Attached files
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EX-32.A - EX-32.A - NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP | v59196exv32wa.htm |
EX-31.A - EX-31.A - NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP | v59196exv31wa.htm |
EX-31.B - EX-31.B - NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP | v59196exv31wb.htm |
EX-32.B - EX-32.B - NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP | v59196exv32wb.htm |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
þ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended March 31, 2011
or
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from __________ to __________
Commission File Number: 0-16718
Northland Cable Properties Seven Limited Partnership
Washington | 91-1366564 | |
(State of Organization) | (I.R.S. Employer Identification No.) |
101 Stewart Street, Suite 700, Seattle, Washington | 98101 | |
(Address of Principal Executive Offices) | (Zip Code) |
(206) 621-1351
(Registrants telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate
Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files). Yes o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
or a non-accelerated filer or a smaller reporting company. See definition of large accelerated
filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) |
Smaller reporting company þ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).
Yes o No þ
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PART 1 FINANCIAL INFORMATION
ITEM 1. Financial Statements
NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP
CONDENSED BALANCE SHEETS (UNAUDITED)
(Prepared by the Managing General Partner)
CONDENSED BALANCE SHEETS (UNAUDITED)
(Prepared by the Managing General Partner)
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Cash |
$ | 1,224,312 | $ | 882,786 | ||||
Accounts receivable, net of allowance
of $11,050 |
192,038 | 241,478 | ||||||
Due from affiliates |
60,716 | 96,255 | ||||||
Prepaid expenses |
183,003 | 70,077 | ||||||
Property and equipment, net of accumulated
depreciation of $16,696,202 and $16,457,125,
respectively |
6,429,549 | 6,476,899 | ||||||
Franchise agreements, net of accumulated
amortization of $9,995,974 |
8,991,966 | 8,991,966 | ||||||
Total assets |
$ | 17,081,584 | $ | 16,759,461 | ||||
LIABILITIES AND PARTNERS CAPITAL |
||||||||
Accounts payable and accrued expenses |
$ | 654,753 | $ | 768,898 | ||||
Due to Managing General Partner and
affiliates |
97,501 | 99,648 | ||||||
Deposits |
27,711 | 23,970 | ||||||
Subscriber prepayments |
292,474 | 239,304 | ||||||
Total liabilities |
1,072,439 | 1,131,820 | ||||||
Partners capital (deficit): |
||||||||
General Partners: |
||||||||
Contributed capital, net |
(25,367 | ) | (25,367 | ) | ||||
Accumulated deficit |
(4,093 | ) | (7,908 | ) | ||||
(29,460 | ) | (33,275 | ) | |||||
Limited Partners: |
||||||||
Contributed capital, net (49,656 units) |
16,444,002 | 16,444,002 | ||||||
Accumulated deficit |
(405,397 | ) | (783,086 | ) | ||||
16,038,605 | 15,660,916 | |||||||
Total partners capital |
16,009,145 | 15,627,641 | ||||||
Total liabilities and partners capital |
$ | 17,081,584 | $ | 16,759,461 | ||||
The accompanying notes are an integral part of these statements.
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NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
For the three months ended March 31, | ||||||||
2011 | 2010 | |||||||
Service revenues |
$ | 2,489,441 | $ | 2,403,527 | ||||
Expenses: |
||||||||
Cable system operations / cost
of revenue (including $30,008
and $32,297 to affiliates in
2011 and 2010, respectively),
excluding depreciation shown
below |
235,797 | 230,425 | ||||||
General and administrative
(including $265,477 and
$238,427 to affiliates in
2011 and 2010, respectively) |
667,653 | 643,899 | ||||||
Programming / cost of revenue
(including $15,185 and
$11,874 to affiliates in 2011
and 2010, respectively) |
1,021,589 | 931,882 | ||||||
Depreciation / cost of revenue |
314,620 | 301,284 | ||||||
Gain on disposal of assets |
(1,833 | ) | (377 | ) | ||||
2,237,826 | 2,107,113 | |||||||
Income from operations |
251,615 | 296,414 | ||||||
Other income (expense): |
||||||||
Interest income and other, net |
(1,954 | ) | (10,171 | ) | ||||
Escrow proceeds |
131,843 | | ||||||
129,889 | (10,171 | ) | ||||||
Net income |
$ | 381,504 | $ | 286,243 | ||||
Allocation of net income: |
||||||||
General Partners (1%) |
$ | 3,815 | $ | 2,862 | ||||
Limited Partners (99%) |
$ | 377,689 | $ | 283,381 | ||||
Net income per limited
partnership unit (49,656 units): |
7.61 | 5.71 | ||||||
The accompanying notes are an integral part of these statements.
