**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**WASHINGTON, D.C. 20549

**Form 10-K**

x******ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the Fiscal Year Ended February 29, 2004OR[    ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934**For the transition period from _____ to _____Commission File Number:  0-1460**Moscow CableComCorp.**(Exact name of 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        |

| Securities registered pursuant to Section 12(b) of the      Act:  NONE 
Securities registered pursuant to Section 129g) of the      Act: 
Title of each class

**Common Stock, $.01 par value **

**10 1/2% Convertible Subordinated  Debentures Due 2007**

               Indicate by check mark whether the registrant (1) has filed all reports requiredto be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 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   No  [   ]

                Indicate by check mark ifdisclosure of delinquent filers pursuant to Item 405 of Regulation S-K is notcontained herein, and will not be contained, to the best of the registrant'sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form10-K.  x

                 Indicate by check mark whether theregistrant is an accelerated filer (as defined in Exchange Rule 12b-2 of the Act).                                Yes [    ]            Nox

                 The aggregate market value of theCommon Stock, $.01 par value, held by non-affiliates of the Registrant basedupon the last price at which the common stock was sold as of August 31, 2003,as reported on The NASDAQ Stock Market, was approximately $6,004,290.  Shares of Common Stock held by each officerand director and by each person who owns 5% or more of the outstanding CommonStock who may be deemed to be an affiliate have been excluded.  This determination of affiliate status isnot necessarily a conclusive determination for other purposes.

                Number of shares of common stock outstanding as of May 28, 2004:  8,538,970.

 
**INDEX TO ANNUALREPORT ON FORM 10-K**Year Ended February 29, 2004

Page

Number

**PART I**

Item 1.

Business

2

Item 2.

Properties

9

Item 3.

Legal Proceedings

9

Item 4.

Submission of Matters to a Vote of Security Holders

10

 

**PART II**

 

Item 5.

Market for Registrant's Common Equity, Related Stockholder  Matters and Issuer Purchases of Equity Securities

10

Item 6.

Selected Financial Data

11

Item 7.

Management's Discussion and Analysis of Financial  Condition and Results of Operations

11

Item 7A.

Quantitative and Qualitative Disclosure about Market Risk

19

Item 8.

Consolidated Financial Statements and Supplementary Data

23

Item 9.

Changes in and Disagreements with Accountants on  Accounting and Financial Disclosure

23

Item 9A.

Controls and Procedures

23

 

**PART III**

 

Item 10.

Directors and Executive Officers of the Registrant

23

Item 11.

Executive Compensation

24

Item 12.

Security Ownership of Certain Beneficial Owners and  Management and Related Stockholder Matters

26

Item 13.

Certain Relationships and Related Transactions

28

Item 14.

Principal Accountant Fees and Services

29

 

**PART IV**

 

Item 15.

Exhibits, Financial Statement Schedules, and Reports on  Form 8-K

29

Signatures

32

 

**PART I****ITEM 1.                BUSINESS**

Statement Regarding Forward Looking Disclosure and Risk FactorsCertain sections of this Annual Report on Form 10-K, including "Item 1.Business" and "Item 7. Management's Discussion and Analysis ofFinancial Condition and Results of Operations", may contain variousforward looking statements within the meaning of Section 27A of the SecuritiesAct of 1933, as amended (the "Securities Act"), and Section 21E ofthe Securities Exchange Act of 1934, as amended (the "Exchange Act"),which represent the Company's expectations or beliefs concerning future events.Forward-looking statements include statements that are predictive in nature,which depend upon or refer to future events or conditions, which include wordssuch as "believes," "plans," "anticipates,""estimates," "expects" or similar expressions.  In addition, any statements concerningfuture financial performance, ongoing business strategies or prospects, andpossible future actions, which may be provided by the Company, are alsoforward-looking statements. Forward-looking statements are based on current expectations and projectionsabout future events and are subject to risks, uncertainties, and assumptionsabout the Company, economic and market factors and the industry in which theCompany does business, among other things. These statements are not guarantees of future performance and theCompany undertakes no obligation to publicly update any forward-lookingstatements, whether as a result of new information, future events or otherwise.Actual events and results may differ materially from those expressed orforecasted in forward-looking statements due to a number of factors.  Factors that could cause the Company actualperformance and future events and actions to differ materially from suchforward-looking statements, include, but are not limited to those discussedbelow and elsewhere in this Annual Report on Form 10-K, including thosediscussed in Item 7A of this report.GeneralMoscow CableCom Corp. which was formerly known as Andersen Group, Inc.until February 24, 2004 (referred to herein as "we" or the"Company") has been incorporated under the laws of the State ofDelaware since 1998.  From 1951 to 1998,the Company had been incorporated in the State of Connecticut.  As used herein, "FY04","FY03" and "FY02" reference the fiscal years ended February29, 2004, February 28, 2003, and 2002, respectively.  Other February fiscal year end references are similarly referredto with the appropriate "FY" designation.  For information about the Company and its subsidiaries, and theprogress of the growth of our delivery of broadband cable television andInternet access services in Moscow, Russia as briefly described below, pleasevisit our website.  Also our annual reports on Form 10-K,quarterly reports on Form 10-Q, current reports on Form 8-K and any amendmentsor exhibits to those reports will be made available free of charge through theInvestors section of the Company's website as soon as reasonably practicableafter such reports are electronically filed with, or furnished to, theSecurities and Exchange Commission ("SEC"). The information found on the Company's website is not part of this orany other report which the Company files with or furnishes to the SEC.From February 1991 to March 22, 2002, the Company's activities were principallyconducted in the areas of manufacturing and investments.  On March 22, 2002, the Company sold theoperating assets of its manufacturing subsidiary, The J.M. Ney Company("JM Ney"), and focused its activities on the acquisition of ZAOComCor-TV ("CCTV"), which it completed on February 24, 2004 (the"CCTV Closing Date") through the issuance of a total of 6,250,000shares of its Common Stock plus an additional 220,879 shares of Common Stockwhich are expected to be issued shortly after the first fiscal quarter of FY05.From April 2000 through the CCTV Closing Date, the Company had an indirectinvestment in CCTV through its 25% equity position in ABC Moscow BroadbandCommunication Limited ("MBC"), a Cyprus-based limited liability company.  From April 2000 through the CCTV ClosingDate, MBC had owned approximately 50% of CCTV, or had 50% voting control overCCTV with CCTV's other former shareholder, Moscow TelecommunicationsCorporation ("COMCOR").  CCTVis a start-up provider of cable television, high speed data transmission andInternet access services that is licensed to provide these services as well asIP telephony to 1,500,000 homes and businesses in Moscow, Russia.  CCTV utilizes COMCOR's Moscow Fiber OpticNetwork ("MFON") to deliver signals to its "last mile"network to its customers' homes and businesses.  This use of the MFON is subject to the terms of a 50-yearagreement, which expires in 2053.In May 2003, the Company entered into agreements (collectively, the "StockSubscription Agreement") with COMCOR pursuant to which the Company committed toissue 4,220,879 shares of its Common Stock to COMCOR in exchange for the equityof CCTV to be held by COMCOR, including the equity of CCTV to be acquired byCOMCOR in exchange for the extinguishment of approximately $1,380,000 ofamounts owed to COMCOR by CCTV.  InFebruary 2004, the Company closed on the Stock Subscription Agreement andissued 4,000,000 shares of its Common Stock to COMCOR and expects to issue anadditional 220,879  

2

shares to COMCOR shortly after the first quarter of FY05once administrative processes to extinguish the liabilities in exchange for CCTV equity are completed.

In connection with the Stock Subscription Agreement asfurther amended in February 2004, the Company committed to making i) a $3.5million cash investment into CCTV which was made in May 2003, ii) a $1.0million investment in CCTV within 20 days of the closing of the acquisition ofthe CCTV shares of which $862,000 was advanced in April 2004 and the remainingapproximately $138,000 was satisfied through the cash settlement of a CCTVliability in May 2003 and iii) $1.5 million investment into CCTV upon theclosing of a capital raising event.  Theagreements also provide for an additional $5,829,000 of capital contributions to CCTV from the Company prior toJuly 31, 2005. To the extent such contributions are not made, the Company willbe obligated to issue up to 477,994 additional shares of its Common Stock toCOMCOR.

Pursuant to the Stock Subscription Agreement signed in May2003, effective April 1, 2003, COMCOR and the Company renegotiated the feeCOMCOR charged CCTV for transportation network services from CCTV's utilizationof the MFON.  This fee had been chargedat the rate of 10% of CCTV's television service revenues but waseliminated.  In addition, COMCOR agreedto allow CCTV to limit the payments of the invoices for the lease of secondarynodes, which are billed at the monthly rate of $350 per secondary node, to thelesser of the invoiced amount or 20% of the television service revenuesgenerated through such secondary nodes through December 2005. The Company willhave the option of settling up to $1.5 million of any of CCTV's accountspayable that have not been paid pursuant to the agreement through the issuanceof shares of its Common Stock, the number of which will be determined based ona price of $6.25 per share.  At May 20,2003, CCTV was leasing 234 of COMCOR's secondary nodes.  During 2003, CCTV ceased the use of 33secondary nodes and it plans to cease the use of an additional 36 of thesenodes within the next six months. Additional secondary nodes are expected to be leased from COMCOR asfurther build-out of CCTV's access network occurs.

Concurrent with the closing of theacquisition of CCTV equity from COMCOR, the Company acquired the 75% of MBCequity that it had not previously owned in exchange for 2,250,000 shares ofCompany Common Stock. To partially satisfy its additional funding requirementsdiscussed above, the Company intends to contribute approximately $1,279,000 toCCTV, which is comprised of its and MBC's advances to CCTV and a loan plusaccrued interest payable to MBC, 4,402shares of the stock of the Institute for Automated Systems("IAS") and the extinguishment of a $138,000 liability of CCTV which the Companyacquired through the issuance of 33,427 shares of its Common Stock effective asof the Closing Date. Such contribution wouldreduce the number of shares of the Company's Common Stock that the Companywould be obligated to issue to COMCOR, in the absence of any other qualifyingcontributions made by the Company to CCTV, from 477,994 to 373,132.  In addition, the potential issuance ofshares of the Company's Common Stock to satisfy any cumulative underpayment toCOMCOR of fees for the lease of secondary nodes may be applied against the$5,829,000 funding requirement to further reduce the number of shares that maybe issued to COMCOR.   

A Voting Agreement amongCOMCOR, Oliver R. Grace, Jr., the Company's President, and Francis E. Baker,the Company's Chairman, was entered into on February 24, 2004 to support thecontinuation of the Company's control over the corporate governance of theCompany through December 31, 2006.  TheVoting Agreement provides for Messrs. Graceand Baker to have the right to name four of the seven members of the Company'sBoard of Directors and for COMCOR to name the remaining three.  In March 2004, the Company's Board ofDirectors was expanded to nine members. The parties are in the process of amending the Voting Agreement to allowMessrs. Grace and Baker to name five of the nine members to the Board.  

Prior to and through the CCTV Closing Date, the Company hadaccounted for its investment in MBC using the equity method of accounting on atwo-month lag basis.  As a result of theacquisition of CCTV and MBC, the Company has consolidated their balance sheetsas of December 31, 2003 into its consolidated balance sheet as of February 29,2004, after allocating the purchase price to the fair value of their assets andliabilities.  The Company willconsolidate CCTV's and MBC's results of operations commencing with the firstquarter of FY05.

The Company is currently in the process of finalizing thepurchase price allocation among the identifiable intangible assets and goodwillrelated to the February 2004 acquisition of CCTV and MBC.  Accordingly, the balance of goodwill andidentified intangibles associated with the acquisition have been aggregated anddisclosed as one line item in the balance sheet as of February 29, 2004.  Management believes that this allocationprocess will be completed in the first quarter FY05.  As a result of this allocation process, the Company expects torecognize intangible assets related to licenses for broadcast and other servicesand preferential rates on MFON utilizations well as goodwill on thetransaction.  The Company also has made investments in the common stocks of financialinstitutions, primarily through the subscription for shares of the commonstocks of mutual savings banks as part of their de-mutualization process. The Company's manufacturing operations had been represented by the activitiesof JM Ney, which up until the sale of its operating assets effective March 22,2002 consisted of the manufacture and sale of precious metal alloys, stampedparts and insert-molded parts which were sold to manufacturing and distributioncustomers in the automotive, medical and industrial electronicsindustries.  

