revenues Incl cascd 19;'6 in , 1)81 to $7,12.85%000 from 9614,62 3 000 Cable 1983 to $6J,1,623.000 from 9514,746 000 The television revenues were up 20% ld $40; 099,000 cnWc television division contributed $75,896mou compared to $337,42 1004 repnr loci in 1983,` of VA Increase cis cable revenues Increased 2911 13791c s bscribers Sucre up 6`X, to 008A71 wlrlle over 1982 revenues, Unsic subscribers W(1C Up pald program subscriptions were up 251, to 12'Yd, to 1,4145 with pail program subscrip- 1 1,536 557, •f ler oohs Indver-UsumuppPr (ed satelllle dons Increasing 21% to 1.527'iWl, Moodcasling tvctc^luptrl08 ti to 20707, AdlIustllw for ca)A my, division reVenues were up 7% 8216,085,000. Adjustin for 1982 fit terns sold during 1984, the cable to evislon divi # sin (he ,I vj o of the closing of a St1b5CYfptimn television s Vi olicr- slon increased Its bast subscribers and pried Iwo- alion In i)ccernber 1982 and for the deconsollda• s grain subscriptions by 8;1, and d%, respectively tion of n radio stiles representation (lent 1983 fnduslry-wide softness in pay subscriber sales Co. broadcasmily dvlsimn revenues were up I IN mn trlbuted to the loftier Increase In Pak! I gram a comparable basis, Local IeIcwi5lon snlcs were subscdption growth during 1984 I)roacicomin g relatively strong, although national spot sales ex, h dlvfsion revenues of $279,49o,oU(1 welo up 21 °h porlenced a lesser gain clue to an Industry ivldo over 1983, Results Included llta aequisltfon of softness, Tie Company s automobile auction dh4• ° WKI3DlTV1 and IVACOII"Mi and the ckposillon of Mon had revenuo gains of 3056, on increase of t %VLII"UVM1, on a compara6lo basis, broadcasting $ iQI 11000 over 1982 revenues of $33 986,0b0, division revenues were up 11%, Automobile auC• operating income lnr:rcased 19% to (1011 revenues were u) 21% to $51,270400 over $141,082 o0U Operatic income for the cable tole- ~ l 1983 revenues of $4~~,103A0, This growth was vlslon dlvislon Increase 21 °G, to $45;446 000, ~ = i own, altr Ibulable primarily to Increased volume as vehl• Subscriber churn and "MR of set vlce'cNAmed to ` dos registered Increased 23X to 794,000• be concerns for (lie Ir dusu y during 1183, how- Congoli fated opemHng Income increased 2o`X, ever lira Company expel icnced positive resuits to $169;645,000, operating income for the Cable hom programs dosigned to combat these Con• lclevislon division Increased 20'X, to $94408100, Comm ImOroved o))eratW;; inorgris contributed to + Broadcasting dlvlslon operating Income of the lsroat~wSUnfl dlvl5lon s 15% gain In operalitig N $107,222,000 reflected a 23'X, increase over 1981 Income as 1983 operating income leached On a comparable basis, ad usling for the acquisl 587,125,000, up $ I I,U9G (700 over 1982, Opc tart dons and disposition note(! above, operating In 1119 Income for the2nilomoblin auction envision im come fot lire broadcasting division was ill) 18'X,, creased 275. for 1983 to $17,005,004: Opeiating Income for the autontoblie auction divl• Interest expense. net Of car )hulloed Inletost, In- sion Increased 61Yo in 198,1 to $I8,U15,O00,11119 creased 3696 K 1983 to $17,422,000 as the Corn, increase' reflects the margIn decline oxilerlenced pony realhed the. full year hopno of debt levels • as the dlVislmn incurred rite operridng expense of allnhied in 1981, filgkor registration acllvlty durfng a period of husults for 1983 Included a not pre-tax gain of dcCllning sales percentages, $3,101 400 related to the sale of the C0ml3a0Y's Itrtelost expense, net of cal0lized Interest, Cable televlslon s sicm in st. Clafr sht71es Mlehi. InCI'ea9ed slgnlficantly to 929,486,000, a 69% 111 an and cenaln Ot g l y crease over 1983. Tits nel'easo %ms attrlhWable g oWe 9pm5ltfe is YCld dng to to addIdOnai borrowings resulting from record riff l Actlcsc ilbetf ln Note lli to ht=, c fado ( lls 19 ~ rt veslingg VCdvlties and to a $4,928.00= decllna lit more fully alemerlls capllalieCd Interest In 1981. The effective tax tale for 1983 Increased to Resins for 1984 Included a pre-tax gain of 38.4% as compared to the r 0011vc rate of 35,4'X, $9,724,000 related to the sale of cel taht cable for 1982, Although well below the ntarlglnal laic t` television s sterns and the thspmsftlon of NLIf"II Mi rate, the 1983 role reflected (iti Increase over the as more fully described In Note I to the financial pilot year primarily, as a result of lhe'I),r Equity r statements Other Income net increased anti 11scal Responsiblllty Act of 1982, , $3,458,040 fiord 1183 and Mciadctl income from $ trio Comliany's ptegrumn1mg venulles lcportetl Llgtlldity, Ca Ital (expenditures under the equity molhod of accmuntin, mincsill pp g y and Copital Structure Interest expousc aril other non•operatlng Items, 'I he e During 1984 the Company rYlmtlliled lls drflril 410% from 38A% reporlorl in 1983 f017=0 tax rate for 198d Increased to mri ' adcN 4th to plant and equfj)meal' its . •1110 hicri se Lori lie 1 I reflects the decline In Investment tax credits for c 7ltUnl ex )endluues. ca )Ilall2ed leases, 1984 119 i'onsu uclion acllVides lot major cable capilaIIA lard esl and certain costs Capilali?,c l Iclevislots frunchi5es wire largely coltipleted, durfng the 11111101 cotrstiucllon and prerriutirrlly i r. r stages of new cable televislon systems, {~t'cvlously IDS, ~litlons, l ho vdv~iI;t3lUa Company etc eslhr via cyv f the teen was duAned to also Include tangible assets nec71''led though aCyuWitions, As shown on nUng credit AcMiles avullable which wquld permit ! the Company's Consoll owd SM clrjents of such ntaturllles to be lellnalired with lyntt term Changes In f•innncMl t osltlon 'acgtlisftions are btThu Co agony s f nuncing alternatives Include now re}3urtCd as a soparate category of investing e~lesy+nl ca ~ilal markets in ilddillo11 to Internal t ucllvities. 130th t<attglble 811d intengll)le itsseis nc sources Of cafih 'ihc Compiiny has ti riU 0(11.1;000 f gUlrcd in occ1tnlons are Indudet In this cats of y Additionally, caslt provided by opelt ilons uo Whidl 931900 crudh UUU v Is €lslancflnt nt~ year Of longer Includes 0nu 111700on at broatlcasl pro- pram rights wi,lCh is now re 3orlcd as it t0durtlnn The Iclll l is also used to supt>ort out5tundln(t Y of assets acquired, f hwndo Inlormation INOW, col megrciial pope l~l'hccernm~telcj lal Ii<7pcr hnnnl'kct o isly repolled hits boon restated hcleln to"ton nrovlcltnrl on cf1 dank source of cnpi0lfduring 1984 I form to these nets definitions as the htvestlrtg 1lctivilleg reached a ripcord level of n5 sllyr(•terni rates declined during} the ye 5257')48,00011 (984 antllndudccf $117389,000 of nc~dlty,vallakile; as well ras a current ref IMMI in ' for addltlorts to plant and aqulprnenl, P loo; and A eqult3lnent additions reflected a define & 0)84 0l statement oft fie with the Seeurltles and Exchange l Commission for $75100 MUD of debt sccurl% 941 254,000 h'otn thy $17H,843,Uoo spent d0rhng ctYUtllott actlvltlcs for molar relal which the Company could sell to reduce oulstand- 1 983 as ,We ons hl I'he bon:'. debt C Arp nylhns continued to inalntrnln a lnark franc'INses were sIIl3c rti vo conlyield, Acgtdsalons for 198,1 metaleI on ttulantublly auction, 5 fwWkher CunsomoUvc IOUII debt to ctal)ltel 11s shown In r btlsl the table below, Cn dual Is defined as shareholders prupcrtlcsand tile Comparty b rndlo common code mess and lulded 69 5 181000, As shown hl the ociulty 15109 tot,il do )t 1984 r9B3 1)82 1981 1980 t tabio-bclyw, the pcreelua~u ai cash rennNedlor n acdvlttcs ttravlclcd by InLuginAy ROOM 'Ni rlro„1nl Oeiill ! Invostigg MMDulia. $2370 '.t i'A) t rjw, 1 $111, 1 5 At 7 tedfrlndsdcclllicdduring 19811, This vtasplOlfll` ca),noi.,, 98113 'loot, tram, slat i t,+711, i fly ittributable to the reitttIv s1t.c of we itCQn191• row I Wilt to CapVlal 29.24 ! J 6 1.l !"3 N`. 11.9 lion of WKf3171'IM In DOU'011r1ur1 1984 1983 1982 WWI M'U The Calrspuny'y Wk y to service Cxlslhtg debt as IN101 ro la U1dl,oll well fly OWN' 111CI'ef15e5 III debt can be nwomirud - lnea nu8ncuunk5 9291,9 111r r1 sJCr.1 sir+c silt, I by two debt coverage laUus. the III st is interest st, naosldud by rili ' Co1t111Whigyaprailufls 9188,2 5195H 51d+1 i SIUmh 5ri5i bCover ef01'etilttC'1re81(~illi1.ll, 'rfl.'l IlIbylInterestcosts. 