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April 15, 1999
PRINCETON MEDIA GROUP INC (PMGIF)
Annual Report (SEC form 10KSB)
MANAGEMENT'S DISCUSSION AND ANALYSIS
FORWARD-LOOKING STATEMENTS
Statements contained in this Form 10-KSB regarding the Company's future prospects or profitability constitute
forward-looking statements and as such, must be considered with caution and with the understanding that various
factors could cause actual results to differ materially from those in such forward-looking statements. Such factors
include but are not limited to failure of pending or anticipated acquisitions to be consummated.
The year ended December 31, 1998, compared to the year ended December 31, 1997: Revenues for the year ended
December 31, 1998 amounted to $11,443,984 compared to $15,572,990 for the year ended December 31, 1997,
reflecting a decrease of $4,129,006. Revenues are almost entirely derived from magazine sales, subscriptions,
advertising, and outside printing. The decrease in revenues reflected for the year ended December 31, 1998 is a result
of the Company's assignment of its operating subsidiaries on October 27, 1998.
Costs and operating expenses for the year ended December 31, 1998 were $14,202,513 compared to $17,061,813
for the year ended December 31, 1997, resulting in a decrease of $2,859,300. The decline is due to the assignment of
the Company's operating subsidiaries on October 27, 1998.
LIQUIDITY AND CAPITAL RESOURCES
During the year ended December 31, 1998, $746,065 in interest expense, net of interest income was charged to
operations, compared to $968,826 for the year ended December 31, 1997, reflecting a decrease of $222,761.
Interest expense is primarily related to two promissory notes delivered by Princeton and Firestone in connection with
the purchases of the magazine publishing assets in March and September of 1996. According to the terms of the
Firestone note, accrued interest from September 6, 1996, through September 6, 1997, in the amount of $414,466
was added to principal on September 6, 1997. Of the total interest expense of $798,944 in 1998, $691,444 was
paid.
Net loss for the year ended December 31, 1998 was $7,766,167 which represents an increase of $5,308,518 from
the net loss of $2,570,032 for the year ended December 31, 1997. The increase in loss from operations is attributable
to the discontinuation of operations of the Company's subsidiaries, Princeton and Firestone.
Liquidity and capital resources are hereinafter discussed in three broad categories: operating activities, investing
activities and financing activities.
Cash decreased $616,558 to $-0- at December 31, 1998 from $616,558 at December 31, 1997.
During the year ended December 31, 1998, net cash used in investing activities was $772,996 compared with
$190,395 used in investing activities during the year ended December 31, 1997.
During the year ended December 31, 1998, net cash provided by financing activities was $1,182,543, representing a
decrease of $5,394,482 from net cash provided by financing activities of $6,577,025 during the year ended December
31, 1997.
RECENT ACCOUNTING PRONOUNCEMENTS
See Summary of Significant Accounting Policies to the Company's Consolidated Financial Statements for information
relating to recent accounting pronouncements.
ITEM 7. FINANCIAL STATEMENTS
The following financial statements are included in this Annual Report following Item 13:
INDEX TO FINANCIAL STATEMENTS
Report of Independent Accountants
Consolidated Balance Sheets December 31, 1998 and 1997
Consolidated Statements of Operations and Accumulated Deficit
For the Years Ended December 31, 1998 and 1997
Consolidated Statements of Cash Flows
For the Years Ended December 31, 1998 and 1997
Notes to Consolidated Financial Statements
ITEM 8. CHANGES IN AND DISAGREEMENT WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There were no changes in and disagreement with accountants on accounting and financial disclosure.
Recent Filings: May 1998 (Qtrly Rpt) | Aug 1998 (Qtrly Rpt) | Nov 1998 (Qtrly Rpt) | Apr 1999 (Annual Rpt)
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