3
 Financial Information about SegmentsFrom March 2002 until the acquisition of CCTV, the Company operated as onesegment and its activities primarily comprised the management of a tradingportfolio of common stock, renting the real estate property in Bloomfield, CTfrom which JM Ney had operated and from which the purchaser of JM Ney'soperating assets now operates its business, the activities surrounding theacquisition of CCTV, including the monitoring of its operations and providingmanagement assistance, and general corporate and administrative functions.

Prior thereto, the Company's operations included JM Ney,which comprised the Electronics Segment. With the sale of JM Ney's operatingassets effective March 22, 2002 and the subsequent liquidation of substantiallyall the net current assets of JM Ney not sold, the results of JM Ney'soperations are now reflected in the Company's consolidated financial statementsas discontinued operations.  Informationwith respect to JM Ney's results of operations and the sale of its operatingassets is contained in Note 3 to the Company's consolidated financialstatements, which are included herein under Item 8 "Financial Statementsand Supplementary Data".

Trading PortfolioAt February 29, 2004, the Company's trading portfolio was comprised of thecommon stocks of seven financial institutions valued at $2,897,000.  During FY04, the Company invested a total of$1,400,000 in this portfolio, and received proceeds of approximately $1,408,000from the sale of stocks which had a tax cost basis of $750,000 and recognizednet market appreciation of $1,096,000.Real EstatePursuant to the sale of JM Ney's net operating assets, the Company enteredinto an eight-year lease of JM Ney's manufacturing facility for which itreceives rental income in monthly installments at an annual rate of $301,600 asof April 2004, with annual increases of $5,800.ABC Moscow Broadband Communication Ltd.From February 2000 through to the CCTV Closing Date, the Company held a 25%equity interest in MBC, which in turn, since April 2000 had held an approximate50% ownership interest in or 50% voting control over, CCTV.  Officers and directors of the Company,including former directors, and their affiliates taken as a whole hadbeneficial interest in or voting control over approximately 46.9% of MBC,excluding the 25% directly held by the Company.  As an integral part of the acquisition of CCTV in February 2004,the Company acquired the 75% of MBC which it had not owned in exchange for2,250,000 shares of the Company's Common Stock. CCTVEffective with the Closing Date, the Company's business plans are focusedon CCTV.  CCTV is in the process ofbuilding out its "last mile" coaxial access network from COMCOR'sMFON, which it leases for its products and markets.  In accordance with agreements reached in 2000 and subsequentlyamended, COMCOR had charged CCTV 10% of CCTV's cable television servicerevenues as a MFON utilization charge, as well as charging for data returnservice provided to CCTV's Internet customers. Beginning in August 2002, COMCOR also began charging CCTV $350 per monthper node for the lease of secondary nodes, which are switching stations for thetransfer of signals from the MFON to CCTV's network.  The Stock Subscription Agreement signed in May 2003 provides forthe conversion of approximately $1,380,000 of the unpaid fees for theseservices into CCTV equity and provides for flexible payment terms through 2005.CCTV is a growing broadband-based cable television and Internet access company,which is licensed to pass 1.5 million dwellings in Moscow Russia.  As previously stated, in February 2004, theCompany completed its acquisition of CCTV through the issuance and plannedissuance of 6,470,879 shares of its Common Stock.   As of April 30, 2004, CCTV had 59,642 terrestrial subscribers,12,466 Internet subscribers and 7,114 pay TV subscribers in a growing 177,133homes passed network which presently covers approximately half of Moscow'sCentral Administrative Region and part of Moscow's Southern Region, namelyChertanovo, which are just two of Moscow's ten regions.  The network at April 30, 2004 was 40.3%larger than the 126,251 homes passed as of April 30, 2003.  The following table presents the growth ofCCTV's network and subscriber base:

4
                             December 31,
April 30,

2001

2002

2003

2004

Homes passed

89,076

107,491

154,786

177,133

Subscriptions for:

 

 

 

 

  Terrestrial  television

24,111

42,101

56,395

59,642

  Cable television

1,976

3,052

5,181

7,114

  Internet

2,018

4,869

10,015

12,466

Subscriber levels reported by CCTV include subscribers whohave de-activated their service as of a point in time and who possibly mayeventually be dropped from the subscriber count as recognized churn.  During 2003, deactivated subscribers as apercent of total reported subscribers was as follows:
     High  Low  Average
Terrestrial subscribers

5.3%

2.90%

4.2%

Cable television

39.2%

18.22%

29.1%

Internet

32.4%

14.2%

21.1%

Fluctuations in the inactive levels are partially due toseasonality factors, additional new subscribers and CCTV's pattern ofrecognizing churn.  The number ofinactive subscribers, particularly for premium services, generally increasesduring June, July and August, which has been a primary factor for slowerrevenue growth during this period.  AtApril 30, 2004, 1.5% of the terrestrial subscribers, 29.2% of the cable TVsubscribers and 21.0% of the Internet subscribers were inactive.

CCTV has a 50-year contract for lease of the MFON, which isowned and operated by COMCOR, the Company's single largest shareholder.   The contract is for exclusive hybrid fibercoaxial ("HFC") services in the areas presently being served and a right offirst refusal in the remainder of Moscow. With a total length of over 8,000 km, the MFON is the largestmetropolitan fiber optic network in Russia. It passes within 500 meters of most apartment and office buildings inMoscow and the Moscow region.
CCTV NetworkCCTV provides the "last mile" solution through its HFCnetwork which connects the end user to the MFON.  The density of the MFON greatly reduces the distance to the enduser and accordingly helps reduce last mile costs and construction time.  Recent construction has averagedapproximately $65 per home passed. Additional installation costs are for the account of the customer, whichare about $17.  
CCTV's HFC network has bandwidth capacity of 862megahertz.  It can accommodate (i) bothdigital and analog transmission, (ii) interactive TV through the return path,and (iii) high speed data traffic ranging from 128 Mb/sec to 1,024 Mb/sec.
Business StrategyCCTV's strategy is to leverage the capacity and capabilityof its broadband network to deliver multiple services to consumers and smalland medium businesses while creating multiple revenue streams. CCTV believesthat investment in the technological capabilities of its broadband network, thecompetitive value of bundled services, its commitment to customer and communityservice will enhance its ability to continue to grow its cable operations andoffer new services to existing and new customers.
Products and Services

*Cable Television*CCTV offers two types of services in cable television:terrestrial and pay TV.  The terrestrialpackage consists of 16 terrestrial stations and is priced at RUR 56 per month,or approximately $1.72 per month.  Thepay TV service includes the terrestrial package and offers a choice of twoadditional packages: (i) Planet, with 17 additional channels and 18 radiochannels priced at RUR 270 per month, or approximately $9.31 per month, and(ii) Constellation, with 33 additional channels priced at RUR 420 per month, orapproximately $14.48 per month.    As ofApril 30, 2004 CCTV had 59,642 terrestrial and 7,114 pay TV subscribers,respectively.  This represents increasesof 27.3% and 91.8%, respectively over subscriber levels as of April 30,2003.  The market penetration levels ofaccessed homes for CCTV's terrestrial television services and its pay TVservices at April 30, 2004 were 33.7% and 4.0%, respectively, as compared tomarket penetration levels of 37.1% and 2.9%, respectively, as of April 30,2003.  Certain areas, or zones, hadmarket penetration rates as high as 43.3% and 8.2%, respectively, while thenewly-accessed zones had penetration levels as low as 10.6% and 2.1%respectively.  The Company expectsfurther increases in market penetration of existing accessed homes, and to growits subscriber base in new homes it plans on accessing in the future.

5
The Company has successfully completed tests of digital TVservices and plans to launch the new service in the fall of 2004.*High-Speed Internet Access*CCTV offers several packages of high-speed Internet accesswith varying speed, data limits and prices. These services deliver access to the Internet at speeds of up 1,024Mb/sec and provide unique online content. CCTV's network includes standard Internet service providerfunctionality, such as web page hosting for subscribers, access to Internetnews groups, e-mail accounts, physical hosting, games, etc.  Among the Company's new product additions isa family of moderately priced Internet tariffs with unlimited datatraffic.  CCTV considers this product tobe highly competitive.  Pricing for theInternet service ranges from $16.00 to $68.00. As of April 30, 2004, CCTV had 12,466 Internet subscribers whichrepresents an increase of 94.0% over subscriber levels as of April 30,2003.  The market penetration ofaccessed homes at April 30, 2004 was 7.0% as compared to 5.1% at April 30,2003.   However, penetration rateswithin defined zones varied from 2.7% to 13.5% at April 30, 2004, and much ofthis variation was due to the amount of time the area had been part of CCTV'saccess network.  The Company believesthat recent and future market penetration improvements have been and will beachieved through both newly introduced sales and marketing strategies andplanned sales and marketing programs.

*Voice Over IP (VOIP)*Later in 2004, CCTV is planning to launch VOIP, a phoneservice delivered over its infrastructure involving voice transmissions usingInternet protocol, on a limited experimental basis.*Bundling*CCTV considers bundling to be an important business strategy.  A bundled customer is one who currentlysubscribes to both cable television and high-speed Internet access, andreceives such services at a discount. CCTV hopes to add the VOIP service to the bundle in the future.  CCTV believes that the bundle increases itsoperating efficiencies and provides a strong competitive advantage.  As of April 30, 2004, CCTV had approximately3,655 bundled customers.
*Customer Service*Strong customer serviceis a key element of CCTV's business strategy to deliver advanced communicationsservices to its customers.  CCTVbelieves that high level of customer satisfaction will allow it to compete moreeffectively as it delivers broadband services of  analog video, high-speed Internet access and, in the near future,local and long-distance telephony, digital TV and other services.  CCTV emphasizes training as a key priorityfor its customer contact employees and plans a number of training seminars andworkshops for them. 
ProgrammingCCTV's terrestrial cable TV package consists of programmingprovided by national television networks and local broadcast televisionstations, including governmental and private. The pay TV service includes a group of satellite-delivered channels inaddition to the terrestrial channel line-up. While most of the channels areoffered in Russian, there are channels in other languages.  CCTV's premium offer consists at present ofadult programming.  

Competition*Cable Television*The broadband market in Moscow is in its infancy and thecompetition is limited.  In addition toCCTV, there are currently three other major carriers of commercial television,and one company which has announced an intent to enter into the Moscowmarket.  

NTV+ is the largest and most prominent commercial TVprovider which offers a satellite-to-homes service and has an extensive libraryof attractive local content.  CertainNTV+ content is designed for a high-end group of people who are interested inspecial programming such as the NTV Sport Package which is sold at an extracost.  CCTV estimates that NTV+ hasapproximately 100,000 subscribers in Moscow. 

Kosmos TV is a commercial TV supplier employing MultipointMicrowave Distribution System ("MMDS") technology.  With much of its content in English, Kosmos-TV is widely used byhotels and the expatriate community. CCTV believes that the number of Kosmos TV subscribers has remainedrelatively stable for several years and is estimated at fewer than 20,000subscribers.

Versatel, which operates under the brand name Divo TV,delivers a pay TV package via the MMDS technology over the existing communityrooftop antennas owned by Mostelecom, the City's terrestrial TV delivery system.  It is currently the only platform in Moscowwhich offers a limited version of the pay-per-view service.  CCTV estimates that Versatel hasapproximately 16,000 subscribers.  

Sistema Telecom is a telecommunications arm of Sistema, aconglomerate partially owned by the City of Moscow.  MTU-Intel, a subsidiary of Sistema Telecom which operates underthe trade name of "Tochka Ru" (Dot Ru) has been providing broadband Internet
6
services based on the ADSLtechnology to the business community since 2000.  In February 2004 it extended its offering of the broadbandInternet services to residential customers and has recently announced plans tolaunch ADSL-based pay TV services in 2005. The global communication industry does not consider the ADSL to be theplatform of choice for the provision of pay TV services both in terms of itscost and functionality.  One of the keycompetitive advantages of MTU-Intel is its broad customer reach.  MTU-Intel is able to access virtually anyhome in Moscow which receives fixed line telephony services.  MTU-Intel intends to position its pay TVservices as an add-on offering to its core broadband Internet business.

