**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**

# FORM 10-Q

(MarkOne)

x QUARTERLY REPORT PURSUANT TOSECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended November 30, 2004ORo TRANSITION REPORT PURSUANT TO SECTION 13 OR15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to ___________

Commission file number:0-1460

**MOSCOWCABLECOM CORP.**(Exact nameof Registrant as specified in its charter)

| **DELAWARE**
**06-0659863**

 (State or other  jurisdiction of incorporation or organization)
(I.R.S. Employer  Identification No.)
  
**405 Park Avenue, New York, New York**
**10022**

(Address of principal  executive offices)

(Zip Code)
  
**(212) 826-8942**
(Registrant's telephone  number, including area code)
Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes  x Noo

Indicate by check mark whether the registrant is an accelerated filer (asdefined in Rule 12b-2 of the Exchange Act).  Yes o  No  x

Thenumber of shares of the Registrant's $.01 par value Common Stock outstanding atJanuary 14, 2005 was 8,802,541 and the number of shares of the Registrant's$.01 par value Series B Convertible Preferred Stock outstanding at January 14,2005 was 4,500,000.

 
**MOSCOW CABLECOM CORP.FORM 10-Q**TABLE OF CONTENTS

Page No.

Part  I.      FINANCIAL INFORMATION.

 

Item  1:    Financial Statements:

 

                 Consolidated Condensed Balance  Sheets as of November 30, 2004 (unaudited) and                 February 29, 2004

3

                 Consolidated Condensed  Statements of Operations for the Three and Nine Months                   Ended November 30, 2004 and 2003 (unaudited)

  4

                 Consolidated Condensed  Statements of Cash Flows for the Nine Months Ended                    November 30, 2004 and 2003 (unaudited)

  5

                 Notes to Consolidated  Condensed Financial Statements (unaudited)

6

 

Item  2:    Management's Discussion and  Analysis of Financial Condition and Results of Operations.

12

 

Item  3:    Quantitative and Qualitative  Disclosures About Market Risk.

18

 

Item  4:    Controls and Procedures.

18

 

PART  II.  OTHER INFORMATION

 

 

Item  1:    Legal Proceedings.

19

Item  4:    Submission of Matters to a Vote of  Security Holders.

             20

Item  6:    Exhibits.

20

 

Signatures

21

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*Back to Table of Contents***PART I.  FINANCIAL INFORMATION.Item 1.  Financial Statements.**
MOSCOWCABLECOM CORP.Consolidated Condensed Balance Sheets(In thousands, except per share data)

November 30, 2004

February 29, 2004
   
(unaudited)      
**ASSETS**

Current  assets:

Cash  and cash equivalents

$                     3,669 

$                   3,240

Marketable  securities 

- 

2,897

Accounts  and other receivables, less allowance for doubtful accounts of $83 and $40, respectively

  122 

  124

Inventories  

631 

793

Taxes  receivable

1,420 

1,396

Prepaid  expenses and other current assets

869 

154

Deferred  income taxes

128 

- 

 

 

Total  current assets

6,839 

8,604

Property,  plant and equipment, net 

16,783 

13,552

Construction  in progress and advances

3,265 

5,209

Prepaid  pension expense

4,884 

4,754

Intangible  assets and goodwill

- 

10,071

Intangible  assets, net (Note 2)

5,608 

-

Goodwill  (Note 2)

4,365 

-

Investment  in Institute for Automated Systems (Note 3)

7,700 

7,894

Other  assets

920 

448
   
 

 

Total  assets

$                   50,364 

$                 50,532

**LIABILITIES  AND STOCKHOLDERS' EQUITY**

 

 

Current  liabilities:

 

 

Current  maturities of long-term debt  

$                     2,598 

 $                       598

Payable  to affiliate 

1,518 

1,824

Accounts  payable

1,748 

880

Accrued  liabilities  

2,039 

1,565

Deferred  income taxes 

- 

614

 

 

Total  current liabilities

7,903 

5,481

Long-term  debt, less current maturities  

2,385 

2,941

Other  long-term obligations

881 

625

Deferred  income taxes 

4,532 

4,063

 

 

Total  liabilities

15,701 

13,110

 

 

Commitments  and contingencies 

 

 

Stockholders' equity:

 

 

Cumulative  convertible preferred stock, no par value; authorized  800,000 shares; 150,144 shares and  188,006 shares issued and  outstanding,  respectively; liquidation preference $18.75 per share (Note 7)

  2,792 

  3,497

Common  stock, $.01 par value; authorized 15,000,000 shares; issued  and outstanding 8,798,028 shares and  8,430,335 shares respectively

  88 

  84

Additional  paid-in capital

35,260 

33,350

Retained  earnings (accumulated deficit)

(3,477)

491

 

 

Total  stockholders' equity

34,663 

37,422

 

 

Total  liabilities and stockholders' equity

 $                  50,364 

$                 50,532

Theaccompanying notes are an integral part of these consolidated condensedfinancial statements.

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MOSCOWCABLECOM CORP.Consolidated Condensed Statements of Operations(In thousands, except per share data)(unaudited)

Three months ended November 30,

 

Nine months ended November 30,

2004

2003

 

2004

2003

Sales and  revenues

 

 

 

 

 

 Subscription revenue, connection fees   and equipment sales 

  $ 1,447  

  $          - 

 

  $ 4,010 

  $          - 

 Other

23  

- 

 

242 

- 

 

 

 

 

 

Total  revenue

1,470  

- 

 

4,252 

- 

 

 

 

 

 

Cost  of sales

 

 

 

 

 

 Services from related party

346  

- 

 

965 

- 

 Salaries and benefits

 465  

- 

 

 818 

- 

 Depreciation and amortization

 400  

- 

 

1,049 

- 

 Other

67  

- 

 

925 

- 

 

 

 

 

 

Total  cost of sales

 1,278  

- 

 

3,757 

- 

 

 

 

 

 

Gross  margin

 192  

- 

 

495 

- 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 Salaries and benefits

 579  

182 

 

2,223 

425 

 Depreciation

 57  

 60 

 

268 

178 

 General and administrative

 852  

 416 

 

2,753 

1,526 

 

 

 

 

 

 Total operating expenses

 1,488  

658 

 

5,244 

2,129 

 

 

 

 

 

Loss  from operations

(1,296)

(658)

 

(4,749)

(2,129)

Equity in losses of Institute for  Automated Systems

  (23)

  - 

 

  (194)

  - 

Equity  in losses of Moscow Broadband Communication Ltd.

  -  

  (167)

 

  - 

  (488)

Investment  income and other income

 73 

473 

 

599 

1,418 

Interest  expense

(76)

(65)

 

(197)

(184)

Foreign  currency translation gain (loss)

 (17)

- 

 

28 

- 

 

 

 

 

 

Loss  before income taxes

(1,339)

(417)

 

(4,513)

(1,383)

Income tax  benefit (expense)

 12 

32 

 

192 

  (72)

Losses of subsidiaries prior  to   consolidation

  - 

  - 

 

  525 

  - 

 

 

 

 

 

 

Net loss

(1,327)

(385)

 

(3,796)

(1,455)

Preferred  dividends

(57)

(71)

 

(172)

(212)

 

 

 

 

 

Net  loss applicable to common shares

$(1,384)

$   (456)

 

$(3,968)

$(1,667)

 

 

 

 

 

***Earnings per common share:***

 

 

 

 

 

Basic  and diluted (Note 5)

$  (0.16)

$  (0.22)

 

$  (0.46)

$  (0.80)

Theaccompanying notes are an integral part of these consolidated condensedfinancial statements.

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MOSCOW CABLECOM CORP.Consolidated Condensed Statements of Cash Flows(In thousands)(unaudited)

     Nine Months ended

November 30, 2004

 

November 30, 2003

 

 

 

 

***Cash flows from operating activities:***

 

 

 

Net  loss 

$                   (3,796)

 

$                  (1,455)

*Adjustments to reconcile  net loss to net cash*

 

 

 

*provided by (used in)  operating activities:*

 

 

 

  Losses of  subsidiaries prior to consolidation 

(525)

 

-  

  Equity in  losses of Institute for Automated Systems

194 

 

- 

  Equity in  losses of Moscow Broadband Communication Ltd.