1111Qn11111) Urucmlcld ~l f 1'widv ~ $2122 5J1 + 7: U'r fl l iEn!'1 Sn1M1 It i,ljfl' Is dehrled as inCOrne frallt ll aplThe 1.b I'rr cane nl co-0i llyn9 j~lus 6riurest cxpensuand lncouump ic Ug axcs,tc'UuUa11 411 second rally 19 debt service coverage and is dctul• 1111011hil ACM1110 lltined by dhkAn cash plwldcd by eo ltfnuht rrlucluctl tly g l cola 1111u1e a 1, of 7I operations by (llx servftc Debt sel'vlc e intfndcy opoallum 1.v ^ Inlclold expense, Including capllallzed Interest, } iRlt nmlly t w1rretul - ' 1'unde 824 IIII L' 41' pp), nl.., and i145llnte8 all a.nY1`Cllt debt iii file bCg115niag,yf f the year Is repaid, even If such current inawritlc.,, t I Ile Cumpuliy s asset base l eac}ted the 5l bit were In lack extended "1'lie ksHow111t table plih l Nan level clue Ing 198ri and was $ 0 I 0 717 ODU at tales the Contpfiny COUld srrvlrr suiinluiulnlly year walk As evldentj b the Lyntpdny 9 IIIVe'il- 110iter debt IM trigg act v 1.1es, expa1191011 01 existint;.b115 11eSSe5 and Igg,l' 1983 I'JB! 1981 1980 Obj, scleclydaCgL119100Mareirmpol(Bill IactUiv`slar 1.111iniro{inlnnl,l 3 the Z=aIltpEllty flllCl, accordingly, e1111)I SI9 9 pCIC'e(I l ul lpnila 110otr lol u?sl i III 111 On n65dt I11tI1Nemant it id c0pi ind olllclencV Work A All, ONUS KI i l U sI El l SInU 11 -5'un1 I ing capital rIlcll11rvolents III"-, not glgl llhoolit to the UUoICti1 CI 9 32.8 < n § 1U 7 5 11.1 c 'J . lain,, tu5ol lge 9.b ~ t, or Cal'npitlny, 3r1morily becauge cable sks"lbers arc, 4 ah MNdnd I I € r l 18 .tot + ''IIIB1 '.8i i. I bllicdhiilt vnncr,lhcrebyllmltingatctunl, aci tnnnnU,llp,yl,rl,nlll,l 9Ige2 sl4 "1 941,2'; IIN ibl Jr,1 Sr❑I f able, and beCtiuse 1.110 Ci3lnpnny s r.NVlSlOW do not n1 n1 sr5u' POgll le 51klli(Cilnt ElnlUlllllti Of h1Ye11tU ry, Thu CON Urn 471" qW ae 4A N i t I I I ! 1 pany's SAIng capital at the end of IOf Was a gttpplcmental Ir1k mallon art ellctls of thu r1.ting l dclAdt of MISS.= Thk defieif Was alU Ibut• Woes is dlscuwsed on patio IS f able i3rhntull}' to 11te Chissllirutlon of 94 9,UUUM) of debt lrlbbtllTtenlS maturing In 1985 w; car Ieat f f obllgaUons.'I'lie corn pariy s presnnl 1111.0100115 ore I . , 1 1 I+) f i 1 I I r Mill MIMEMIMMINuggigglim Cox Communications, Inc, and Subsidiaries ror the Year Ended December 31 1984 1983 1982 I fluspsrlrkls rrl Urlhns: rrrrl~l irrr sGurr~ urrmlr+ffsl Net Revenues , . . , , S742,855 SG I4.6'L"3 $511716 { Expenses t Opcl'tlling: 230,663 187,669 156,514 SeINn' ener~alandndmnliatlntlva r- t g 241,210 209.321 18 3:721 DeSror:laUon and amortization, . . 91, I 337 7635 1 56,333 573,210 473,541 396,571 Operating Income.. 169,6499 141,082 118, 175 " Interest axpensa, 29,406 17:422 12 783 ; Not galn Ilossl on disposlllons . . . 9,724 31101 (3,)291 A 1 ti Other income (expensal - nel. 1,277 (1811 (9561 fz v Income Before Income Taxes. ; . : , 151,160 126 20,580 100,607 7 " +N?;1r a Fatleral and slate Income Inxes 65,868 48,630 35.186 Net InCeme . 8 87.292 b 77,91o $ 55,421 A Net Income Per Common 8haro...... $3,09 $2.75 $2 .31 ~Welghted Average Shnres OLIlslnl dh7g 28,223 18329 78 34h , t' 9 r sifum otr ui opi(kme 4JMQdi1111p p4,ff0(J um! J1111 6 10 (4giII10(d 011friurnfs i A f. f 1 N;; . 3 ; 'L I I Cox Communications, Inc. and Subsidiaries { At December 31 1984 1983 E Assets Current Assets Cash and wish equivalents, 9 2,073 $ 081 Accounts an[I Pules recalvablc Iess alloN+m,crs of $4,357 in 198(lant! $4,782 In 19R 3 , 95,096 77,675 Broadcast program rililtts 32,612 20A1 6 j t' Other current assets . , , . 11 13,852 1 ,1,622 'Hal current assets ^143,633 1 19.908 1 Plant and Fqulpmenl at cost. 1,014,263 8883-11 I Less accut)"I" r,[I ileprcciatlbn 322,071 2119JIO Net plant and Equfpmmnt . , . r 692,192 u039,2(,y 1 Intangible Assets . 19910tH 125197 Broadcam program Itlghts 49,119 34 9o4 " Other Assets.. 26,770 27,389 'total , . , . , 1,110,717 S940,163 t r , Liabilities and Shareholders' Equity Current Liabilities Current pdrllon of 1ong•ler m d0b(, . 9 551657 8,,1 Accounts pyable. , • . , , 36,796 110,18 Accrued Ilabilltles... , , 42,119 r 2 2,48 Income tn,4es ptryablc . • 6,610 Ib 6,2137 i IaGINty forbrvdrlcasl prvgiartt rfghls . , 31,223 19 493 Other va rent 11,11A (les . I rx, IS, _I7,b2d I 6 1101 ctareut Ilab11itles . 187,379 (35,"306 Long-Urm debt 181,380 181,8711 l.fnblllty for i1roadcast Program Ulghts 29,999 22.119 -1 Deferred Income tiikea 1111,450 88,480 j Qthar Llabllltles . i , , 20,029 i 1,120' ` I Shareholders' Equlty Special preferred mock . - 1.000 j Common stock 128 318,216 and 2N 3 3o,9l0 ,;Iw es in 198,1 artd 1983, re5pr:cllvclyl . 28,328 28,3 37 Addlllonal paid-hi c,liltrl , 611390 61.663 I2011111ed aarnings . , . 490,249 1112.321 unearned evmpans[itlun res0lclocl st kplur (481) 1112231 9`ronsury stock (119 475 and 012,100 shares In 1984 incf I983;respccllVelyl . , 15,162) 11.800) t"3 Tt~4d shEUChuldcrs' e[luily 574,320 900 138 i E lbial4 $1110,717 j $9,101(+3 ' :irr 5Imffl1,lf!! 411.NIpr11Em711 114I01111l61d r Il(f(i Iflhl Mph, It' Imaill ill? a I,7 21 4 l 1 I I .r l 1 1 , h l Cox Communications, inc. and Subsidiaries For the Year Ended December 31 1984 1983 1982 I tf OImIlids Of Dollars) Internally Generated Funds Cash Provided By 01~erations ! ; Net Income; , $ 87,292 $ 77,950 S 05,12 1 Items not requiring cash. Depreciation ; 87,215 72,(x72 5 2,69 7 4. ~ 6Sh Amortization of intangible assets.. E 6,122 3.87() Deferred Income tares 35,089 32.111 20 578 lhaease 'In accounts popble and accrued liabilities 61680 19.9151i 2o170 Increase in accounts and antes receivable 118,2871 117,16=11 19,692) increase Idecreasel in tares p[Iyahle.. (9,647) 12,870 12,1011 Other Items nel. . (6,261) 81,1105! 10,584 Cush provided by operations.. I 188,203 19 9.768 161 191 ; Dltldends 11CCIMed (9,3561 18.11 51 17.4 i 1 t s PraCredsfrorn ides of businesses . 27 41d 2 E.(id2 -000 otter . 5,967 '1.272 1 5,060 W Internally generated funds. 212,228 7 i t,26'i 17o Mi Investing Activities Planr 'nil et;ptipmcnt . 137,589 1 17,8 8d'1 !-18 q(1.i 13rr~ dca~;t ltrui;l,un rl;;hts N0 ,1S!~t'ISa1L(101ed. 13,980 I t l 77,2 { ' O1 Nt'I hal)l1lue5lncurred 1 (7,735) i Ito 1011 I l ll 4 lr~tangihhie~els ( 14,520 I t, 1111 ~ I f t 1 t /vriµusitions 91,518 ) 7, r? 1 1 3 (150 C>Ihcr 8,07E 11n7cr 19.002 - - 1blal invusling activiti< 5 257,948 ;?(x7.88'., 269,2'17 l Co`h Provided Iftequired) Prior to 3f Financing Activities $(45,720) $ > 182 S (9 4 ,q01 Financing Actlvltles Not side inutturityl of c0111MV1 01 P 11VI $ 28,230 12A 101 5 70,M70 I Sake of ong•ternl note's . 50.000 Bank borrowings 20 000 3 211. Other box rowings. 10,429 it 0k) 1.261 ~ Itapayntent of debt _0 19501 11 1 2 5 b I'S6,'1 'i'i ' Net hnmlcingad1v111t.s,. 46,709 1 8! )1 !i3.7U5 Decrease (htcwasei in Cash and Cash l:gt6v,t1ent , 19891 131 8,'1(11 Total Financing Activities 6 45,720 5 15 5821 $ 911,519 l ,IT 110111p holy Irj 0(millu4 l wtormlifl1 Ooll, W." Wit MAI Lo flRtli if 'd 4', 1llul1 II f I E I 4 I l ~ I E <i I } Co c Communications, Inc. and Subsidiaries 1 Basis of Presentation COIislruclion cost of new buildings and cable } television systerns includes caplt<Owd Interest. 'I'lie consolidated financial statements include Grpetlclltlll es for maintenance and repairs are ' the accounts o(Cox Co nmurliratons Inc and its charged to operating eXperlsc as Inrurrcd. k subsidiarles 111 significant intercompany accounts ' I have been elluvnated. The operations of puichnsed Intangible Assets i businesses are included from the effectlvedates Intangible assets are staled nr of accumulated of arquisitfon4 amortization, and consist 1n lr,.tpally of the cost of , Broadcast Program frights purchased businesses in excess of the values ascribed to rite net tangible assets received. Intatr t Broadcast hroglant rights represent license ibles acquired prior to November 1470. totaling agreements for tho right to broadcast nomnetwork g. Iii 198,1 and $ 0M S2,000 In 1483are programs arid are slated at cost less amortbatton: not amortized unless there is an Indication of Program rights acquired and related obligations du»inutlon fbvaduc Certain identifiable Inttingiblc nttavail under license hgm at at th fs for ce shoots assets and gnodRlR accµtbed after October 1470, otpare e lC f of broadcast the lida ted sheet totaling $1,18,270,000 in 143,1 and $7el5,11 1,000 in date are t,.,. ded from the a consolidated a financial !931 are amortized by, the stialtlhtdhle method I statements. Broadcast sin gc chat tied over 10 years. Costs Incurred ill connection with to operating expense using o acctightselerated arcc methods Obtaining no%%, cable tclevlsioti hanchises and bas Orl Cat ed grogram triage unless evidence incil other Intangible assets are arnortt/.c'd by the ihtes a straight-Ihie rctrthod is more applol~riatc. slrii,;ht-hue years... e I'lte portion of the unanolWell ti dance e;lpeetccl method ovc 1 2 10 17 9 to be chalged to operating ('xpC' ,;L In the sac Intone Taxes reudint, vear l chisslfiLd iv, a curs o nt asset with ' I t)c(ci Ic d income l~lti+!, al e 13iovided for linaln,t a noncuricttt Jahllllie,~ ihc~ rrma3ndci d,15':1hCd s I for' Itroacicast proglmil rightsalc payabic accord- diffcicncc>s belwcen topoited fiuontcial lnwillc ing to the tarns of theliccnsc ail(vcntcnlti i+nd any bclole income tares and iaxilble incorric the not cllseonntecl for the irnpulation of interest principal luting dillctenu ,Irises hom accekcladed dc!Incclit Lit) deducted for IWO111c is+, petf)o5cs, lant nd traul Opment InvrSlrrlCIlt tav r ICORS ale, auountecl for eSiltg tie , fA P a flow-ihn>ugh' inethad whLlrby federal luconu, i7,~ltreclnlloraIsconhpuledusingprlnrq>;ill)` aleexpense1~IeduuclInthe)0aIcleditsule the sualght•line method at rates based upon gl)hc,Inleti, estimated useful Iivrsof 5 to 2) years for lain! ImprovenientS 10 to '0 years kir bulldirip and Net Income Per Common Share improvements 5 to 12 scars for cable televisroo systerns. 