*High-Speed Internet Access*

There are currently a number of Internet service providersin Moscow both for residential and business customers.  However, the broadband service for theresidential customer is a rather novel offering with a high potential.  The only major competition encountered byCCTV in the area of broadband Internet is a recent offering by MTU-Intel throughthe ADSL technology.  It has a $30/monthbroadband data residential offering with certain data trafficrestrictions.  CCTV estimates that ADSLaccounts for approximately 25,000 residential subscribers throughoutMoscow.  A number of small companiesprovide Internet to local communities at moderate to low prices but withoutproper customer service support and professional quality control levels.  CCTV is not aware of any competitor whichbroadly provides and markets both video and data services.

Internet usage in Russia is growing rapidly.  A study produced by the telecom consultingfirm J'Son & Partners indicates that over 15 million Russians will be usingthe Internet by the end of 2004. Internet usage grew by an impressive 40% in 2003 to 11.6 million of whomover 50% went online once a week. Although the study shows that 55% of users still use dial up, the trendis clearly toward the substitution of dial-up by broadband where available.

Community ServiceThe City of Moscow ("City") has an indirect ownershipinterest in CCTV through its 25% ownership interest in COMCOR.  CCTV expects to play a significant role inaccomplishing the City's social objectives through improving the transmissionof entertainment and information to its citizens.  During 2003, CCTV was selected to be a subcontractor to COMCORfor a City-sponsored program for a 10,000 homes passed network in theZelenograd region at the City's expense.

Investment in the Institute for Automated SystemsThrough CCTV and MBC, the Company owns approximately 43.5%of IAS, a provider of telephone and data transmission services to businesses inMoscow and the Moscow region.  IASprovides its customers traditional circuit-switched and VOIP local,long-distance and international calling with a full array of associatedfeatures. In addition, it offers IP, X.25 and Frame Relay data transmissionservices.  IAS is capable of deliveringa complete integrated solution to its customers, including (i) bundledtelephony and Internet services, (ii) corporate, private and regionaltelecommunications network design and (iii) the provision and installation ofassociated equipment.  IAS also has along-standing relationship with BT Group for which IAS manages its Moscow datacenter.

CCTV is now considering limited commercial trials, in closecooperation with IAS, of the VOIP telephone service delivered over CCTV's HFCnetwork.  

IAS does not own any network infrastructure and leasesrequired channels from major telecommunication service providers.  COMCOR is the largest provider of suchservices to IAS through the MFON.  IAS'sprincipal physical assets include a modern telecommunications node whichenables IAS to provide its wide range of services, and two office buildings incentral Moscow.

COMCOR, through a 100%-owned affiliate, owns an additional30% of IAS.  At the March 2004extraordinary shareholder meeting, the Board of Directors of IAS authorized theplacement of 650,000 additional common shares of IAS, representing a 264%increase in its current outstanding shares. This placement will allow IAS to repay approximately $1.8 million ofoutstanding indebtedness to a Russian bank. All the existing shareholders have a preemptive right with respect totheir respective percentage of the additional common shares to be issued.  It is expected that an affiliate of COMCORwill be the main purchaser of the proposed share issuance.  The placement of shares is expected to takeplace by early July 2004.  The Companyand COMCOR have entered into an agreement pursuant to which an affiliate ofCOMCOR will sell a portion of their shares to CCTV at a price to be mutuallyagreed upon, to enable CCTV to maintain an ownership interest in IAS ofapproximately 43%.

Legislation and RegulationIn the Russian Federation, the federal government controlsthe regulation of telecommunication services.  The principal legal act regulating the provision of telecommunicationservices is the Federal Law on Communications dated July 07, 2003, No126-FZ.  Among other elements, theFederal Law on Communications provides for the following:
- Licensing     of telecommunication services;
- Legal     status of networks;
- Requirements     for networks and telecommunication equipment;   

7- Cooperation     between network operators; and
- Legal     rights of and relationships between subscribers and operators.

The Law came into force on January 1, 2004. Currently thegovernment is in the process of preparing a set of legal acts allowing for theactual implementation of the Law (Russian Government order No 1776-r ofDecember 04, 2003). 

In accordance with the current structure of the federalauthority agencies (as approved by the Order #649 of the President of theRussian Federation dated May 20, 2004), the telecommunication industry isregulated by the following federal agencies:
- Transport     and Communication Ministry of the Russian Federation (responsible for the     adoption of standard legal acts);
- Federal     Department for Supervision over Communications (responsible for the     control and supervision of the telecommunication industry); and
- Federal     Communication Agency (responsible for law enforcement)
- Federal     Information Technologies Agency (responsible for law enforcement)

In addition to the regulation by the Federal authorities,CCTV's operations are regulated by the Moscow Law on Cable Television datedJanuary 28 1998 #2, which specifically applies to the activity of cable TVoperators in Moscow.  This lawestablishes (i) rules and procedures for cable TV network operations; (ii) thelegal status of the industry participants; (iii) the underlying principles oftheir interaction with the City government, local government bodies andconsumers; and (iv) protection procedures against illegal actions andinfringement.

CCTV currently operates under licenses for its delivery ofcable TV broadcasting services, telematic services and data transmissionservices which expire in August and September 2004.  The Company and CCTV fully expect that these licenses will berenewed.   CCTV also has licenses forconstruction engineering and construction services which were issued in Augustand September 2003 and expire in 2008. The Company and CCTV similarly expect these licenses will be renewedupon their expiry.

Compliance with Environmental Protection LawsManagement of the Company believes that the Company and its subsidiariesare in material compliance with applicable federal, state and localenvironmental regulations. Compliance with these regulations has not in thepast had any material effect on the Company's capital expenditures,consolidated statements of operations and financial position or competitiveposition, nor does the Company anticipate that compliance with existingregulations will have any such effect in the near future.EmployeesAs of May 20, 2004, the Company had four full-time employees in the UnitedStates and 220 employees in Moscow, Russia. CCTV subcontracts a majority of its network build out to outsidefirms.  CCTV considers its relationswith its employees to be satisfactory.Executive Officers of the CompanyThe Executive Officers of the Company are as follows:

**Name**

**Age**

**Position**

**Officer Since**

Francis E. Baker

74

Chairman and Secretary

1959

Oliver R. Grace, Jr.

50

President and Chief Executive  Officer

1990

Andrew M. O'Shea

45

Chief Financial Officer

1995

Michael Silin

47

General Director, CCTV

2004

Vitaly Spassky

29

Vice President

2004

Executive officers hold their offices at the pleasure of the Board ofDirectors.   

Mr. Grace has been a Director of the Companysince 1986 and President and Chief Executive Officer since June 1, 1997.1997.  Mr. Grace wasChairman of the Company from March 1990 to May 1997.  Mr. Grace is adirector of Take-two Interactive Software Inc. and is a non-executivechairman of Redbus Interhouse plc.  Mr. Grace is a General Partner of TheAnglo American Security Fund L.P.    Mr. Baker became Chairman on June 1, 1997. He has been a Director of the Company since 1959 and was President andChief Executive Officer from 1959 until May 1997.  Mr. Baker is also the Secretary of the Company, a position he hasheld since May 1997.  
8
Mr. O'Shea has been the Company's Chief Financial Officersince December 1999.  He joined theCompany in December 1995 as the Treasurer and Chief Financial Officer of JMNey.  In March 2004, Mr. O'Shea wasnamed as President and to the Board of Andersen Land Corp. and other lesssignificant subsidiaries of the Company. 

Mr. Silin has been GeneralDirector of CCTV since July 2001.  Mr.Silin served as Deputy General Director of CCTV from 2000 to July 2001 andDeputy General Director of COMCOR from 1995 to 2000.  Mr. Silin has aPh.D. in Radio Engineering and is the author of a number of publishedscientific studies.

Mr. Spassky joined the Company in March 2004 as its VicePresident and serves on the Board of Directors of CCTV.  Prior to joining the Company, Mr. Spasskyworked in investment banking in the United States, Russia and the UnitedKingdom for Merrill Lynch; Donaldson, Lufkin & Jenrette, and most recentlyCredit Suisse First Boston where he served as Vice President. 

**ITEM 2.                PROPERTIES.**The Company's principal executive offices are located in leased officespace in New York, New York.  TheCompany also leases office space in Windsor, Connecticut to support certainadministrative activities.  The Companybelieves these facilities are adequate for its current and foreseeableoperations.Andersen Land Corp. (formerly JM Ney), a subsidiary of the Company, owns a98,000 square foot facility located on 18.4 acres of land within an industrialpark in Bloomfield, Connecticut, which, since March 22, 2002, has been leasedto the buyer of JM Ney's operating assets under terms of an eight-year leaseentered into in connection with the JM Ney asset sale.

CCTV's network is comprised of two physical components:
- Coaxial     cable (trunk and distribution cables) and equipment (mostly amplifiers and     directional couplers/splitters).      Trunk cables and all equipment are located inside apartment     buildings, also known as multi-dwelling units.  Typically, protected areas, such as attics and basements     where unauthorized access is forbidden, are selected to house the     equipment.  Trunk lines are     completed as overhead cables between separate buildings or as cables laid     in short service tunnels between buildings;  
- Rack-mounted     equipment for Internet access (such as routers, up-converters, switches,     servers, etc.) located at the MFON's primary nodes.

CCTV does not own any real estate properties.  To conduct it operations, the companycurrently leases approximately 1,424 square meters of office space in an officebuilding owned by IAS and co-locates some of its equipment for Internet accessat the MFON's primary nodes.

**ITEM 3.  LEGAL PROCEEDINGS.***Morton International, 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-K for the year endedFebruary 28, 1997, in July 1996, two companion lawsuits were filed in theUnited States District Court for the District of New Jersey, by various ownersand 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 Conservationand Recovery Act, the New Jersey Spill Act and New Jersey common law, allegingthat the defendants (over 100 companies, including JM Ney) were generators ofcertain wastes allegedly processed at the Site.  The lawsuits seek recovery of costs incurred and a declaration offuture liability for costs to be incurred by the owners and operators instudying 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.  If the plaintiffs reinstate the case, giventhe legal and factual issues that remain outstanding, the Company currently hasno basis to ascertain the range of loss, should any occur, with respect to anoutcome that may be considered unfavorable. This contingent liability was not assumed by the buyer of JM Ney's netassets.

*Norman D. Mass and Lois Ravage Mass v. Anchen Products,Inc. et. al. (New York State Supreme Court, County of New York, Index101931-04)  and Loretta Brienza andBrent Brienza v. A.W. Chesterton Company et. al. (New York State Supreme Court,County of New York, Index 104076-04).*

In March and April 2004, the Company's wholly-ownedsubsidiary, The J.M. Ney Company, now known as Andersen Land Corp., was servedwith a summons and a complaint in the above-captioned matters in which it andin excess of one hundred (100) other parties were named as defendantsin an asbestos related civil action for negligence and product liability filedin the Supreme Court
9
of New York in which the Plaintiffs claim damages frombeing exposed to asbestos and asbestos products alleged to have beenmanufactured or supplied by the defendants, including JM Ney's former dentaldivision.  The plaintiffs have not provided any specific allegations offacts as to which defendants may have manufactured or supplied asbestos andasbestos products which are alleged to have caused the injuries.

The Company believes that it has insurance that potentiallycovers this claim and is in the process of notifying its insurance carriers toprovide reimbursement of defense costs and liability, should any arise. Based upon the answers to the interrogatories that have been supplied by theplaintiffs' attorneys, it does not appear to the Company that JM Ney manufacturedthe product containing asbestos that is the subject of this litigation. As ofthis date, the Company has no basis to conclude that the litigation may bematerial to the Company's financial condition or business.  The Companyintends to vigorously defend the lawsuit.

**ITEM 4.                SUBMISSION OF MATTERS TO AVOTE OF SECURITY HOLDERS.**During the three months ended February 29, 2004, no matters weresubmitted to a vote of the security holders of the Company.  

