Adelphia Communications Corp.

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Exhibit 1 Performance of Major U.S. Cable Companies

EBITDA Capital Outlays Interest Expense Debt to Subscribers

(millions) (millions) (millions) EBITDA (millions)

TCI 2,111 1,957 1,053 6.3 14.5

Time Warn 1,480 1,700 1,562 6.7 11.8
Continental 717 599 431 7.8 4.2
Comcast 1,105 567 542 6.5 4.2
Cox Commu 542 484 133 4.8 3.2
Cablevisio 436 346 350 6.4 2.7

Source: Salomon Bros., Business Week

All figures are companywide data for the 12 months ending June 30, 1996
Exhibit 3 Adelphia Communications Corporation, Summary of Subscriber Data

Premium
Homes Penetration as %
Passed in Basic Basic Premium of Total
District Subscribers Penetration Units Subscribers

Western New York 368,071 254,121 69.0% 148,814 58.6%

New England 260,542 183,819 70.6 108,517 59.0
Virginia 336,261 245,748 73.1 111,245 45.3
Western Pennsylvania 252,013 184,291 73.1 72,488 39.3
Ohio 168,332 121,960 72.5 66,131 54.2
Coastal New Jersey 125,646 98,304 78.2 53,917 54.9
Eastern Pennsylvania 159,872 113,016 70.7 83,854 74.2
Southeastern Florida 631,602 403,901 63.9 200,319 49.6
TOTAL 2,479,420 1,752,636 70.7 882,808 50.4
Exhibit 4 Adelphia Communications Corporation, Abridged 1996 Annual Report

Selected Consolidated Financial Data

(Dollars in thousands, except per-share amounts)

The selected consolidated financial data as of and for each of the five years in the period ended March31,
1996 have been derived from the audited consolidated financial statements of the Company.

Year Ended March 31,

1992 1993 1994 1995
Statement of Operations Data:
Revenues $273,610 $305,222 $319,045 $361,505
Direct operating and programming
expenses 74,787 82,377 90,547 106,993
Selling, general, and administrative
expenses 44,427 49,468 52,801 63,487
Operating income before depreciation,
amortization, and rate regulation
expenses 154,416 173,377 175,697 191,025
Depreciation and amortization 84,817 90,406 89,402 97,602
Rate regulation charge -- -- -- --

Operating income 69,599 82,971 86,295 93,423

Interest income from affiliates 3,085 5,216 9,188 11,112
Other income (expenses) 968 1,447 (299) 1,453
Priority investment incomea 22,300 22,300 22,300 22,300
Cash interest expense (129,237) (164,695) (180,456) (180,92)
Noncash interest expense (35,602) (164) (1,680) (14,756)
Equity in loss of joint ventures (52,718) (46,841) (30,054) (44,349)

Loss before income taxes, extraordinary

loss and cumulative effect of change in
accounting principleb (121,605) (99,766) (94,706) (111,759)
Income tax (expense) benefit - (3,143) (2,742) 5,475
Loss before extraordinary loss and
cumulative effect of change in accounting
principle (121,605) (102,909) (97,448) (106,284)
Extraordinary loss on early retirement of
debtb - (14,386) (752) --
Cumulative effect of change in accounting
for income taxesb - (59,500) (89,660) --
Net loss ($121,605) ($176,795) ($187,860) ($106,284)

Loss per weighted average share of

common stock before extraordinary loss
and cumulative effect of change in
accounting principle ($8.80) ($6.80) ($5.66) ($4.32)
Net loss per weighed average share of
common stock (8.80) (11.68) (10.91) (4.32)
Cash dividends declared per common
share -- -- -- --

Other Data:
EBITDAd $180,769 $202,340 $207,936 $225,890

Balance Sheet Data:

Cash and cash equivalents $11,173 $38,671 $74,075 $5,045
Investment in and amounts due from (to)
Olympusa 64,972 7,692 9,977 11,943
Total assets 925,791 949,593 1,073,846 1,267,291
Total debt 1,554,270 1,731,099 1,793,711 2,021,610
Debt net of cashc 1,543,097 1,692,428 1,719,636 2,016,565
Stockholders' equity (deficiency) (713,544) (868,614) (918,064) (1,011,575)
period ended March31,
Company.