5 to 20 years for broadcasting equip. Net Income per common shale amounts ate meril, and 3 to 10 years for other equipment, oinputed usulyr the weighted averap of common i t cost-, Incurred durilig Initial CUnstilictloil and shares outstanding ciurint, each pc tfod. Miter giv curtain costs InVIII red during the prematurity Ing effect to dIvldends on spcdal preferred stock stage of new cable television systems are capita- I IT I)OW kIlly dilutive effect of stock options ott- 11! heed and ore ciassifled with plant 111"I equipment, sty ndiug is lint significant, ns for new cable televlaloii ~ tlteco.,ts of connct.tio j cuStomeis are copitalired at standaid mites for Company labor and at actual coals foI oilv;ldc i labor and j iatrrials. t i 23 r s :7 1 } •rt Cox Communications, Inc. and Subsidiaries 1, Acquisitions and Dispositions Many sold Its cable television system III 5t. Clair Acquisitions S1lores Miclllganlit December 1983. file Com- , Ellso in lanuary 1984, the Company completed the lain}othe • rn anticipated rdlsiplosl{lons relating to the acquisition of radio station AAGOWMI In Chicrigo. for $9;000,000, The Comliany disposed of Cable television yl , 1.11 i WLlf1 Mlr Baltimore Maryland, in connectlgti In E7ccrmber 19)R2 the Company terminated its with ibis acguisillon. In M©ref1 1984, the Cornpany subsclilitlon tclctfir ion f5"FVl operatlons A provi com the expenses related to the termination pleteeted the a~cqulshloli of WKBDITVI, a UI IF Sion for colli [ in DeUolt for approximately was recorded In the fourth quartet of 1982. 1n •i' $70 television s qthe 0 oil In etiol 19841 the Company ac f'ebruai'y 1982. Cite Company sold its n-ILIMpolnl J qul distribution services IMn,i systcros.'I"he note rt r1 red Cable flubllshers, Inc , publishers of ON CAl-ed On Magarirtie. 011 tuns 1984. the company ac solved in connection with the sale was partially qulred a restvvcd In 1982 and fully reserved In 1983 90 psi tent hlleicst In CyborTel Corpora tlon a, El Lotus cased rer common care ter; with the pic-lax amounts relating to the above mat- acidi0onal 10 percent tors are suuunarl2ed below thousands of dollars), provlslons to 3>tirchasc the In the flittiro..In September 1984. the Company 1981 1787. 1982 acquired the Big I I Auto Auction In I10trstnn, nik cattle sy tcnn 57.66tl The Company acquiredthe'ibronto Auto Auc- Sale Saleo of 111iu IMP orul au,tll 2.oun lion In Seplember 1981 .:111d 1110 S01.1111west Auto sdr of Col u111a SCgirpN 9rt anol Auction in phoenix In October 11183-The purchase sale of SCIMA RI()'rndu ton,, ltd I r N1' 11 I prices of these aticl10115 totaled 9 750 000. In tart' S11c01 n111ra11r nr-,md Clary 1982, the Company -oinplcled the acqulsl- 11un1an9 (110 i, •"keIOk t tion of KDNL(PVI, a UHF television station In St. ,114 of "it crrlr tin°14 $13.900,000. c111leS)grm 9VV f.ouis fol approximately h1111P1fltion of ,IA opt'raUnllk NII 41.1 ilNl c ~ 11G acgulsit30r1 costs altd liabilitles assulned in 1k of M0,; 0111n. - 1 ru 1t 771 PW%5S! 1t for 011101 Irp0ati0gk 11IP1 a - exce Sq of net tangibl(' asst-ls a(:gui WCYC 1 Ini •.r1 r r1 - l 101 g0iu 11u•1 opdlsp,z.Jk1h4 - 57 72-0 370L d2$,000 In 198 4, IRtiS 000 in I~R3 f,nrl 5,1;83.000 fit 1982 and were assi rictl to goncNvill rind ether mtab{ilbles I he opemIlons of these 2. Plant and Cgldpment pulchrlsed huShtesSCS lyere [lot ;lgrlilkallt iii rein n t rrll:rli tiolt to consolidated Ieof is of opcratlons, lean i7a3 I n 1 1 ul 111 u r rJ'nu nt. •11 756 f t ~Ispnsitions n, a I. r,' 8'2 ()all in IantlaYy 1984, the ((11t1I:'ny sold Cox Data 1r lr•Ini m.y .t, yic 716557 1 ' D7 rr`r ServiCeS a television softly al SIIlTildrll y, hl' hIIV tin ar3c3kt (t,+ i 1 `1 75.112 1111 r t ogmpu nt 67 (177 ? ),n i i 1984 the Cornpany sold sda6e Radio I roduc 1 t un.B(,ij111 pn~Iry, 26 TIB I?nr( linnyLtd. a music syndli allon subsidlary Provi- ruldl $L U14.263 , tl dons for losses on c11sp050l of these 9ubSi(Ikil IUS wore recorded In 198'1111 1984, the Conl[)ahy hlelllatmay cable teleVlglon Sy RIelli (o9ts capIra I entered Into ngrecrnants to sell Its cable television Ili.ed were 92.y i 1 000 in 11)84 $5 '11,33,000 Iii sy0cnts located in !.ake (`otinty. Palk Forest, 1983 and ",7.,159,000 11) 1982, and totalad 0 y Orland pnik, Maywood and 1tObIl1$O11 Ilhnm:;. All $1e, 1ii10000a1rld $ 18,073.0001nct of nrcuniulai- of the sysienls wrrc sold In December 1984 ex, let{ dcpleclatlonl at l7kr(clnt.et 't 119841 anti cept lark forest whlCb Is CvpeClod to Cloaein 1983. Interest (`apitallted was S'S,2Gh.000In 1981 early 19M $8.191 000 in It)8'3 and 57 r1"I'3 000 In 1(782 of to In lune 1981: the Company sold tile, assets of tat interest costs of $32 755 l1Ut1, $2 619 ,000 an(i Its gable television systcn7s In Marquelte and 1&o00,1egpectively. Murifsing Michigan. Due to I CC regtdretnenls relating to the purchase of WK1311 VI the Coln. I i I { 0. t {t I :1 i i l I 1 ~ i ? mahnlen uxe of lvorklnK capital and net III ill 3, Lottg ibrlrti Debt and ilin[toilons,On the payment of dividends: Irhoomn,ltotoo1111nr 1984 1987 Under the most leslriclivc covenants of these ` (alnmudal l'alycr " x'r~'i, al nG C+nbcr i1yi'('ClTleilt5 31 198l 9".&% v oecemb or 41 11181 8 96,976 3 r 7lU 110 Nolc t dux In 1987 40.000 50 M10 till lire CUtllpar y may declare dividends or InakC Payable toleenY1 other eflstributlons on. Its stock, purchaso or y 12%duc hi 198x. :..29000 isixNl - r19lduc In 198}: 20,000 redeclll its Stork or 171 ankc' loans and Im'CSl- Itevt,lringgcredd } . rnents in excess of `.7111)00 000 only from Ill 09ccm6er it 1'181 I a4 990D 1 ol>Il of consolidated earnlll gS ~ r1iC lallllflC}' L 1977 p r oaccmbcr n 1961 Iles certain deduellosl pins 67 UU0 UUO, Coll. (ennrlla~ wwlyri I I nt I 136cumUvr tl 1981 Ill ill 1111 sot dated retalne cdrllhlgS hot restricted I ' r nc[endn'r 11, 19x1 236f yt , 1'ayl e mile, insuraua cwnp,,p) ln(ICY these prr1V1510r1 , lYCle approximately $2,18p,17,Uoo at mcember 31 1984 6N+ ,clue in tnstaIlnenp of s1,71KS NO to 19117 6900. 9 NNI snnlor Prurnlssnry Notre pu}alik IN the C(HYII)a 11y S COIISOItdalerl \VC1r kIIllt Cil pklal to lntnrolnPa„I~`s as defined. by the Agrcenlelll Inn" I riot be to111s1U,rrocr in cI IIII)Inclas.'1 q,450 dr xn(I I)cgntNe at idly tittle: HUch (ICfiIIC d 1Voiking 91.19ocxxllo 19+1 capital at December "i k, 198'1 +vas apprdxl x R, dua In instal l nulls of 51 ilxl p(XI 6000 7-,(NI. r to 1188 . rnillCly ~ 13,591 .000: t I'ayAbrc IO nlilnr;; ) l0 12 A.. (Lw III lnsiar ; supporlcd by dlc un- noote to 1' 96 14450 8 674 1 Ile commercial paper. I 1a,a m 211111 161 118 used portion of the revolt 1116 credit commitment, t csF cunem nuuurUlc s 95.641 r, 17 r and ilccordinl;ly. the balances cyll(5tanthllg are Ltiligdc nn debt 8181 See slsl 17, MAY as long•tenn debt 1i1C 1yeffylne.el ac'ct' age lntcrc,l ra[c ,Vas 10!h 1n 1 U.84 and 9NV m 1 183 1'he Conll',ally has levolvine; credit dommuneni5 rokiriml; SI iU,f10U U(JO (ivnlLlllll' Ihrouf!h I)U(ern 'I lit, Conlpait) 1r1% 7t'. U[1.t7i10 of ;ftoll•tl'rt1+ bet I1J88rlt watch time the bonvwln ; Gecunra Imes of crediror~IN~d,1e for lvllichconlpcm,itint IHiyalslin ihcreafler in foUl WITI ern iINI-111110IT" "I llii E1111C~ dre rl1i1111t,1111( d, R11 Cit ale f1[,t e't;7lli)' I VII, of total borlolving" With the balance dux to rutiUlcled a" to ltlthdr.nv,tl. 1993, nt the ('onlpanys option, ih( lmrresl ❑ltv h9tllul', of long-brat debt dlnrnt', tilt' ft(' on box rulvlnKs is b lsc, nn tl f)r1lilc r le Cilrodol- tlrs cndino 1101011KI iI I9a; lhromh 1989 l fur laic, gr cchilkate of deposit rutc 11181 tevuh xdie,ive ul rcimincl(ia1 I'alrcl borrolllnl!s-;rc' Ing credit a roemetri§ provldc for disc IelkInaty , 11:6`t7 UNI $ll 636 0ML 517 SU 11W lu'1hSbase( Qrl money market rates. file Coll, ,2,9h3 owl, and 51 1'183100 rrvpcctlVCly. potty is requhcd to pay fce; Oil the, unrlsed pni lions of the commitillents 4, Linblllty for Broodcast Program Rights in August 1982, the Company sold Sat) uol)31or) i'aymems. schcdaled undo r mc'.iac'd d onlra(ts In princi 301 amount of UMUCtired 14 3 % notes j due Auguyl 11987.1he notes the redeerltableat for {lrograre 11173lc [)I 18 at [k'c'crnbcr cl- the option of the Company mt lo! W, of their prin. 3L 1988 are S 41 X73 Uc711, $ 18 ,1025S UD, f 59,15 UUU 12.552 iIUU and $29,{)(10. 