**PART II**

** **

**ITEM 5.                MARKET FOR REGISTRANT'S COMMONEQUITY AND RELATED                                STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITYSECURITIES.**

The Registrant's Common Stock is traded on The NASDAQ Stock Market("NASDAQ") under the symbol MOCC with quotes supplied by the NationalMarket System of the National Association of Securities Dealers, Inc.  Prior to February 26, 2004, its stock tradedon NASDAQ under the symbol ANDR.The approximate number of record holders of the Registrant's Common Stock onMay 7, 2004 was 455.  The Company'shigh, low and closing sales prices for the Common Stock, for each fullquarterly period within the two most recent fiscal years, are includedbelow.  The stock prices shown, whichwere obtained from NASDAQ, represent prices between dealers and do not includeretail markups, markdowns or commissions and may not necessarily representactual transactions.

**Year ended February  29, 2004**

**High**

**Low**

**Close**

First Quarter

$4.79

$3.26

$4.26

Second Quarter

$7.50

$3.85

$5.50

Third Quarter

$6.50

$4.41

$5.30

Fourth Quarter

$9.35

$4.09

$8.50
            
**Year ended February  28, 2003**

**High**

**Low**

**Close**

First Quarter

$9.59

$7.22

$7.41

Second Quarter

$8.28

$3.61

$4.50

Third Quarter

$5.00

$2.36

$3.00

Fourth Quarter

$6.50

$2.01

$3.70

The Company has not paid dividends on its Common Stock sincethe fiscal year ended February 28, 1993, and it does not anticipate paying anydividends in the foreseeable future.*Equity Compensation Plan Information*During FY04, the Company'sstockholders approved both the 2003 Stock Option Plan under which the Companycan grant options to acquire up to 670,000 shares of its Common Stock, and athe 2003 Stock Plan, under which the Company can make awards of up to 330,000shares of our Common Stock.  These planshave been adopted to provide incentives to attract and retain officers, directorsand key employees.  An earlier incentivestock option plan expired during FY01. At February 29, 2004, the outstanding options relate to options issuedpursuant to the expired plan and options granted to a director during FY01 thatwere issued outside of a plan.  Thefollowing table sets forth a description of our equity compensation plan as ofFebruary 29, 2004:

10
 

Equity Compensation  Plan Information

  Plan category

 

  Number of securities to be issued upon exercise of outstanding options,  warrants and rights  (a)

 

  Weighted-average exercise price of outstanding options, warrants and rights   (b)

 

 

Number of  securities remaining available for future issuance under equity compensation  plans (excluding securities reflected in column (a))  (c)

Equity compensation plans approved by security holders

 

  36,000

 

  $  5.53

 

  959,000

 

 

 

 

 

 

Equity compensation plans not approved by security holders

 

  20,000

 

  $13.00

 

        0

Total

 

56,500

 

$  8.35

 

959,000

The declaration and payment of future dividends are at thesole discretion of the Board of Directors and will depend upon profitability,financial condition, cash requirements, future prospects and other factorsdeemed relevant by the Board of Directors. 

**ITEM 6.                SELECTED FINANCIAL DATA.**The following table summarizes certain financial data with respect tothe Company and is qualified in its entirety by the Consolidated FinancialStatements of the Company contained in Item 8 herein and by Management'sDiscussion and Analysis of Financial Condition and Results of Operations inItem 7 herein. Amounts below are in thousands, except per share data.

**Years Ended February 28/29**

**2004**

**2003**

**2002**

**2001**

**2000**

Interest income and other  income (loss)1

$          1,629 

$            914 

$       590 

$       698 

$        1,262 

Loss from continuing operations1

(2,158)

(2,050)

(1,700)

(1,860)

(990)

Net (loss) income

(2,158)

(446)

528 

(1,623)

(987)

(Loss) income applicable to  common  shareholders

  (2,440)

  (728)

  242 

  (1,927)

  (1,349)

Income (loss) from continuing  operations per  common share, basic and diluted

  (1.12)

  (1.11)

  0.93 

  (1.06)

  (0.70)

(Loss) income per common share,  basic and  diluted

  (1.12)

  (0.35)

  0.12 

  (0.94)

  (0.70)

Depreciation, amortization and  interest  accretion

  243 

  293 

  1,581 

  1,589 

  1,466 

Total assets

50,532 

19,045 

25,269 

33,076 

37,118 

Total debt

3,539 

2,081 

4,959 

13,247 

15,056 

Stockholders' equity

37,422 

13,102 

13,751 

13,448 

15,262 

Book value per common share

4.02 

4.57 

4.90 

4.70 

5.59 

1 Interest income and other income/loss, andlosses from continuing operations exclude the results of operations of theCompany's Electronic segment as a result of its sale in March 2002.   

**ITEM 7.                  MANAGEMENT'SDISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS**.

OverviewAs a result of the Company's acquisition of CCTV on February 24, 2004, thenumber of shares of the Company's Common Stock outstanding increased  from 2.1 million shares to approximately8.67 million shares after considering shares which the Company is committed toissue and expects to issue during its second fiscal quarter of FY05.  The Company's consolidated financialcondition also changed from previous periods as a result of the consolidationof CCTV's balance sheet.  The Company'sconsolidated results of operations do not reflect the consolidation of CCTV butthey do include the Company's equity interest in CCTV's results of operationsfor the year ended December 31, 2003, which reflects the Company's indirect 121⁄2% interest in CCTV's results for that period.

11
The Company, through CCTV, is now primarily in the businessof delivering cable television, high speed data transmission and Internetaccess services to a growing network in Moscow, Russia through its "lastmile" access to the Moscow Fiber Optic Network ("MFON").  CCTV's operations were initially funded in2000, but active sales and marketing did not begin until 2001, and theexpansion of CCTV's access network did not begin until mid-2002.  At the commencement of its operations, CCTVoperated an access network of approximately 89,000 homes and small businessesto market and sell its services. Construction of the network in areas in the Central Administrative Districtof Moscow expanded this access network to 154,786 homes as of December 31,2003, which has been further increased to 177,133 as of April 30, 2004.  As a result of the increasing size of themarket to which CCTV can provide its services, the number of reportedsubscribers and the related revenues has also increased significantly.  The Company also has a trading portfolio of equity investments of domesticcompanies.From 1991 until March 22, 2002, the Company owned and operated JM Ney as itsprimary operating subsidiary.  Theoperating assets of JM Ney were sold during the first quarter of FY03 and thenet current assets of JM Ney which were not sold have been liquidated.  The Company retained ownership of JM Ney'sfacility which it leases to the buyer of JM Ney's operating assets under termsof an eight-year lease which was negotiated in connection with the sale of JMNey's net assets.Due to the recent acquisition of CCTV, and the sale of JM Ney, the followingdiscussion and analysis of the results of operations and the financial conditionof the Company will not be indicative of the Company's expectations of itsfuture results of operations.

Critical Accounting Policies and EstimatesManagement's Discussion and Analysis of Financial Condition and Results ofOperations discusses the Company's consolidated financial statements, whichhave been prepared in accordance with accounting principles generally acceptedin the United States.  The preparationof these financial statements requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities and thedisclosure of contingent assets and liabilities at the date of the financialstatements and the reported amounts of revenues and expenses during thereporting period.  On an on-going basis,management evaluates its estimates and judgments, including those related tobad debts, investments, income taxes, financing operations, retirementbenefits, contingencies and litigation. Management bases its estimates and judgments on historical experienceand on various other factors that are believed to be reasonable under thecircumstances, the results of which form the basis for making judgments aboutthe carrying values of assets and liabilities that are not readily apparentfrom other sources.  Actual results maydiffer from these estimates under different assumptions or conditions.Management believes the following critical accounting policies, among others,affect its more significant judgments and estimates used in the preparation ofits consolidated financial statements.  

Revenue Recognition

Investment income and other income are recognized whenearned and is based on changes in the fair value of marketable securities andrealized gains and losses.  Rentalincome from the lease of Andersen Land Corp.'s real estate is recognized on astraight-line basis over the term of the lease.Doubtful AccountsThe Company maintains allowances for doubtful accounts for estimated lossesresulting from the inability of the Company to collect amounts due from others.Deferred Tax AssetsThe Company records a valuation allowance to reduce its deferred tax assetsto the amount that it believes is more likely than not to be realized. TheCompany considers future taxable income and ongoing prudent and feasible taxplanning strategies in assessing the need for the valuation allowance.  When the Company determines that it may notbe able to realize all or part of its net deferred tax assets, a valuationallowance to reduce the deferred tax assets to estimated recoverable amounts ischarged to income in the period such determination is made.  Likewise, should the Company determine thatit would be able to realize its deferred tax assets in the future in excess ofits net recorded amount, a reduction in the valuation allowance would increaseincome in the period such determination is made. Prepaid Pension Expense

The Company accounts for its defined benefit pension plan inaccordance with SFAS No. 87, "Employers' Accounting for Pension Plans" whichprovides for the delayed recognition of actuarial gains and losses that arisefrom differences between actual results of the plan from the actuariallycalculated results based on several factors including employee mortality andturnover, investment return on 

12
plan assets and the discount rates used to record the present value of theobligations of the plan.  To the extent that unrecognized gains or lossesexceed 10% of the greater of the plans projected benefit obligation or themarket value of its assets, such excess is amortized over the estimatedremaining service period of active employees.  The Company considers andadjusts the various assumptions utilized in the calculations such as thediscount rate, future compensation growth rate and the long-term rate of returnon plan assets, as market conditions warrant.

Valuation of Long-Lived AssetsLong-lived assets such as property, plant, and equipment andacquisition-related intangible assets are reviewed for impairment wheneverevents or changes in circumstances indicate that the carrying amount may not berecoverable. For assets the Company intends to hold for use, if the total ofthe expected future undiscounted cash flows is less than the carrying amount ofthe asset, a loss is recognized for the difference between the fair value andcarrying value of the asset. For assets the Company intends to dispose of bysale, a loss is recognized for the amount that the estimated fair value, lesscosts to sell, is less than the carrying value of the assets. The Companyperiodically evaluates the useful lives of its property, plant, and equipmentbased on changes in technology, current business developments, and otherindustry conditions. It is reasonably possible that these assets could becomeimpaired as a result of these factors. 

Valuation of GoodwillIn accordance with SFAS No. 142, the Company completesan impairment test of goodwill annually, or more frequently if an event occursor circumstances change that would more likely than not reduce the fair valueof our business enterprise below its carrying value. The impairment testrequires 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 business enterprise.  The Company has determined that we have one reporting unit forpurposes of testing goodwill, and therefore, the DCF model is largely afunction of the cash flows of the business enterprise.

**RESULTS OFOPERATIONS**

**FY04 VS. FY03**

During FY04, the Company incurred a net loss applicable tocommon shareholders of $2,440,000 or $1.12 per share, basic and diluted, ascompared to a net loss for FY03 of $728,000, or $0.35 per share basic anddiluted.  The FY03 results werecomprised of income from discontinued operations and a gain on sale ofdiscontinued operations of $132,000 and $1,472,000, respectively, and loss fromcontinuing operations applicable to common shareholders of $2,332,000 or $1.11per share.

General and Administrative ExpensesGeneral and administrative expenses totaled $2,956,000during FY04, which was an increase of $425,000 or 16.8% over the prior fiscalyear.  Lower pension income from theCompany's defined benefit pension plan ($163,000 in FY04 as compared to$265,000 in FY03), the absence of the prior year gain of $142,000 from thesettlement of post-retirement health obligations, increased deferred compensationexpense relating to the investment performance within trusts held for twoexecutives, and the increased non-cash compensation from the issuance of sharesof Common Stock to officers and directors, all contributed to the increase inthese costs.

Interest ExpenseInterest expense totaled $245,000 during FY04, which was adecrease of $11,000 or 43% from the prior fiscal year.   Lower outstanding balances on the Company's10.5% subordinated debenture notes due to $431,000 of principal payments,contributed to the decline, which was partially offset by interest expense on a$2 million mortgage loan which was entered into in June 2003.

Investment Income and Other IncomeInvestment income and other income for FY04 and FY03 werecomprised as follows (in thousands):

FY04

FY03

Rental income

$      310 

$         291 

Net gain from trading portfolio

1,096    

536 

Ultrasonic royalty revenue

90 

51 

Interest and dividends

56 

131 

Other, net

77 

(95)
     $  1,629  $        914 
13
During FY04, the Company achieved market appreciation fromits portfolio at the beginning of the year and from new investments in twosavings banks as part of their conversion from mutual savings banks.  Other net in FY04 primarily comprises gainin deferred compensation trust accounts that experienced market losses duringFY03.

