FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF ~~THESECURITIES~~THE SECURITIES EXCHANGE ACT OF 1934 FOR THE MONTH OF MAY ~~2004~~2005 CF CABLE TV INC. (Name of Registrant) 300 Viger Avenue East, Montreal, Canada, H2X 3W4 (Address of principal executive offices) [Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.] Form 20-F |_| Form 40-F |_| [Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934.] Yes |_| No |X| [If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g 3-2(b): 82-____________.]


Form 20-F	o	Form 40-F	o

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934.]


Yes	o	No	x

[If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g 3-2(b): 82-____________.]

CF CABLE TV INC.
Filed in this Form 6-K

Documents index

1. Unaudited Consolidated Financial Statements of CF Cable TV Inc. for the quarter ended ~~March~~mARCH 31, ~~2004~~2005; and Report to bondholders (Management Discussion and Analysis for the quarter ended March 31, ~~2004~~2005).

~~Unaudited~~QUARTERLY ~~financial~~REPORT ~~information~~2005 ~~Form~~FISCAL ~~6-K* for the quarter ended March 31, 2004~~YEAR

*CF ~~This~~CABLE ~~document~~TV ~~has not been filed with the U~~INC.S. ~~Securities~~INTERIM ~~and~~CONSOLIDATED ~~Exchange~~FINANCIAL ~~Commission~~STATEMENTS (~~SEC~~UNAUDITED) ~~but has been delivered to the SEC for informational purposes only.~~

~~May~~Three-Month 25Period January 1st 2005 – March 31, ~~2004~~2005 April 28, 2005

CF CABLE TV INC. Interim Consolidated Financial Statements (Unaudited) Three-month periods ended March 31, ~~2003~~2004 and ~~2004~~2005

Financial Statements
~~Highlights~~	2Highlights	3
Message to Bondholders	3-6
	Management’s discussion and analysis	4-8
Interim Consolidated Statements of Operations	7
	Consolidated Statements of Operations and Retained earnings	9
Interim Consolidated Statements of Retained Earnings (Deficit)	8
	Consolidated Balance Sheets	10
Interim Consolidated Balance Sheets	9
	Consolidated Statements of Cash Flows	11
Interim Consolidated Statements of Cash Flows	10
	Notes to Consolidated Financial Statements	12
Notes to Interim Consolidated Financial Statements	11

Highlights Three-1-month periods ended March 31, 2004 and 2005 FINANCIAL STATISTICS

Highlights Three-month periods ended March 31


*(in thousands of Canadian dollars)*	2004			2005


Revenues	$	43,347		$	47,850
Operating income		12,899			16,301
Depreciation and amortization		3,853			4,638
Net income		5,006			6,333
Cash flows from operating activities		6,040			13,468
Acquisition of fixed assets		4,247			4,595



CUSTOMER STATISTICS



Home passed ⁽¹⁾		661,399			670,603

*Cable*

Basic Cable Customers ⁽²⁾		414,119			417,918
% Penetration ⁽³⁾		62.6	%		62.3	%
Basic Cable, Net additions (losses)		(687	)		(540	)

Digital Cable Customers		64,138			85,547
% Penetration ⁽⁴⁾		15.5	%		20.5	%
Digital Cable, Net additions		9,257			5,211

Internet Access

Cable Modem		114,498			139,692
% Penetration ⁽³⁾		17.3	%		20.8	%
Cable Modem, Net additions		7,439			7,038

FINANCIAL HIGHLIGHTS
(1)	Homes passed are number of living units, such as residential homes, apartments and condominium units, passed by the cable television distribution network in a given cable system service area to which we offer the named service.
(in thousands of Canadian dollars)			2003		2004	Change
(2)	Basic customers are customers who received basic cable service, including analogue and digital customers.
			(Restated)
(3)	Represents customers as a percentage of homes passed.
Revenues		$	38,997	$	39,616	1.6	%
(4)	Represents digital customers as a percentage of basic customers.
Operating income		$	11,907	$	12,899	8.3	%
Depreciation and amortisation		$	3,485	$	3,853	10.6	%
Net income		$	12,483	$	5,006	-59.9	%
Cash flows from operating activities		$	1,833	$	73,710	3921.3	%
Capital expenditures(1)		$	2,466	$	4,247	72.2	%

OPERATIONAL HIGHLIGHTS
Subscribers	2003		2004
Home passed (2)	654,133		661,399		1.1	%
Cable subscribers
Basic Cable Subscribers (3)	422,020		417,128		-1.2	%
% Penetration (4)	64.5	%	63.1	%
Basic Cable, Net additions (losses)	(2,659	)	(687	)	-74.2	%
Digital Cable Subscribers	40,257		64,138		59.3	%
% Penetration (5)	9.5	%	15.4	%
Digital Cable, Net additions	2,914		9,257		217.7	%
Internet Access Subscribers of an Affiliated Company
Cable Modem	86,449		114,498		32.4	%
% Cable Modem penetration (6)	13.2	%	17.3	%
Cable Modem, Net additions	641		7,439		1060.5	%

- 3 -

(MANAGEMENT’S DISCUSSION AND ANALYSIS Certain statements in this report may constitute forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “foresee,” “believe,” or “continue” or the negatives of these terms or variations of them or similar terminology. These forward-looking statements involve significant risks, uncertainties and assumptions and are subject to change upon various factors, including economic conditions, competition, emerging technologies, regulation and other, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary materially from those as described herein. Any forward-looking statement speak only as of the date on which it was originally made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This analysis should also be read in conjunction with our Annual Consolidated Financial Statements and the Notes thereto. General Our interim consolidated financial statements have been prepared in accordance with Canadian GAAP, which differ from U.S. GAAP in certain respects. Note 18 to our consolidated financial statements for the year ended December 31, 2004, 2003 and 2002 contain discussions of the principal differences between Canadian GAAP and U.S. GAAP and the extent to which these differences affect our interim consolidated financial statements. As calculated in our interim consolidated financial statements included in this report, operating income for us means earnings before depreciation and amortization, financial expenses, dividend income from an affiliated company, income taxes, share in the results of a company subject to significant influence and non-controlling interest in a subsidiary. Operating income is not a measure of results that is consistent with generally accepted accounting principles. It is not intended to be regarded as an alternative to other financial operating performance measures or to the statement of cash flows as a measure of liquidity. It is not intended to represent funds available for debt service, dividends, reinvestment or other discretionary uses, and should not be considered in isolation as a substitute for measures of performance prepared in accordance with generally accepted accounting principles. We use operating income because management believes that it is a meaningful measure of performance commonly used in the cable industry and by the investment community to analyze and compare companies. It also facilitates year-over-year comparison of results, since operating income excludes, among other things, unusual items that are not readily comparable from year to year. Our definition of operating income may not be identical to similarly titled measures reported by other companies. Operating income margin is operating income as a percentage of operating revenues. Average monthly revenue per user, or ARPU, is an industry term that we use to measure our average cable and Internet revenue per month per basic cable customer. ARPU is not a measurement under Canadian GAAP or U.S. GAAP, and our definition and calculation of ARPU may not be the same as identically titled measures reported by other companies. We calculate ARPU by dividing our combined cable television and Internet-access revenues for the applicable period by the average number of our basic cable customers during the applicable period, and then dividing the resulting amount by the number of months in the applicable period. First Quarter Ended March 31, 2005 Compared to First Quarter Ended March 31, 2004 Revenues Consolidated operating revenues for the first quarter ended March 31, 2005 were $47.9 million, compared to $43.3 million for 2004, an increase of $4.6 million, or 10.4%. The increase would have been $4.3 million or 9.9% if we exclude the impact of the change in accounting policy. See note 1(b) ~~Capital~~to ~~expendidures~~our isconsolidated ~~comprised~~financial statements for the year ended December 31, 2004, 2003 and 2002. This growth was primarily the result of ~~acquisition~~an increase in Internet revenues due to a higher number of ~~fixed~~high ~~assets~~speed Internet customers and an increase in the Internet royalty rate paid by a related company. Other increases in revenues resulted from a price increase we implemented in March 2004 for basic cable, the sale of more lucrative cable television packages, a growth in the average number of our basic cable customers and lower discounts given on the sales of set-top boxes to digital cable customers, offset by a reduction of the selling price and a lower volume of sales of those equipments. On January 24, we launched our new residential telephony services on the South Shore of Montreal and on March 29, we launched the service in Laval. We will pursue the roll-out across our footprint during the balance of 2005.