1 u pe(- i clhal amount plus accrued Interest doling the tivek Inr the years I')8 LWchM `i through 1989. Corll•nn- monde boglnning August 1, 19 t5 and at nlents under executed ci)nuilcts (01 plop di'l 07 1001/0 of their prlnelp<al amount I)ILIS ac(lued Inter I I Its not (Ill Iently aVa lb1C for broadcast are ''t during (Ile twelve monkhs begInnllg August I rgc l}rr l1, 1 cJBd Iii rnems cs 1 1),886 M at Decd n Y i 1986. The ihdenturc doe! not Include n sinklnf' sdteduled for tile, yeauq 198 5 lhrciugh 19Nt) urc HiKU ,pUi'I S 7'124 IJ(10, i futl(I requirement and the restrictions WHIZ n the Sche s,tlOU, iG 2111M Indenture are not signIfIcilnl to lilt, Compally i add 5'3 291iU, IcSpccllvely cements t Cerloln of the company's debt ng t contain, among other nulUcts, rcqulrclrlents as to 2, ; is c t ,i a I 5, stock option and in March 1981, tile Company's shareholders ap- Incentive Compensation Plans proved a Restricted Stock Plan which authorised In March 1983 the Company s shareholders ap- the grant of not more than 100,000 shares of the 1 proved a Lang7erm Incentive plan, Under the company's common stock to officers and key ex- Plan, 280,000 shares of the Company's common ecutives The grants are anode and shares issued stock are reserved for Issuance to employees of without payment of consideration and are subject the Company upon the exercise of stock optlons to restrictions on the sale or pledge of the shares or for payment of performance shal es, options during the restriction period. As of t)eceniber 31, granted under the Plan become exerclsable In 1984, 68 000 shares have been Issued, net of for four equal annual instalments beginning one year feltures, with a lair market value of $2,325,000, subsequent to the grant daps and are granted at Compensation expense is being amortized over r, prices equal to the fair market value of the stock the restriction period and was $417 000. $490,000 on the date of grant, The Company also has out- and $692,000, respectively In 1984, 1983 and ` standing norr qualified options granted wider its 1982, At December 31. 1984 and 1983, 32.000 Substitute Stock Option Ph in. All options expire and 22 2,700 shares of the Companv's common ^ ten years; frorn date of grant. The following Infor• stock were reserved for Insure awards: • I t malion pertains to the Company's stock option plans: b, Shareholders' Equity t rGausriuds Of Dt'llm<I' .1984 1983 1982 , c)pdons ont5lutcring beglnnlnlt 1984 1983 1982 Of year. 82.775 19,632 2(1.14-11 peclnl Preferred stock oplEons gi ,hlcd 45.062 MM - (51 Orlt, Par Valtie) 9 - 5 LtM)II s i rMl) I OUtlom eterckol 11,000) f) 2281 17,3111 O nlonsuncclted 02,1751 (1,9511 Common 5lock ! Comingof Kncd 28,337 28 341 28322 1 ' • erdlonsoulmarldutg end shams lssuec~ Ifor(c gedl ( + - of year.... 114,263 82 775 19"632 under stork rilam 191 Ill to i r oplloas LNerU~ahte erld t;udof pt-riod. 28,328 is3t7 28.341 of year 29903 lu.tol 19,642 AdJIIImmI Fuld to Capital: ' " - 13cgiphlog or Wrlod 61,663 61,957 61 561 i he average price Of optical; ekeflfSCd dill iflg Share, MU1,11 Irarfelt ch +mdcr.wLk plmm, 13161 II8il 469 1984, 1987 and 1982 was $7,33$3.6 1 and $3.85, 01her 43 11, 1j91 iti 1 respectively, 3 ho exercise price of options pill- Ind M Uerirul 61,390 rU br 1 ill 957 + Standing at I)eceinbel 31 , 1984 Willi $3.OO to Itelakwd [ arirhrOs - .111 rtmni of urCed 412:921 441786 28511 $49.63, averaging $40.16 NO Inwnw; 87,292 71 sU 0, Ill 'I hit Compar4y,5 t..otig-le rrn II1CCIll Ve Plan a150 Mvidolifs ou hnnnarn sled 19311) Is 1551 17 Al r) provides for grants of target performance shales NNOC.)lds on'pt(d that Eire cal tied upon aCCOMpIl llill'tlt 01 51)CCIfrCd p olvil l daiak (451 1091 (6ol othu _ 1121 _ performance levels Clllfing the three ye Ifs Sllbse• find or puriod 490,245 11,1321 312 70 qu'nl to each year's ('rarlt, final per orlnilnce lnlearned Coeipeositlon: t shares tire payable hl cash or at the Company's, Beg! 1111w of polud.... 11,223) ..11918,2276) y option 5hares of conitnon stock As of December AWnrds Iimwd1 lorft kud iindu 31,[98,155,660 target )erforrnallcoshareswero restrutedstoskplrp 329 7111 1401)1 i Alrorlbatidb [if u6canlml outstanding under the 1983 and 1'184. Perfo!• coiapt l+~5tlnn - lie[ 417 d4ii u91 ^.14B I1 IL2231 11 911i manse. Share Plans. Compensation expense for l,iul of 1501M] these Plans was $500,000 in 1984 and $366,000 3rensury sto<k In 1983... negirWritg or pcrlod (1,8601 r, The Corn )an had 181,1 42 and 21 3,629 shares Cost of sflmes aupgiCd [4;1891 11 86n1 1 y Cost or shares Isslied _ 887 Nf common stock available for grant of stock op- 1..d of p nuf 15,1621 11 .81,01 lions and payment of performance shales at De- Total Sharehoftlers t:galty 9974,320 $s(lll239 5132.171) cember 31, 1984 and 1981; respectively, n 41 1.26 i r N i I : E } i ptember 1984 the percentage of the COln' fhe rate of return used for determining the ac in Se s {)Anv's Issued and outstanding common stock held ularlal present value of accumulated plan benefits t- b the Company's plinclpal common shareholders is /t484, the Company established a Savings ` Ithe"Cox Family" as defined Ili the Cbtnpany s and I l Investment Plan 1401 •K Planl for ail ellgiblc ` Amended and Restated Articles of incorporation) employees. Under this plats, participants ContiIb- reduced fl om approximately 40.4% to ap- was proximately 39.8%. Accordingly, all voting tights Lite up to five percent of their base salaries and d 31,fi ''1 ' tit::: of the Company s ) .000 shares of $ 1000 par the Compancontributes 5.25 for every dollm, tne> r ;l value, 6% Cumulative special preferred stock held contributed by participants Company contribu 1Ir by the Cox Family were terminated in October tlons charged to operations in 1984 were f. . 1 184, the It eclat preferred shares were ex- $322.000, , changed for 20,7 2 5 shares of the company's corn- H In 1983. the Com oa rk Owest nrc is}SipcPlan ~ tl AYISOPI, men stock which were held hl treasury. 113 1982 file Company established a 'Pax I;eduction during' 1983, the companys Board of Directots authorized the purchase of 3UUA00 shares of t}lu Act Employee Stock Ownership Plan (l RASOP) of i Company's common stock primarily to prevent fectlve ref+oactlvely to January 1. 1981. llli<ler I ' potential dilution from the issuance of shares Un• these plans, the Company is entitled to claim addl• der management compensation plans; At I)ecern clonal tae credits for the amount contributed to a r bcr 31, 1984 and 1983, the Company had 119.575 (nist for the purchase of the Company s stock for 14 and 42,'100 common shares held In treasur y at its eligible employees. cost Dividends on common stock were 5.33 per' N, Income Taxes share in 14811$ 295 per share in 1983, and 5lfiollows Ithousali(k of)dollarsi~s art sumlllarized s,,275(i Gf 1982 Dividends ore specdal )refcrled stock xvePU; $`I r+ pet Share In 1981 all(j $00 pel 1984 1983 1987 sliareIn 1983WId 1982, Ulrrenl 533.13, :t1Ir171 521 the Coutparly Is authorized to Issue 1,OD0000 rain r,J ti1alc 9.79q 11 )I) 7 trr V89 I 811a~e50f,l par 1a1l3C lTrefCPl'ed tilUCkrrlU 5ilate5 m.smw,t w% c rudi, 1175511 111 10011 JIM 715t O of tills cias' havC beWi Issued.'I Ile Coalpally IS Inc it(WIehl 70.7'19 l0 3LI 1I MIR i` nulhorlaecf to l_SUe'10 0Ur).0(lil shares of its $ 1 n(htlad 378x3 I "7°, M pair value co)m1nOn stucit cJcidl 2,9,8_0 1P 11,581 Sralc local delcrr„ d 39 089 12 11 1 Ill `0 $15 trio 7. pEnslon and Employee 13eneflt Plans Income tai prof la{un 569 868 > 18 610 - I The Company has al norrconiributory Pension plan which covers substantially all of Its employ- Components of tile delct red plovisiorts are Wi ees Current and prior service costs accrued um (allows {thousands a( dollars) der (lie plan are fully funded and include amortl 1984 19e3 Sea zation of prior service cost prlinarlly over 'W years. Pension expense A%,as $3,821000 ,for 1984.. Aitelcreted do rralatlull, $26161 $21 1191, $16.860 l Copit.1fled Doom t bid r e119 S 179 $3,339,000 for 1983 and $3,399 o00 for 1982, and w Iror1ef11 tu5rare,5 1,718 7 1x9 7 732 i rr nGlUdednmortlzatlbtt Of prlbr SerVee cost of ftcdnalfun of 1ri~ Irtslc Of 11;504 7,904 3.87', $877,000, $733,(100 and $864 O.0 respcctlvcly: oihel net 3492 n u~»1 a 21M l rite follotving data is provided ors of the plan's will. -In1.r1 . $39OA9 sir 1nl ,art 9ir+ cation date; of IanUnry I of each year (thousands Incvmr-lax expense colnpuled using the Unill of clallnrsl. 