1996

$403,597

124,116

68,357

211,124
111,031
5,300

94,793
10,623
--
28,852
(194,403)
(16,288)
(46,257)

(122,680)
2,786

(119,894)

--

--
($119,894)

($4.56)

(4.56)

--
 $257,999

$10,809

(33,656)
1,333,923
2,175,473
2,164,664
(1,128,239)
Gross investment in PLP interests and general partners' equity $298,402
Excess of ascribed value of contributed property over historical cost (98,303)
Cumulative equity in net loss of Olympus (359,584)
Additional investment in Olympus—net of distributions 65,922
Investment in Olympus 93,563
Amounts due from Olympus 59,907
($33,656)
 Percentage of Revenues for Year Ended March 31,
1994 1995 1996

Revenues 100.0% 100.0% 100.0%

Operating expenses:
Directing operating and programming 28.4% 29.6% 30.8%
Selling, general and administrative 16.5% 17.6% 16.9%
Operating income before depreciation,
amortization, and rate regulation
expenses 55.1% 52.8% 52.3%

Depreciation and amortization 28.0% 27.0% 27.5%

Rate regulation 0.0% 0.0% 1.3%

Operating income 27.1% 25.8% 23.5%

 Year Ended March 31,
1995 1996

Acquisitions 87% 36%

Basic subscriber growth 10% 20%
Rate increases 0% 20%
Advertising sales and other services 3% 24%
 Year Ended March 31,
1995 1996
Assets:
Cable television systems, at cost, net of accumulated depreciation
and amortization
Property, plant and equipment $518,405 $560,376
Intangible assets 546,116 568,898
Total 1,064,521 1,129,274

Cash and cash equivalents 5,045 10,809

Investments 48,968 68,147
Preferred equity investment in Managed Partnership 18,338 18,338
Subscriber receivables—net 20,433 23,803
Prepaid expenses and other assets—net 48,352 52,658
Related party investments and receivables—net 61,634 30,894
Total $1,267,291 $1,333,923

Liabilities and Stockholders' Equity (Deficiency):

Notes payable of subsidiaries to banks and institutions $1,086,350 $1,224,675

12-1/2% Senior Notes due 2002 400,000 400,000
10-1/4 Senior Notes due 2000 99,011 99,158
11-7/8 Senior Debentures due 2004 124,470 124,502
9-7/8 Senior Debentures due 2005 127,994 128,118
9-1/2 Senior Pay-In-Kind Notes due 2004 164,370 180,357
Other debt 19,415 18,663
Accounts payable 42,872 66,668
Subscriber advance payments and deposits 16,494 14,706
Accrued interest and other liabilities 87,751 99,106
110,139 106,209
Total Liabilities 2,278,866 2,462,162

Commitments and contingencies (Note 4)

Stockholders' equity (deficiency):

Class A Common Stock, $.01 par value, 50,000,000 and 200,000,000

shares authorized, respectively; 14,906,691 and 15,364,009 shares
outstanding respectively 149 154
Class B Common Stock, $.01 par value, 25,000,000 shares
authorized and 10,944,476 shares outstanding 109 109
Additional paid-in capital 211,190 214,415
Accumulated deficit (1,223,023) (1,342,917)
Total Stockholders' Equity (Deficiency) (1,011,575) (1,128,239)
TOTAL $1,267,291 $1,333,923
 Year Ended March 31,
1994 1995 1996

Revenues 319,045 $361,505 $403,597

Operating expenses:
Direct operating and programming 90,547 106,993 124,116
Selling, general and administrative 52,801 63,487 68,357
Depreciation and amortization 89,402 97,602 111,031
Rate regulation -- -- 5,300
Total 232,750 268,082 308,804

Operating income 86,295 93,423 94,793

Other income (expense):