~~(2)~~- ~~Homes~~4 passed are number of living units, such as residential homes, apartments and condominium units, passed by the cable television distribution network in a given cable system service area to which we offer the named service.-

Average revenue per customer per month (3ARPU) ~~Basic~~increased ~~subscribers~~to ~~are~~$38.13 ~~subscribers~~for ~~who~~the ~~received~~first ~~basic~~quarter ~~cable~~ended ~~service~~March 31, ~~including~~2005, from $34.84 for 2004, representing 9.4% increase. This increase is due to higher penetration of Internet services, price increases and customer conversions from analogue to digital, providing higher revenue per customer. Direct Cost and Operating, General and Administrative Expenses Directs costs decreased by $3.3 million, or 19.2%, to $13.5 million for the first quarter ended March 31, 2005 from $16.8 million for 2004. This decrease is mainly attributable to lower volume of sales of set-top boxes to digital ~~subscribers~~cable customers, a lower acquisition cost and favourable exchange rate on US dollar on this equipment. Direct costs for cable television services for the first quarter ended March 31, 2005, which consist of programming costs, were higher than for 2004 due to a a growth in the average number of our basic cable customers. Operating and administrative expenses increased by $4.3 million, or 31.5%, to $18.0 million for the first quarter ended March 31, 2005 from $13.7 in 2004. Higher operating expenses in the first quarter ended March 31, 2005, resulted mainly from an increase in management fees paid to the parent company, an increase in programming fund expenses due to higher cable television revenues and the launch of telephony services. Operating Income Operating income for the first quarter ended March 31, 2005 was $16.3 million, compared to $12.9 million for 2004, representing an increase of $3.4 million, or 26.4%. Operating income margin increased to 34.1% for the first quarter ended in 2005 from 29.8% for 2004. See “— General” for the reconciliation of operating income to net income. Depreciation and Amortization Depreciation and amortization expenses for the first quarter ended March 31, 2005 were $4.6 million, an increase of $0.7 million, or 20.4%, from $3.9 million for 2004. This increase was attributable to ongoing capital expenditures required to support an increased number of Internet access customers, network extensions and maintenance capital. Financial Expenses and Dividend Income Financial expenses for the first quarter ended March 31, 2005 were $2.2 million, as compared to $6.9 million revenues for 2004, a decrease of $4.7 million. This decrease was attributable to $3.7 million of interest expense in 2004 on the $165.0 million deeply subordinated debt with Vidéotron (1998) Ltée, an affiliated company, which was compensated by a $3.8 million dividend income related to the $165.0 million investment in Vidéotron (1998) Ltée. See “— Liquidity and Capital Resources — Purchase of Shares of Vidéotron (1998) Ltée and Service of Subordinated Loan.” This decrease is also due to a foreign exchange loss of $0.3 million on US dollar-denominated long-term debt as compared to $1.1 million in 2004 and by lower interest expenses on long-term debt due to a favorable variation in the foreign exchange rate. Income Taxes Income taxes for the first quarter ended March 31, 2005 was $3.1 million, compared to $1.0 million in 2004, representing an effective tax rate of 33.3% compared to 16.4% in 2004, a decrease of 16.9% based on income before income taxes, share in the results of a company subject to significant influence and non-controlling interest in a subsidiary. This increase was mainly due to tax consolidation transactions where the dividend income received in 2004 from an affiliated company was non-taxable. Net Income Our net income was $6.3 million for the first quarter ended March 31, 2005, as compared to $5.0 million for 2004, an increase of $1.3 million, or 26.5%. This increase was mainly due to improved revenues and operating income and by a foreign exchange loss of $0.3 million on US dollar-denominated long-term debt as compared to $1.1 million in 2004, offset by a higher effective tax rate mainly due to the tax consolidation transactions with an affiliated company. See “— Liquidity and Capital Resources — Purchase of Shares of Vidéotron (1998) Ltée and Service of Subordinated Loan.”

~~(4)~~- ~~Represents~~5 ~~subscribers as a percentage of homes passed.~~-

~~(5)~~Liquidity ~~Represents~~and ~~digital~~Capital ~~subscribers~~Resources asOur aprincipal ~~percentage~~liquidity ofand ~~basic~~capital ~~subscribers.~~resource requirements consist of:

~~(6)~~• ~~Represents~~capital expenditures to maintain and upgrade our network in order to support the growth of our customer base; • the cost of migrating our customers from analog to digital cable ~~modem~~television ~~Internet~~service; asand a• ~~percentage~~the service and repayment of ~~homes~~our ~~passed~~debt.

