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To: Jacalyn Deaner who wrote (108)	7/9/1999 2:20:00 PM
From: Jacalyn Deaner	Read Replies (1) \| Respond to of 139

Encapsulation of May 1999 SEC filing below from Edgar's; filing should be sometime by the end of August (going by their past filing pattern) FWIW: PRINCETON MEDIA GROUP INC Filed on May 20 1999 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION Forward-looking Statements Statements contained in this Form 10-QSB 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. General Year 2000 Reporting On August 4, 1998, the SEC issued expanded requirements for disclosure regarding the international computer programming problems whereby certain computer programs will not be able to properly recognize the date in the year 2000. Management believes the Company has no material exposure from the year 2000 problem. The Company's management information systems department reports that because the Company's system was originally designed to be unaffected by year 2000 problem, the Company has no exposure to the problem within its own system. Because the Company has discontinued operations, the Company has no vendors and suppliers whose non-compliance with correction of the problem could cause material damage to the Company. CURRENT PLANS During 1999, management of the Company intends to pursue a plan of attempting to identify an acquisition that could provide stable operations in order to restore shareholder value. Results of Operations The Company has discontinued operations. Net loss for the period consists of minor office expenses and depreciation. The quarter ended March 31, 1999 compared to the quarter ended March 31, 1998: Revenues for the quarter ended March 31, 1998 amounted to $4,299,489 compared to $-0- for the quarter ended March 31, 1999. The decrease in revenues reflected for the quarter ended March 31, 1999 is a result of the assignment of all of the Company's operating subsidiaries. Costs and expenses of revenues for the quarter ended March 31, 1998 were $4,451,568 compared to $3,203 for the quarter ended March 31, 1999. The decrease in expenses is a result of the assignment of all of the Company's operating subsidiaries. The Company had guaranteed a note related to the operations of the assigned subsidiaries. Per the terms of the note, the note was reduced by receipts to the holder of the note from publications of the subsidiaries of Princeton. During the three months ended March 31, 1999, the note was reduced by $72,055 from proceeds of publications of the former subsidiaries of Princeton. Net loss for the quarter ended March 31, 1998 from discontinued operations was $390,890. Net income for the quarter ended March 31, 1999 was $68,852 consisting of the extraordinary item of gain from reduction of guaranteed note of $72,055 and loss from operations of $3,203. Liquidity and Capital Resources During the quarter ended March 31, 1998, $250,492 in interest expense was charged to operations compared to $-0- in interest expense for the quarter ended March 31, 1999. The interest expense of the prior year period was accrued primarily pursuant 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. Liquidity and capital resources are discussed in three broad categories: operating activities, investing activities and financing activities. Cash increased $796 to $796 at March 31, 1999 from $-0- at December 31, 1998. Net cash provided by operating activities was $796 during the quarter ended March 31, 1999 compared to cash used by operating activities of $175,566 during the quarter ended March 31, 1998. The decrease in net cash used in operating activities in the first quarter of 1999 compared to the first quarter of 1998 is a result of the assignment of all of the Company's operating subsidiaries. During the quarter ended March 31, 1998, net cash used in investing activities was $294,775 compared with $-0- used in investing activities during the quarter ended March 31, 1999. The decrease is a result of the assignment of all of the Company's operating subsidiaries. During the quarter ended March 31, 1998, net cash provided by financing activities was $46,469 compared to $-0- from net cash provided by financing activities during the quarter ended March 31, 1999 as a result of the assignment of all of the Company's operating subsidiaries. © Copyright 1995-1999 EDGAR Online, Inc. All rights reserved.