-  

 

488 

  Depreciation and amortization

1,319 

 

182 

  Stock-based compensation

444 

 

- 

  Deferred income taxes

(232)

 

289 

  Pension income 

(130)

 

(126)

  Net gains from marketable securities

(216)

 

(1,032)

 

 

 

*  Changes in operating assets and liabilities*

 

 

 

  Accounts and other receivables

2 

 

(154)

  Inventories

162 

 

- 

  Prepaid expenses and other assets

(1,039)

 

203 

  Accounts payable

1,620 

 

(56)

  Accrued expenses and other long-term  obligations

569 

 

(177)

 

 

 

  Net cash provided by operating activities

(1,628)

 

(1,838)

 

 

 

***Cash flows from investing activities:***

 

 

 

  Investment in ComCor-TV

- 

 

(3,500)

  Purchases of property and equipment, net

(2,149)

 

(42)

  Purchases of marketable securities

(452)

 

(1,000)

  Proceeds from sales of marketable  securities

3,565 

 

- 

 

 

 

  Net cash used in investing activities

964 

 

(4,542)

 

 

 

***Cash flows from financing activities:***

 

 

 

  Principal payments on long-term debt 

(556)

 

(500)

  Proceeds from bridge loan

2,000 

 

- 

  Proceeds from mortgage loan, net

- 

 

1,966 

   Redemption of preferred stock

(165)

 

- 

  Preferred dividends paid 

(186)

 

(212)

 

 

 

  Net cash used in financing activities

1,093 

 

1,254 

 

 

 

  Net increase (decrease) in cash and cash  equivalents

429 

 

(5,126)

  Cash and cash equivalents - beginning of  period

3,240 

 

6,279 

 

 

 

  Cash and cash equivalents - end of period

$                    3,669 

 

$                    1,153 

Theaccompanying notes are an integral part of these consolidated condensedfinancial statements.

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MOSCOWCABLECOM CORP.Notes to Consolidated Condensed Financial Statements (unaudited)

(1)           Accounting Policies

The accompanying unaudited interim financialstatements and related notes should be read in conjunction with the auditedConsolidated Financial Statements of Moscow CableCom Corp. (the "Company") andrelated notes as contained in the Annual Report on Form 10-K for the fiscalyear ended February 29, 2004.  Theaccompanying unaudited condensed consolidated financial statements have beenprepared in accordance with U.S. generally accepted accounting principles andreflect all adjustments (consisting only of normal recurring adjustments) andaccruals necessary in the judgment of management for a fair presentation ofsuch statements.  The condensedconsolidated statements of operations for the interim periods are notnecessarily indicative of the results for a full fiscal year.  

As further discussed in Note 11,on January 13, 2005, the Company closed on $51 million of debt and equityfinancing with affiliates of Columbus Nova Capital (collectively, "ColumbusNova").  The equity portion of the  transaction involved the issuance of4,500,000 shares of the Company's newly authorized Series B ConvertiblePreferred Stock ("Series B Preferred Stock") at $5.00 per share, and warrants toacquire 8,283,000 shares of Series B Preferred Stock at $5.00 per shareexercisable within five years of the closing which resulted in the Companyreceiving $22.5 million before costs of the transaction.  The Company currentlyestimates that such costs will total between $3.2 million and $3.5 million.  Thedebt portion consists of a $28.5 million five-year 12% term loan (the "TermLoan") of which $18.5 million was drawn at closing.  The Company believes thatthe proceeds from the Columbus Nova financing and expected continued revenuegrowth will be adequate to meet the Company's cash flow needs for theforeseeable future.

In connection with the transaction with ColumbusNova, based on a market price of the Company's Common Stock of $6.11 per share,the Company expects to record a non-cash charge of an estimated $14,189,000relating to the beneficial conversion feature of the SeriesB Preferred Stock and the warrants issued to Columbus Nova as a result of thepurchase price for these Common Stock equivalents being below the market valueof the Common Stock at the time of entering the Subscription Agreement.  It alsoexpects to expense the in-the-money value of $1,335,000 of stock options grantedat closing over the three-year vesting periods of such options.  

The investment byColumbus Nova has resulted in Columbus Nova acquiring approximately a 34% equityinterest in the Company, or approximately a 56.2% equity interest on afully-diluted basis after considering the warrants to acquire 8,283,000additional shares of Series B Preferred Stock. 

Recently Issued Accounting Standards

During December 2004,the Financial Accounting Standards Board issued Statement No. 123R, "Share-BasedPayment" ("SFAS 123R"), which requires companies to measure and recognizecompensation expense for all stock-based payments at fair value.  Stock-basedpayments include stock option grants and certain transactions under otherCompany stock plans.  The Company grants options to purchase common stock tosome of its employees and directors under various plans at prices equal to themarket value of the stock on the dates the options were granted.  The Companyalso issued options to acquire a total of 1,161,050 shares of our Common Stockat $5.00 per share to two newly appointed executives and two consultants inconnection with the Columbus Nova financing.  SFAS 123R is effective for allinterim or annual periods beginning after June 15, 2005.  Early adoption isencouraged and retroactive application of the provisions of SFAS 123R to thebeginning of the fiscal year that includes the effective date is permitted, butnot required.  The Company has not yet adopted this pronouncement and iscurrently evaluating the expected impact that the adoption of SFAS 123R willhave on its consolidated financial position, results of operations and cashflows. 
*Basis of Presentation*The Company has consolidated the accountsof all its wholly-owned and majority-owned subsidiaries.  The Statement ofOperations for each of  ZAO ComCor-TV ("CCTV") and Moscow Broadband CommunicationLtd ("MBC") have been consolidated on a two-month lag basis, but their resultsfor the period from January 1, 2004 to February 24, 2004 (the date on which theywere acquired by the Company) have been excluded to the extent that the Companydid not have a direct or indirect equity interest in their results prior totheir acquisition on February 24, 2004.  This adjustment has been reflected as"Losses of subsidiaries prior to consolidation".
*Stock-basedCompensation Plans*The Company follows Accounting Principles Board Opinion No. 25, "Accountingfor Stock Issued to Employees" and related Interpretations, in accounting forits stock-based compensation plans and has elected to continue to use theintrinsic value-based method to account for stock option grants.  Theintrinsic value of stock-based compensation issued to employees as of date ofgrant is recognized as such grants are vested.  In addition, for stockoptions granted, the 

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Company has adopted the disclosure-only provisions of Statement of FinancialAccounting Standards ("SFAS") No. 148, "Accounting for Stock-Based Compensation- Transition and Disclosure", an amendment SFAS of No. 123.  Accordingly,no compensation expense has been recognized for the Company's stock optionplans.  Had we elected to recognize compensation expense based upon thefair value at the grant dates for awards under the stock option plans, net lossper share would have been increased to the pro forma amounts indicated in thefollowing table (in thousands, except per share data):

Three months ended

Nine months ended

November 30, 2004

November 30, 2003

 

November 30, 2004

November 30, 2003
                  
Net  loss:

As  reported

$                       (1,384)      

$                     (456)

 

  $            (3,968)   

$                 (1,667)

Deduct:  Total stock  based compensation  expense determined  under the fair value  method, net of taxes

  (54)

  - 

 

  (63)

  - 

Pro-forma  net loss

$                       (1,438)

$                    (456)

 

$                 (4,031)

$                (1,667)

Basic  and Diluted  net loss per share:

 

 

 

 

 

As  reported

$                         (0.16)

$                   (0.22)

 

$                   (0.46)

$                  (0.80)

Pro-forma

$                         (0.17)

 $                    (0.22)

 

$                   (0.47)

 $                  (0.80)

The weighted average fair value of the Company'sstock options was calculated using the Black-Scholes Option Pricing Model withthe following assumptions used for grants in their respective periods.  For periods ended in 2004; no dividendyield; expected volatility of 70%; risk free interest rate of 3.5%; and expectedlife of 5 years.  There were 95,000options granted during the nine months ended November 30, 2004 with a deemedfair value of $3.99 per share.  Nooptions were granted during the nine months ended November 30, 2003.

(2)           IntangibleAssets and Goodwill

In May 2003, the Companyentered into agreements with Moscow Telecommunications Corporation ("COMCOR")in which the Company agreed to acquire control over 100% of the outstandingstock of CCTV through i) the contribution of cash into CCTV, of which $3.5million was made in May 2003; ii) the issuance of 4,220,879 shares of itsCommon Stock in exchange for the shares of CCTV held by or to be acquired byCOMCOR; and iii) the issuance of 2,250,000 shares of its Common Stock inexchange for the 75% of MBC not previously owned by the Company.  On February 24, 2004, the Company issued4,000,000 shares of its Common Stock to COMCOR and 2,250,000 shares of itsCommon Stock to the shareholders of MBC to acquire control over all theoutstanding equity of CCTV.  To completethe transaction, the Company issued an additional 220,879 shares of CommonStock to COMCOR in September 2004 in satisfaction of $1,380,494 of liabilitiesto COMCOR which had been recorded at their fair value of $929,000.  A $128,000 increase in the differencebetween the fair value of the liabilities to COMCOR and their recorded value onthe settlement day due to subsequent changes in the value of the Russian rubleresulted in an enhancement of the consideration received in connection with theacquisition of CCTV, and accordingly, the amount of goodwill originallyreported has been reduced by $128,000, as part of the completion of thetransaction.