Capital Expenditures During the first quarter ended March 31, 2005 we invested $4.6 million in fixed assets, as compared to $4.2 million during 2004, an increase of $0.4 million. This growth is mainly to increase the capacity of our Internet network in order to maintain and improve the quality of service offered to our Internet access customers, as the number of customers continue to grow. We continue to focus on success-driven capital spending and maintaining our network so that it remains in very good condition. Servicing and Repayment of Our Debt During the first quarter ended March 31, 2005, we made cash interest payments of $4.2 million, as compared to $4.4 million in 2004. Purchase of Shares of Vidéotron (1998) Ltée and Service of Subordinated Loan Unlike corporations in the United States, corporations in Canada are not permitted to file consolidated tax returns. As a result, we entered into certain transactions that had the effect of consolidating tax losses within the Vidéotron group. In the first quarter of 2004, we entered into a back-to-back transaction by borrowing a $165.0 million subordinated loan from Vidéotron (1998) Ltée, an affiliated company, and using the proceeds to invest in $165.0 million of Vidéotron (1998) Ltée preferred shares. The subordinated loan, maturing on January 16, 2019 and bore interest at an annual rate of 10.75% payable semi-annually. The Quebecor Media preferred shares were redeemable at the option of Vidéotron (1998) Ltée and retractable at our option at the paid-up value and carried a 11.0% annual fixed cumulative preferential dividend payable semi-annually. During the first quarter ended March 31, 2004, we recorded interest expenses of $3.7 million with respect to the subordinated loan and received $3.8 million in dividends with respect to our ownership of the Vidéotron (1998) Ltée preferred shares. On December 16, 2004, this subordinated loan was repaid in full with the proceeds from the redemption of the preferred shares of Vidéotron (1998) Ltée, and this back-to-back transaction was unwound. This subordinated loan and our investment in Vidéotron (1998) Ltée preferred shares for the same principal amounts had the effect of significantly reducing our income tax obligation. This is because the interest expense on the subordinated loan was deductible for income tax purposes, while the dividend income on the Vidéotron (1998) Ltée preferred shares was not taxable. Contractual Obligations and Other Commercial Commitments As of December 31, 2004, our material obligations under firm contractual arrangements represent commitments for future payments under our CF Cable notes are summarized in note 11, 14 and 16 to our consolidated financial statements for the years ended December 31, 2004, 2003 and 2002. There have been no significant changes to our material contractual obligations and other commercial commitments since December 31, 2004.

CF CABLE TV INC. MESSAGE TO BONDHOLDERS General Our consolidated financial statements have been prepared in accordance with Canadian GAAP, which in certain aspects differ from U.S. GAAP. We are a wholly owned subsidiary of Vidéotron Ltée, the largest operator of cable systems in the Province of Québec and the third largest in Canada. Vidéotron serves the majority of its customers through a contiguous and highly clustered network which covers approximately 80 % of Québec’s 3.0 million homes passed by cable. The network modernization program was substantially completed in 2001, which has provided us, and the parent company, with one of the largest bi-~~directional~~ ~~hybrid~~6 ~~fiber coaxial (HFC) networks in North America. Vidéotron offers customers bundled packages of products and services including analogue and digital cable television, high~~-speed Internet access, pay television, selected interactive television services and video-on-demand. Our primary sources of revenue are subscriptions from our customers for cable television and Internet access royalties from a related company. Our business is mostly subscription based, which provides stable revenues and low sensitivity to general economic conditions. We provide a wide variety of packages and range of prices. Our major cost components are direct costs and operating expenses. Direct costs consist of television programming cost. These costs vary in relation with the number of customers and price fluctuations from suppliers. Major components of operating expenses are salaries and benefits, subcontractors’ costs, advertising and regulatory contributions. As calculated in our interim consolidated financial statements included in this report, operating income for us means earnings before depreciation and amortization, financial expenses, other items (consisting primarily of restructuring charges), income taxes, and non-controlling interest in a subsidiary. Operating income is not a measure of results that is consistent with generally accepted accounting principles. It is not intended to be regarded as an alternative to other financial operating performance measures or to the statement of cash flows as a measure of liquidity. It is not intended to represent funds available for debt service, dividends, reinvestment or other discretionary uses, and should not be considered in isolation as a substitute for measures of performance prepared in accordance with generally accepted accounting principles. We use operating income because management believes that it is a meaningful measure of performance commonly used in the cable industry and by the investment community to analyse and compare companies. It also facilitates year-over-year comparison of results, since operating income excludes, among other things, unusual items that are not readily comparable from year to year. Our definition of operating income may not be identical to similarly titled measures reported by other companies. Operating income margin is operating income as a percentage of operating revenues. -3-

~~Significant~~Sources ~~changes On January 16, 2004, we contracted a subordinated debt~~ of ~~$165.0~~Liquidity ~~million from Vidéotron (1998) Ltée, an affiliated company. This subordinated debt bears interest at 10.75% per annum~~ and ~~matures~~Capital onResources ~~January~~Our ~~16,~~primary ~~2019.~~sources ~~On the same day, we invested the whole proceeds~~ of ~~$165.0~~liquidity ~~million into 165,000 preferred shares, Series D of Vidéotron (1998) Ltée. These shares carry the right to receive an annual dividend of 11% payable in June~~ and ~~December~~capital ofresources each year. These transactions were effected to improve the tax consolidation of Vidéotron Ltée and its subsidiaries. Changes in accounting principles During the fourth quarter of 2003, the Company revised its accounting of reconnecting costs. (see Note 1 of the financial statements). The Company changed its accounting principles to expense as they are incurred, the costs of reconnecting subscribers. First Quarter ended March 31, 2004 Consolidated Statements of Income Consolidated operating revenues for the first quarter ended March 31, 2004 were $39.6 million, compared to $39.0 million for the same period in 2003, an increase of $0.6 million, or 1.6 %. This growth was primarily the result of sales of set-top boxes to digital cable subscribers for $1.0 million. Other increases in revenues result from a price increase we implemented in February 2003 for basic cable television customers, an increase in Internet revenues due to a higher number of high speed Internet customers and an increase in the Internet royalty rate paid by a related company. These increases were partially offset by a decline in the number of our basic cable customers by 4,892 or 1.2%. Average revenue per subscriber per month (ARPU) increased to $31.61 for the first quarter ended March 31, 2004, from $30.71 for the same period in 2003, representing an increase of 2.9%. This increase is due to a price increase and customer conversions from analogue to digital, providing higher revenue per customer. Directs costs increased $4.8 million, or 40.0 %, to $16.8 million for the first quarter ended March 31, 2004 from $12.0 million for the same period in 2003. This increase is mainly attributable to the costs of equipment sold to customers. Operating and administrative expenses decreased by $5.1 million, or 8.4 %, to $10.0 million for first quarter ended March 31, 2004 from $15.1 million in 2003. The decline is due to the change in the percentage of operating and administrative expenses recharged by the parent company which is based on the number of customers per company and the change in the rate of expenses recharged to an affiliated company for the utilisation of the network which is based on the number of Internet customers. -4-:

~~Financial~~• ~~expenses~~funds for the first quarter 2004 were $5.8 million, as compared to $2.0 million for the same period in 2003, an increase of $3.8 million, or 190%. The increase is attributable to the $3.8 million of interest expense on the new debt of $165.0 million due to an affiliated company. On the other hand, dividend income from an affiliated company increased by $3.8 million, attributable to the $165.0 million investment in an affiliated company. The company’s Senior notes are denominated in US dollar. The variation of the exchange rate resulted in a loss of $1.1 million in the first quarter of 2004 compared to a gain of $8.3 million in the same period of 2003. Net income was $5.0 million for the first quarter of 2004 compared to $12.5 million for the first quarter of 2003, a decrease of $7.5 million or 60.0%. The decrease in net income is due to a lower exchange gain on foreign currency long-term debt compared to the same quarter last year. Liquidity and Capital Resources Cash provided by operating activities during the first quarter ended March 31, 2004 was $73.7 million, as compared to $1.8 million for the same period in 2003, an increase of $71.9 million. Cash flows from operations; ~~before~~• ~~changes~~financing in non-cash operating items, amounted to $10.8 million for the first quarter ended in 2004 compared to $9.8 million for the same period in 2003. This $1.0 million increase is mainly due to reductions in operating and administrative expenses, offset by losses on subscribers’ equipment sales. Changes in non-cash operating items provided $62.9 million in the first quarter ended March 31, 2004, as compared to $8.0 million used for the same period in 2003, an increase of $70.9 million. The variation in non-cash operating items was mainly due to the repayment of amounts receivable from ~~the~~related ~~parent~~party ~~company~~transactions; in consideration of the redemption of $70.0 million in capital shares. The total cash flows used by investing activities for the first quarter of 2004 were $169.3 million as compared to $2.5 million for the same period last year, an increase of $166.8 million, mainly due to the acquisition of preferred shares, Series D, of Vidéotron (1998) Ltée., an affiliated company for an amount of $165.0 million. During the first quarter of 2004 we invested $4.2 million in capital expenditures compared to $2.5 million during the same period in 2003. The Company continued to focus on success driven capital spending and ~~maintaining~~• the network in very good condition. Cash flows generated from financing activities were $95.0 million in the first quarter of 2004. On January 16, 2004, we borrowed $165.0 million in the form of a due to an affiliated company, Vidéotron (1998) Ltée, and used the whole proceeds of this loan to acquire the preferred shares of Vidéotron (1998) Ltée. The Company also reduced its issued and paid-up capital onmarket common shares for a total amount of $70.0 million. As at March 31, 2004, the Company’s indebtedness position amounted to $0.4 million compared to $0.6 million at the end of the same period in 2003. Management believes that cash flows from operations and available sources of financing should be sufficient to cover cash requirements for capital investment, interest payments and mandatory debt ~~repayment~~financings. ~~-5-~~

~~Risks~~Funds ~~and~~from ~~Uncertainties~~Operations. InCash ~~the~~provided ~~normal~~by ~~course~~operating ofactivities ~~business,~~during wethe ~~are~~first ~~exposed~~quarter toended ~~market~~March ~~risks.~~31, In2005 ~~addition~~was to$13.5 ~~market~~million, ~~risks~~as ~~associated~~compared ~~with~~to ~~fluctuations~~$6.0 million in ~~interest~~2004, ~~rates~~an ~~and~~increase ~~exchange~~of ~~rates~~$7.5 ofmillion, ~~the~~or U123.S0%. ~~dollar~~Cash toflows ~~the~~from ~~Canadian~~operations ~~dollar,~~before wechanges ~~are~~in ~~also~~non-cash ~~exposed~~operating toitems ~~credit~~amounted ~~risks~~to $14.6 ~~Concentration~~million offor ~~credit~~the ~~risk~~first ~~with~~quarter ~~respect~~ended March 31, 2005, as compared to ~~trade~~$10.8 ~~receivables~~million in 2004. This $3.8 million increase is ~~limited~~mainly due to ~~our~~improved ~~large~~revenues ~~customer~~and ~~base~~operating ~~and~~income. ~~low~~Changes ~~receivable~~in ~~amounts~~non-cash ~~from~~operating ~~individual~~items ~~customers~~used $1.1 Asmillion ofin the first quarter ended March 31, 2005, as compared to $4.8 million for 2004, wea ~~had~~decrease noon ~~significant~~non-cash ~~concentration~~operating items used of ~~credit~~$3.7 ~~risk~~million. ~~Competition~~The variation in non-cash operating items is ~~very~~mainly ~~intense~~due to the timing in ~~television~~the payments made for programming services ~~distribution~~and amounts payable to affiliated companies. ~~Our~~Financing ~~principal~~from ~~competitors~~Related ~~include~~Party ~~off-air~~Transactions. ~~television~~During ~~and~~the ~~providers~~first ofquarter ~~other~~ended ~~entertainment~~March 31, ~~direct~~2005 ~~broadcast~~we ~~satellite~~paid $9.4 million to Quebecor Media, ~~private~~the ~~cable~~parent company, ~~other~~for ~~cable~~the ~~distribution~~transfer ~~and~~of ~~wireless~~tax ~~distribution~~deductions. ~~Competition~~On isJanuary ~~also~~16, ~~intense~~2004, we borrowed $165.0 million in ~~high-speed~~the ~~Internet~~form ~~access~~of a subordinated loan from ~~digital~~Vidéotron ~~subscriber~~(1998) ~~line~~Ltée, an affiliated company. We used all the proceeds from this loan to purchase 165,000 preferred shares, Series D of Vidéotron (~~DSL~~1998) ~~technology~~Ltée. ~~The~~On ~~cable~~December ~~and~~16, ~~Internet~~2004, ~~access~~Vidéotron ~~industries~~(1998) ~~are~~Ltée ~~experiencing~~redeemed ~~rapid~~these preferred shares, and ~~significant~~we ~~technological~~used ~~changes,~~the ~~which~~proceeds ~~may~~from ~~result~~this redemption to repay in ~~alternative~~full ~~means~~the outstanding amounts under the $165.0 million subordinated loan. See “— Liquidity and Capital Resources — Purchase of ~~transmission~~Shares of Vidéotron (1998) Ltée and ~~which~~Service ~~could~~of ~~have~~Subordinated aLoan.” ~~materially~~Interest ~~adverse~~Rate ~~effect~~and onForeign ~~our~~Exchange ~~business,~~Management. We use certain financial ~~condition~~instruments, orsuch ~~results~~as, offorward ~~operations~~exchange contracts to manage our foreign exchange exposure on debt instruments. WeThese ~~may~~instruments are not beused ~~able~~for totrading ~~successfully~~or ~~compete~~speculative ~~with~~purposes. We expect that our cash requirements relating to our existing oroperations ~~newly~~over ~~developed~~the ~~alternative~~next ~~technologies~~twelve ormonths ~~may~~will be ~~required~~ to ~~acquire~~fund operating activities and working capital, ~~develop~~capital orexpenditures ~~integrate~~and ~~new~~debt ~~technologies~~service ~~ourselves~~payments. ~~Regulation~~ We ~~are~~plan ~~subject~~ to ~~extensive~~fund ~~government~~these ~~regulations~~requirements ~~mainly~~from ~~through~~ the ~~Broadcasting~~sources ~~Act~~of ~~(Canada)~~cash described above. We believe that, based on our current levels of operations and ~~the~~anticipated ~~Telecommunications~~growth, ~~Act~~our ~~(Canada)~~cash from operations, ~~both~~together with our other available sources of ~~which~~liquidity, ~~are~~will ~~administered~~be bysufficient for the ~~Canadian~~foreseeable ~~Radio-television~~future to fund anticipated capital expenditures and ~~Telecommunications~~to ~~Commission~~make required payments of principal and interest on our debt. ~~Changes~~Critical Accounting Policies The preparation of financial statements in conformity with generally accepted accounting principles requires management to ~~the~~make ~~regulations~~estimates and ~~policies~~assumptions ~~governing~~that ~~broadcast~~affect ~~satellite~~the ~~services~~reported amounts of assets and liabilities, the ~~introduction~~disclosure of ~~new~~contingent ~~regulations~~assets orand ~~policies~~liabilities orat ~~terms~~the date of ~~license~~the financial statements and the reported amounts of revenue and expenses during the reporting period. Consequently, actual results could differ from these estimates. In our consolidated financial statements for the year ended December 31, 2004, 2003 and 2002, we have aidentified ~~material~~the ~~effect~~accounting onpolicies that are critical to the understanding of our business, ~~financial~~operations ~~condition~~and orour results of operations. ~~Yvan~~As ~~Gingras~~at ~~Executive~~March ~~Vice-President~~31, ~~Finance~~2005, ~~and~~there ~~OperationsVidéotron~~was ~~Ltée~~no ~~May~~change 13to our critical accounting policies from those described December 31, 2004. Risks and Uncertainties In the normal course of business, we are exposed to fluctuations in interest rates and exchange rates. We manage the exchange rate exposure through forward exchange contracts. As at March 31, 2005, we were using derivative financial instruments to reduce our exchange rate exposure. While these agreements expose us to the risk of non-6-performance by a third party, we believe that the possibility of incurring such loss is remote due to the creditworthiness of the parties with whom we deal. We do not hold or issue any derivative financial instruments for trading purposes. A description of the financial derivatives used by us as at