1984 1983 Slates federal statutory late Is reconciled to flee + t (AUU eh resent vllue Of 7 occo,j)JIled Aw buncfil5 z) 821,637 517 675 N 1 eatur 7,4ryd 2I18 ou ve5trd Mal _ 524,041 519.761 1 I I Net asaols waIlw)le for plan bencllla $38.779 5`1n 8I's r 1 t i 27 r t t. r r t l J F 1 reported Income lax provisions as follows IthOU- M111111111111 lease payments under noticancellable sands of dollars): operating leases include payments for (lie Corn pa- 1084 1783 1982 ny's corporate headquarters bu11da3 The build O' } Coat muted tat etpen,c. 121 ing is being leased over nn initial terns of 25 years fc Jcral sr uutory rat( ml with optlons for six additlonal terms of five years ia(ol nC before Income luau $70,454 5'ga227 SIf,271 each, Anrltlnl lease 1)11}rnlenlb of $1,3(10,000 bvpn "tdtu II11:01ne 1'1x(5 Inet of ruderal lac beoeIRI 6,688 -6 1:0 S 1119 In 19M and Inctease to $3,283,000 111 1988, to V, I csun9nultaelr"s 112,5$11 tla mnr Iry 711( $3,884,000 In 1993 and to $5,183.000 In 1998, ReArction of tat basis of uscelc 2,904 1 N7e aIi'ill mini (1 ,3991 2,1 if 111 Rental expense is being recognQed tinder an tin f'* 12281 821 1 (r1 nutty concepl whereby effect Is given to the Intel- Nellie Iflt prolklan 865868 s is ('m 0" im, e51 component Implicit In the lease..~l71is method n - Iestlfts In an aggregate minllal expense rarl irl Tax credits for the Company's PAYSOP were e g g hem $2,322000to $,1440,000. I $407,000111 1984 and $400,000 111 1 9k43, lax crud- 'total rental expense was $19,742,000111 1984 t, Its for the Company's TRASOP ever e $2,848,000 in $15 748.000 Ill 1983 and $12 12,018,000 In 1932. ' 1982 for the 1981 and 1982 conirlbutfons, The At December 3f. 1934, the Company had out- M' coptributlons were recorded os compensatlon eN- standing x1rchase commitments, for cidditions to pellse, resulting In no effect on net Income, plant an(I equipment totaling opproxImatefy During 1983 and 1932, life Company purchased $25,830000 and hart remaining Colnmliments of i ce1taln tax beneffts allowed by the safe harbor approxfmatefy $119,900000 to develop cable leasing provlsfons of the i:cmionlic Recovery lax televisidn systems for hanchlses that have beer i Act of 198i, The Company acquired the tax bone- awarded and to rebuild certalll existing systems C' fits related to prof roily with a fudurfl Income tax I he Company has agreements with the minority cost basis of $7.671,000 In 1983 and $16 040,000 shmelloldurs of cer lain <alilc television subsuii- In 1982 (of cash of $99n,000 and 52,887.(1170, re' arses Milch may requlle the purclimu of the out- spectlvely, standing minority interests .1mille 19F45 and fatal c 1 Afire rcumt has been Iuadied with the internal veins. -rho purchases can be rcquhetf dullntt CI+ Revenue Survlce on subst ntially oil assessments ods gen stilly beginning five tars after the ploposird for the Company's Cotlsolido d iewrrl rc laird <ahlu television systuns sire cries t;ImF1. scars throligh 1 980 c xcc p( fol plopw d as,<as' 1110 ultimntc pulchasc prices Will dcnchd upon meats for additional laxes refaung pHncllmlly to dl'allowance of dedtmlgrislor arnorilrltton of future t?vents Including 1 estilt+ of operathins and { n syt the nmher of sltlstnbers certain i i rem sulbscl Iberltses and cohie television I he Company tvus guarantor of borrowfngLs . g- IrEm lses. Management 15 of the oplillon that the (urgMing $5,2(11.0 00 of unconsolidated Investcc, sc ttleinent of all pfoposed assessroonts will not at Dccehlbel 31, 1934, h ll^ a materal effect off the consoidaled flnan• F dal staturnenls I he Ccnnpany and a publishing gd>sidial y (sold In 1(On Wcle 1,1121CII& nis In n private antihvst suit I which wns settled In May 1984 without any male. s 9, Commitments and Contingencies I sal liability on the port of tile Company. Minhnum kgal5e INlymcnts under noncancellabie f he Company and certalnof It. subsIdlal les are operating leases, and Inider capital leases Ell c, defencfinits In othc pending or thlcate lied legal s lminarized av follows Ithousands of dollars)! plocucdings No tnatedal Iflbllllles or losses arc r l Cilpltal oper,u,;x expected to ailsu therefrom: 17Ni 5 7i3 5'.724 r' f7NH (117 /221 1987 2,1) 6L 310 I9A8 , . 86 6 3118 1,189 73 6 7113 } After 1989 G2d ~l l 70 11 F[ Mal 52.177 5130.171 aR y fir" i i R AUDITOW-01PINION F 10. Detail of Certain Financial 08101tte Statement Items [ I, rrotlsur~ir „j 1,,~AniSt Haskins + Sells 1 { 1984 1983 ` 3i ~ Accounlc n ,Wc, i ( irndc 1 )S22 045 $21,516 5` + ) 14251 IS 172 , Oilier 100 I eaChtre„ c.:inut z ij toil 636,296 si68b14 Atlanta: Georgia 30303 t k ' koued lhbletlas 01 ' snlarits $ 5,769 5 1 171 iras othu lh,n G•(icrii anti _ CU\. C6niri)tU11CatlOn5, 111. +r,ic In owe t rtt4 10,099 N 12~ : Its Directors and Shir(,Ii' ICfS, - I lecChllve cornnellUtlnh 3 366 t 177 c i~ " 4. 6rlcrest oelmr 6336 1'.16 We hive exatllaed tilt, consolidatecl balance 16,549 21 mi toilet sheets of Cox Communicatlolls, Inc. and sub- 511288 i~ sldlarles as of bcccmbef' 31, 1984 rind 1983 ~iid u. f I. Financial Information by Segment the related colsolidatecl stnternelits of income I file COrnpany's flnancleil data by st,vment foe and chralges In finrlncirll positlou for each of tile, it 1984, 19,43, and 1982 Is presented can mage 33 three years Ili the perincl ended December 31, 198 t; The I:ornl,any operates plNnarlly In the bload• Our ex ,1111 lnatlons Nett, uladcl In accordance t c' casthtg and cable televislon bushx7sses 13toadcast• lvlih gerl0rallY OCCepted uucUWg standards and, t trig revenues qre prlncip lly FrOifi tilt, sale of tole acco dincly Included such tests Of,(Ile accounting v151011 and radlo time to advertisers. I3roadcasting records and such olhet audlUnq procedure3 as ive also IMILICIes 0 `television national sales Icpresent- consideled necessary Ili the circtlnislances. ' ntive firlil which sells time for national spot <ailvCr• in otti oplnlon. Stich corlsoiidatcd financial stair Using. Cable televisloo revenues Will esenl fees nlents present friirly 010 financial posltfon of Cox char Kel l for inelvlding cable progi-weiming to suh• Coi7imunic ati ens Inc and subsidiaries at Decem• scrfbcl<t Autornobffe auction Ievenues ill eprind- Iles' II 198.1 rllid 1983 iirtd the resull'9Of Ihrirup E pally (rum servlct- Ives charged for IIIoliciing Licili ewilons and the chilni't in tilt Is financ 1,11 pci;j I# If" Gild services tfuoul;h which autnmol?IIe Irtt,iitr fur e(ic h ell tile' ihlec. yeti's in the puled ended , facuirls, new aitd used car dealers. and rewill I)0ccrnbrl 31. i'1,4 1 in c'onfoltrill y 14ith generally " and leirsiog c ompariles call buy an.I sell used ailo• accepted at'ciuulting lit Iti1.Iplcsapplied on 0 (Qn- mobiles lie order to manage their rrivenlodcs. ~istunt basis- Other _Opcirllfolls COnsr•t of 1110 C01111any , I110(kin bmill o plcsduclial and 1'iallo common <arv'ier btisin eS,es. J 0 l 1 . January 31, 198'3 t 1 , f t Ff t 5.. r I Vii, i T M, WHOM 19 f: w's r ill accordance with Ilse Statement of Financial general lnflatloh are reflected in the 'rive Year I' Accounting 5tattdards No 33, "Flnaltclal Repot t• Comparison of Selected Supplementai Finaiiclal Ing and Changing hrlces" ; ISMS 331, as ante tded l>ata ' ity restating 1110 Selected current cost Information by Statement of Financial Accounting St Indards and other Information for each year Into dollars No 82, the Company Provides the Information having equal purrhasing (Sower. The U,S, Cone ~ r below as an estimate of the effect of Inflation on sinner price Index was u sed to restate such fnfor• its operations. SFAS 33 requires the sttppfeinell- rnatlolt into average 1984 was III dollars: t Lary disclosures to reflect (lie hnpttct of both Net incomeunder the current cost method for specific price changes ("current cost" I and general Inff 19(3 l is l ower than computed under historical atlon on business enterprises, The develo . '.r "lent of the data involves the use of numerous es- measurements as a result of additional deptecia• tlmates and assumptions which cram differ from Lion expense on current cost plant and equipment i Values. D expense d , those used by other companies. The resulting in- cost method isfcofmputed usingrtilersahne rntint formation should be viewed only as an approal' and rates as used on a historfcr,l cost balls, in { mtttion and not as a precise measure of the effects come tax expense has not been adjusted from the of changing prices amount reported fn the primary financial state- The current cost approach measures the effects menu as presefiLtax laws do not aifow deductions { s 1 of changes in prices of the specific resources used for the effects of fhflatlonr f ?evens and nli other In the Company's businesses Current cost values e, ;wf. L for the Company s plant and equipment were xl>enses are considered reflect the average r developed by reference to external price indices Price levels for the ycm ancf accordingly have riot been changed. closely related to the assets being vahtad recent vendor prices; and/or appraisals. 