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NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the three months ended March 31, | ||||||||
2011 | 2010 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net income |
$ | 381,504 | $ | 286,243 | ||||
Adjustments to reconcile net income to
cash provided by operating activities: |
||||||||
Depreciation |
314,620 | 301,284 | ||||||
Gain on sale of assets |
(1,833 | ) | (377 | ) | ||||
Escrow proceeds |
(131,843 | ) | | |||||
(Increase) decrease in operating assets: |
||||||||
Accounts receivable |
49,440 | 136,337 | ||||||
Due from affiliates |
35,539 | (28,767 | ) | |||||
Prepaid expenses |
(112,926 | ) | (150,012 | ) | ||||
Increase (decrease) in operating liabilities: |
||||||||
Accounts payable and accrued expenses |
(55,831 | ) | (119,144 | ) | ||||
Due to Managing General Partner and affiliates |
(2,147 | ) | 51,284 | |||||
Deposits |
3,741 | 2,442 | ||||||
Subscriber prepayments |
53,170 | (11,649 | ) | |||||
Net cash provided by operating activities |
533,434 | 467,641 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Purchase of property and equipment |
(326,251 | ) | (410,963 | ) | ||||
Proceeds from the sale of assets |
2,500 | 2,500 | ||||||
Escrow proceeds |
131,843 | | ||||||
Net cash used in investing activities |
(191,908 | ) | (408,463 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Distribution to limited partners |
| (868,980 | ) | |||||
Net cash used in financing activities |
| (868,980 | ) | |||||
INCREASE (DECREASE) IN CASH |
341,526 | (809,802 | ) | |||||
CASH, beginning of period |
882,786 | 1,339,369 | ||||||
CASH, end of period |
$ | 1,224,312 | $ | 529,567 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
The accompanying notes are an integral part of these statements.
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NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
(1) Basis of Presentation
These unaudited financial statements are being filed in conformity with Rule 10-01 of Regulation
S-X regarding interim financial statement disclosure and do not contain all of the necessary
footnote disclosures required for a full presentation of the balance sheets, statements of
operations and statements of cash flows in conformity with accounting principles generally accepted
in the United States of America. However, in the opinion of management, these statements include
all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the
Partnerships financial position at March 31, 2011, its statements of operations for the three
months ended March 31, 2011 and 2010, and its statements of cash flows for the three months ended
March 31, 2011 and 2010. Results of operations for these periods are not necessarily indicative of
results to be expected for the full year. These financial statements and notes should be read in
conjunction with the Partnerships Annual Report on Form 10-K for the year ended December 31, 2010.
(2) Intangible Assets
The Partnership does not amortize intangible assets determined to have indefinite lives. The
Partnership has determined that its franchises meet the definition of indefinite lived assets. The
Partnership tests these assets for impairment on an annual basis during the fourth quarter using
financial information as of September 30th, or on an interim basis if an event occurs or
circumstances change that would indicate that the assets might be impaired.
(3) Litigation
The Partnership is party to ordinary and routine litigation proceedings that are incidental to the
Partnerships business. Management believes that the outcome of all pending legal proceedings will
not, individually or in the aggregate, have a material adverse effect on the Partnership and its
financial statements.
(4) Potential Sale of Systems
On July 5, 2007, Northland Cable Properties Seven Limited Partnership executed a purchase and sale
agreement (the Agreement) to sell the operating assets and franchise rights of its remaining
cable systems serving the communities of Vidalia, Sandersville and Toccoa, Georgia to Green River
Media and Communications, LLC (Green River), an unaffiliated third party. The transaction was
expected to close by the end of March 2008. To secure their performance under the Agreement, Green
River deposited $125,000 into escrow (the Escrow Deposit), which was intended to be credited to
the purchase price at closing. Closing of this transaction would have resulted in the liquidation
of the Partnership.
On March 31, 2008, the Partnership notified Green River of its termination of the Agreement. Green
River disputed the right of the Partnership to terminate the Agreement. The parties reached a
final settlement in the first quarter of 2011. As a result of the settlement, the Partnership
received proceeds and accrued interest of $131,843 from the Escrow Deposit. The escrow proceeds
were recorded as other income during the first quarter of 2011.