Equity in Losses of Moscow Broadband Ltd.During FY04, the Company reported $643,000 as its equity inMBC losses for the year ended December 31, 2003, as compared to an equity inMBC's losses of $712,000 for FY03. These results reflect the Company's 25% equity ownership in MBC prior tothe acquisition in February 2004 of the remaining 75% not previously owned bythe Company.  MBC's results ofoperations for the years ended December 31, 2003 and 2002, and the Company'sequity interest therein are summarized as follows (in thousands):

FY04

FY03

Interest income

$        17 

$         68 

Administrative expenses

(316) 

(487) 

 

 

Net loss before equity in losses of CCTV

(299)

(419)

Equity in losses of CCTV

(2,272)

(2,429)

 

 

Net loss

$  (2,571)

$  (2,848)

 

 

The Company's 25% equity interest

$     (643)

$     (712)

MBC's interest income was lower in FY04 than in FY03 due tolower cash balances from having invested cash into CCTV during 2002 and tofunds being used to meet administrative costs. Its operating expenses were lower due to reduced professional andconsulting costs.

MBC's results of operations for each of FY04 and FY03included its 50% equity interest in the losses of CCTV.  CCTV's summarized results of operations forthe years ended December 31, 2003 and 2002 are as follows (in thousands):

FY04

FY03

Revenue:

 

 

Subscription fees

$          2,626 

$           1,365 

Connection fees, equipment and other revenue

1,349 

576 

Total revenues

3,646 

1,941 

Cost of sales

5,000 

4,031 

Gross margin (deficit)

(1,354)

(2,090)

Operating expenses

3,166 

2,870 

Loss from operations

(4,520)

(4,960)

Equity in losses of unconsolidated subsidiary

(345)

(95)

Other non-operating items, net

(44)

(86)

Net loss before income taxes

(4,909)

(5,141)

Income tax benefit

376 

283 

 

 

Net loss

$         (4,545)

$         (4,858)

 

 

MBC equity portion - 50%

$         (2,272)

$         (2,429)

CCTV's RevenuesCCTV's subscription revenues during FY04 increased by 92.4% from FY03 levels asa result of increases in subscribers from marketing new homes that were newlyaccessed during FY04 through the continued build-out of its access network andto further market penetration to homes and businesses previously accessed.  During FY04, CCTV increased its accessnetwork from 107,491 as of December 31, 2002 to 154,786 at December 31, 2003,which is an increase of 44.0%.  

CCTV's subscriptionfee revenue from its terrestrial and cable television services increased 60.7%from $511,000 during FY03 to $822,000 during FY04.  This revenue growth was generated by a 34.0% increase in thenumber of reported subscribers for its terrestrial broadcasting services, from42,101 at December 31, 2002 to 56,395 at December 31, 2003, and from a 69.8%increase in the number of reported subscribers for its premium cable televisionservices, from 3,052 at December 31, 2002 to 5,181 at December 31, 2003.  The number of reported subscribers does notrepresent the number of subscribers which are actively receiving and paying

14
CCTV for such services.  During 2003, anaverage of 4.2% of the reported number of terrestrial subscribers and 29.1% ofpremium cable television subscribers were inactive.  

CCTV's subscription revenue from its Internet accessservices during 2003 totaled $1,804,000, which represents a 111.4% increasefrom the $853,000 of such revenues recorded during 2002.  This revenue growth was generated through anincrease of Internet subscribers from 4,869 as of December 31, 2002 to 10,015as of December 31, 2003.  During 2003,an average of 21.1 % of Internet subscribers were inactive.  Monthly ARPU during FY04 was approximately$21.26 per average active Internet subscriber.

CCTV's connection fees, equipment sales and other revenueduring FY04 totaled $1,349,000, which represents an increase of 134.2% from the$576,000 of such revenue recorded during FY03. Approximately, $875,000 of the FY04 amount related to revenues from installationcharges and sales of set top boxes and cable modems, as compared to $506,000 ofsuch revenue for FY03.  The 72.9%increase is the result of an increase in the number of new subscribers,particularly for CCTV's premium cable television and Internet accessservice.  In addition, during FY04, CCTVrecognized $414,000 of revenue with a related gross margin of approximately 60%for service it provided as a subcontractor of COMCOR in a City of Moscowprogram for the build-out of approximately 10,000 homes in the Zelenogradregion of Moscow.  CCTV anticipates, butis not assured of, eventually being awarded the opportunity to sell to andprovide on-going cable-based services to these homes in this region.

CCTV'S Cost of SalesCCTV's cost of sales during FY04 and FY03 were comprised asfollows (in thousands):

FY04

FY03

MFON Charges from COMCOR

$   1,123

$      883

Depreciation and amortization

1,879

1,411

Equipment

657

386

All other

1,340

1,351

$   5,000

$   4,031
         
Total cost of salesas a percent of revenues was 137% during FY04 as compared to 208% in FY03.  The gross margin improvement was due to thesignificant increase in revenue from subscriber services which are notaccompanied by high variable costs. Gross margin before depreciation and amortization improved by $1,466,000to $526,000 in FY04, as compared to a gross margin deficit of $679,000 inFY03.  This represents an incrementalgross margin of 86% on the net increase in sales.

MFON charges from COMCOR comprise fees for the lease ofsecondary nodes at the monthly rate of $350 per secondary node, a 10% fee fortelevision services which was discontinued by agreement after March 2003 andcharges for Internet services.  Inaddition, until August 2002, when the lease of the secondary node fee wasintroduced, COMCOR had charged CCTV for the lease of the network, which COMCORthen contributed to CCTV. At December 31, 2003, CCTV was leasing 227 secondarynodes, as compared to 215 secondary nodes at December 31, 2002.

Equipment cost ofsales grew due to increasing levels of sales of equipment due to highersubscriber growth for CCTV's premium services and also to the Zelenogradbuild-out project in which CCTV was a participant.

CCTV's Operating ExpensesCCTV's operating expenses increased 10.3% from the FY03total of $2,870,000 to a total of $3,166,000 during FY04.  The expenses incurred in 2003 were 86.8% ofsales as compared to the FY03 expense level which were equal to 147.9% ofsales.  Increases in advertising andmarketing costs, property taxes, professional fees, and wages and benefits allcontributed to the overall increase in the customer base and growth in thebusiness.

CCTV's Equity in Losses of IASDuring 2003, CCTV recorded its equity in IAS's losses forthe entire year as compared to just five months of such equity in losses during2002, which accounted for a substantial portion of the increase from $95,000 inFY03 to $345,000 for FY04.  For the yearended December 31, 2003, IAS incurred a net loss of $826,000 as compared to aloss of $538,000 for the year ended December 31, 2002.  During 2003, IAS incurred $211,000 offoreign currency translation losses and in 2002 it recorded dividends and gainstotaling $145,000 from the sale of an investment.

Income TaxesAn income tax benefit of $57,000 was recorded in FY04, whichrepresents an effective tax rate of 2.6%, as compared to an income tax benefitfrom continuing operations of $535,000 in FY03, which represents an effectivetax rate of 20.7%. The current yearbenefit reflects limitations of the Company's ability to carry back operatinglosses and the provision for valuation allowances relating to the Company'sability to realize benefits from its corporate-level losses and its equity inthe losses of MBC.

15
Preferred DividendsDividends on the Company's Preferred Stock, which are paidat the annual rate of $1.50 per outstanding share,  totaled $282,000 in each of FY04 and FY03, as there were nochanges in the number of outstanding shares of Preferred Stock during theseperiods.

**FY03 VS. FY02**During FY03, the Company reported a net loss applicable to commonshareholders of $728,000, or $0.35 per share, basic and diluted, as compared tonet income applicable to common shareholders of $242,000, or $0.12 per share,basic and diluted, reported for FY02. The results of FY03 were comprised of a net loss from continuingoperations of $2,332,000 or $1.11 per share, basic and diluted; a gain from thesale of JM Ney's discontinued operations of $1,472,000, or $0.70 per share,basic and diluted and income from JM Ney's discontinued operations of $132,000,or $0.06 per share, basic and diluted. For FY02, the Company's reported totals were comprised of a loss fromcontinuing operation of $1,939,000, or $0.93 per share, basic and diluted;income from discontinued operations of $2,228,000, or $1.07 per share, basicand diluted; and a cumulative effect type accounting loss of $47,000 or $0.22per share, basic and diluted, which relates to losses on derivative securities.General and Administrative ExpensesGeneral and administrative expenses from continuing operations of$2,531,000 during FY03 represented an increase of 29.4% from the $1,956,000 ofthese expenses incurred during FY02. Increased legal and consulting costs associated with the Company's proposedacquisition of CCTV contributed to the increase in these expenses and werepartially offset by $265,000 of actuarially determined pension income from theCompany's defined benefit pension plan, which in prior fiscal years had beenaccounted for within the operations of JM Ney, and a gain of $142,000 from thesettlement of post-retirement health obligations.Interest ExpenseInterest expense from continuing operations during FY03 of $256,000represented a decrease of 31.6% from the $374,000 of interest expense incurredduring FY02.  The decrease was loweraverage outstanding debt primarily as the result of $503,000 in principalpayments of the Company's 10.5% subordinated notes.Investment Income and Other IncomeInvestment income and other income for FY03 and FY02 were comprised asfollows (in thousands):

FY03

FY02

Rental income

$                  291 

$                  272 

Net gain from domestic trading portfolio

536 

172 

Net loss from Eastern European trading portfolio

- 

(34) 

Ultrasonic royalty revenue

51 

210 

Interest and dividends

131 

34 

Other, net

   (95)

   (64)

$                  914 

$                  590 
         
Rental income during FY03 was earned from the lease of JM Ney's real estate tothe purchaser of its net operating assets pursuant to an eight-year lease ofthis property which was entered into in connection with the JM Ney assetsale.  Rental income during FY02 wasearned from the rental of office space in the Company's office building whichthe Company sold in December 2001.Gains from the Company's domestic trading portfolio increased by 211.6% in FY03primarily as a result of both realized and unrealized gains from newinvestments in savings banks made during FY03. Ultrasonic royalty revenue decreased by 75.7% in FY03 due to the buyerof the Company's former Ultrasonics segment having experienced lower levels ofsales of products incorporating the technology which the Company sold in FY98.Interest and dividend income increased in FY03 primarily from the investmentinto short-term deposits and money market funds of the portion of the $9.2million of   proceeds received from thesale of JM Ney's operating assets remaining after paying the liabilities notassumed by the buyer.Other investment income (losses) primarily comprise the investment results ofretirement trust accounts established for two executives for which there is anequal and offsetting affect on general and administrative expense. During FY03,these accounts declined in value as a result of the  investment performance of the trusts.Equity in Loss of Moscow Broadband Communication Ltd.During FY03, the Company reported $712,000 as its equity in MBC's lossesfor the year ended December 31, 2002, as compared to an  

16
equity loss of $671,000for FY02 which represents the Company's 25% equity in MBC's losses for the yearended December 31, 2001.  MBC's resultsof operations for FY03 and FY02 and the Company's equity interest therein aresummarized as follows (in thousands):

  FY03

  FY02

Interest income

$          68 

$         311 

Administrative expenses

  487 

  1,144 

 

 

Net loss before equity in losses of CCTV

(419)

(833)

Equity in losses of CCTV

(2,429)

(1,852)

 

 

Net loss

$    (2,848)

$   (2,685)

 

 

Company's 25% equity interest

$       (712)

$      (671)

 

 

 
MBC's interest income was lower in FY03 than FY02's due tolower cash balances and lower short-term interest rates.  Administrative expenses were lower in FY03than in FY02 because the Company did not allocate any administrative expensesto MBC in FY03, as most of the Company's activities relating to MBC and CCTVcentered around the Company's plan to acquire both CCTV and MBC.  MBC incurred lower legal costs andconsulting costs, as the activities in generating these costs were curtailed.MBC's results of operations include its 50% equity in the losses of CCTV.  CCTV's summarized results of operations forthe FY03 and FY02 are as follows:

  FY03

  FY02

Revenues

$      1,941 

$      1,200 

Cost of revenues

$    (4,031)

$    (3,099)

Loss from operations

$    (4,960)

$    (5,101)

Net loss

$    (4,858)

$    (3,704)

 

 

MBC's 50% equity interest

$    (2,429)

$    (1,852)

During FY03, CCTV's television subscribers total increased 74.6% from 24,111 to42,101, and its Internet customer base increased 141.3% from 2,018 to4,869.  As a result, CCTV experiencedrevenue growth of 61.8%.  However,increased depreciation relating to certain of the assets contributed to CCTV byCOMCOR during FY03, and charges from COMCOR for the lease of secondary nodes resultedin higher costs of sales and operating expenses which prevented any significantimprovement in CCTV's operating results. In FY02, CCTV benefited from a larger income tax benefit, so its 2002net loss was larger than the prior year's loss.Income TaxesAn income tax benefit relating to continuing operations of $535,000 wasrecorded in FY03 which represents an effective tax rate of 20.7%, as comparedto an income tax benefit relating to continuing operations of $955,000 in FY02,which represents an effective tax rate of 36.6%.  The loss of certain state tax credits contributed to the lowereffective tax benefit rate in FY03.Income From Discontinued OperationsDuring FY03, JM Ney's operations produced an after tax profit of $132,000,as compared to its net income from these operations  of $2,228,000, in FY02. The results are not comparable because the Company operated JM Ney forless than one month during FY03 prior to its sale.  JM Ney's results of operations for FY03 and FY02 are summarizedas follows (in thousands):

FY03

FY02

Sales and revenue

$    1,298 

$       27,894 

Cost of sales

(744)

(18,690)

Operating expenses

(333)

(4,884)

Interest expense

(9)

(726)

Income tax expense

(80)

(1,366)

Net income

$       132 

$         2,228 

Preferred DividendsPreferred dividends totaled $282,000 during FY03, as compared to $286,000during FY02.  Conversions of PreferredStock into Common Stock during FY02 led to the decrease.

17

**LIQUIDITY AND CAPITAL RESOURCES**At February 29, 2004, consolidated cash and marketable securities totaled$6,137,000, as compared to $8,088,000 at February 28, 2003.  During FY04, the Company used $1,696,000 ofcash in its operating activities, but had a net increase of $1,088,000 in itsshort-term trading portfolio.  TheCompany used $3,691,000 of cash in investing activities, comprised primarily ofamounts invested into CCTV, and its financing activities provided $1,165,000 asa result of the net proceeds of a mortgage loan, less principal payments onsuch loan and the Company's 10.5% subordinated debentures and the payment ofpreferred dividends.  The Company alsoacquired $1,183,000 of cash in its acquisitions of CCTV and MBC.The Company 's consolidated cash and short-term investments are expected to beutilized to support CCTV's operations until it has reached the point at whichit is generating cash from operations, to support the Company's corporate-levelcosts, debt service and preferred dividend requirements and to further investin the build-out of CCTV's "last mile" access network in Moscow.

The agreements which the Company entered into with COMCOR toacquire CCTV require the Company to make defined cash contributions into CCTV,of which approximately $862,000 was made in April 2004, $1.5 million isrequired to be made upon the completion of a Rights Offering or other capitalraising event and $5,829,000 of defined assets and cash are to be contributedby July 31, 2005.  To the extent thatthe last component of these contributions to CCTV are not made, the Company willbe liable to issue up to 373,132 shares of its Common Stock to COMCOR afterconsidering a reduction of the contingent amount which will be effected as aresult of the planned contribution of identified assets.

The Company's consolidated balance sheet as of February 29,2004 includes approximately $930,000 of the Company's Common Stock which willbe issued in settlement of liabilities to COMCOR as contemplated in the May 23,2003 Stock Subscription Agreement between the Company and COMCOR.Except for rental income from the lease of JM Ney's manufacturing facility, theCompany has limited sources of cash incoming to meet its operating expense anddebt service requirements. The Company's anticipates the need for additionalfinancing to support its current operations. Currently, the Company has commitments from existing shareholders for anadditional $2.1 million of funding if additional external financing is notobtained to fund the Company's current operations and believes this amount willbe sufficient to finance the current level of operations for the next 12months. 

CCTV's strategy and business plan will continue to requirecapital investment, which the Company may not be able to obtain on favorableterms, or at all.  If the Company is notable to attract additional capital, the build out of CCTV's access networkwould not proceed as currently planned, which in turn, would significantlylimit the ability for CCTV to increase its revenues and achieveprofitability.  If the Company fails toobtain capital necessary to fund its business plan, CCTV would have to delay,change or abandon market opportunities. CCTV expects to incur significantcapital expenditures in FY05 and future years. The actual amount of the fundsrequired to finance CCTV's network build-out and other capital expenditures infuture periods may vary materially from management's estimate. CCTV's purchasecommitments for network equipment totaled $254,000 million as of February29, 2004. In addition, CCTV anticipates that it will enter into materialpurchase commitments in the future.  TheCompany and CCTV also may require substantial additional capital for thedevelopment of new services and network capacity expansion. If the Company andCCTV were unable to finance their capital commitments either through cash fromoperations or external financing, there would be a material adverse effect onCCTV's financial condition and results of operations. The Company believes ithas a reasonable basis to expect that its efforts will be sufficientlysuccessful to enable CCTV to continue to take advantage of the marketopportunities which the Company believes exist in the Moscow market, but therecan be no assurances that it will be able to do so on favorable terms.

As of February 29, 2004, the Company does not expect to haveto make any contributions to fund the obligations of its defined benefitpension plan.  At February 29, 2004, therecorded value of the prepaid expense relating to this plan was $4,754,000,which represents and increase of $163,000 over the prior year's amount.  Under the actuarial calculations, the planis overfunded by $1,357,000, a decrease of $969,000 from the prior year.  In accordance with SFAS 87, the Company hasnot recognized net actuarial losses totaling $3,314,000.  Such losses have arisen primarily fromchanges in the actuarially assumed discount rate to value the plan'sobligations. 

The following table presents the Company's contractualobligations as of February 29, 2004:

**Payments Due By Period**

**Contractual Obligations**

**Total**

** Less Than   1 Year**

**1-3 Years**

**4-5 Years**

**After 5 Years**

Long-term debt

$  3,539

$  598

$  1,195

$  690

$  1,056

Operating leases

109

56

51

2

-

Total contractual cash obligations

$    3,648

$  654

$  1,246

$  692

$  1,056

18
RECENTLY ISSUED ACCOUNTING STANDARDS 

InJanuary 2003, the Financial Accounting Standards Board ("FASB") issued FASBInterpretation No. 46, "Consolidation of Variable Interest Entities" (FIN 46),to address perceived weaknesses in accounting for entities commonly known asspecial-purpose or off-balance-sheet. In addition to numerous FASB StaffPositions written to clarify and improve the application of FIN 46, the FASBannounced a deferral for certain entities, and an amendment to FIN 46 entitledFASB Interpretation No. 46 (revised December 2003), "Consolidation of VariableInterest Entities" (FIN 46R). Under the new guidance, special effective dateprovisions apply to enterprises that have fully or partially applied FIN 46prior to issuance of FIN 46R. Otherwise, application of FIN 46R is required infinancial statements of public entities that have interests in structures thatare commonly referred to as special-purpose entities for periods ended afterDecember 15, 2003. Application by public entities, other than small businessissuers, for all other types of variable interest entities is required infinancial statements for periods ending after March 15, 2004. The Company doesnot have any interest in special purpose entities or any other variableinterest entities. As a result, the adoption of FIN 46R did not have any impacton MOCC results of operations or financial position.

In April 2003, the FASB issued Statement ofFinancial Accounting Standards ("SFAS") No. 149, *"Amendment of Statement 133on Derivative Instruments and Hedging Activities,"* which is generally effectivefor contracts entered into or modified after June 30, 2003 and for hedgingrelationships designated after June 30, 2003.  SFAS No. 149 clarifiesunder what circumstances a contract with an initial net investment meets thecharacteristic of a derivative as discussed in SFAS No. 133, clarifies when aderivative contains a financing component, amends the definition of an"underlying" to conform it to the language used in FASB Interpretation No. 45,"Guarantor Accounting and Disclosure Requirements for Guarantees, IncludingIndirect Guarantees of Indebtedness of Others" and amends certain otherexisting pronouncements.  We do not have any derivative financialinstruments.  The adoption of SFAS No. 149 did not have any impact on ourconsolidated financial statements.

InMay 2003, the FASB issued SFAS No. 150, *Accounting for CertainFinancial Instruments with Characteristics of both Liabilities and Equity*.  SFAS No. 150 changes the accounting forcertain financial instruments that, under previous guidance, could beclassified as equity or "mezzanine" equity, including mandatory redeemableinstruments, by now requiring those instruments to be classified as liabilitiesin the statement of financial position. Further, SFAS No. 150 requires disclosure regarding the terms ofthose instruments and settlement alternatives. SFAS No. 150 is effective for all interim periods beginning afterJune 15, 2003.  The adoption of this standard did not have amaterial impact on our consolidated financial statements.

In May 2004, the EITF finalized Issue No. 03-06,"Participating Securities and the Two-Class Method under FASB Statement No.128, *Earnings per Share*."  EITF03-06 clarifies the define of "participating securities" for the purposes ofapplying paragraphs 60 and 61 of SFAS 128 and provides guidance in determiningwhen to utilize the two-class method in computing EPS.  With the application of this standard infiscal year 2005, the Company will be required to apply this guidance to anyprofitable periods.  Appropriatedisclosure is currently being considered.

OFF-BALANCE SHEET ARRANGEMENTSThe Company has a contingent liability with respect to a $386,000 letter ofcredit used by its bank to secure performance bonds issued in connection withan unresolved state income tax matter. The Company believes that its accrualsare sufficient to meet any obligations that may arise from this matter.

 **ITEM 7A. QUANTITATIVE AND QUALITATIVEDISCLOSURES ABOUT MARKET RISK**The Company is exposed to market risk from changes in equity security prices,interest rates and from factors that impact equity and operational investmentsin Russia.Foreign Investment RiskThe Company's  investment in CCTV issubject 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. Theseinvestments also bear the risk of CCTV's ability to increase its revenuesthrough the addition of subscribers for its cable television, high-speed datatransmission and Internet services. The subscriber growth is largely dependentupon CCTV's ability to build-out its access network from the MFON which itleases from COMCOR, which is largely dependent upon it receiving a sufficientamount of capital to pay for the equipment and construction costs.Equity RiskAt February 29, 2004, the Company held common stocks of various financialinstitutions totaling $2,897,000, The Company bears the risk of thefluctuations of the market prices of these companies.