The consideration for theacquisition of CCTV and MBC has been valued at $30.7 million, which includesthe cash contribution of $3.5 million in May 2003 and $27.2 millionrepresenting the value of shares of Common Stock issued based upon the marketprice of $4.21 per share for the Company's Common Stock at the time theagreements were reached and announced in May 2003. The purchase price has beenallocated as follows (in thousands): 

Net assets of CCTV

$12,443

43.5% equity interest in Institute for Automated Systems  ("IAS")

    7,882

Intangible assets and goodwill

  10,427

 

Total       

              $30,752

 

SFAS No. 141 requires thatthe purchase method of accounting be used for all business combinationsinitiated after June 30, 2001.  SFAS No.141 also specifies criteria that intangible assets acquired in a purchasemethod business combination must meet in order to be recognized and reportedapart from goodwill.  SFAS No. 142requires that goodwill and intangible assets with indefinite useful lives nolonger be amortized, but instead be tested at least annually for impairment.

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The Company's agreement with COMCOR, pursuant to which COMCOR providessignal delivery and other services from its Moscow Fiber Optic Network ("MFON")to CCTV, has been concluded at rates more favorable to the Company than currentmarket terms.  Accordingly, the Companyhas recorded an intangible asset related to the economic savings associatedwith this agreement.  Although thisagreement does not expire until 2053, the Company believes that obsolescence,demand, competition, and other economic factors limit the usefulness of theagreement and, accordingly, the agreement is being amortized over a useful lifeof 10 years based on the consideration of the aforementioned factors. 

In connection with the Columbus Novafinancing, CCTV and COMCOR have reached new agreements on the terms and conditionsfor CCTV's use of the MFON, however, they remain subject to the approval of theCompany's Audit Committee.  CCTV and COMCOR will continue to operate under the existing MFON agreement until suchapproval is obtained.

CCTV's licenses to provide televisionbroadcast services have also been determined to have a finite life of 10 yearsbased upon the expectation of obsolescence, demand, competition and othereconomic factors that limit the useful life of the asset.  

For the three and nine month periodsended November 30, 2004, the Company recorded $152,000 and $454,000,respectively of amortization relating to the COMCOR agreement and CCTV'sbroadcast license assets.  During eachof the next five years, the Company expects to recognize annual amortization ofapproximately $604,000 related to these intangible assets.

The $4,493,000 of goodwill recorded in connectionwith the acquisition of CCTV represents the excess of the acquisition priceover the currently estimated fair value of the identified tangible andintangible assets of CCTV.  Inaccordance with SFAS No. 142, goodwill is not being amortized and will betested for impairment at least annually. The impairment test involves acomparison of the fair value of the reporting unit as defined under SFAS No.142, with carrying amounts.  If thereporting unit's aggregated carrying amount exceeds its fair value, then anindication exists that the reporting unit's goodwill may be impaired.  The impairment to be recognized is measuredby the amount by which the carrying value of the reporting unit being measuredexceeds its fair value, up to the total amount of the assets.

At February 29, 2004, the allocation of the purchase price had not beenfinalized and accordingly the composition of intangible assets was notavailable.  This allocation process hassince been completed, and accordingly, at November 30, 2004, the Company'sintangible assets were comprised as follows (in thousands):

  Gross value

Accumulated  amortization

  Net value

Agreement  with COMCOR

$       3,490 

$        (261)

$    3,229

Broadcasting  licenses

2,572 

(193)

2,379

 

 

 

Totals

$       6,062 

$        (454)

$    5,608
*Licenses*
CCTV's three licenses for TV broadcasting services,telematic services and data transmission services (the "Licenses")expired in August and September 2004. Applications for renewal of each of theLicenses were filed with the Ministry of Information Technologies andCommunications (the "Communications Ministry") on June 24, 2004.  In November 2004, CCTV was notified that itslicenses were renewed until May 10, 2005.

The Company and CCTV expect that the Licenseswill be renewed in May 2005, although there can be no assurances that they willbe renewed.  The Company believes thatthe risk of the Licenses not being renewed is minimal.  CCTV has complied will all statutoryrequirements to obtain the renewal of its Licenses. Nevertheless, if thelicenses are not renewed, CCTV could be deemed to be operating in violation ofRussian law that provides for civil, administrative and criminal liability forengaging in licensed activities without a valid license.  If the Licenses are not renewed and CCTV isfound to be in violation of applicable Russian law, there would be a materialadverse effect on the Company's financial condition and results of operations.

(3)**          **Investment in Institute For Automated Systems IAS is a telecommunications company that operates a data communications networkin Russia. As a result of the acquisitions of CCTV and MBC in February 2004,the Company has a 43.5% equity interest in IAS, which it records on a two-monthlag basis consistent with the accounting for each of CCTV and MBC. For thethree and nine-month periods ended November 30, 2004, the Company recorded$23,000 and $194,000, respectively, as its equity in IAS' losses for the threeand nine months ended September 30, 2004.

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TheCompany's investment in IAS is recorded at $7,700,000 as compared to the bookvalue of 43.5% of IAS' equity, which is $2,969,000.  The difference reflects the acquisition cost of 43.5% of IAS bythe Company as determined by the allocation of the overall purchase price forthe Company's acquisition of CCTV and MBC in February 2004.  

Thefollowing presents the summarized financial condition of IAS as of September30, 2004 and the results of its operations for the three and nine months thenended (in thousands):

Balance Sheet

 

September  30, 2004

 Current assets

 

$                     2,026

 Non-current  assets

8,210

 

 

     Total assets

 

$                   10,236

 

 

 Current  liabilities

$                     1,597

 Non-current  liabilities

 

1,814

 

 

     Total  liabilities

      

3,411

      Shareholders' equity

                

6,825

 

 

             

$                   10,236
         
Three months ended

Nine months ended

Statement of Operations

September 30, 2004

September 30, 2004

Revenues

$                    1,409 

$                    3,925 

Cost of revenues

(1,062)

(3,083)

Operating expenses

(342)

(1,080)

 

 

Income (loss) from operations

5 

(238)

Foreign currency transaction gain 

7 

3 

Interest expense, net

(65)

(202)

Income tax expense

- 

(9)

 

 

Net loss

$                        (53)

$                    (446)

(4)           Bridge LoanPursuant to the agreements entered into with Columbus Nova in August 2004,Columbus Nova entered into a $4 million bridge loan facility with CCTV andguaranteed by the Company (the "Bridge Loan") of which $2 million wasoutstanding as of September 30, 2004. In November 2004, CCTV received an additional $2 million of proceedsfrom the Bridge Loan, which is not reflected in the accompanying consolidatedbalance sheet due to the two-month reporting lag.  The Bridge Loan bore interest at the annual rate of 12%.  The entire outstanding balance of the BridgeLoan  was paid in full in January 2005 from theproceeds of the Term Loan as described in Notes 1 and 11.

(5)           Loss Per Share

Loss per share is computedbased on the weighted average number of common and common equivalent sharesoutstanding.  Diluted earnings per shareassumes full conversion of all convertible securities into Common Stock at thelater of the beginning of the year or date of issuance, unless antidilutive.   For the three and nine-month periods endedNovember 30, 2004 and 2003, the assumed conversion of the Company's 10 1⁄2%Debentures or its Series A Preferred Stock ("Preferred Stock") or the presumedexercise of outstanding stock options had antidilutive effects on the Company'sloss per share.