During the first quarter of 2011 the Partnership, with the assistance of an investment banking
firm, commenced the process of soliciting bids for its systems from potential interested parties.
Initial expressions of interest, if any, are expected to be received in late second quarter. No
assurance can be given that the Partnership will receive any acceptable bids and no reasonable
estimate of the timing of any asset sales can be given at this time.
Fees for legal and accounting activities in connection with the aforementioned purchase and sale
transaction amounted to $2,300 and $10,550 for the three months ended March 31, 2011 and 2010,
respectively, and have been expensed as incurred within interest income and other in the
accompanying statements of operations.
(5) Fair Value of Assets
We measure certain financial assets at fair value in three levels, based on the markets in which
the assets are traded and the reliability of the inputs used to determine fair value. These levels
are:
| Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. |
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| Level 2 quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. | ||
| Level 3 significant inputs are unobservable for the asset or liability. |
The following table summarizes the balances of assets measured at fair value on a recurring basis
at March 31, 2011.
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash |
$ | 1,224,312 | $ | 1,224,312 | $ | | $ | |
The following table summarizes the balances of assets measured at fair value on a recurring basis
at December 31, 2010.
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash |
$ | 882,786 | $ | 882,786 | $ | | $ | |
PART I (continued)
ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
Results of Operations Three Months Ended March 31, 2011 and 2010
Total basic video subscribers decreased from 10,651 as of March 31, 2010 to 9,869 as of March 31,
2011. The loss in subscribers is a result of several factors including competition from Direct
Broadcast Satellite (DBS) providers, availability of off-air signals in the Partnerships markets
and regional and local economic conditions. To address this customer trend, the Partnership is
increasing its customer retention efforts and its emphasis on bundling its video, data and phone
products.
Revenue totaled $2,489,441 for the three months ended March 31, 2011, an increase of $85,914 from
$2,403,527 for the three months ended March 31, 2010. Revenue for the three months ended March 31,
2011, was comprised of the following sources:
| $1,645,824 (66%) from basic and expanded video services, | ||
| $403,977 (16%) from high speed Internet services | ||
| $187,877 (8%) from telephony services | ||
| $76,722 (3%) from premium video services | ||
| $34,287 (1%) from advertising | ||
| $47,641 (2%) from late fees | ||
| $93,113 (4% ) from other sources. |
Average monthly revenue per subscriber increased $9.08 or approximately 12% from $75.61 for the
three months ended March 31, 2010 to $84.69 for the three months ended March 31, 2011. This
increase is attributable to increased penetration of new products to existing customers,
specifically high-speed Internet and telephony services and rate increases implemented throughout
the Partnerships systems during the first quarter of 2011, and the bundling of products to new
customers. This increase in average monthly revenue per subscriber was offset by the
aforementioned decrease in basic subscribers.
Operating expenses, excluding general and administrative, programming, depreciation expenses and
gain on disposal of assets totaled $235,797 for the three months ended March 31, 2011, representing
an increase of approximately 2% from $230,425 for the three months ended March 31, 2010. This
increase is primarily attributable to increased system
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maintenance expenses, system utilities and
vehicle operating expenses offset by a decrease in regional management expense.
General and administrative expenses totaled $667,653 for the three months ended March 31, 2011,
representing an increase of approximately 4% from $643,899 for the three months ended March 31,
2010. This increase is primarily attributable to increased administrative salaries, administrative
services, net bad debt expense and management fee expense.
Programming expenses totaled $1,021,589 for the three months ended March 31, 2011, an increase of
approximately 10% from $931,882 for the three months ended March 31, 2010. The increase is
attributable to higher costs charged by various program suppliers and increased costs associated
with the increased penetration of high-speed Internet and telephony services, offset by a decrease
in basic subscribers from 10,651 as of March 31, 2010 to 9,869 as of March 31, 2011. Rate
increases from program suppliers, as well as new fees due to the launch of additional channels and
high-speed Internet services, will contribute to the trend of increased programming costs in the
future, assuming that the number of subscribers remains constant.
Depreciation expense totaled $314,620 for the three months ended March 31, 2011, an increase of
approximately 4% from $301,284 for the three months ended March 31, 2010. Depreciation of recent
purchases related to the upgrade of plant and equipment was partially offset by certain assets
becoming fully depreciated.