19

Interest Rate RiskAt February 29, 2004, the Company had a mortgage loan payable with aremaining principal balance of $1,889,000 which bore interest at the rate of3.284%, which was based on the LIBOR rate in effect at the origination of theloan.  In the future, the interest ratemay fluctuate with changes in the LIBOR rate. The Company estimates that a 1%change in the interest rate during FY05 would increase the interest expense byapproximately $18,000. **FACTORS AFFECTING FUTURE FINANCIALRESULTS**

This Form 10-K,  theCompany's Annual Report to Shareholders, any Form 10-Q or Form 8-K or any otherwritten or oral statements made by or on the Company's behalf includeforward-looking statements that reflect the Company's current views withrespect to future events and financial performance.  The forward-looking statements are subject to certain risks anduncertainties, including those discussed below, that could cause actual resultsto differ materially from historical results or anticipated results.  The Company undertakes no obligation topublicly update or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.Following the initial and subsequent investments into CCTV which the Companyconsummated in February 2004, substantially all of the value of the Company'sassets now depend on CCTV's financial condition and results of operations.Accordingly, the following discussion relates primarily to the risks anduncertainties that affect CCTV. The following factors could cause the Company'sactual results to differ materially from anticipated results:*The Company may experience liquiditydifficulties.*The agreements with COMCOR that were consummated in February 2004 whichresulted in the acquisition of CCTV through the issuance of the Company'sCommon Stock to COMCOR and to the former holders of 75% of the shares of MBC,require the Company to contribute additional capital to its wholly-ownedsubsidiary, CCTV.  In April 2004, theCompany transferred approximately $862,000 to CCTV.  Additional required contributions are contingent upon a  capital raising event;  or if they are not made by July 31, 2005,the Company is required to issue additional shares to COMCOR which would resultin dilution of existing shareholders of the Company.  The Company cannot be assured of its ability to attractsufficient capital to continue to fund CCTV's operations and its growth plans,or, if it is successful in attracting capital, whether the terms of such capitalwould be significantly dilutive to the existing stockholders in terms ofpercentage ownership, book value or market value.The Company has cash and short-term investment resources at the corporate levelwhich are being used to meet operating expenses, debt service payments anddividends on the Company's Preferred Stock. Without additional sources of capital, the Company is not expected to beable to invest significant additional amounts, if any, to support CCTV'soperations.  Based on operating cashflow projections for FY05, the Company will require an additional $1.7 millionof additional financing over the next twelve months.  Currently, the Company has commitments from existing shareholdersfor an additional $2.1 million of funding if additional external financing isnot obtained to fund the Company's current operations. The Company believes itsexisting cash and short-term investment resources at the corporate leveltogether with the financing commitments from existing shareholders are adequateto meet its requirements for the next year, but there can be no assurances thatthey will in fact be sufficient.CCTV's operations, while demonstrating significant revenue growth during thelast two years, is still operating at a stage in which its revenues are notsufficient to meet its cash operating expenses.  In addition, CCTV's operating plans involve the continuedbuild-out of its access network, which will be necessary to enable it tofurther market its services to more homes and small businesses.   CCTV's financial resources, including theamounts recently provided by the Company are not expected to be adequate forCCTV to meet its operating objectives. Accordingly, without new sources of capital,  CCTV's future growth could be substantially limited and itsability to realize a return on its existing asset base or even achieveprofitability could be very much in question.**Risks Related to the Operation of CCTV***Because CCTV has had a limited operatinghistory, its future performance is difficult to predict.*CCTV's business strategy has been implemented recently and although it hasexperienced relatively strong growth in revenues, to date CCTV's revenue growthhas not been adequate to have it reach profitability or achieve positive cashflow from operations.  The growth ofCCTV depends on the appeal of the services it provides to Russian consumers.CCTV's ability to establish itself in the Russian market will be affected byseveral factors, including the ability of CCTV or the Company to attract adequatecapital to fund its operations and capital expenditures, and the ability ofCCTV to continue and expand its growth rates in an increasingly competitivemarket. There is no assurance that CCTV will be successful in effectivelyimplementing its business strategy and, because CCTV has had a limitedoperating history, investors have limited basis upon which to form anevaluation of the prospects for performance and an investment in the Company'sCommon Stock.

20
 

*The Company cannotassure that a market for CCTV's future services will develop or that CCTV cansatisfy subscriber expectations.*CCTV currently offers its subscribers a number of value-added services,such as high-speed Internet access and cable television.  It also has plans to offer, IP-based telephonyand web hosting service. CCTV may not be successful in creating or competing ina market for these value-added services. In particular, the Company cannot beassured that CCTV can: 
- enhance     its current services;
- develop     new services that meet changing subscriber needs; 
- generate     significant demand for its new services through successful advertising and     marketing initiatives; 
- satisfy     subscriber expectations with respect to value-added services; 
- provide     its new services in a profitable manner; and 
- continue     to offer value-added services in the event of adverse changes in economic     conditions. 

*Our future financial results could beadversely impacted by asset impairments or other charges.* Effective January 1, 2002, we adopted SFASNo. 142, "Goodwill and Other Intangible Assets." As a result, we arerequired to test both acquired goodwill and other indefinite-lived intangibleassets, for impairment on an annual basis based upon a fair value approach,rather than amortizing them over time. We have chosen to perform our annualimpairment review of goodwill during the fourth quarter of each fiscalyear.  We are also required to testgoodwill for impairment between annual tests if an event occurs orcircumstances change that would more likely than not reduce our enterprise fairvalue below its book value. These events or circumstances could include asignificant change in the business climate, including a significant sustaineddecline in an entity's market value, legal factors, operating performanceindicators, competition, sale or disposition of a significant portion of thebusiness, or other factors. If our market value is less than our book value foran extended period of time, we could be required to record an impairmentcharge. Additionally, goodwill must be tested between annual tests if events orchanges in circumstances indicate that the asset might be impaired. We may alsobe required to record an earnings charge or incur unanticipated expenses if,due to a change in strategy or other reason, the Company determines that thevalue of other assets has been impaired or we terminate a contractualcommitment. The amount of any such annual or interim impairment or other chargecould be significant and could have a material adverse effect on our reportedfinancial results for the period in which the charge is taken. 

*CCTV operates in a highly competitiveindustry.*There is substantialcompetition in the television service industry. We expect competition tointensify as a result of the development of new technologies, products andservices, wireless number portability, and as market penetration increases.Other television service providers serve each of the markets in which CCTVcompetes. This competition may put downward pressure on subscriber and revenuegrowth and profit margins. Television service providers compete principally onservice area, price, service quality, and features. CCTV's ability to competesuccessfully will depend on its ability to anticipate and respond to variouscompetitive factors, including service quality, coverage area, new services,service features and enhancements, changes in consumer preferences, demographictrends, economic conditions and competitors' pricing strategies. 

*Market prices for television services maydecline in the future.* CCTVanticipates that market prices for standard television services will continueto decline. CCTV expects significant competition among television serviceproviders may continue to drive service and equipment prices lower. CCTV alsoexpects that there will be increases in its advertising and promotionalspending, along with increased demands on access to distribution channels. Allof this may lead to greater choices for customers, possible consumer confusion,and increasing movement of customers between competitors, which CCTV refers toas "churn." If market prices decline, it could adversely affect CCTV's abilityto grow revenue, which would have a material adverse effect on the Company'sfinancial condition and results of operations. 

*Significant changes in technology ordemand for television service could materially adversely affect us.*The television service industry is experiencingsignificant technological change. This change includes: 
-  

Evolving industry standards; 
-  

Ongoing improvements in the capacity and quality of  digital technology; 
-  

Shorter development cycles for new products, enhancements  and changes in end-user needs and preferences; 
-  

Development of data and high bandwidth network  capabilities; 
-  

Migration to next-generation services; and 
-  

Expanded availability and functionality of other competing  technologies. 

The pace and extent of customer demand maynot continue to increase which could result in shortfalls from anticipatedsubscriber growth rates.  As a result,the future prospects of the industry and of CCTV and the success of its competitive services remains uncertain.Also, alternative technologies may develop that may provide alternative servicesuperior to that available from CCTV. Such developments could have a materialadverse affect on CCTV. 

21
*CCTV may not be able to fund futurecapital requirements.*CCTV strategyand business plan will continue to require capital investment, which theCompany may not be able to obtain on favorable terms, or at all.  If the Company is not able to attractadditional capital, the build out of CCTV's access network would not proceed ascurrently planned, which in turn, would significantly limit the ability forCCTV to increase its revenues and achieve profitability.  If the Company failed to obtain capitalnecessary to fund its business plan, CCTV would have to delay, change orabandon market opportunities. CCTV expects to incur significant capitalexpenditures in FY05 and future years. The actual amount of the funds requiredto finance CCTV's network build-out and other capital expenditures in futureperiods may vary materially from management's estimate. CCTV's purchasecommitments for network equipment totaled $254,000 as of February 29, 2004. Inaddition, CCTV anticipates that it may enter into material purchase commitmentsin the future based on the availability of additional financing in thefuture.  The Company and CCTV also mayrequire substantial additional capital for the development of new services andnetwork capacity expansion. If the Company and CCTV were unable to financetheir capital commitments either through cash from operations or externalfinancing, there would have a material adverse effect on CCTV's financialcondition and results of operations. The Company believes it has a reasonablebasis to expect that its efforts will be sufficiently successful to enable CCTVto continue to take advantage of the market opportunities which the Companybelieves exist in the Moscow market, but there can be no assurances that itwill be able to do so on favorable terms.

*The actual amount of funds necessary to implementCCTV's  strategy and business plan maymaterially exceed current estimates, which could have a material adverse effecton the Company financial condition and results of operations.* The actualamount of funds necessary to implement CCTV's strategy and business plan maymaterially exceed our current estimates in the event of various factorsincluding: departures from our current business plan, unforeseen delays, costoverruns, unanticipated expenses, regulatory developments, engineering designchanges, and technological and other risks. If actual costs do materiallyexceed current estimates for these or other reasons or CCTV is unable tocontrol or reduce costs, this could have a material adverse effect on theCompany's financial condition and results of operations. 

**Risks Related toRussia***Economic instabilityin Russia could adversely affect CCTV's business.*Since the end of communism in the early 1990s, Russia's economy has beenundergoing a rapid transformation from a one party state with a centrallyplanned economy to a pluralist democracy with a market-oriented economy. Thistransformation has been marked by periods of significant instability.  In particular, the Russian government'sdecision to temporarily stop supporting the ruble in August 1998 caused thecurrency to collapse. At the same time, the Russian government defaulted onmuch of its short-term domestic debt and imposed a 90-day moratorium on foreigndebt payments by Russian companies.  TheRussian government subsequently entered into protracted negotiations with itscreditors to reschedule the terms of its domestic and foreign debt. Thus far,these negotiations have not yielded terms favorable to Western creditors.  It is possible that Russia may default onits domestic or foreign debt in the future or take other actions that couldadversely affect its financial stability. Operating in such an economic environment makes it more difficult forCCTV to obtain and maintain credit facilities, access international capitalmarkets and obtain other financing to satisfy CCTV's future capital needs. The August 1998 financial crisis marked the beginning of an economic downturnthat affected the entire Russian economy and resulted in Russia's equity marketbeing the worst performing equity market in the world for 1998.  Although the Russian economy has experienceda positive trade balance in recent years, future downturns in the Russianeconomy are possible and could diminish demand for CCTV's services and CCTV'sability to retain existing subscribers and collect payments from them.  Future downturns in the Russian economycould also prevent CCTV from executing its growth strategy, which could causeits business to suffer. 

Although there have been improvements in the economicsituation in the Russian Federation in recent years, the country continues todisplay some characteristics of an emerging market. These characteristicsinclude, but are not limited to, the existence of a currency that is not freelyconvertible in most countries outside of the Russian Federation, restrictivecurrency controls, and relatively high inflation.

The prospects for future economic stability are largelydependent upon the effectiveness of economic measures undertaken by thegovernments, together with legal, regulatory, and political developments.

*Fluctuations in the global economy mayadversely affect Russia's economy and CCTV's business.*Russia's economy is vulnerable to market downturns and economic slowdownselsewhere in the world.  As has happenedin the past, financial problems or an increase in the perceived risksassociated with investing in emerging economies could dampen foreign investmentin Russia and adversely affect the Russian economy.  In addition, a steep decline in the world price of oil could slowor disrupt the Russian economy because Russia produces and exports largeamounts of oil.  These developmentscould severely limit CCTV's access to capital and could adversely affect thepurchasing power of CCTV's customers and, consequently, CCTV's business.  *Sustained periods of high inflation mayadversely affect CCTV's business.*Russia has experienced high levels of inflation since the early 1990s.  Inflation increased dramatically followingthe August 1998  

22
financial crisis.  Thegovernment's history of printing money to pay back wages, pensions and some ofits debt has prompted concerns of hyperinflation. Due to high inflation andother economic and political pressures, the ruble lost significant valueagainst the U.S. dollar and other foreign currencies in 1998 and 1999. CCTV'soperating results could suffer if it is unable to sufficiently increase itsprices to offset increased inflation. *Social instability in Russia could leadto increased support for centralized authority and a rise in nationalism, whichcould restrict the manner in which CCTV operates its business.*Social instability in Russia, coupled with difficult economic conditions,could lead to increased support for centralized authority and a rise innationalism.  These sentiments couldlead to restrictions on foreign ownership of Russian companies in the datacommunications industry or large-scale nationalization or expropriation offoreign-owned assets or businesses. Although the Company does not anticipatethe nationalization or expropriation of CCTV's assets, the concept of propertyrights is not well developed in Russian law and there is not a great deal ofexperience in enforcing legislation enacted to protect private property againstnationalization and expropriation. As a result, the Company may not be able toobtain proper redress in the courts, and CCTV may not receive adequatecompensation if in the future the Russian government decides to nationalize orexpropriate some or all of its assets. If this occurs, the Company's businesscould be harmed.