'rho effects of If1e gain hom the <feClftte In purchasing power of net rnonetary liabllltlua In 198,1 %vas computed r Mt MINIM c I. e I' Summary of income Adlusted for Changing Prices 1Ik0115ftf rt; tit 0olhirs.','irepl plr brifr8 da&fl for Inc Year tnded ,1 a ror t I. 1481 IIIcost ical Current Cost t712 4:+ ti 11115; Oim J fir111 ~c lUng, iw"l ral lrkI IklmI l l S lr rNIl t1 frn, 1,L Ugvva Inuit of pl,m anti vgJn,nlull t 7 ,4r t i IS M0 f Aairn Unu of 1 21 Inlanyfblcl - 1, 4 Inlvu'stenllIII11Vtelpcnsr~ nc1 if. f. Nrj 6.111 Inc lnm lriwtl ,I'i MAth! C' 61 fK!N ,B G; rIN - ,i. iUy n5! IST NO Irt(umv NO IIII0111W t)1'i la41n➢Ill dlaw - loon fJnm decl 1I111 nucha9inlr l row yr Ill net l n unvUiiy NJI I llrt It s... - nv,rcatid In (IIIwill lutt r417el Ift pl is C9l nr net plant ni d f'.9t1 jj ufuifunr.nl nt year cnl ~:T, I Ifilo of fntlease hl gotlo9i IIIkv tl lvl 5 i 9 17 nccrcase to gnlcnl co,l cnmwi,%ula 1[envrnl 10 t'r7 plnvr hFnIQ09 - - t' t! U'J:f l tufrull roll of 110 WOW and 1v111plncnl it tear vnd $ t r r a J 30 , . r. : f 1 1 e• •D by restating In average 1984 dollars the monetary pared with 1983 adjusted to average 14811 dollars, I assess held and Habllltlcs owed by the company ncaslurcmentsh Fllotvevero Yrte evenue groivlhtIn a vler-n, Ait during the year, Tile Company s excess f net a~e 19811 dollars exceeded the rate of Inflation for i monetary Ilablhties results in. gain of purchasing all presented clue prlrlclpally to the Conpsa over because dollars having a lesser value Will Il , s acqears ulsllion and expansion programs, wen be used to repay the obligatldns 1-111% Is an ull ) realized r;aln to the Company anti therefore Is not With the adjustments fn dividends of equal arc- as Included in the adluseed Isact Inc ilareholderslcegultyl ls' ho nldeOrs as l 11 as the tnalket pis e to of tshetCompa filet asst year s stock have remained ahead of the rate of s the historical accumidatlOn of transactions to In flation Over the last five years. corded inilollars of varying purchasing power. Alihottgh the Company believes this sul plemen The adjustment for spechtc price changes In- tail data coniplles with tite Intent of SFAS 33 the creased 1984 share}folders' cgttlty to Conl ran has not concluded that this inlonnatlon r 8670,836000 from $574.320 000 as reported in represents the true impact of Inflation on Its bust- ; the historical financial statements, the iidlusuncnt a # to net assets for specific price hrereases does not net e {'a Etii mbl ri3lof subj ocdve JuInformation re. dgements and as y .IY R represent additional value of tile Company not' sumptions as well as the use of various rst'maling 0 additional funds for distribution techniques. 'Thcrefoi e the Company ur es that The restatement of 11151.01 ical revenues to g amounts expressctl in average 1984 dollars indl , use of tills sup rlementaf data be iunlled to the hl ilotlYth. of 11 e do11a~ F010 or belweell the I) ~inds when}assclsslint; Ithe Impact cote a slower e rate f leg nue erosion thI t a of chanl,lrng prices on the Company ' 1984,.17e1. YCVe17t1eS Infre815CC1 6 /c. N hen COlll•. _.I , n ' f. rive-Year Cotnparlson of Selected Supplemental Financlai Data- Adjusted for Effects of Changing tutees IAlrldgC I984 1f0II11YS M IG0w(III11S IUenl lk'Y iGdlP if llrq 1981 1980 1984 1987 1982 or the Year rnrled occembor Al k Hl9rorl[hl hdonn Hlon $TU ,855 lui 1)7 d' - '•)t11 Dj 111 1111 1n I;N qq rrPln4nn 87.792 Nit t Iitl Olnl`(lnn, r(1111111,IItV [I)Cw[[,rlc q } IaUlnle born L01011ni111 11 rarttms rl c1 rli yl 77 5309 ISZ H, '11{n11 rN Ili. E Q pry totnnran 'tlJrc - 574.330 ,t n 1IR Ncl W At )eat elul I Current C 191. hdurnuttlon: 51N•1 I') $747859 5611 24a y,51 X11, 1c,n.R11 51 "I6 Net re9cnue9 - 85 698. 79 W11 r,i ust t yn1 1 Imm,H• Irnm wnllnuinl4 or •I dlonti l IruUPoe loon wntinnlny q)cral unc 53,U3 $2.'i') <117 Y2 Ui 51')9 i l ; )Cr uinnnun Shard' oiR.7~1", U#! 7 W , 411 (It'll "I i7 151 67tl,e56 j Net assi lv -1111231 evil 0 hu'l en3dldntrtadn in lnrt l'nl snit chpr'!:°~ 1 AR 71.1 1 ; y17:: 16.It11 t-. 132,ti9A1 hi la Vl j. p~e1 Itllrt tcC Us uCO. hd Pn : l1)angpc other Information , If unrcaliml gain troll clecllac In $ 15932 5 I1 ( 70 el 'r 7 U 5 I 1 37 i 5 Id R )It. "f.` puruhn ring pa)5el pl net n,onelnry Ilabilltlt9 . , - gash ulvnlends dechired per wrnrnon sh rre $,73. 5.29; 115e 276+ r ! 1I'I } Ai rclnulell 5.3989 i. Mr,7 t la i9 s l9lln 5 28R1 n AyelaBP 1991 dult'nc l E7 ti1r sir rake 1)er (C)FIJ non share ut yc,u end 549.375 51'.1 3 $ 41 1 r Sr6 nn 5)7 775 A9iI.T011 i 548.69 31148. 51519 c1970 5121, InuVCtit gcf9Rldoll r••. - 3iI I 1.184 784!2'I! I 1H,8 I r AYertlBr an,c,lnu nl4c End,•9 - h j 11 { I 1 1 M _ <V G` -ION rl ITAnlrvrlldsnfUolGns, First Second Third Fourth etapl iwi s!!o!r nnrwoilil Quarter Quarter Quarter Auarter 1984 NCtRevenues, $160,255 $193,711 $ 186,488 $202,401 Operating Income 31,718 50328 '39,653 47,946 Net Income 16,225 23.781 18:879 28,407 Net Income het conll11ol1. SlIjIl e $.57 $.8 '1 $,67 $ 1 ,{7.111 ) , Cash DIvIdends Declared. $.075 fi.085 $.085 $.085 ' •x Common Stock P'rices' ka , High. $47.75 $52.88 $511:63 $51.88 3 Low.. $39.13 $43 25 S44.50 $1151.25 t r 1983 Net Revenues. $1.33,654 $172,031 Ir r $1 57,113 tS $1 5U 901) Operating Income 26.729 10,450 32 5]o it 1,387 w Net Income . , , . 13,1156 21:120 17.107 2S 367 t' Net Income llk~r Coriunon 5ha e 5.47 $ 76 $.62 $.90(1) Cash Dividends Duclared $.07 5,075 S.075 $,05 Ir s C.ommolrstuck I'rrces N a lilgh 552.50 $55,25 $51,5() $48.38 Low... a r $,10,7) $44.50 8~1.1,5q $,10.50 j 1 I t liuludr C nf! Rwl~reuu Hlkl duilh o1 1", ,Uli! S !0 jhv ,&dn~rrr Irrhl inn? 1981 rpy,iiliri hr. , r I r I r : 1 1 w: ~ xl 32 rE „ tar r 51 i ~ a y F i ' For the Year Ended December 31 _ 1.984 1983 1982 1981 1980 € ; I7lrnrrsr~rrrls o1 Uolfrrrsl 1 i Broadcasting Net Revenues.; $ 279,096 5231 457 $216,085 $181664 $155,140 Expenses 161,055 135,462 130.993 108.871 92,631 Depreciation and Amortization 10,819 8:870 9 06 3 6228 5,008 f r Operating Income, $ 107,222 $ 87.123 $ 76,029 $ 66,562 $ 57;501 + Cable Television Net Revenues:. $ 405,099 5337,421 5261,525 $188,492 $125:888 Expenses , 271,442 226.000 177,730 125,529 81:602 j Depreclation and Amortization 79,049 65:075 10.1 1 1 32,443 22!446 r Operating income. $ 54,608 , $ 45;446 $ 37 684 $ 30 520 $ 21,840 i Automobile Auctions Net Rev- Hues, $ 53,170 $ 44,103 S 31,986 5 30886 $ 25,769 tD Expenses 33,153 25.576 0.480 17,007 111905 Depreciation and Amortization, , 2,102 1522 1145 1.054 1 154) Operating income.:. . . , $ 18,0(5 $ 17,005 1,3361 $ 12.735 $ 4,705 Other Operations Net Revenues; $ 5,390 9 1,042 $ 3.150 $ 2.455 $ 2.435 Expenses 5,249 1431 3,094 1.524 2,102 s Depreciation and Amortization 834 - - Operating Income.... , $ (693} 5 211 $ 56 $ 1691 $ 333 Income Before Income Taxes t)Iv151on~d Operating Income. $ 179,152 9140),787 $127.130 $109,748 $ 89 379 Corporate Expenses. , 9,507 8,705 8,955 1840 1006 Operating Income.. : 169,645 141:082 118A 75 10,1.()08 85,373 ,I' 3 Ir. 1.2 117,ti 12,1 L s 'r - Intei'cst LYlreri,c , : , , . , 29,486 r 68 2,920 , ,16 17 Other Income ik rpcrrtie} Net 13,001 2,920 t I r8 1 L t0jjSQll(late(i $ 153,160 $126,58r) S10061) 7 S 93,ri48 5 $1033 IdeatiflabW Assets Broadcasting. S 317,031 $216,`163 $21 3.861 9179 529 $164,407 Cable Is.4t.051on 677,371 033,044 5.1 391,125 252,,190 Automobile Auctions 47,384 42,050 34,552 251,590 :'3,871 OtherOpcrallons 231189 1.888 2217 3,214 011313 i Corporate.... 25,742 26;1 18 3.359 4,814 i ',A 3 9 Consolidated , $1,110,717 5940.263 $800,14(1 $604,372 51Il1 345 Additions to Plant and, Equipment J Broadcasting. $ 8,887 S 13,457 $ 13,439 $ 11,503 $ 11.8%1 1 Cable Television . , 115,286 158,358 715 095 141476 76,627 Automobile Mu.t ms 4,896 2:628 6,421 1.289 3.023 Other Operallon 6,460 _ - 1 Corporate. 2,060 3;4()0 3,949 7811 165 ! 1 Consolidated , . S 137,589 $178,13,13 $238,90,1 $1155.051 S rj"~,67G Srr Nole I 110 far m rif sr,rlrnoits ff r ~ i y j 33 '10NEIAR SUMMARY {Dollars !u Yflmrsrtrok, eurpl hrr share rrnrdiurlsl For the Year Ended December` 31 1984 1983 1982 Net Revenues , , . $ 742,855 $6111.623 $514,746 ; ODerating Income . , . 