~~CF CABLE TV INC. Interim Consolidated Statements of Operations For the three~~-~~month~~ ~~periods~~7 ~~ended March 31, 2003 and 2004 (in thousands of dollars)~~-

		2003			2004
	(Restated)
Operating revenues	$	38,997		$	39,616
Direct costs		11,999			16,760
		26,998			22,856
Operating and administrative expenses		15,091			9,957
Operating income before the undernoted		11,907			12,899
Depreciation and amortization (note 3)		3,485			3,853
Financial expenses (note 4)		1,998			5,754
Loss (gain) on foreign currency long-term debt		(8,301	)		1,119
Dividend income from an affiliated company		—			(3,769	)
Income before income taxes, share in the results of
a company subject to significant influence and non-
controlling interest in a subsidiary		14,725			5,942
Income taxes:
Current		167			167
Future		2,111			806
		2,278			973
		12,447			4,969
Share in the results of a company subject to
significant influence		36			38
Non-controlling interest in a subsidiary		—			(1	)
Net income	$	12,483		$	5,006

December 31, 2004 is provided in note 1(i) to our audited consolidated financial statements for the years ended December 31, 2004, 2003 and 2002.

Concentration of credit risk with respect to trade receivables is limited due to our large customer base and low receivable amounts from individual customers. As of March 31, 2005, we had no significant concentration of credit risk.

Regulation

We are subject to extensive government regulation mainly through the Broadcasting Act (Canada) and the Telecommunications Act (Canada), both of which are administered by the Canadian Radio-television and Telecommunications Commission. Changes to the regulations and policies governing broadcast television, specialty channels and program distribution through cable and direct broadcast satellite services, Internet service providers, Voice over IP services, the introduction of new regulations or policies or terms of license or treatment of the tax deductibility of advertising expenditures could have a material effect on our business, financial condition or results of operations.

New accounting standards

We prepare our financial statements in accordance with Canadian GAAP, which differ in certain respects from U.S. GAAP. The areas of material differences and their impact on our financial statements are described in note 18 to our consolidated financial statements for the years ended December 31, 2004, 2003 and 2002.

In the first quarter ended March 31, 2005, there have been no changes to our critical accounting policies from those described in our consolidated financial statements for the years ended December 31, 2004, 2003 and 2002.

~~See~~- ~~accompanying~~8 ~~notes to interim consolidated financial statements.~~ -7-

CF CABLE TV INC. Interim Consolidated Statements of Operations and Retained Earnings (~~Deficit~~Unaudited) For the three-month periods ended March 31, ~~2003~~2004 and ~~2004~~2005 (in thousands of Canadian dollars)

		2003			2004
		2004			2005
		(Restate	d)
Operating revenues	$	43,347		$	47,850
Balance at beginning of period:
Direct costs		16,760			13,546
As previously reported	$	(35,639	)	$	6,235
		26,587			34,304
Changes in accounting principles (note 1)		5,637			—
Operating and administrative expenses		13,688			18,003
As restated		(30,002	)		6,235
Operating income before the undernoted		12,899			16,301
Net income		12,483			5,006
Depreciation and amortization		3,853			4,638
Balance at end of period	$	(17,519	)	$	11,241
Financial expenses (note 3)		6,873			2,207
Dividend income from an affiliated company		(3,769	)		—
Income before income taxes, share in the results of a company subject to significant influence and non- controlling interest in a subsidiary		5,942			9,456
Income taxes:
Current		167			150
Future		806			2,996
		973			3,146
		4,969			6,310
Share in the results of a company subject to significant influence		38			23
Non-controlling interest in a subsidiary		(1	)		—
Net income	$	5,006		$	6,333
Retained earnings at beginning of period		6,235			46,071
Retained earnings at end of period	$	11,241		$	52,404

See accompanying notes to interim consolidated financial statements. ~~-8-~~

CF- ~~CABLE~~9 ~~TV INC. Interim Consolidated Balance Sheets As at December 31, 2003 and March 31, 2004 (in thousands of dollars)~~-

		December 31,		March 31,
		2003		2004
		(Restated)
Assets
Current assets:
Cash	$	155	$	176
Amounts receivable from parent company		75,266		—
Amounts receivable from affiliated companies		2,762		6,773
Advances to parent company		733		733
Prepaid expenses and other current assets		633		1,040
		79,549		8,722
Futures income taxes		1,295		1,295
Fixed assets (note 5)		195,582		196,004
Goodwill		167,892		167,892
Deferred charges (note 6)		4,412		4,317
Investments		976		1,014
Investments in an affiliated company		—		165,000
	$	449,706	$	544,244
Liabilities and Shareholder’s Equity
Current liabilities:
Issued and outstanding cheques	$	51	$	620
Accounts payable and accrued liabilities (note 7)		29,786		17,579
Amounts payable to parent company		—		4,376
Amounts payable to affiliated companies		317		322
Deferred revenue and prepaid services		19,410		19,270
Income tax payable		45		59
		49,609		42,226
Future income taxes		34,760		35,566
Long-term debt (note 8)		98,015		99,134
Due to parent company (note 9 (a))		25,969		25,969
Due to an affiliated company (note 9 (b))		—		165,000
Non-controlling interest in a subsidiary		10		—
		208,363		367,895
Shareholder’s equity:
Share capital (note 10)		235,000		165,000
Contributed surplus		108		108
Retained earnings		6,235		11,241
		241,343		176,349
	$	449,706	$	544,244

CF CABLE TV INC.
Interim Consolidated Balance Sheets
(Unaudited)

As at December 31, 2004 and March 31, 2005
(in thousands of Canadian dollars)

Contingencies (note 11) See accompanying notes to interim consolidated financial statements. -9-



	December 31, 2004		March 31, 2005


Assets

Current assets:
Cash	$	70	$	47
Amounts receivable from parent company		33,973		27,360
Amounts receivable from affiliated companies		2,260		3,951
Advances to parent company		733		733
Income taxes receivable		15		15
Prepaid expenses and other current assets		706		1,486
Future income taxes		8,447		8,428