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  Three months  ended November 30,

 

Nine months ended November  30,

2004

2003

 

2004

2003

Calculation  of basic loss per share

 

 

 

 

 

Numerator  for basic and diluted loss per  share:

 

 

 

 

 

Net  loss applicable to common shares

$(1,384)

$  (456)

 

$(3,968)

$(1,667)

Denominator  for basic loss per share:

 

 

 

 

 

Weighted  average number of shares  outstanding during the period

  8,761 

  2,100 

  8,591 

  2,100 

Effect  of dilutive securities

- 

- 

 

- 

- 

 

 

 

 

 

Denominator  for diluted loss per share

8,761 

2,100 

 

8,591 

2,100 

 

 

 

 

 

Basic  loss per share

$  (0.16)

$ (0.22)

 

$  (0.46)

$  (0.80)

Diluted  loss per share

$  (0.16)

$ (0.22)

 

$  (0.46)

$  (0.80)

(6)           Preferred  StockIn April2004, the Company called for the redemption of 35,000 shares, or approximately18.6%, of the outstanding shares of its Preferred Stock with a redemption date,as extended, of May 14, 2004.  As aresult of the redemption and voluntary conversions of the Preferred Stock intoCommon Stock in lieu of redemption, 8,761 shares of Preferred Stock wereredeemed and 29,016 shares of Preferred Stock were converted into 88,635 sharesof Common Stock. In addition, during the quarter ended August 31, 2004, 85shares of Preferred Stock were exchanged for 259 shares of Common Stock.  At November 30, 2004, 150,144 shares ofPreferred Stock remain outstanding.

(7)           Retirement Plans

The Company maintains a non-contributory defined benefit plan and adefined contribution plan which collectively cover substantially all full-timeU.S.-based employees.  The definedcontribution plan is funded through employees' contributions and employer'smatching contributions.  Pension expensefor the Company's defined contribution plan totaled $2,000 and $5,000 for thethree and nine months ended November 30, 2004, as compared to expenses of $0for the three and nine-month periods ended November 30, 2003.  Forfeiture funds were used in the prior yearto reduce the Company's contributions to this plan.

The projected benefit obligations for the Company'sdefined benefit plan were determined using the following assumptions:

2004 

2003 

Discount  rate

6.00%

6.50%

Future  compensation growth rate

5.00%

5.00%

Long-term rate of return on plan  assets

8.00%

8.00%

The required use of expected long-term rate ofreturn on plan assets may result in recognized pension income that is greateror less than the actual returns of those plan assets in any given year.  Over time, however, the expected long-termreturns are designed to approximate the actual long-term returns and thereforethe pattern of income and expense recognition will more closely match thepattern of the services provided by the employees.  Differences between actual and expected returns are recognized inthe calculation of net periodic pension cost or (income) over five years asprovided for in the accounting rules.

These expected returns on plan assets take intoaccount long-term expectations for future returns and investment strategy.

The discount rate assumptions used for pensionbenefit plan accounting reflects the prevailing rates available onhigh-quality, fixed-income debt instruments. The rate of compensation increase is another significant assumption usedin the actuarial model for pension accounting and is determined by the Companybased upon its long-term plans for such increases.

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      Three months ended       November 30,

 

        Nine months ended             November 30,

 
2004

2003

 

2004

2003

Components  of periodic benefit cost:

 

 

 

 

 

Service  cost of benefits accrued

$       6 

$        7 

 

$       18 

$       21 

Interest  cost on projected benefit obligations

205 

203 

 

615 

609 

Expected  return on plan assets

(282)

(277)

 

(844)

(831)

Amortization  of unrecognized actuarial  losses

  27 

  25 

 

  81 

  75 

 

 

 

 

 

Net  periodic benefit gain

$   (44)

$    (42)

 

$   (130)

$   (126)

TheCompany expects that it will not be required to make any contributions to thedefined benefit plan during FY05.

(8)           Related Party Transactions

TheCompany receives signal delivery services and data network services fromCOMCOR. During the three and nine months ended November 30, 2004, charges forsuch services totaled $322,000 and $619,000, respectively. At November 30,2004, the Company was indebted to COMCOR in the amount of $1,518,000.

(9)           Commitments and ContingenciesAtNovember 30, 2004, CCTV had issued commitments totaling $1,063,000 inconnection with the build-out of its "last-mile" access network in Moscow.

(10)         Supplemental Disclosure of Cash FlowInformation

During the nine monthsended November 30, 2004, the Company issued 88,894 shares of its Common Stockin exchange for the conversion of 29,101 shares of Preferred Stock inaccordance with its terms.

During the three-monthsended November 30,2004, the Company issued 220,879 shares of its Common Stockto COMCOR in satisfaction of liabilities which had a nominal value of$1,380,494, but which had been recorded at their fair value of $929,000 inconnection with the accounting for the Company's acquisition of CCTV inFebruary 2004.

(11)         Subsequent Events

*Columbus NovaFinancing*

OnJanuary 13, 2005, the Company closed on a $51 million debt and equity financingpackage with affiliates of Columbus Nova Capital (collectively, "ColumbusNova"), pursuant to which the Company received $22.5 million, before taking into accounttransaction costs of an estimated $3.2 million to $3.5 million, in exchange for4,500,000 shares of newly-authorized Series B Preferred Stock issued at a priceof $5.00 per share and warrants to acquire 8,283,000 shares of Series BPreferred Stock at $5.00 per share within five years of closing.  As aresult of the issuance of the Series B Preferred Stock and warrants ColumbusNova may be deemed as having acquired control of the Company.  The Company's wholly-owned subsidiary,  CCTV, received $18.5 million of proceedsfrom a $28.5 million five-year Term Loan from Columbus Nova.    Proceeds from the term loan were used to repay a $4 million Bridge Loan enteredinto in connection with the financing,  andto pay approximately $612,500 of fees associated with the Term Loan.  The remaining proceeds from this financingare expected to be utilized to expand CCTV's "last-mile" hybrid fiber-coaxialaccess network, to improve CCTV's administrative and operating infrastructure,to allow CCTV to expand its sales and marketing activities and to met the cashneeds of both the Company and CCTV as CCTV's recurring revenues for thedelivery of broadband able services in Moscow continues to increase.

TheSeries B Preferred Stock issued by the Company is convertible into Common Stockon a share for share basis and does not have any payment obligations except forpreference rights in the event of liquidation. The Term Loan accrues interest which is compounded quarterly at theannual interest rate of 12%, although CCTV has the option to pay quarterlyinterest in cash.

In connection with the transaction with Columbus Nova, based on a marketprice of the Company's Common Stock of $6.11 per share, the Company expects torecord a non-cash charge of an estimated $14,189,000 relating to the beneficialconversion feature of the Series B Preferred Stock and the warrants to be issuedto Columbus Nova as a result of the

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purchase price for these Common Stock equivalents being below themarket value of the Common Stock at the time of entering the SubscriptionAgreement.

As partof the transaction with Columbus Nova, key members of the Company's managementhave resigned and the new members of the Company's management received1,161,050 of stock options at an exercise price of $5.00 per share.  The Company also expects to recognizeapproximately $1,289,000 of compensation expense relating to the value of theoptions over the three-year vesting period of such stock options.  Such expense will be in addition to anyexpense, if any, that may be required pursuant to Statement of FinancingAccounting Standards No. 123R, "Share-Based Payment" which requires companiesto measure and recognize compensation expense for all stock-based payments atfair value effective with all interim and annual periods beginning after June15, 2005.

*Stock Option Plan*

OnDecember 15, 2004, the Company's 2003 Stock Option Plan was amended by theCompany's  stockholders to (i) increase the number of options that  may begranted from 670,000 to 1,700,000 and (ii) permit the granting of options at anexercise price of not less than 50% of the market price on the date of grant,rather than not less than 100% of the market price on  the date of grant aspreviously provided. The amendments to the plan were prospective and did noteffect any options already existing under the plan or other existingcompensation agreements.  Accordingly, the amendments to the plan had no effecton the financial position or operations of the Company.

**Item 2.  Management's Discussion and Analysis ofFinancial Condition and Results of Operations.**

The accompanyingManagement's Discussion and Analysis of Financial Condition and Results ofOperations ("MD&A") should be read in conjunction with the MD&A in theCompany's Report on Form 10-K for the year ended February 29, 2004.

Overview

On February 24, 2004, theCompany completed the acquisition of 100% of CCTV, a Russian company that deliverscable television, high speed data transmission and Internet services to itscustomers in Moscow, Russia.  CCTV is anearly-stage business that is currently expanding its network and increasing itscustomer base.  Prior to February 2004,the Company had an indirect equity interest in CCTV through its 25% equityinterest in MBC, which in turn held 50% voting control over CCTV.  As an integral component of the acquisitionof CCTV, the Company also acquired the 75% of MBC that it did not previouslyown.  As a result of our acquisition ofCCTV in February 2004, beginning with the current year, its results ofoperations are now consolidated into the Company's.  Accordingly, the current year information is not comparative withprior year information.  We haveincorporated certain CCTV historical operating results and information toassist in the analysis and evaluation of our results.