169,645 1,1l 082 1181175 1113 I[Wresl Fxponse 29,486 17,422 12,783 Income Taxes . , 65,868 48,630 35,18!• Minorlty Interest In Earnings of Cox Cable . -.q Income From Continuing Operations ~F Before Extraordinary Item and r Cumulative Effect of Accounting Change , 87,292 77,950 65,421 Discontinued Publishing Operations . . rs sri ti Extraordinary Item, . ; , . . Cumulative Effect of Change In • ` f~ t u~; Accounting Method Net Income 87,292 77,950 65,421 Income Par Common S}tare From ' Continuing Operations Before r Cxtraordlnary Item and Cumulative Effect of ACCOUnting Change.. , , . $3,09 $2.75 $2,31 Net Income Per Common Share S109 $2.75 $2,31 Dividends Declared Per Common Share . 5.33 $,295 $.2756 .r { At December 31 ['lint and Equipment - Net $ 692,192 $639,265 $5,14.179 FF i Total Assets , 1,110,717 940,263 800,146 r Long-1brm Debt.... 181,380 181.874 187,963 Shareholders' Equity; 574,320 5000238 432,170 Adthtlons to Planta "qulpment 137,589 178,843 238,9011 G Common Shares Outstanding (000'5) 28,209 28,295 28,341 1; Stock Price Range: a # High . $54,63 $55.25 $48,00 Low , . , , , $39.13 $40.50 $23,88 Selected Flnanclal Statlrtlcs G Book Value Per Common Share.... $20,36 $17.64 $15,21 0}}1erathtig Income Margin 22,8% 23.0% 23.0% Effective'1ax Rate.... 43,0% 38,4516 { Return on Average Equity . . , 16,4% 1G,8'/" 16:3%•' nnGt Gds GrFn ii(Nolett lur or lie-ia o,„ swrt, yi s lit 1981 and [9ho. 1 rt s r,is I ' 1 ' I l I I j 1 ~ i , pm i 1975 1980_ 1979 1978 1977 1976 1981 [ 497 $309 23x $248,812 $207,210 $16561 5150;442 $124,062 $403 S G8,3G3 5Y.,5581 4G 154 33,765 104,908 85,373 77 044 1,420 4,645 4,283 5093 5 767 12,145 6,957 31,326 23,324 2L85215,766 38,358 36,555 33.674 1,429 1,629 1248 `r. 2,040 22,470 19199 I3,8G3 55490 4G 478 31 991 3 1,807 1,219 560 441 9,921 1,791 f 1,977 u r 1;767 7.5,456 19,759 14,304 43.767 33.847 et 55490 56,399 zf~ 3'11. i4r7, ry $,82 5,59 191 $2.04 51.7 ! $1 ,48 $1.20 $1 03 $.84 $,61 $ t $2,04 $2.09 $ I .G .1688 5 15 5.125 $.1031 $,2563 $.2313 $,1938 $ 76,125 $754082 $229,181 51(10.85'3 $1 11,176 5 4,61 $232,598 210,877 604,372 461,315 379,091 123,170008 2884;4461 57,2,10 59,807 i 69,1151 ti5 100,216 75,768 51 ,665 r9.08G 164,375 121,631 104 452 , 373,913 285.495 234 924 195 038 „ 16,097 + 21.658 8,792 15505 f 95 G7G 59,527 33.763 28,322 27.030 26,967 26,737 26,472 23,51)0 23 429 a ' I 539.!3 0.6 3 $16,10 $13 75 $$800 $6.18 $6.88 $2,58 $27.13 $13.17 S10.52 $8,67 $7,26 36. .1° 3U,7 Gt 27,2% a ° 2716% 31.0o 33 0°,(, 51,1 26.0% ° % 49.4°io '19A% s 1 .2% ° 44.U XI 45 7 4019% 17.8`% n 1 17:5% 14,6,n Z4,7°~ 20496 18 8`% ,I 1 t ( A~ 1 6 t ' t r Barbara Cox Anthony John R. Dillon John H Magoon, Jr w' Director VlcePresldent-Fhtance Chaltman of the Board Cox Enterprises, Inc and Chief Executive Officer, (newsII per esIn , ) James C, Kennedyy I g President and nubiisher, Hawaiian Aldirtes Inc Garner Anthony Grand lunctlon peter A, Magowan ChaltMAh of the Hoard, Newspapers Inc. Chairman of the Board Cox Enterprises Inc. William R Kimball and Chief Executive Officer Anne Cox Chambers Owner Safeway Stores Inc. M Director. Kimball & Company William A Schwartz CoxF.rtterprises,Inc, (diversifiedoperitions President and Thomas ('r. Cordy and Investments) Chief Executive Officer fl Owner, Ben P, Love Edward R. Telling AMC Mechanical Chairman of the Board Chairman of the Board Contractors, Inc and Chief Executive Officer,: and Chief Executive officer. (contract installation, Texas Commerce Sears, Roebuck t Co, i commercial and Industrial Boncsliares. Inc. servicus) Executive Comtrlunlty Relations Compensation ~ Garner Anthony, chairman and Personnel Ben K Love, chairman Ben F. Love Thomas O Cordy, chairman Thomas 0 Cordy William A. Schwartz Anne Cox Chambers William R. Kimball Edward R. Telling Witham A. Schwartz Audit Walter C. Liss, Jr. I a IVllllnm It Kimball, chairman David R, Van Valkenburg? Thomaso, Cordyy ,management representative James C: Kennedy John II. Magoon, Jr. William A, Schwartz John 0, Boyette, Prosldegtend Treasurer Chief Executive Officer Jimmy W Hayes John R, Dillon Controller Vice Pro sldenl•Cina five Lynda J. Stewart ~ Timothy W, Hughes Asslstant Sccretar snd Vice President. Director of Communications Imniin Resources Raymond J. ihektr Vice President anti { Secretary . y.~ M prepnrlnq for n meetlnit nescarehing a tax quesdon trlnnagingg the Company's a. cash poslttan 3G M N i Walter C Liss, Jr, Patrick I, limiter John D, Furman, Jr, President Vice President-Marketing Director of Broadcast Michael S. Klevtnan John Rouse,lr, Standards Senior Executive Vice Presideo Controller Thomas E. McClendon Vice Presldent John E, Swanson Director of Research Stanley G, Mouse' Vice Pieslcl, int•Cngineerfng Senior Vice President TE'Ll-WISION GENERAL MANAGERS Andrew S, Fisher Stanley G, Mouse Gregory J, Stone Vice President- Acting General Manager Vice President- General Manager KTVU [Channel 2 General Manager WsB-TV(Channel ').,ABC) Independent) WSOC•TV(Channel9 ABC[ Atlanta Georgia San Franrfsco•oakland. Charlotte North Carolina ' Jahn A, Howell, III Caiiforpla William L Viands, lr; Vice President- Cornelius Pugh In Vice President- General Manager Vice President Grncrol Manager WPXI(Channel 11,NBCl StatlonManager KDNI,fChamtiel30 Pittiburgh, Pennsylvania WH10-TV (Channel 7 C851 Independent) Dayton, Ohio 5t, Louis, Missouri George H Williams - y Vice President General Manager WKBD IChannel 50. Independent) Uetrolt Michigan RAwoGIONERAL MANAGERS Donald 0 Dalton Michael I Faherty J, Lee Morris Vice President- Vice President- Vice President- General Manager General Manager General Manager KFIJKC)S'r(f MI WSBAVSB-VM WSOCIWSOC•FM Soletting U,SCiigraand Los Angeles, _afifornla Atlanta Georgia Charlotte North Carolina ,nrislt for a ratilo Joel B, Day Donald L. Kidwell William k. rhippen proviotlou Vice President- Vice President- Vice Preslclent- General Manager Generel Manager General Manager %V16b/WAIA(fM) WHIOIWJIlO•FM \vzoo(rM) MlamL Florida Dayton, Ohlo phliadelphla, - Marc W. Morgan Pennsylvaala Vice President' y Oaneral Manager 1VAG0(FMI Chicago, Illinois t nllting a natiennl r event r letevlslon sales representatlon muting + %YVShUigtan, U.C Andrew M Cossells } tl J Bureau Chief t a2 New York, New York Philbin Flanagan Alfred M. Mmiril Vice President- Piesldent General Manager Television Programming Enterprises ` ? 1 Steven Verson a Vice presldent 01rectorof arieratlons I J 31 I I I 9 A I i 1 J 1 David R. Van Valkenburg Robert C. O'Leary Alit M, Dalvl [)resident Senior Vice President Vice President. Hoince Marketing Planing O, Lewis Davenport & Development Senior Vice President. James O, Robbins Operations Senior Vice President, L; Roy Prater II Operations Vice President Arthur A. Dwyer Management Info°nnatlon Senior Vice President William 1, Splesel Systems operations-Marketing Senlor Vice President and Programming I Iuman Resources Merritt S, (lose, Jr, Barry R. Elson President, Vic e R, Bennett Vice Advertising President Sales Senior Vice ce Vice President. Operations FInancial Management W Mark Sturm Geoffrey W. Oates & Administration Vice President. r' Sttalegir Planning s senlor Vice President, Bruce N. Burnham I Engineering and'I'echn01 09y Vice President. James A Hatcher Wayne D Knighton Market Development secretarylCorporate Legal Counsel Senior Vice President, Richard N, Clevenger ` Operations Vice Prestdent Jullut M, Using PL Eagineering Controller , i ON CABLE 1'UI1IA,GMr4,, INt Norwalk Connecticut Paul R, Waring Peter Funt President Publisher POW roductlon work an l r a cable pragrum re rA V, Franklin R, Bowers Vice Prestdent is LOUlsiwnaOperallons Aa 4 Meialrle. Loulsldna Arthur), Gregg i General Manager New Orleans, Louisiana Ronald A, Hammoker General Manager cleveiand Ohio I, Curt Hoekemeler General Manager 1 ' Oklahoma City, Oklahoma Gary A. Hokenson General Manager lack B, Matthews Santa Barbara California General Manager ~ Richard A, Hook Staten Island New York . - General Manager Robert 0, McRann Mapping cablo service Otiint clues, illinois Vice President G r.xpnnvlon tyavldE Jenkins CleneralManager r Central Regional Manager San Diego. California Port Wayne Indiana Warren L. Mobley, Jr, Kevin 0. Kidd General Manager General Manager Spokane Wasiingtoir r lefforson Parish, Loulslana Donald V. Pascarella Larry R Lewis Vice President G General Manager Vice President 0 Ornoha Nebraska i, Gilbert VArela Sotdhoost Regional Manager General Manager Pensacola, Florida Roger M. Pierce meson, Arltontr General Manager ndowater, Vlrgirlo David M. Woonal Western Manager Vancouver; Washington +i ~A n Paid Number of Basic Program Pay System Locations Subscribers Subscriptions Services Sari Dlego, California........... , 253,142 198,799 6 Norfolk, Portsmouth and Virginia Beach, Vlrgtnla 1 11,586 146,153 5 Jefferson Parish, Louisiana 93,x1' 131,615 5 New Orleans; Louisiana, 73436 148,537 7 t Omaha, Nebraska ()7.110 88,256 9 Oklahoma City, Oklahoma 61.079 93,183 5 Santa Barbara, California 60,089 33.712 7 Spokane Washington . s 50,662 '0,174 5 Davenport Iowa Mollne IIIlnois.... 