		46,204		42,020

Fixed assets		198,281		198,232
Goodwill		167,892		167,892
Other assets		6,501		6,670

	$	418,878	$	414,814


Liabilities and Shareholder’s Equity

Current liabilities:
Issued and outstanding cheques	$	164	$	551
Accounts payable and accrued liabilities		16,642		13,948
Amounts payable to affiliated companies		9,400		—
Deferred revenue and prepaid services		21,943		20,038
Income tax payable		91		28

		48,240		34,565

Deferred revenue		3,864		3,896
Forward exchange contract		8,476		8,170
Future income taxes		24,188		27,165
Due to parent company (note 4)		25,969		25,969
Long-term debt (note 5)		90,871		91,446

		201,608		191,211

Shareholder’s equity:
Share capital (note 6)		165,000		165,000
Contributed surplus		6,169		6,199
Retained earnings		46,071		52,404

		217,270		223,603

	$	418,878	$	414,814

CFCommitments ~~CABLE~~and TVguarantees ~~INC.~~(note ~~Interim~~7) ~~Consolidated~~Contingencies ~~Statements~~(note of8) ~~Cash~~See ~~Flows~~accompanying ~~For~~notes ~~the~~to ~~three-month~~interim ~~periods~~consolidated ~~ended~~financial ~~March 31, 2003 and 2004 (in thousands of dollars)~~statements.

		2003			2004
		(Restated)
Cash flows from operating activities:
Net income	$	12,483		$	5,006
Adjustments for the following items:
Depreciation and amortization		3,552			3,920
Future income taxes		2,111			806
Share in the results of a company subject to
significant influence		(36	)		(38	)
Loss (gain) on foreign currency long-term debt		(8,301	)		1,119
Non-controlling interest in a subsidiary		—			1
Cash flows from operations		9,809			10,814
Net change in non-cash operating items:
Income taxes		(520	)		14
Net amount receivable and payable from/to affiliated
companies		(3,017	)		75,636
Prepaid expenses and other current assets		(134	)		(407	)
Accounts payable and accrued liabilities		(3,964	)		(12,207	)
Deferred revenue and prepaid services		(341	)		(140	)
		(7,976	)		62,896
Cash flows from operating activities		1,833			73,710
Cash flows from investing activities:
Acquisition of fixed assets		(2,466	)		(4,247	)
Acquisition of non-controlling interest		—			(11	)
Investment in an affiliated company		—			(165,000	)
Cash flows used in investing activities		(2,466	)		(169,258	)
Cash flows from financing activities:
Repayment of long-term debt		(7	)		—
Due to an affiliated company		—			165,000	)
Redemption of capital shares		—			(70,000	)
Cash flows from (used in) financing activities		(7	)		95,000
Net change in cash and cash equivalents		(640	)		(548	)
Cash and cash equivalents at beginning of period		60			104
Cash and cash equivalents at end of period	$	(580	)	$	(444	)
Cash and cash equivalents are comprised of:
Cash	$	67		$	176
Issued and outstanding cheques		(647	)		(620	)
	$	(580	)	$	(444	)

- 10 -

~~See~~CF ~~accompanying~~CABLE ~~notes~~TV toINC. ~~interim~~Interim ~~consolidated~~Consolidated ~~financial~~Statements ~~statements.~~of Cash Flows (Unaudited) For the three-~~10-~~month periods ended March 31, 2004 and 2005 (in thousands of Canadian dollars)

CF CABLE TV INC. Notes to Interim Consolidated financial statements(unaudited) As at March 31, 2004



	2004			2005


Cash flows from operating activities:
Net income	$	5,006		$	6,333
Adjustments for the following items:
Depreciation and amortization		3,938			4,994
Future income taxes		806			2,996
Share in the results of a company subject to significant influence		(38	)		(23	)
Loss on foreign currency denominated long-term debt (note 3)		1,119			269
Loss on disposal of fixed assets		—			6
Non-controlling interest in a subsidiary		1			—

Cash flows from operations		10,832			14,575

Net change in non-cash operating items:
Income taxes		14			(63	)
Net amount receivable and payable from/to affiliated companies		7,966			4,805
Prepaid expenses and other current assets		(407	)		(780	)
Accounts payable and accrued liabilities		(12,207	)		(2,694	)
Deferred revenue and prepaid services		318			(1,873	)
Deferred connection fees		(476	)		(502	)

		(4,792	)		(1,107	)

Cash flows from operating activities		6,040			13,468

Cash flows from investing activities:
Acquisition of fixed assets		(4,247	)		(4,595	)
Acquisition of non-controlling interest		(11	)		—
Acquisition of shares of a company under common control		(165,000	)		—
Payment of tax deductions to the ultimate parent company		—			(9,400	)

Cash flows used in investing activities		(169,258	)		(13,995	)

Cash flows from financing activities:
Advances to the parent company		67,670			117
Increase in intercompany loan from a company under common control		165,000			—
Redemption of paid-up capital on common shares		(70,000	)		—

Cash flows from (used in) financing activities		162,670			117

Net change in cash and cash equivalents		(548	)		(410	)

Cash and cash equivalents at beginning of period		104			(94	)

Cash and cash equivalents at end of period	$	(444	)	$	(504	)


Cash and cash equivalents are comprised of:
Cash	$	176		$	47
Issued and outstanding cheques		(620	)		(551	)

	$	(444	)	$	(504	)



Interest paid	$	4,441		$	4,222
Income taxes paid	$	158		$	153

1.See ~~Basis~~accompanying ofnotes ~~presentation~~to ~~and~~interim ~~accounting~~consolidated ~~changes:~~financial statements.

~~The Company is a distributor of pay~~-~~television~~ ~~services~~11 ~~in the Province of Québec providing cable television and Internet access services.~~-

~~The~~CF ~~accompanying~~CABLE ~~unaudited~~TV ~~Consolidated~~INC. ~~financial~~Notes ~~statements~~to ofInterim ~~the Company have been prepared in accordance with Canadian generally accepted accounting principles on a basis consistent with those followed in the most recent audited annual~~ Consolidated financial statements. ~~These~~ (unaudited) ~~interim~~For ~~Consolidated~~the ~~financial~~three-month ~~statements~~periods doended ~~not~~March ~~include~~31, ~~all~~2004 ~~information~~ and ~~note~~2005 ~~disclosures~~(in ~~required~~thousands byof Canadian generally accepted accounting principles for annual financial statements, and therefore should be read in conjunction with the December 31, 2003 audited Consolidated financial statements and the notes below:dollars)

Changes in accounting policies:

1.	Basis of presentation and accounting changes:

	The Company is a distributor of pay-television services in the Province of Québec providing cable television and Internet access services.

	The accompanying unaudited Consolidated financial statements of the Company have been prepared in accordance with Canadian generally accepted accounting principles on a basis consistent with those followed in the most recent audited annual Consolidated financial statements. These unaudited interim Consolidated financial statements do not include all information and note disclosures required by Canadian generally accepted accounting principles for annual financial statements, and therefore should be read in conjunction with the December 31, 2004 audited Consolidated financial statements and the notes below.