In January 2005, the Company closed on a $51 million debt and equityfinancing package with affiliates of Columbus Nova Capital (collectively,"Columbus Nova").  As part of the debtand equity financing, the Company received $22.5 million, before taking intoaccount transaction costs of an estimated $3.2 million to $3.5 million, inexchange for 4,500,000 shares of newly-authorized Series B ConvertiblePreferred Stock ("Series B Preferred Stock") at a price of $5.00 per share andissued Columbus Nova five-year warrants to acquire 8,283,000 shares of Series BPreferred at $5.00 per share. The Company's wholly-owned subsidiary CCTV alsoreceived $18.5 million of proceeds from a $28.5 million from a five-year TermLoan with Columbus Nova.  As a result ofthis debt and equity financing package Columbus Nova Capital acquiredapproximately a 34% equity interest in the Company, or approximately a 55%equity interest on a fully diluted basis after considering the warrants toacquire 8,283,000 additional shares of Class B Preferred Stock.

The net proceeds fromthe Columbus Nova equity and debt financing is expected to provide the Companywith the capital that it believes is needed to more aggressively build-out theaccess network, expand sales and marketing programs and improve certain aspectsof the Company's administrative infrastructure. The transaction also involvesthe addition of new senior management and new members to the Company's Board ofDirectors. Such changes are expected to have pronounced impacts on theCompany's future results of operations.

In connection with the transaction with Columbus Nova,based on a market price of the Company's Common Stock of $6.11 per share, theCompany expects to record a non-cash charge of an estimated $14,189,000 relatingto the beneficial conversion feature of the Series B Preferred Stock and thewarrants issued to Columbus Nova as a result of the purchase price for theseCommon Stock equivalents being below the market value of the Common Stock atthe time of the Closing of the transaction. It also expects to expense the in-the-moneyvalue of $1,289,000 of stock options granted at closing over the three-yearvesting periods of such options.  
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CriticalAccounting Policies and Estimates

The MD&A discusses the Company's consolidatedfinancial statements, which have been prepared in accordance with accountingprinciples generally accepted in the United States.  The preparation of these financial statements requires managementto make estimates and assumptions that affect the reported amounts of assetsand liabilities and the disclosure of contingent assets and liabilities at thedate of the financial statements and the reported amounts of revenues andexpenses during the reporting period.  Onan on-going basis, management evaluates its estimates and judgments, includingthose related to bad debts, investments, income taxes, financing operations,retirement benefits, and contingencies and litigation.  Management bases its estimates and judgmentson historical experience and on various other factors that are believed to bereasonable under the circumstances, the results of which form the basis formaking judgments about the carrying values of assets and liabilities that arenot readily apparent from other sources. Actual results may differ from these estimates under differentassumptions or conditions.

Management believes the following criticalaccounting policies, among others, affect its more significant judgments andestimates used in the preparation of its consolidated financial statements.  

RevenueRecognition

Revenueis primarily derived from the sale of cable television and Internet services tosubscribers.  All revenues are recorded(net of VAT) only when there is persuasive evidence of an arrangement, serviceshave been delivered, the price is fixed or determinable and collection isreasonably assured.   Customerarrangements for cable television or Internet services typically include aconnection fee, required equipment purchase or rental as well as monthlyservice fee.  The Company considers thevarious elements of these arrangements to be part of one bundled serviceoffering to its customers.    Inaccordance with SAB 104, the Company defers connection fees, set-top box andmodem sales and related costs, and recognizes them ratably over the estimatedcustomer relationship period if the Company has demonstrated that the serviceoffering to the customer will be profitable.  In the event that Companybelieves the customer service offering has not yet demonstrated profitability,the loss on the service arrangement with the customer is recognized immediately. 

At present, the Company has determined that its Internet access services areprofitable, but its delivery of cable television content has not yetdemonstrated profitability.

Doubtful Accounts

The Company maintains allowances for doubtfulaccounts for estimated losses resulting from the inability of the Company tocollect amounts due from others.

Prepaid Pension Expense

The Company accounts for its defined benefit pensionplan in accordance with SFAS No. 87, "Employers' Accounting for Pension Plans",which provides for the delayed recognition of actuarial gains and losses thatarise from differences between actual results of the plan from the actuariallycalculated results based on several factors including employee mortality andturnover, investment return on plan assets and the discount rates used torecord the present value of the obligations of the plan.  To the extent that unrecognized gains orlosses exceed 10% of the greater of the plans, projected benefit obligation orthe market value of its assets, such excess is amortized over the estimatedremaining service period for active employees. The Company considers and adjusts the various assumptions utilized inthe calculations such as the discount rate, future compensation growth rate andthe long-term rate of return on plan assets, as market conditions warrant.  

Consolidation

For the three and nine months ended November 30,2004, the Company's consolidated results of operations include the results ofeach of CCTV and MBC for the three and nine months ended September 30,2004.  However, their results ofoperations from January 1, 2004 to February 24, 2004 have been excluded fromthe Company's consolidated results  tothe extent that the Company did not have a prior direct or indirect equityinterest in their results.  Suchexcluded results have been reflected as "Losses of subsidiaries prior toconsolidation" on the Company's consolidated statements of operations.

Valuation of Long-Lived Assets

Long-lived assets such as property, plant, andequipment and acquisition-related intangible assets are reviewed for impairmentwhenever events or changes in circumstances indicate that the carrying amountmay not be recoverable. For assets the Company intends to hold for use, if thetotal of the expected future undiscounted cash flows is less than the carryingamount of the asset, a loss would be recognized for the difference between thefair value and carrying value of the asset. For assets the Company intends todispose of by sale, a loss would be recognized for the amount that theestimated fair value, less costs to sell, is less than the carrying value ofthe assets. The Company periodically evaluates the useful lives of itsproperty, plant, and equipment based on changes in technology, current businessdevelopments, and other industry conditions. It is reasonably possible thatthese assets could become impaired as a result of these factors. 

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Valuation of Goodwill

In accordance with SFAS No. 142, the Companycompletes an impairment test of goodwill annually, or more frequently if anevent occurs or circumstances change that would more likely than not reduce thefair value of our business enterprise below its carrying value. The impairmenttest requires the Company to estimate the fair value of our overall businessenterprise. In the absence of a current transaction for the sale of ourbusiness enterprise, we believe a discounted cash flow (DCF) model, ratherthan the market price of our Common Stock, is the best technique with which toestimate the fair value of our reporting unit.  The Company has determined that we have one reporting unit forpurposes of testing goodwill, and therefore, the DCF model is largely afunction of the business enterprise cash flows.

Deferred Tax Assets

The Company records a valuation allowance to reduceits deferred tax assets to the amount that it believes is more likely than notto be realized. The Company considers future taxable income and ongoing prudentand feasible tax planning strategies in assessing the need for the valuationallowance.  When the Company determinesthat it may not be able to realize all or part of its net deferred tax assets,a valuation allowance to reduce the deferred tax assets to estimatedrecoverable amounts is charged to income in the period such determination ismade.  Likewise, should the Companydetermine that it would be able to realize its deferred tax assets in thefuture in excess of its net recorded amount, a reduction in the valuationallowance would increase income in the period such determination is made.

RESULTS OF OPERATIONS - THREE AND NINE MONTHS ENDEDNOVEMBER 30, 2004 VS. THREE AND NINE MONTHS ENDED NOVEMBER 30, 2003

For the three monthsended November 30, 2004, the Company reported net loss applicable to commonshareholders of $1,384,000, or $0.16 per share, basic and diluted, as comparedto a loss of $456,000 or $0.22 per share for the three months ended November30, 2003.  For the nine months endedNovember 30, 2004, the Company reported a net loss applicable to commonshareholders of $3,968,000 or $0.46 per share, basic and diluted, as comparedto a net loss of $1,667,000, or $0.80 per share for the nine months endedNovember 30, 2003.  The results are notcomparable, as the current year's three and nine month results reflect the fullconsolidation of CCTV's results of operations, while the prior year's resultsincluded the Company's indirect 12.5% interest in CCTV's results arising fromthe Company's use of the equity method of accounting for the investment.  In addition to CCTV's operating progress,the effects of purchase accounting have generally resulted in lower amounts ofdepreciation and amortization than had been reported by CCTV due to the factthat a substantial portion of the carrying value of CCTV's assets were reducedbased on their fair value at the date of acquisition in February 2004.  The per share results in the current fiscalyear's three and nine-month periods reflect the increase in the Company'soutstanding shares, primarily as the result of the shares of Common Stockissued in February and September 2004 in connection with the acquisition ofCCTV and MBC.  