Interest income from affiliates 9,188 11,112 10,623
Other income (299) 1,453 --
Priority investment income from Olympus 22,300 22,300 28,852
Interest expense (182,136) (195,698) (210,691)
Equity in loss of joint ventures (30,054) (44,349) (46,257)
Total (181,001) (205,182) (217,473)

Loss before income taxes, extraordinary loss and cumulative

effect of change in accounting principle (94,706) (111,759) (122,680)
Income tax (expense) benefit (2,742) 5,475 2,786

Loss before extraordinary loss and cumulative effect of change in

accounting principle (97,448) (106,284) (119,894)
Extraordinary loss on early retirement of debt (752) -- --
Cumulative effect of change in accounting for income taxes (89,660) -- --
Net loss ($187,860) ($106,284) ($119,894)

Loss per weighted average share of common stock before

extraordinary loss and cumulative effect of change in accounting
principle
($5.66) ($4.32) ($4.56)
Extraordinary loss per weighted average share of change in
accounting for income taxes (0.04) -- --
Cumulative effect per weighted average share of change in
accounting for income taxes (5.21) -- --

Net loss per weighted average share of common stock ($10.91) ($4.32) ($4.56)

Weighted average shares of common stock outstanding (in

thousands) 17,221 24,628 26,305
 Year Ended March 31,
1994 1996 1996

Cash flows from operating activities:

Net loss ($187,860) ($106,284) ($119,894)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation 56,370 66,064 70,890
Amortization 33,032 31,538 40,141
Noncash interest expense 1,680 14,756 16,288
Equity in loss of joint ventures 30,054 44,349 46,257
Rate regulation -- -- 2,700
Extraordinary loss on debt retirement 752 -- --
Loss on disposal of property 1,051 -- --
Cumulative effect of change in accounting 89,660 -- --
for income taxes
Increase (decrease) in deferred income 2,061 (5,975) (3,930)
taxes, net of effects of acquisitions
Changes in operating assets and liabilities,
net of effects of acquisitions and
divestitures:
Subscriber receivables (155) (478) (3,370)
Prepaid expenses and other assets (16,288) (21,152) (14,465)
Accounts payable 5,871 14,789 23,796
Subscriber advance payments and (1,134) 699 (1,788)
deposits
Accrued interests and other liabilities 11,858 10,630 7,662
Net cash provided by operating activities 26,952 48,936 64,287

Cash flows from investing activities:

Cable television systems acquired (21,681) (70,256) (60,804)
Expenditures for property, plant and equipment (75,894 (92,082) (100,089)

Investments in other joint ventures (8,890) (38,891) (24,333)

Preferred equity investment in Management (18,338) -- --
Partnership
Amounts invested in and advanced to Olympus (45,285) (46,046) (4,236)
and related parties
Alternate access rights acquired (27,000) -- --
Net cash used for investing activities (197,088) (247,275) (189,462)

Cash flows from financing activities:

Proceeds from debt 744,770 155,314 273,508
Repayments of debt (690,232) (38,107) (138,694)
Costs associated with debt financing (4,961) (2,759) (3,875)
Issuance of Class A Common Stock 155,963 14,861 -
Net cash provided by financing activities 205,540 129,309 130,939

Increase (decrease) in cash and cash equivalents 35,404 (69,030) 5,764

Cash and cash equivalents, beginning of year 38,671 74,075 5,045
Cash and cash equivalents, end of year $74,075 $5,045 $10,809

Supplemental disclosure of cash flow activity— Cash $178,840 $193,206 $198,369

payments for interest
 March 31,
1995 1996

Operating plant and equipment $786,917 $863,957

Real estate and improvements 46,453 51,147
Support equipment 28,242 30,076
Construction in progress 77,026 105,158
938,638 1,050,338
Accumulated depreciation (420,233) (489,962)
$518,405 $560,376
 March 31,
1995 1996

Purchased franchises $493,249 $465,983

Goodwill 38,805 58,377
Non-compete agreements 13,495 11,240
Purchased subscriber lists 567 33,298
$546,116 $568,898
 March 31,
1995 1996