	New accounting policies since December 31, 2003

	Revenue recognition and revenue arrangements with multiple deliverables:

	In 2004, the Company revised and adopted an accounting policy for the timing of revenue and expense recognition regarding connection fees based on the CICA Emerging Issues Committee Abstracts 141 and 142. The Company chose to adopt the new policy prospectively without restatement of prior periods.

	Effective January 1, 2004, the connection fees revenues are now deferred and recognized as revenues over 30 months, that is the estimated average period that subscribers are expected to remain connected to the network. The incremental and direct costs related to connection fees, in an amount not exceeding the revenue, are now deferred and recognized as an operating expense over the same 30-month period. Previously, the connection fees and the incremental and direct costs were recognized immediately in the operating revenues and expenses. This change in accounting policy had no effect on the amounts of reported operating income and net income. Deferred revenue and deferred charges, net of amortization, amounted to $0.5 million and $0.2 million for the three-month periods ended March 31, 2004 and 2005.

2.	Employee future benefits:

	The following table presents the Company’s net benefit costs:

Reconnection costs:

	March 31, 2004		March 31, 2005



Net benefit costs	$	3	$	7

During the fourth quarter of 2003, the Company revised its accounting for the accounting of the reconnecting costs. Up to the end of the third quarter of 2003, the costs of reconnecting subscribers, which included material, direct labour, and certain overhead charges were capitalised to the fixed assets and depreciated over a three-~~year~~ or12 ~~four~~-~~year period on a straight-line basis.~~

~~The~~CF ~~Company~~CABLE ~~changed~~TV ~~its~~INC. ~~accounting~~Notes ~~policies~~ to ~~expense,~~Interim asConsolidated ~~they~~financial ~~are~~statements ~~incurred,~~(Continued) ~~the~~(unaudited) ~~costs~~For ~~of reconnecting subscribers. These changes have been applied retroactively and have had~~ the ~~following effects for the~~ three-month ~~period~~periods ended March 31, ~~2003:~~2004 and 2005 (in thousands of Canadian dollars)

•3. ~~The~~Financial ~~operating costs increased by $343,000;~~expenses:

• The depreciation expense decreased by $279,000;


	March 31, 2004			March 31, 2005


Third parties

Interest on long-term debt	$	2,273		$	2,116
Amortisation of deferred financing costs		67			67
Loss on foreign currency denominated long-term debt		1,119			269
Loss (gain) on foreign currency short-term monetary		(46	)		28
Other interests and penalty charges		16			(24	)

		3,429			2,456
Parent company:
Interest income		(239	)		(249	)

Affiliated companies:
Interest expense		3,683			—

	$	6,873		$	2,207

•4. ~~The~~Due ~~income~~to ~~tax~~parent ~~expense increased by $36,000; and~~company:

• The net income decreased by $100,000.


	December 31, 2004			March 31, 2005


Inter-company Deeply Subordinated Debt, bank prime rate plus 2% and repayable after the total repayment of the Senior Secured First Priority Notes (a)	$	25,969	$	25,969

Asa) atDeeply ~~March~~Subordinated ~~31,~~Debt: ~~2003,~~The ~~fixed~~repayment ~~assets~~of ~~decreased~~capital byand ~~$2.8~~interest ~~million,~~on ~~future~~the ~~income~~inter-company ~~tax~~Deeply ~~assets~~Subordinated ~~increased~~Debt byis ~~$0.9~~subordinated ~~million~~to ~~and~~ the ~~deficit~~repayment asof atthe ~~January~~Senior 1,Secured ~~2003~~First ~~increased~~Priority byNotes $1maturing in 2007.8 ~~million~~The parent company waives annually the interests on this debt.

2.- ~~Business~~13 ~~reorganisation:~~-

InCF ~~March~~CABLE ~~2004,~~TV ~~Vidéotron~~INC. ~~(Régional)~~Notes ~~Ltée,~~to aInterim ~~subsidiary~~Consolidated offinancial ~~the~~statements ~~company,~~(Continued) ~~redeemed~~(unaudited) ~~from~~For ~~its~~the ~~non~~three-~~controlling~~month ~~shareholder~~periods ~~1,000~~ended ofMarch ~~Class~~31, ~~“D”~~2004 ~~Preferred Shares~~ and ~~100~~2005 of(in ~~Class~~thousands ~~“C” Common Shares for a total consideration~~ of ~~$11,000~~Canadian ~~including cumulative unpaid dividends of $1,000.~~dollars)

5. Long-~~11-~~term debt:

CF CABLE TV INC. Notes to Interim Consolidated financial statements (continued) (unaudited) As at March 31, 2004


	December 31, 2004			March 31, 2005


Senior Secured First Priority Notes at 9.125 % interest rate	$	90,871	$	91,446

3Senior Secured First Priority Notes: Senior Secured First Priority Notes having a par value of US$75.6 ~~Depreciation~~million (2004 - US$75.6 million), bear interest at the rate of 9.125%, and ~~amortization:~~mature in 2007. The Notes are redeemable at the option of the Company on or after July 15, 2005 at 100% of the principal amount. These Notes are secured by first-ranking hypothecs on substantially all of the assets of CF Cable TV Inc. and certain of its subsidiaries. In addition, CF Cable TV Inc. and its subsidiaries have provided, to the extent permitted under the Notes Trust Indenture, guarantees in favour of the lenders under its parent credit agreement. In the case of realisation on the assets of CF Cable TV Inc. and certain of its subsidiaries, the proceeds thereof would be firstly used to repay, on a pro rata basis, and as described in an inter-creditor agreement entered into on September 29, 2001, between, among others, the agent under the parent’s credit agreement and the trustee under the Notes Trust Indenture, the Senior Secured First Priority Notes and the first priority guarantees provided to the lenders under the parent’s credit agreement.

		March 31,		March 31,
		2003		2004
	(in thousands of dollars)
Fixed assets	$	3,458	$	3,825
Deferred charges		27		28
	$	3,485	$	3,853

6.	Share capital:

4. Financial expenses:


	December 31, 2004			March 31, 2005


Issued and paid:
5,000,230 common shares	$	165,000	$	165,000

			March 31,			March 31,
7.	Commitments and guarantees:
			2003			2004
	Operating leases:
		(in thousands of dollars)
	The Company has guaranteed a portion of the residual values of certain assets under operating leases for the benefit of the lessor. If the fair value of the assets, at the end of their respective lease terms, is less than the residual value guaranteed, the Company must, under certain conditions, compensate the lessor for a portion of the shortfall As at March 31, 2005, the maximum exposure in respect of these guarantees is $0.3 million and no amount has been recorded in the financial statements.
Third parties
Interest on long-term debt		$	2,515		$	2,273
Amortisation of deferred financing costs			67			67
Gain on foreign currency short-term monetary items			(24	)		(46	)
Other interests and penalty charges			(2	)		16
			2,556			2,310
Parent company:
Interest income			(558	)		(239	)
Affiliated companies:
Interest expense			—			3,683
		$	1,998		$	5,754

5.- ~~Fixed~~14 ~~assets:~~-

December 31, 2003
			Accumulated	Net book
		Cost	depreciation	value
		(in thousands of dollars)
Receiving and distribution networks	$	342,934	$152,632	$190,302
Furniture and equipment		19,355	17,539	1,816
Buildings		4,767	2,040	2,727
Land		737	—	737
	$	367,793	$172,211	$195,582

CF CABLE TV INC.
Notes to Interim Consolidated financial statements (Continued)
(unaudited)

For the three-month periods ended March 31, 2004 and 2005
(in thousands of Canadian dollars)

~~-12-~~8. Contingencies: In the normal course of business, the Company is a party to various claims and lawsuits. Even though the outcome of these various pending cases as at March 31, 2005, cannot be determined with certainty, the Company believes that their outcome will not have a material adverse impact on its financial position or operating results.