Subscription Revenue, Connection Fees and EquipmentSales

For the three and nine months ended November 30,2004, the Company recorded $1,447,000 and $4,252,000 respectively of revenuesfor its cable television and Internet access services, connection fees andequipment sales.   The Company did not consolidateCCTV's results in the prior year, but the change from the prior year is asfollows (dollars in thousands):

 Three Months Ended November 30,

    Nine Months Ended November 30,

2004

2003

Change

2004

2003

Change

Television  services

$              448

$         215  

108.4% 

$           1,178

$             578   

103.8%

Internet  access services

954

430

121.9% 

2,554

1,203

112.3%

Connection  fees and  equipment sales

  45

  169

  (73.4)%

  278

  497

  4.6%

 

 

 

 

 

 

$           1,447

$             814

77.8% 

$           4,010

$          2,278

86.7%

 
Television revenues increased as subscribers for itsterrestrial broadcasting television increased to 63,090 as of September 30,2004, which is an increase of 19.8% from the 52,643 subscribers reported as ofSeptember 30, 2003.   In addition,subscribers of premium television services increased 97.1% from 4,559 atSeptember 30, 2003 to 8,985 at September 30, 2004.  The terrestrial and premium subscriber growth represent increasesof 11.2% and 73.4% respectively, from December 31, 2003 levels.  The subscriber amounts include inactivesubscribers, or subscribers who had not paid for services in the months beingreported, which for terrestrial services averaged approximately 1.9% and 4.0%during the nine month periods ended September 30, 2004 and 2003, respectively,and for premium television service, averaged approximately 31.3% and 27.4% ofreported total subscribers, respectively, during these periods.

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The subscriber growth was accomplished from sales inareas of Moscow that were newly accessed since September 30, 2003 and fromincreased market penetration in areas to which the Company had previouslyaccessed through its hybrid co-axial fiber network which provides the "lastmile" access from the fiber optic network which the Company leases to thehomes.  At September 30, 2004, theCompany had market penetration for its terrestrial and premium televisionservices of 31.9% and 4.5%, respectively, as compared to market penetration of36.3% and 3.1%, respectively, at September 30, 2003.  At September 30, 2004, the number of homes passed increased to197,563, which is a 36.2% increase as compared to 145,043 homes passed as ofSeptember 30, 2003.

Internet access service revenue increased due toincreases in the number of subscribers for these services.  At September 30, 2004, there were 16,814reported subscribers for Internet access services, which is an increase of112.0% from the 7,932 subscribers reported a year earlier and a 67.9% increaseduring the nine months from the December 31, 2003 subscriber count of10,015.  The subscriber amounts includeinactive subscribers, which averaged approximately 24.5% during the nine monthsended September 30, 2004, as compared to an average inactive level ofapproximately 21.0% during the nine months ended September 30, 2003.  Market penetration of Internet services wasapproximately 8.5% of the 197,563 homes passed at September 30, 2004, ascompared to market penetration of 5.5% of the 145,043 homes passed at September30, 2003.

Connection fees and equipment sales, which arereported net of amounts deferred and to be recognized in future periods overthe estimated customer relationship periods declined from $169,000 for thethree months ended September 30, 2003 to $45,000 for the three months ended September30, 2004.  Through nine months, theyear-to-date total of $520,000 is 4.6% higher than the $497,000 reported byCCTV for the comparable period in the prior year.  CCTV has generally lowered the amounts it charges for subscriberequipment as part of its marketing approach to increase market penetrationlevels.

Other revenue

For the three months and nine months ended November30, 2004, the Company recorded $23,000 and $242,000, respectively, of otherrevenue.  These represent a decrease of25.8% and an increase of 84.7%, respectively from the 

$31,000 and $131,000 ofother revenues reported by CCTV for the three and nine-month periods endedSeptember 30, 2003.  During the firstand second quarters of the current fiscal year, the Company recordedapproximately $135,000 of revenue from COMCOR relating  to CCTV's participation as a subcontractorin a City of Moscow build-out program in the Zelenograd region.  Such activities were not present in thefirst nine months of 2003.  

Cost of sales

Cost of sales for the three months ended November30, 2004 totaled $1,278,000 or 86.9% of total revenue to produce gross marginof $192,000.  For the nine months endedNovember 30, 2004, cost of sales totaled $3,757,000, or 88.4% of total revenuefor a gross margin total of $495,000. The Company did not consolidate CCTV's results of operations in theprior year, but CCTV did report cost of sales of $1,118,000 and $3,500,000, respectively,in the comparable three and nine month periods in the prior year.  Such amounts represented 140.6% and 145.3%of revenues respectively during those periods which resulted in gross margindeficits of $343,000 and $1,091,000, respectively for the prior year'scomparable three and nine month periods. The current year three and nine month expenses include approximately$400,000 and $1,049,000, respectively of depreciation of assets andamortization of intangible assets as compared to $467,000 and $1,389,000 forthe prior year's three and nine month periods. Excluding depreciation and amortization, the current year's three andnine month cost of sales totaled $878,000 and $2,708,000, respectively whichrepresent increases of 21.8% and 28.3% over the prior year's comparableamounts.  All other components increasedprimarily due to expanded activities which resulted in higher wages, secondarynode costs, and equipment costs for subscriber set top boxes and cable modems,net of amounts deferred that will be recognized over the estimated customerrelationship periods.

Operating expenses

Operating expenses totaled $1,488,000 and $5,244,000,respectively, during the three and nine months ended November 30, 2004,respectively.  For the three and ninemonths ended November 30, 2003, the Company recorded $658,000 and $2,129,000,respectively, of expenses, but these amounts are not readily comparable becauseof the acquisition of CCTV and MBC. Corporate-level expenses during the three months ended November 30, 2004totaled $692,000, which represents an increase of $34,000, or 5.2% from theprior year costs.  Year-to-datecorporate-level expenses of $2,370,000 are $241,000, or 11.3%, higher than the$2,129,000 of such costs incurred in the prior fiscal year's comparable nine-month period.  Grants of shares ofCommon Stock to certain officers and directors and increased travel costs,including certain costs which had been borne by MBC in the prior year,contributed to the increased cost levels.

CCTV recognized $796,000 and $2,874,000, respectively, of operating expensesin the three and nine month periods ended September 30, 2004.  Theserepresent increases of 13.6% and 28.4%, respectively, from the operatingexpenses reported by CCTV for the comparable three and nine month periods in theprior year.  Increased salaries, professional fees 

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and costs associated with a TV guide designed to better market the Company'spremium television services accounted for the increase in costs.  

Equity in losses of IAS

For the three and nine months ended November 30,2004, the Company recorded expenses of $23,000 and $194,000, respectively, asits 43.5% equity in IAS's losses of $53,000 and $446,000, respectively, for thethree and nine months ended September 30, 2004.  In the prior year, the Company did not consolidate CCTV's resultsof operations, but CCTV did record equity losses of $167,000 and $251,000,respectively relating to its 41.7% equity interest in IAS's losses which totaled$400,000 and $602,000, respectively, for the three and nine months endedSeptember 30, 2003.  MBC owned only 1.8%of IAS and did not utilize equity accounting in the prior year.  IAS losses for the first nine months of 2004increased primarily due to $202,000 of interest expense on a bank loan andincreased personnel costs.

Investment income and other income

For the three and nine months ended November 302004, investment income and other income totaled $73,000 and $599,000,respectively, as compared to $473,000 and $1,418,000 in the comparable threeand nine month periods in the prior fiscal year.  Significant components of investment income and other income areas follows (in thousands):

Three months ended  November 30,

 

         Nine months ended November 30,

 
2004

2003

 

 2004

2003

 

 

 

 

 

Net  gains from domestic  trading portfolio

  $                90 

  $             348 

 

  $                216 

  $           1,032 

Rental  income

77 

78 

 

233 

233 

Interest  and dividends

7 

27 

 

28 

53 

Ultrasonic  royalties

(4)

19 

 

51 

54 

Change  in deferred  compensation accounts

  (97)

  1 

 

  (67)

  46 

Precious  metals recovery

- 

- 

 

138 

- 

 

 

 

 

 

$                73

$             473 

 

$               599 

$            1,418

 

 

 

 

 

Net gains from the Company's trading portfolioreflects the net appreciation of the portfolio during the period.  At November 30, 2004, the Company had soldits entire trading portfolio of common stock. The recovery of the value of precious metals relates to the Company'sformer Electronics segment which used outside refiners to process its preciousmetal scrap.