Investments accounted for using the equity method:

Gross investment:
Alternate access ventures 15,764 $28,754
Page Call, Inc. 6,915 11,187
Other 2,847 800
Cumulative equity in net losses (1,458) (6,814)
Total 24,068 33,927

Investments accounted for using the cost method:

Niagara Frontier Hockey, L.P. 15,000 22,681
Commonwealth Security, Inc. 4,200 4,200
SuperCable 3,000 3,171
Other 2,700 4,168
Total 24,900 34,220

Total investments $48,968 $68,147

 March 31,
1995 1996

Credit agreements with banks payable through 2003 (weighted $584,250 $758,975
average interest rate 8.16% and 7.51% at March 31, 1995 and
1996, respectively)
10.66% Senior Secured Notes due 1996 through 1999 250,000 245,000
9.95% Senior Secured Notes due through 1997 9,600 3,200
10.80% Senior Secured Notes due 1996 through 2000 45,000 36,000
10.50% Senior Secured Notes due 1997 through 2001 16,000 16,000
9.73% Senior Secured Notes due 1998 through 2001 37,500 37,500
10.25% Senior Subordinated Notes due 1996 through 1998 72,000 56,000
11.85% Senior Subordinated Notes due 1998 through 2000 60,000 60,000
11.13% Senior Subordinated Notes due 1999 through 2002 12,000 12,000
$1,086,350 $1,224,675
1997 $127,906
1998 177,475
1999 162,791
2000 82,483
2001 157,381
 March 31,
1995 1996

Pay Fixed Swaps:

Notional amount $396,000 $416,000
Average receive rate 6.19% 5.68%
Average pay rate 7.50% 7.94%

Receive Fixed Swaps:

Notional amount $406,000 $108,500
Average receive rate 6.77% 6.66%
Average pay rate 6.30% 5.74%

Interest Rate Caps:

Notional amount $ 50,000
Average cap rate 9.00%
 April 1, March 31,
1993 1994 1995 1996

Deferred tax liabilities:

Differences between book and tax
basis of property, plant and equipment
and intangible assets $192,444 $210,816 $232,639 $234,312
Other 8,401 9,703 11,783 --
Subtotal 200,845 220,519 244,422 234,312

Deferred tax assets:

Reserves not currently deductible 687 15,576 12,326 14,467
Operating loss carryforwards 307,001 337,924 381,377 415,121
307,688 353,500 393,703 429,588
Valuation allowance (196,503) (224,702) (259,420) (301,485)
Subtotal 111,185 128,798 134,283 128,103

Net deferred tax liability $ 89,660 $ 91,721 $110,139 $106,209

 Year Ended March 31,
1994 1995 1996
Current ($681) ($500) ($1,144)
Deferred (2,061) 5,975 3,930
Total ($2,742) $5,475 $2,786
 Year Ended March 31,
1994 1995 1996

Statutory federal income tax return 35% 35% 35%

Change in valuation allowance (30%) (31%) (37%)
State taxes, net of federal benefit (2%) 4% (1%)
Other (6%) (3%) 5%
Effective income tax (expense) benefit rate (3%) 5% 2%
Exhibit 5 Adelphia Communications Corporation, Status of Cable Plant—March 31,1996

Cable Plant Characteristics:

Plant miles 34,429
Fiber route miles 3,015
Fiber strand miles 65,020
Fiber nodes 1,948
Homes passed per fiber node 1,273

Channel Capacity (plant miles):

Less than 400 Mhz 8,592
400 Mhz up to 550 Mhz 15,724
550 Mhz or more 10,113
Total plant miles 34,429

Channel Capacity (percent of plant miles):

Less than 400 Mhz 25.0%
400 Mhz up to 550 Mhz 45.6%
550 Mhz or more 29.4%
Total plant miles 100.0%

Services Capability (as a percent of total plant miles):

Digital video 100.0%
Interactive video 23.4%
One-way data transmission 100.0%
Two-way data transmission 23.4%
Residential telephone 9.0%