48,960 ''16.213 4 r? Tucson, Arizona . , , , 4.482 85,067 9 Cleveland Ohio.: , , 44,945 58.101 5 Pensacola, Florida 42,107 44,983 ' 4 Hartford, Coonectlcut . , 10,018 34.559 7 Roanoke, Virgg"Inla 36,758 30,702 5 Gainesville, Florida . , , . 35;275 21,227 = 1 Macon, Georgia. 34, 1 19 25,675 5 Cedar Rapids, Iowa. 31,877 26,953 11 Fort Wayne, Indiana' . , 30.318 29,091 4 t Lubbock texas 28,2'0 22,746 3 Vancouver. Washington 26,716 37,746 7 f So lnaw, Michigan 25.921 20,266 6 ? Ba orsfield, Ca Ifornla 21,620 1 1,63,1 5 Ocala, Flarlda 20,018 12,183 4 Cranston1johnston Rhode Island 19;896 19,594 6 Eureka, California , 18,371 10.162 11 Tesrhig a cable signal Burlington, Vermont . , 17,415 10J39 2 Warner Robins, Georgia . , , , 15,932 14.33, 5 Astor In/Seaside, Oregon; Long Beach; Washln ton 13,221 3,509 3 North Adams, Massac iuselta 12;89 6,264 3 Perul%Vabash; Indlnna , . 11:869 51874 3 Yakima, Washington, . 11,81 9 9,749 4 Aberdeen, Washington , 11}925 51017 5 Myrtle Beach, South Carolina 10;904 6,122 3 Donton.'fexas 10.1,13 12,491 5 1 Rutland, Vermont 9,845 3,706 2 SobrInglAvon 17ark, Florlua 9.147 2,13(s 3 Columbus Indiana 8,611 6,534 1 y Great Neck, New York.. 8,116 16,892 9 All Portervilie California 8,030 4.423 5 a Michigan City. IndIhna............ 7,727 9,451 5 Lewistown PennsyMnla 1.567 2,199 3 Jacksonville Beaches, Florlda 6:442 7,392 G Saranac 1-tike/Lake Placid! topper Lake, New York 6,386 2.820 3 T he Dulles, Oregon 5;688 2,217 3 Lock Haven Pennsylvanla 9;221 1,757 3 Park Forest Illinois 4,933 7,844 6 Montpelier, Vermont 4.850 1,544 l Owosso Michigan... 41501 2.303 3 Tyrone, PeonsIvan1 3,1 I4 929 3 Staten Island, Ic%V York (tinder dove opment) Marketing cable sbrvlcns TOW . . . . . . . . 1,538,01_ _9 1,996,997 'Sold January 1985 "E4rludri Tier Uniis of 252,707, 39 1 1 1 k. r i RIVISION Warren V. Young Walter P. Bodine, Jr, Richard h beckard President Vice President Vice President. barryll M, Ceccoll Administratlon Drta Processing Vice President, Robert F., Gartin Robert J. Wholehan Operations Vice president, National Accounts Manager Controller Thomas A, Bishop Joseph C. Greco James E. Orr 5outhwestAuto Auction FlorldaAuto Auction ` Kansas City Auto Auction Phoenix, Al of Orlando Kansas Cliy, Missouri Jack G, Charlesworth Orlando. rlorida Albert J, Slndonl Atlanta Auto Auction Rodney J Hacker National Auto Dealers Atlanta, Georgw Fresno Auto Dealers Auction Exchange Robert E. Edwards i'resno, Califerrua 13Drdentown New lersey Fredericksburg AutoAuction David A; Harrison Michael 1),, Slay Fredericksburg Virginia California Auto Dealers High Point Auto Auction W, Thomas Enoohs Exchange I High Point. North Carolina Big H Auld Auction Anaheim',: California' Martin J. Start }Houston. 'Iexas RuthHart•Stephens Manhelm Auto Auction Louis A, ratio Toronto Auto Auction Manheuil. Pennsylvania N Butler AutoAllctlon Toronto, Omar',). Canada Thomas E. Weaver Pittsburgh. Pennsylvania Robert D. Mowers Lakeland Auto Aucuon American Auto Auction Lakeland. Florida Boston, Massachusetts Dennis d, Worthy Metro Mlhvautce Auto Auction 411f1vaukce. lVlsainsln ~ David A. BAyer President' 94. KK Inauggurtiting SL Lotas' Ifll All R cellular radioseryice Ulscussln{{ h1anhelrn's fleet and Ie115c business Recontlltlonhrg ills auto for au auction Sale I t 1 r y`+ r15~. i 0 111 I RI.,ol I"S1i'UIt Sll lk!?lIIILIN;i~ti` he Chas e Manhattan S11 Utl,l IIai'my, Bank N.A. ;lll,i,l11t1 ror information Vssisl'1\C11 The Annual Meeting of concern., shareholder Corporate Shareholders will be held stock trap, or matters, Communications at 10'00a,m, Thursday; dividend checks or. changa Department March 28, 1985 at of addless, write Cox Communications, Inc Corporate Headquarters, The Chase Manhattan 1,100 Lake Hearn Drtvc N,k Atlanta, Georgia r7 9 Shareholders of record f3r'~nk N,A Atlanta, Georgia 3031) rebruar hareholder5ervices l`10d1843-512G y8, 1985 will be S arc n entitled to voto at that Sp Olvislo I New York plaza G r \ [,;It m, Cm \5i 1, mecdng, loth Floor DOW, Lohles G Albertson New York New York 10081 ' I~yl',GItiIR 1k. Morgan Guaranty 1Yist Company of New York J i Iatervlew'Ing for to radro Discussing an Internal nutllt a'etsort Gcahoring news for Cok P.' -~rT w~ a ,fir;... sl,•Illons ~ct9F Compdtel Iaing atrcllon }*~kY,, t r.utsa c ti nnrt ~ 'j p~ 1~~ 'Its{ t covering an evem (or 1tt rablc 4J ~t Ulm .w■w"-- 1 i E ~ , , ,f , °)"r. y Y 1 a r l # / ` s Vt t t .,s E t a 11t1}ter I Z. ~~I f; ~ > < r y , f , t i 5°;j I`Y'~~y ll rlr r , 'rr U ~~91i d, to ° r n t / f 11 I t ;11 r 1~+~ 4l Ii~ a ; l' t } r ,r ; fI_ 2Ibr," ~,1 .t I , t r r t f " i ',r yr ~t y.15,4 s, r „ , 4 }1,y vy 1 ! it i , c , f ✓ % Y' t r i 1 'I r rr i 1' r r - t ` - 61,.~ L , r !t ,c r f, 1 1 i i r ! ]}'p/ ; ri'~isr ! r. 4 C'it\ tay i ! f A r lj~ f ]t i L, A 4 Sr1l 1 t j 1 - f ty AI Ir r , t r y ,r # ttir 1 r V 1 / s ! x Y 3 t ~t> yy '14; t }7 t ~r ! ~t~~Y I,3)", ~'j fs'- J0, 4WlJ d j" ;t !r i.> t y t f 'nl si tt +ia I[ ryl - y 'r rr r r sr, / r i J l oW,P t! , r. d IJ r ~t 1 f I, ; t I 1 fi , l ~ , 4, t t rtt t~~ r t~' t'', s , ':I t c,' t t { 4,! n} ~~I { nti 11 P r is r t, r try 1 J 2 ?,j 4 i !.S s t i , , , FFF yk~il. > i / + t Py 1 tI Ir f fJQ L /l 1 It t , eL i~tt f I t</er2 q fk'!i~/; of f sl tali j, e f ~f- r Ir ~i I rtrlr I {t ~Y[ , 1 r ,-rS ! 1 ,!E 1st 2 5 rr ~ a i [ ff i! y Vf [,1 b, al ti t 11111 / f t 1114 l it<3 YA ("'.k , 1 i, 1i t1 si f.1}o{ jlSV. l( ~I : 7 ,C ~l! ,t t,s ! 4s~?Ii tj 1 It 'V til! 't 1 tip I: 1 4 f e1 , l r 1 ~,S t ik I't5 "Il r t r r 'jt1@"ya rta ,ri +r1' r, y. ll f f'' >0, tfI tt ` r~i $n}t- ~tl t til ti f Ld 'r2' ll r p 4,tI r J, t r u r'ltll r , , t ~r~tks I t) 1 { j ar' 5t '+r1t fl,u lti1# Sly 7c5 fl h~ r is b 44 ' 'I f r l t rf' I ? t t ti i f r r r ~I i t r. , 4.~ttY1t f ¢ r ,f rr , rr ! ! Ir II t i~ 1yl 1.7~t~~4 Y N ~ I .1 11 J r I F1 r 1C r t f q4 `.If, tt i' I Lt~~T q, 1 ci-`- r e t r + 2~4''~5e fi*i~,, 1w , ~flr f r /I rll", rs s I , l s A!>, a as ~qf a >I r t f II I I 1 1 t ,!.t r , , r i g4Y€r7t1 4hu#~ W y p '41 ESdr l~l Sl l it 1 i -(tl r y ,'1", i~ f r rr r s r 2 t I s 1 y )t i J, p {Pa4' rU ~ s i i ~!{i }t/ I 1 + i i t i r ' s t I r I r lr S I, t t r~"I'll,, n f "*d~ ~~sA fl i Y f'r r/ I s , x i ii'l," ! rjr , i s r. A ; i, ! nI ro I,#t, trl.1iL j Iq,, ; , , v / rty a r,i l' I rtrr1j r f( w r l ! ,r tF f 't~ j~ka t V { v~w ll r,> tf 3 r 1 / r tfp t a ~21u'tt a~~"1n, Lf 1 rl,fr FI r FV, f !.rllq ,fit 'J y y l r l H tf4frf 44kyF rr t t n 1l r' i i. ~ a ~ti tY7!] q 1 f %l ~t Ty of f~'gl~ rat, I, 2f~~t ~ ,Tjyr r - 11 s i s Y frl s r k (p1 , r! t°y1X tF',{ t fj ,f ri 9 kI y I ',E y~ ilrk yIt { a I r ;5 I T 1Y r f 4tr"d,I 1rI 1 , , , E r 1 fr t , T , 1f , t 1 ~ t 1 tiv r i t r is 1 ' Si F ; I/ Y 1 ( , If ~`;~~+,o"9S `f'7 hr'Sr 1 ;l t14i i 1 If lI r` f t t YM M1g I;t L'. y/-, , t 1 f t L 1~1 t t,! r f~ > i Y r , r I- I r X' pd 1,/ t i Sl 113. I1 ! r r 1 IFi U ttt: Gr ~r ;Yrr;,fr S,~ ly, hyl Jl rl^ 1 ! , ,r r t , t rl i 1 rl Y 1 S> r i t t f 1 r I` ylf " It Ir f itt i.> f t t t 1 I Ih , 1 ^ _ 1,r l1 ~ 11 t t>~f 5 ltal zly I s s f , . I e , ! ' ref r v, l.! , 1 / f f ~ , q { \ti s/r Irt 'L' s f . r 2 . r, V. r l y t a y a t ie gl/ p 41 71 1 r f, t s f> i% rf I f , ~d t t r; -1 7 l'_. ~tYlr Il p~~ly fy f Mfr; wt~,ti,r 1 1 1 '7 1ai~ti,I tit~2v 1~~' }y ,r L Je7 t rC rid I~Pj'I 1k,1 s rf , v t e j i t , r ! Y , i ; h , I 4a~r1N ~r 1 irl rf 17 1yt 1 r f! f r r q 3- F' C IJ ~ r ~i s ~I y r , 1 1 r t , Gi ! s I s 1 5-.,! 1`5- . ))141F'F~, fyrt Asl r "s ~S t ! I I J. j t >I fS s t' t 1,., Ste! P ku 1 r r rt, , r pl,l} i V 1 ~r yy j l- ! l~ f 1 1 ! K t ' 2 5 ( ~e t fl ti r," !J I 11 1 t i, yltl , l i1 a,l.r -a1 ; tl e 2,I 11 f27xryj !t . 411 ! SAS , F, , ~ II 11 l~,r 24~jI l~i li tt A y In S I y ~r~ s k,,%y 3°al c l~ t r { ~~Y,I~ ,~C17 j~Y{r,l t2 ro r fl-( 3 I , ~ y ! rrr {Y~' failj r , c <el rjrr! ! r PP ,t1 ! I , Ik..' y rl b~ , I }I b >}~,Si Ii fit{"},tit }tA P'j I°f its t f vl ti , P i l~n'li I I, ~N' t, 1 f t _ (s) ~t rr SrfI , jt y-,1 s c r f 1 ,i r ri fY rlr Ftl r g~ elf r,ril ~f Ft ?,4 t f ytl n' , ! .S '~1 atY 41.;liltJz''' { to, fps tl , t311511 - ~s~ l L: { 117 ~i ~ i'i~ 7~` i}k4fI ~1 ~1I,131 lI,, t t fl - t y I / t ' v 1 ' I y, r/ 11", t ' v, r} ~pS ih ?fx ' ~yUS I r, f) i uk r fl tjs T> ~ Y,'~0 'itl , sf f i I r1.~ i A y 1 S5 d : .