Interest expense

Interest expense totaled $76,000 and $197,000,respectively, for the three and nine months ended November 30, 2004, whichrepresent increases of 16.9% and 7.1%, respectively, from the $65,000 and$184,000, respectively of interest recorded in the comparable periods of theprior fiscal year.  The lower interestresulting from principal payments on the Company's 10 1⁄2% Subordinated Debentureswas more than offset by one month of interest on $2 million of the Bridge Loanthat was extended to CCTV during its third fiscal quarter pending the closingof the Columbus Nova financing transaction and from financing the interest expense of a $2 millionmortgage loan which was entered into during the second quarter of the priorfiscal year.

Income tax benefit/expense

Income tax benefits (expenses) have been accrued based upon theestimated effective tax rates for the fiscal year, after considering valuationallowances related to the Company's ability to realize such tax benefits.  

Losses of subsidiaries prior to consolidation

For the nine months ended November 30, 2004, theCompany has added back the net losses of CCTV and MBC to the extent that it didnot have a direct or indirect equity interest in these entities from January 1,2004 to the date of their acquisition, February 24, 2004.

Preferred dividends

Preferred dividends during the three and nine monthsended November 30, 2004 totaled $57,000 and $172,000, respectively, as comparedto $71,000 and $212,000, respectively of dividends in the comparable periods ofthe prior fiscal year.  The reductionreflects the effects of the redemption and conversion of a total of 37,777 sharesof Preferred Stock in the first quarter of the current fiscal year and aconversion of 85 shares of Preferred Stock in the second quarter of the currentfiscal year.

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LIQUIDITY AND CAPITAL RESOURCES

During the nine months ended November 30, 2004, theCompany used $1,628,000 in its operating activities, which is comprised of ause of cash of $3,348,000 in net losses as adjusted for non-cash items, and$1,314,000 of cash provided by changes in operating assets andliabilities much of which was the result of agreed-upon deferral of payments toCOMCOR.  During the nine-monthperiod, the Company generated $964,000 in investing activities, which wascomprised of the use of $2,149,000 for capital expenditures and a net of$3,113,000 of cash provided by net sales of all of the Company's short-terminvestment portfolio.  Financingactivities provided $1,093,000 during the nine months ended November 30, 2004, primarilydue to $2,000,000 of proceeds from the Bridge Loan.  The Company used funds to redeem a portion of its PreferredStock, pay dividends on its Preferred Stock and make principal payments on areal estate mortgage loan and the Company's 10 1⁄2% Subordinated Debentures.

At November 30, 2004, the Company's consolidatedcash position was $3,669,000.

On January 13, 2005, the Company and CCTV collectively received $41 millionof a $51 million equity and debt financing package from Columbus Nova, beforecosts and fees currently estimated at $3.2 to $3.5 million associated with the equity portion of the transaction are considered.  In addition, $4million, including $2 million which has been drawn by CCTV in its fourth fiscalquarter, was used to repay a Bridge Loan extended by Columbus Nova in connectionwith the overall financing package and fees of the debt portion of thetransaction totaling approximately $612,000 were paid.  This Bridge Loanallowed CCTV to make and commit to capital expenditures for the expansion of its"last mile" hybrid fiber co-axial network for the delivery of television andInternet access services in Moscow which it expects will result in an increasein its homes passed network in the first quarter.  The Company expects thatthe remaining proceeds, including an additional $10 million that is expected tobe received pursuant to the Term Loan within the next two years, will be used tofurther expand CCTV's existing homes passed access network of approximately198,000 homes during the next three years,to improve the Company's administrative and operating infrastructure, includingthe cost of additional executives and consultants who have been retained by theCompany in connection with the Columbus Nova financing, and to meet debt serviceand dividend requirements on the Company's Series A Preferred Stock.

There can be no assurances asto the extent that the proceeds received and to be received from Columbus Novawill be enough to adequately build out CCTV's access network to enable CCTV toattract a sufficient number of subscribers who elect to take up CCTV'scable-based services, or if the build-out of the homes passed network doesprogress, that CCTV can attract a sufficient number of subscriber services tobe taken to generate the revenues that will be needed to achieveprofitability.  However, the Companydoes not expect to require additional funds outside of the Columbus Novafinancing for the next few years, although there can also be no assurances thatCCTV will meet the 500,000 homes passed requirement to enable it to draw thefinal $10 million of the $28.5 million Term Loan.  If CCTV is not able to obtain the final $10 million from the TermLoan, it may require additional financing to enable it to continue to expandits network and services.

*RecentlyIssued Accounting Standards*During December2004, the Financial Accounting Standards Board ("FASB") issued Statement No.123R, "Share-Based Payment" ("SFAS 123R"), which requires companies to measureand recognize compensation expense for all stock-based payments at fair value.Stock-based payments include stock option grants and certain transactions underother Company stock plans. The Company grants options to purchase Common Stockto some of its employees and directors under various plans at prices equal tothe market value of the stock on the dates the options were granted. TheCompany also issued options to acquire a total of 1,161,050 shares of ourCommon Stock at $5.00 per share to two newly appointed executive officers andtwo consultants in connection with the Columbus Nova financing, which exerciseprice was less than the market value of the Company's Common Stock on that date. SFAS 123R is effective for all interim or annual periods beginning after June15, 2005. Early adoption is encouraged and retroactive application of theprovisions of SFAS 123R to the beginning of the fiscal year that includes theeffective date is permitted, but not required. The Company has not yet adoptedthis pronouncement and is currently evaluating the expected impact that theadoption of SFAS 123R will have on its consolidated financial position, resultsof operations and cash flows.

In June 2004, the FASB issued an interpretation ofFASB No. 143, *Accounting for Asset Retirement Obligations*.  This interpretation clarifies the scope andtiming of liability recognition for conditional asset retirement obligationsunder FASB No. 143, and is effective no later than the end of our next fiscalyear.  We have determined that thisinterpretation, and the adoption of FASB No. 143, will not have a materialimpact on our consolidated financial statements or cash flows.

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OFF BALANCE SHEET ARRANGEMENTS

The Company has a contingent liability with respectto a $386,000 letter of credit issued by its bank to secure performance bondsissued in connection with an unresolved state income tax matter. The Companybelieves that its accruals are sufficient to meet any obligations that mayarise from this matter.

The Company is also party to certain operatingleases which will require $32,000 of payments to be made during the remainderof FY05, $40,000 during FY06 and $11,000 during FY07.

**Item 3.  Quantitative and Qualitative DisclosuresAbout Market Risk.**

The Company is exposed to market risk from changesin equity security prices, interest rates and from factors that impact equityinvestments in Russia, as discussed in the Company's Annual Report on Form 10-Kfor the year ended February 29, 2004. The following information is presented to update the status of theidentified risks.

FOREIGN INVESTMENT RISK

CCTV is the Company'swholly-owned subsidiary and represents the primary source of the Company'sactivities. CCTV operations are conducted solely in Moscow, RussianFederation.  Accordingly, CCTV and the Company aresubject to currency fluctuations, and the economic and political risksassociated with Russia. The Company has not entered into any derivativeinstruments to hedge the risks associated with this investment. This investmentalso bears the risk of CCTV's ability to increase its revenues through the additionof subscribers for its cable television, high-speed data transmission andInternet services. The subscriber growth is largely dependent upon CCTV'sability to build-out its access network from the MFON which it leases fromCOMCOR, which is largely dependent upon it receiving a sufficient amount ofcapital to pay for the equipment and construction costs.

CCTV currently provides TV broadcasting services,telematic services and data transmission services under three licenses (the"Licenses") that will expire on May 10, 2005.  Applications for renewalfor five years of the predecessors of each of the Licenses were filed with theCommunications Ministry on June 24, 2004. The Communications Ministry returned these applications to CCTV on July5, 2004, stating that the Communications Ministry was unable to renew suchLicenses because (i) the  Federal Agencyfor Surveillance in the Communications Field, a governmental authorityresponsible for the issuance of telecommunication licenses (the"Communications Service"), has not been registered as a legal entityand (ii) the list of communications-related activities that are subject tolicensing has not been approved following the commencement of thereorganization of the Russian Government in March 2004.  On September 30,2004, CCTV re-submitted its applications to the Communications Service, which inNovember 2004, resulted in the extension of the licenses until May 2005.

The Company expects that the Licenses will befurther renewed in May 2005, although there can be no assurances that they will be renewed.  The Company believes that the risk of theLicenses not being renewed is minimal. CCTV has complied will all statutory requirements to obtain the renewalof its Licenses.  Nevertheless, CCTVcould be deemed to be operating in violation of Russian law that provides forcivil, administrative and criminal liability for engaging in licensedactivities without a valid license.  Ifthe Licenses are not renewed and CCTV is found to be in violation of applicableRussian law, there would be a material adverse effect on the Company'sfinancial condition and results of operations.