CF9. ~~CABLE~~Comparative TVfigures: ~~INC.~~Certain ~~Notes~~comparative tofigures ~~Interim~~have ~~Consolidated~~been ~~financial~~reclassified from statements ~~(continued)~~previously ~~(unaudited)~~presented Asto atconform ~~March~~to ~~31,~~the ~~2004~~presentation adopted in the current period.

5.- ~~Fixed~~15 ~~assets (continued):~~-

							March 31, 2004
SIGNATURE
						Accumulated			Net book
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
			Cost			depreciation			value
CF CABLE TV INC.
				(in thousands of dollars)
(signed) Yvan Gingras
Receiving and distribution networks		$	347,181		$	156,311		$	190,870
By:	Yvan Gingras
Furniture and equipment			19,355			17,651			1,704
	Executive Vice-President, Finance and Operations
Buildings			4,767			2,074			2,693
Date: May 19, 2005
Land			737			—			737
		$	372,040		$	176,036		$	196,004

6. Deferred charges:

		December 31,		March 31,
		2003		2004
		(in thousands of dollars)
Long-term financing fees	$	905	$	839
Development and pre-operating costs		73		44
Employee future benefit costs		3,434		3,434
	$	4,412	$	4,317

7. Accounts payable and accrued liabilities:

		December 31,		March 31	,
		2003		2004
		(in thousands of dollars)
Trade accounts payable	$	4,557	$	3,692
Royalties and service providers’ dues		18,493		9,433
Employees’ salaries and dues		1,269		1,242
Provincial and federal sales tax		1,368		1,327
Interest due		4,099		1,885
	$	29,786	$	17,579

-13-

CF CABLE TV INC. Notes to Interim Consolidated financial statements (continued) (unaudited) As at March 31, 2004

8. Long-term debt:

		December 31,		March 31,
		2003		2004
		(in thousands of dollars)
Senior Secured First Priority Notes at 9.125 % interest rate	$	98,015	$	99,134

Senior Secured First Priority Notes:

Senior Secured First Priority Notes having a par value of US$75.6 million (2003 —US$75.6 million), bear interest at the rate of 9.125%, and mature in 2007. The Notes are redeemable at the option of the Company on or after July 15, 2005 at 100% of the principal amount. These Notes are secured by first-ranking hypothecs on substantially all of the assets of CF Cable TV Inc. and certain of its subsidiaries. In addition, CF Cable TV Inc. and its subsidiaries have provided, to the extent permitted under the Notes Trust Indenture, guarantees in favour of the lenders under its parent credit agreement. In the case of realisation on the assets of CF Cable TV Inc. and certain of its subsidiaries, the proceeds thereof would be firstly used to repay, on a pro rata basis, and as described in an inter-creditor agreement entered into on September 29, 2001, between, among others, the agent under the parent’s credit agreement and the trustee under the Notes Trust Indenture, the Senior Secured First Priority Notes and the first priority guarantees provided to the lenders under the parent’s credit agreement.

9. Due to parent or affiliated companies:

		December 31	,		March 31	,
		2003			2004
		(in thousands of dollars)
Inter-company Deeply Subordinated Debt, bank prime rate
plus 2% and repayable after the total repayment of
the Senior Secured First Priority Notes (a)	$	25,969		$	25,969
Deeply Subordinated Debt (b)		—			165,000
	$	25,969		$	190,969

a) Deeply Subordinated Debt:

The repayment of capital and interest on the inter-company Deeply Subordinated Debt is subordinated to the repayment of the Senior Secured First Priority Notes maturing in 2007. The parent company waives annually the interests on this debt.

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CF CABLE TV INC. Notes to Interim Consolidated financial statements (continued) (unaudited) As at March 31, 2004

9. Due to parent or affiliated companies (continued):

b) Deeply Subordinated Debt:

On January 16, 2004, the Company borrowed $165.0 million from Vidéotron (1998) Ltée, an affiliated company. This loan bears interest at 10.75% and matures on January 16, 2019. The repayment of capital and interest on the inter-company Deeply Subordinated Debt is subordinated to the repayment of the Senior Secured First Priority Notes maturing in 2007. On the same date, the Company, invested the whole proceeds from this loan into 165,000 Preferred Shares Class “D” of Vidéotron (1998) Ltée carrying a fixed annual cumulative preferred dividend of 11%.

10. Share capital:

Authorised :

100,000,000 preferred shares, without par value, ranking prior to the common shares with regard to payment of dividends and repayment of capital, without voting rights, carrying a fixed annual cumulative preferred dividend at a rate equal to the prime rate of the lead banker of the Company plus 2.25% and redeemable.

100,000,000 common shares, without par value, with voting rights and participating

	December 31	,	March 31,
	2003		2004
(in thousands of dollars)
Issued and paid:
5,000,230 common shares	$235,000		$165,000

On January 16, 2004, the Company reduced its issued and paid-up capital on common shares for a total amount of $70.0 million.

11. Contingencies and guarantees:

a) Contingencies:

In 1999, the purchaser of a business sold by the parent Company initiated an arbitration by which he claimed an amount of $8.6 million as a reduction of the purchase price of the business. It is not possible at this stage to determine the outcome of this claim.

In the normal course of business, the Company is a party to various claims and lawsuits. Even though the outcome of these various pending cases as at March 31, 2004, cannot be determined with certainty, the Company believes that their outcome will not have a material adverse impact on its financial position or operating results.

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CF CABLE TV INC. Notes to Interim Consolidated financial statements (continued) (unaudited) As at March 31, 2004

11. Contingencies and guarantees (continued):

b) Guarantees:

The Company has guaranteed a portion of the residual values of certain assets under operating leases for the benefit of the lessor. If the fair value of the assets, at the end of their respective lease terms, is less than the residual value guaranteed, the Company must, under certain conditions, compensate the lessor for a portion of the shortfall. As at March 31, 2004, the maximum exposure in respect of these guarantees is $0.2 million and no amount has been recorded in the financial statements.

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SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CF CABLE TV INC. (Signed) Yvan Gingras —————————————— By: Yvan Gingras Executive Vice-President, Finance and Operations

Date: May 26, 2004

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