CABLE T.V. COMPANIES

We have been providing accounting, auditing, management consulting and tax services to cable T.V. companies for over thirty (30) years. In servicing our eastern regional cable client, we report not only to the family and management, but also to Tele-Communications, Inc., the largest cable TV operator in the United States and a large equity investor in this client, and additionally, we report to consortiums of banks and insurance companies who are providing over $450 million of debt financing. Some of the banks included in the bank consortium are PNC Bank, Toronto-Dominion, Nations Bank, CoreStates, Bank of California, Bank of Nova Scotia, Credit Lyonnais and several other banks. Some of the insurance companies included in the insurance company consortiums include Prudential, New York Life, Mutual Life Insurance Co. of NY, Unum Life, PPM America, Teachers Insurance and Annuity Association of America and IDS Financial Services, Inc.

As you can see, our client has tremendous reporting responsibilities to its senior lenders. We have been successfully meeting these reporting responsibilities on behalf of our client by the performance of quality audits and by the testing and monitoring of stringent cash flow requirements and loan covenants. As you can surmise, this client could not have grown over the years without successful acquisitions. Before each acquisition, our client requested that we perform a financial due diligence review. Each acquisition has ranged from $1 million to over $125 million. We have recently worked with our client in their acquisition of certain Sammons Communications properties which are valued in excess of $500 million.

In addition to cable T.V., we also represented a cable TV advertising company, from its inception in 1983 to its successful sale in 1991. This client, while not a radio station, operated in a manner similar to radio. It produced TV commercials, sold spots on cable TV networks, had a traffic department which scheduled the commercials, and billed the advertisers or their agencies for the advertisements.

We recently participated in, and were the lead accounting firm for a cable client's note offerings totaling $1 billion in the public market. The notes were underwritten by leading Wall Street investment bankers. We are known to most of the banks in the area and are, therefore, able to work closely with them in order to ensure adequate banking services for our clients, including setting up adequate credit facilities when required.

RADIO BROADCASTING COMPANIES

Our practice was started over 56 years ago by Ernest M. Cohen, CPA. One of the first client's of the firm was (and still is) WCOJ-AM, a radio station located in Coatesville, Pennsylvania, and serving all of Chester County. In the 1960's, the Company owning WCOJ-AM expanded into cable television. In the 1970's, this company referred us to a regional cable company that was a neophyte cable television operator at the time. This client has since acquired WCOJ-AM and its cable division and has gone on to become the largest cable television operator serving the Delaware, New Jersey and Philadelphia areas.

In addition to the radio station detailed above, we have an extensive list of radio stations including a national chain of religious broadcasting radio stations that we are providing accounting, consulting and tax services. We also have successfully provided service to several other broadcasting and communications companies who have successfully sold their businesses over the years.

NONPROFIT ORGANIZATIONS

We have provided accounting, audit, management consulting and tax services to many Nonprofit Organizations. As a result of acquiring an intimate knowledge of our clients' financial and administrative structure, we often recommend improvements for more efficient operation, stronger financial structure, and improved accounting and administrative controls. Our philosophy is to blend the technical, the practical and the business approach, customized to fit the needs of each client.