INTEREST RATE RISK

At November 30, 2004, Andersen Land Corp., a whollyowned subsidiary of the Company, was liable in the amount of $1,806,000 under amortgage collateralized by a real estate property and an assignment of rentalincome from the lease of the property. Interest under this note will fluctuate at 2.25% above the LondonInterbank Offered Rate (LIBOR), which will expose the Company at each periodicrenewal of the rate.  At November 30,2004, the interest rate on this mortgage loan was 4.94%, which is scheduled tobe re-set in August 2005.  If the interest rate on the mortgage noteincreases from the current annual rate by 1% at renewal, the Company estimatesthat such interest rate increase will increase the cost of this obligation byapproximately $5,000for the fiscal year ending February 28, 2006.

**Item 4.  Controls and Procedures.**

(a)  Evaluation of disclosurecontrols and procedures.  The Company'sprincipal executive officer and principal financial officer have concluded thatthe Company's disclosure controls and procedures (as defined in Exchange ActRule 13a-15(e)), based on their evaluation of such controls and proceduresconducted as of the end of the period covered by this report, are effective toensure that information required to be disclosed by the Company in the reportsit files under the Securities Exchange Act of 1934, as amended, is recorded,processed, summarized and reported within the time periods specified in therules and forms of the Securities and Exchange Commission and that suchinformation is accumulated and  

18 *Back to Table of Contents*
communicated to the Company's management,including its principal executive officer and principal financial officer, asappropriate to allow timely decisions regarding required disclosure.** **

(b)  Changes in internal control over financialreporting.  There has been no change inthe Company's internal control over financial reporting during the last fiscalquarter that has materially affected, or is reasonably likely to materiallyaffect, the Company's internal control over financial reporting.**PART II.  OTHER INFORMATION**

**Item 1.  Legal Proceedings.**

*MortonInternational, Inc. v. A.E. Staley Mfg. Co. et al. and Velsicol Chemical Corp.v. A.E. Staley Mfg. Co. et al.*

As originally reported in the Company's Form 10-Kfor the year ended February 28, 1997, in July 1996, two companion lawsuits werefiled in the United States District Court for the District of New Jersey, byvarious owners and operators of the Ventron-Velsicol Superfund Site("Site").  The lawsuits, which were subsequentlyconsolidated, were filed under the Comprehensive Environmental ResourceCompensation and Liability Act ("CERCLA"), the Resource Conservation andRecovery Act, the New Jersey Spill Act and New Jersey common law, alleging thatthe defendants (over 100 companies, including theCompany's wholly-owned subsidiary, The J.M. Ney Company ("JM Ney") weregenerators of certain wastes allegedly processed at the Site.  The lawsuits seek recovery of costs incurredand a declaration of future liability for costs to be incurred by the ownersand operators in studying and remediating the Site. 

As further reported in the Company's Form 10-Q for the period ended November30, 2001, this case was dismissed without prejudice and the plaintiffs' abilityto reinstate their claims were limited for a minimum of three years untilOctober 2004.  Although this limitation onthe plaintiffs' ability to reinstate their claim period has expired, theplaintiffs have not yet reinstated this case. If the plaintiffs do reinstate the case, given the legal and factual issuesthat remain outstanding, the Company currently has no basis to ascertain therange of loss, should any occur, with respect to an outcome that may beconsidered unfavorable.  This contingent liability was not assumed bythe buyer of JM Ney's net assets.

*Norman D. Mass and Lois Ravage Mass v. AmchemProducts, Inc. et. al. (New York State Supreme Court, County of New York, Index101931-04), Loretta Brienza and Brent Brienza v. A.W. Chesterton Company et al.al. (New York State Supreme Court, County of New York, Index 104076-04), andJay K. Fleckner v. Amchem Products, Inc. et al (New York State Supreme Court,County of New York, Index 113970-04).*

As originally reported in the Company's Form 10-K for the yearended February 29, 2004, in March and April 2004, JM Ney, now known as AndersenLand Corp., was served with a summons and a complaint in the above-captionedMass and Brienza matters in which it and in excess of onehundred (100) other parties were named as defendants in an asbestos-related civil action for negligence and product liability filed in the SupremeCourt of New York in which the plaintiffs claim damages from being exposed toasbestos and asbestos products alleged to have been manufactured or supplied bythe defendants, including JM Ney's former dental division.  In addition,in October 2004, Andersen Land Corp. also received a summons in which it andapproximately 30 additional companies were named as defendants in anasbestos-related civil action for negligence and product liability filed in theSupreme Court of New York in which the plaintiff  (Fleckner) claims damages from being exposed to asbestos andasbestos products alleged to have been manufactured or supplied by thedefendants, including JM Ney's former dental division.  The plaintiffs have not provided anyspecific allegations of facts as to which defendants may have manufactured orsupplied asbestos and asbestos products which are alleged to have caused theinjuries.

The Company believes that it hasinsurance that potentially covers these claims and is in the process ofnotifying its insurance carriers to provide reimbursement of defense costs andliability, should any arise.  Based upon the answers to theinterrogatories that have been supplied by the plaintiffs' attorneys, it doesnot appear to the Company that JM Ney manufactured any products containingasbestos that are the subject of these matters. As of this date, the Companyhas no basis to conclude that the litigation may be material to the Company'sfinancial condition or business.  The Company intends to vigorously defendthe lawsuit.

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**Item 4.  Submission of Matters to a Vote of SecurityHolders.**

There were no matters submitted to a vote ofsecurity holders during the period covered by this report.  However, subsequent to this period, onDecember 15, 2004, the Company held a Combined Annual and Special Meeting ofits stockholders at which the following proposals were voted on and approved bythe stockholders:

FOR  
AGAINST

ABSTAIN

1.    Approval  of the issuance of stock in connection with the financing transaction with  Columbus Nova.

  6,581,466

  7,588

  760

 

 

 

2.     Approval  of an amendment to the Moscow CableCom Corp. Certificate of Incorporation. 

  6,553,167

  35,788

  859

 

 

 

3.    Approval  of amendments to the Moscow CableCom Corp. 2003 Stock Option Plan.

  6,546,692

  42,239

  883
               
4       Election of Directors of Moscow CableCom Corp. for the ensuing  year and until their successors are elected and qualified.

 

FOR  
WITHHELD

Francis E. Baker

6,554,466

35,348

Oliver R. Grace, Jr.

6,554,466

35,348

Louis A. Lubrano

6,554,466

35,348

Valentin V. Lazutkin

6,554,466

35,348

Thomas McPartland

6,554,466

35,348

Sergey A. Mitrikov

6,554,466

35,348

James J. Pinto

6,554,466

35,348

Vladimir A. Serdyuk

6,554,466

35,348

Alexander P.  Vladislavlev

6,554,466

35,348

In connection with theterms of the financing with Columbus Nova, effective January 13, 2004, Messrs.Baker, Lubrano, McPartland and Mitrikov resigned from the Company's Board ofDirectors.  The Board has been expandedfrom nine to eleven members, and to fill five of the six vacancies created as aresult of the resignations and the expansion of the Board, Andrew Intrater,Ivan Isakov, Jay Haft, Warren Mobley and David Van Valkenburg were appointed asmembers of the Board, with Mr. Intrater being named as the Board's Chairman.

**Item 6.  Exhibits.**

Exhibits required by  Item 601 of Regulation S-K:

Exhibit                           Description

10.1                             2003Stock Option Plan, as amended effective December 15, 2004.

10.2                              Amendment #1 of the Lease Agreement betweenAndersen Land Corp. and Deringer-Ney, Inc. dated                                     November 11, 2004.

31.1                             Certificationof the Company's Chief Executive Officer pursuant to Rule 13a-14(a).

31.2                             Certificationof the Company's Chief Financial Officer pursuant to Rule 13a-14(a).

32.1                             Certification of the Company's ChiefExecutive Officer pursuant to 18 U.S.C. Section 1350, as adopted                                    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2                            Certificationof the Company's Chief Financial Officer pursuant to 18 U.S.C. Section 1350, asadopted                                    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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**SIGNATURES **

**MOSCOWCABLECOM CORP.**

By:          /s/ Warren Mobley

                Warren Mobley

                President and Chief Executive  Officer

Date:       January 18, 2005

By:          /s/ Donald Miller-Jones

                Donald Miller-Jones

                Chief Financial Officer

Date:       January 18, 2005
 
 

 

 

 

 

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