Interest income and other, net totaled ($1,954) and ($10,171) for the three months ended March 31,
2011 and 2010, respectively, and consists primarily of costs incurred in connection with the
proposed sale of the Partnership assets.
The Partnership received escrow proceeds and accrued interest of $131,843 as a result of the
termination of the purchase and sale agreement with Green River (see footnote 4). The escrow
proceeds were recorded as other income during the first quarter of 2011.
Liquidity and Capital Resources
The Partnerships primary source of liquidity is cash flow provided by operations. The Partnership
generates cash through the monthly billing of subscribers for cable and other services. Based on
managements analysis, the Partnerships cash flow from operations and cash on hand will be
sufficient to cover future operating costs, planned capital expenditures and working capital needs
over the next twelve-month period.
Net cash
provided by operating activities totaled $533,434 for the three months ended March 31,
2011. Adjustments to the $381,504 net income for the period to reconcile to net cash provided by
operating activities consisted primarily of depreciation of $314,620 offset by escrow proceeds of
$131,843 and changes in other operating assets and liabilities of $29,014.
Net cash used in investing activities totaled $191,908 for the three months ended March 31, 2011
and consisted primarily of purchases of property and equipment of $323,751, offset by escrow
proceeds of $131,843.
Obligations and Commitments
In addition to working capital needs for ongoing operations, the Partnership has capital
requirements related to minimum operating lease payments. The following table summarizes the
Partnerships contractual obligations as of March 31, 2011:
Payments Due By Period | ||||||||||||||||||||
Less than 1 | 1 3 | 3 5 | More than | |||||||||||||||||
Total | year | Years | years | 5 years | ||||||||||||||||
Minimum operating lease payments |
$ | 17,733 | $ | 11,200 | $ | 6,533 | | | ||||||||||||
(a) | These contractual obligations do not include accounts payable and accrued liabilities, which are expected to be paid in 2011. | ||
(b) | The Partnership also rents utility poles in its operations. Amounts due under these agreements are not included in the above minimum operating lease payments as pole rentals are based on pole usage and are cancelable on short notice. The Partnership does however anticipate that such rentals will recur. Pole rental expense was $176,835 in 2010. |
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Capital Expenditures
During the first three months of 2011, the Partnership paid approximately $326,000 for capital
expenditures. These expenditures include the continued construction of fiber and quality assurance
projects to upgrade the plant providing increased high speed data capacity in all systems, customer
premise equipment to provide all communications services, channel additions in the Sandersville, GA
system to provide more high-definition choices, and a vehicle replacement.
Management has estimated that the Partnership will spend approximately $1,151,000 on capital
expenditures during the remainder of 2011. Planned expenditures include the continuation of
distribution plant upgrades to increase high speed data capacity in all systems, potential line
extension opportunities, vehicle replacements and the continued deployment of customer premise
equipment concentrating on both high-speed Internet and digital telephone services in certain areas
of the Partnerships systems.
Critical Accounting Policies
This discussion and analysis of our financial condition and results of operations is based on the
Partnerships financial statements, which have been prepared in accordance with accounting
principles generally accepted in the United States of America. The preparation of these financial
statements requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amount of revenues and expenses during the reporting period.
Actual results could differ from those estimates. The following critical accounting policies
require a more significant amount of management judgment than other accounting policies the
Partnership employs.
Revenue Recognition
Cable television service, internet and telephone revenue, including service and maintenance, is
recognized in the month service is provided to customers. Advance payments on services to be
rendered are recorded as subscriber prepayments and deferred. Revenues resulting from the sale of
local spot advertising are recognized when the related advertisements or commercials appear before
the public.
Property and Equipment
Property and equipment are recorded at cost. Costs of additions and substantial improvements, which
include materials, labor, and other indirect costs associated with the construction of cable
transmission and distribution facilities, are capitalized. Indirect costs include employee salaries
and benefits, travel and other costs. These costs
are estimated based on historical information and analysis. The Partnership performs evaluations of
these estimates as warranted by events or changes in circumstances.
The Partnership capitalizes costs associated with initial customer installations. The costs of
disconnecting service or reconnecting service to previously installed locations is expensed in the
period incurred. Costs for repairs and maintenance are also charged to operating expense, while
equipment replacements, including the replacement of drops, are capitalized.
Intangible Assets
The Partnership does not amortize intangible assets determined to have indefinite lives. The
Partnership has determined that its franchises meet the definition of indefinite lived assets. The
Partnership tests these assets for impairment on an annual basis during the fourth quarter using
financial information as of September 30th, or on an interim basis if an event occurs or
circumstances change that would indicate the assets might be impaired.
Management believes the Partnerships franchises have indefinite lives because they are expected to
be used by the Partnership for the foreseeable future as determined based on an analysis of all
pertinent factors, including changes in legal, regulatory or contractual provisions and effects of
obsolescence, demand and competition. In addition, the level of maintenance expenditures required
to obtain the future cash flows expected from the franchises is not material in relation to the
carrying value of the franchises. While the franchises have defined lives based on the franchising
authority, renewals are routinely granted, and management expects them to continue to be granted.
This expectation is supported by managements experience with the Partnerships franchising
authorities and the franchising authorities of the Partnerships affiliates.
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ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
The Partnership is not subject to market risks arising from changes in interest rates.
ITEM 4. Controls and Procedures
The Partnership maintains disclosure controls and procedures designed to ensure that
information required to be disclosed in our filings under the Securities Exchange Act of 1934 is
recorded, processed, summarized and reported within the time periods specified in the Securities
and Exchange Commissions rules and forms. The Chief Executive Officer and President (Principal
Financial and Accounting Officer) of the Managing General Partner have evaluated these disclosure
controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q
and have determined that such disclosure controls and procedures are effective.
There has been no change during the most recent quarter in the Partnerships internal controls over
financial reporting that has materially affected, or is reasonably likely to materially affect, the
internal control over financial reporting.
PART II OTHER INFORMATION
ITEM 1 Legal proceedings
On March 31, 2008, the Partnership notified Green River of its termination the Agreement. Green
River disputed the right of the Partnership to terminate the Agreement. The parties reached a
final settlement in the first quarter of 2011. As a result of the settlement, the Partnership
received proceeds and accrued interest of $131,843 of the Escrow Deposit. The escrow proceeds
were recorded as other income during the first quarter of 2011. The Partnership will continue to
operate its assets in a manner intended to maximize revenue and cash flow.
During the first quarter of 2011 the Partnership, with the assistance of an investment banking
firm, commenced the process of soliciting bids for its systems from potential interested parties.
Initial expressions of interest, if any, are
expected to be received in late second quarter. No assurance can be given that the Partnership
will receive any acceptable bids and no reasonable estimate of the timing of any asset sales can be
given at this time.
The Partnership may be party to other ordinary and routine litigation proceedings that are
incidental to the Partnerships business. Management believes that the outcome of such legal
proceedings will not, individually or in the aggregate, have a material adverse effect on the
Partnership, its financial conditions and prospects.
ITEM 1A Risk Factors
There have been no material changes from the Partnerships risk factors as disclosed in the 2010
Form 10-K.
ITEM 2 Changes in securities
None
ITEM 3 Defaults upon senior securities
None
ITEM 4 Submission of matters to a vote of security holders
None
ITEM 5 Other information
None
ITEM 6 Exhibits
(a) | Exhibit Index |
31 (a). | Certification of Chief Executive Officer of Northland Communications Corporation, the Managing General Partner, dated May 12, 2011 pursuant to section 302 of the Sarbanes-Oxley Act |
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31 (b). | Certification of President (Principal Financial and Accounting Officer) of Northland Communications Corporation, the Managing General Partner, dated May 12, 2011 pursuant to section 302 of the Sarbanes-Oxley Act | ||
32 (a). | Certification of Chief Executive Officer of Northland Communications Corporation, the Managing General Partner, dated May 12, 2011 pursuant to section 906 of the Sarbanes-Oxley Act | ||
32 (b). | Certification of President (Principal Financial and Accounting Officer) of Northland Communications Corporation, the Managing General Partner, dated May 12, 2011 pursuant to section 906 of the Sarbanes-Oxley Act |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the capacities and on the
dates indicated.
NORTHLAND CABLE PROPERTIES SEVEN LIMITED PARTNERSHIP
BY: Northland Communications Corporation,
Managing General Partner
Managing General Partner
SIGNATURES | CAPACITIES | DATE | ||
/S/ RICHARD I. CLARK
|
Executive Vice President, Treasurer and Assistant Secretary | 5-12-11 | ||
/S/ GARY S. JONES
|
President | 5-12-11 |