**ITEM 8.                FINANCIAL STATEMENTS ANDSUPPLEMENTARY DATA.**

The consolidated Financial Statements are filed as part ofthis Report.

The audited financial statements of MBC as of and for thethree years ended December 31, 2002 are incorporated in this report as Exhibit99.2.

The audited consolidated financial statements of CCTV as ofand for the three years ended December 31, 2002 are incorporated in this reportas Exhibit 99.3

**ITEM 9.                CHANGES IN AND DISAGREEMENTSWITH ACCOUNTANTS ON ACCOUNTING ANDFINANCIAL DISCLOSURE.**

None.

**ITEM 9A.                CONTROLSAND PROCEDURES.** TheCompany has carried out an evaluation under the supervision and with the participationof the Company's management, including the Chief Executive Officer and ChiefFinancial Officer, of the effectiveness of the design and operation of theCompany's disclosure controls and procedures. There are inherent limitations tothe effectiveness of any system of disclosure controls and procedures,including the possibility of human error and the circumvention or overriding ofthe controls and procedures. Accordingly, even effective disclosure controlsand procedures can only provide reasonable assurance of achieving their controlobjectives. Based upon the Company's evaluation, the Chief Executive Officerand Chief Financial Officer have concluded that, as of February 29, 2004, thedisclosure controls and procedures were effective to provide reasonableassurance that information required to be disclosed in the reports the Companyfiles and submits under the Securities Exchange Act of 1934 (the "ExchangeAct") is recorded, processed, summarized and reported as and when required. 

Therehas been no change in the Company's internal control over financial reportingduring the fourth quarter of the Company's fiscal year ended February 29, 2004that has materially affected, or is reasonably likely to materially affect, theCompany's internal control over financial reporting. 

**PART III**

**ITEM 10.                DIRECTORSAND EXECUTIVE OFFICERS OF THE REGISTRANT.**

The information required by thisItem with respect to the identity and business experience of our executiveofficers, including Oliver R. Grace, Jr. and Francis E. Baker who are alsodirectors, is set forth  in Item 1 ofthis report under the caption "Executive Officers of the Company".

***VALENTIN V. LAZUTKIN***, age 59, has been aDirector of the Company since 2004. Since August 2003, Mr. Lazutkin has been Deputy Chairman of "E-Moscow"Coordinating Council and Board of Directors. From April 2002 to August 2003, he was Chairman of the Board of COMCORand from March 1998 to April 2002, he was Chairman of Soyuz TV and RadioCompany.  He is a member

23
 of the RussianTV Academy, International TV Academy and Russian Academy of NaturalSciences.  Mr. Lazutkin is also theDirector of the Russian National TV Broadcasters Association and Russian CATVAssociation.

***LOUISA. LUBRANO***, age 70, has been a Director of the Company since 1983.  Mr. Lubrano is currently a Senior VicePresident with Gilford Securities, Incorporated, a New York City basedbrokerage firm.  Mr. Lubrano wasformerly with Herzog, Heine, Geduld, Inc. from 1996 to 2001.  

***SERGEY A. MITRIKOV***, age 53, has been aDirector of the Company since 2004. Since 2003 Mr. Mitrikov has been the Head of the Moscow government'sInformation Technologies Implementation Agency.   From 1999 to 2003, Mr. Mitrikov served in the Federal UnitaryEntity Rosvooruzhemiye as Chief of Data Processing in Department and DeputyChief of Air Defense Special Assets and Services Export Department.

***THOMAS MCPARTLAND***, age45, has been a Director of the Company since April 2000. He is themajority stockholder of Convergence Media, Ltd., a consulting and investmentcompany which he founded in October 1994, and from December 1995 toJuly 1999, he was the President and CEO of TCI Music, now known as LibertyDigital.  From January 2001 to December 2003, Mr. McPartland  servedas  the  Chairman and member of the Board of Directors of RedwoodPartners International, a pan-European executive search, strategic andfinancial consulting company focusing on the technology, media andtelecommunications sector.    Mr.McPartland is also a member of PlantAmerica, Inc.'s  Board ofDirectors, a post which he has held since January2001.  PlantAmerica  specializes in providing informationresources and related technology solutions for the green industry. ***JAMES J. PINTO****,* age53, has been a Director of the Company since 1988.  He is President of the Private Finance Group Corp., a merchantand venture capital firm, a position he has held since 1990. 

***VLADIMIR A. SERDYUK***, age 62, has been aDirector of the Company since 2004. Since 2001, Mr. Serdyuk has been COMCOR's  General Director's counselor on long term planning andinvestment, and from 1997 to 2004 he was COMCOR's Deputy General Director..  Mr. Serdyuk is also a Director of CCTV,MBTS Bank, Integra Telecom and Center-Telco, all based in Moscow, Russia.

***ALEXANDER P. VLADISLAVLEV***, age 69, has been aDirector of the Company since 2004. Mr. Vladislavlev is an elected member ofthe Russian Federation Duma (Parliament) and Chairman of its Investment Policyand Investors Rights Protection Commission. Since 2004, Mr. Vladislavlev has been a member of the General Council ofthe All-Russian Party "Edimoya Rossiya" and has been the Chairman of itsInternational Relations Commission. From 2002 to 2003, Mr. Vladislavlev was a RF Parliament Deputy and theChairman of the Investment Policy and Investor Rights ProtectionSub-Commission.  From 1999 to 2002, hewas Secretary of the Political Council of the All-Russian Political Fund"Otechestvo".

The Audit Committee is comprisedof Messrs. Lubrano, Pinto and McPartland, all of whom are independent under thelisting standards of the Nasdaq National Market.  The Board of Directors has designated Mr. Lubrano as being a financial expert based upon hisexperience in overseeing and assessing the performance of companies with respectto the preparation and evaluation of financial statements.  

**Section 16(a) Beneficial Ownership Reporting Compliance**

Section16(a) of the Exchange Act, and related rules of the Securities and ExchangeCommission (the "SEC") require our directors and executive officers and personswho own more than 10% of a registered class of our equity securities to filewith the SEC initial reports of ownership and reports of changes in ownershipof our Common Stock and other equity securities. Related rules of the SEC alsorequire such persons to furnish us with copies of all reports filed pursuant toSection 16(a) of the Exchange Act. Based solely on our review of the copies of the reports received orwritten representations from certain reporting persons, we believe that allSection 16(a) filing requirements applicable to our directors, officers andstockholders owning more than 10% of the Common Stock and other equitysecurities were complied with during the fiscal year ended February 29, 2004.

Code of EthicsThe Company has adopted a code of ethics that applies to theChief Executive Officer and the Chief Financial Officer which is included inthis filing as Exhibit 14.  The Companyhas posted a copy of the code on the Company's Internet website www.moscowcablecom.com.  Copies of the code may be obtained free ofcharge from the Company's website at the above Internet address.  The Company intends to disclose anyamendments to, or waivers from, a provision of the code of ethics that appliesto the Chief Executive Officer or the Chief Financial Officer by posting suchinformation on its website at the above address. ** ****ITEM 11.                EXECUTIVECOMPENSATION.**

The followinginformation is provided regarding the annual and long-term compensation paid orto be paid to our Chief Executive Officer and our two other most highlycompensated officers with respect to the fiscal years 2004, 2003 and 2002.

24
**EXECUTIVE COMPENSATION**

 

 

 

 

 

 

 

 

**Annual Compensation**

**All Other**

**Name and**

**Fiscal**

 

**Salary(1)**

 

**Bonus**

**Compensation(3)**

**Principal Position**

**Year**

 

**($)**

 

**($)**

**($)**

 

 

 

 

 

 

Oliver R. Grace, Jr.

2004

  71,364

 

-

90,096

President and Chief

2003

 

100,000

 

100,000

  5,231

Executive Officer

2002

 

103,846

 

-

  3,154

 

 

 

 

 

 

Francis E. Baker

2004

(2)

218,750

(2)

-

-

Chairman and Secretary

2003

(2)

250,000

(2)

-

-

2002

(2)

250,000

(2)

-

-

 

 

 

 

 

 

Andrew M. O'Shea

2004

 

175,000

 

10,000

92,692

Chief Financial Officer

2003

 

164,743

 

50,000

53,210

2002

 

155,231

 

-

  4,868

(1)    Includes amounts ofcompensation deferred by the employee pursuant to the Company's 401(k) plan.

(2)    From July 2000, throughmid-November 2003, Mr. Baker was compensated by MBC as a non-employeeofficer.  The information presented isfor the indicated calendar years, which corresponds with MBC's fiscal years. 

(3)    For Mr. Grace, Jr. the2004 amount consists of contributions made by the Company in respect of its401(k) plan and $87,500 of value relating to 12,500 shares of Common Stockissued to a deferred compensation trust for Mr. Grace's benefit. For each of2003 and 2002 consist solely of contributions made by the Company in respect ofits 401(k) plan.  For Mr. O'Shea, the2004 amounts consist of $87,500 of value relating to 12,500 shares of CommonStock granted to Mr. O'Shea and $5,192 of contributions made by the Company inrespect of its 401(k) plan; the 2003 amount consists of $48,200 paid for therepurchase of JM Ney incentive stock options and $5,010 of contributions madeby the Company in respect of its 401(k) plan; and the 2002 amounts consistsolely of contributions made by the Company in respect of the 401(k) plan.

**OPTION/SARGRANTS IN LAST FISCAL YEAR**

The Company did not issue anystock options to any of the named executives during the fiscal year endedFebruary 29, 2004.

**AGGREGATEDOPTION/SAR EXERCISES IN LAST FISCAL YEAR AND FISCAL YEAR END OPTION/SAR VALUES**

The following table sets forthcertain information with respect to options/SARs exercised during fiscal year2004 by the individuals named in the Summary Compensation Table and unexercisedoptions to purchase Common Stock granted under the 1990 Incentive Stock OptionPlan to the individuals named in the Summary Compensation Table.

         **Name**

**Shares Acquired On  Exercise (#)**

**Value Realized  ($)**

**Number of Securities Underlying Unexercised Options/SARs at Fiscal Year  End(#) Exercisable/  Unexercisable**

**Value of Unexercised In-the- Money Options/SARs at  Fiscal Year End($)  Exercisable/  Unexercisable**

 

 

 

 

       Oliver R. Grace, Jr.

-

-

7,500/0

$35,156/$0

       Francis E. Baker

-

-

20,000/0

$45,000/$0

       Andrew M. O'Shea

-

-

0/0

        $0/$0

25****COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION**

For the fiscal year2004, the Compensation Committee of the Board was comprised of Messrs. James J.Pinto, Louis A. Lubrano and Thomas McPartland, independent directors.

No member of theCompensation Committee is a former or current officer or employee of theCompany or any of its subsidiaries, nor does any executive officer of theCompany serve as an officer, director or member of a compensation committee ofany entity whose executive officer or director is a director of the Company.

**PENSION BENEFITS**

The following table sets forth the estimated aggregate annual benefit payableat normal retirement age for each level of remuneration specified at the listedyears of service in accordance with our defined benefit plan.  The pension benefits are based on calendaryear earnings and are payable in the form of a life annuity.  For calendar 2004, the maximum annualcompensation limits for determining pension benefits is $205,000.
**Pension Plan TableYears of Service

**Remuneration**

**               5   **

**             10   **

**         15     **

**         20    **

**         25    **

**         30    **

$100,000

$  4,225

$  8,450

$12,675

$16,900

$21,125

$25,350

  125,000

5,778  

11,575

17,363

23,150

28,938

34,725

  150,000

7,350

14,700

22,050

29,400

36,750

44,100

  205,000

10,788

21,575

32,363

43,150

53,938

64,725

An individual's pension benefits are equal to the greater ofthe following two calculations: (A) .75% of final average earnings (averageannual earnings for the five consecutive years of highest earnings in theemployee's last 10 years of employment), plus .50% of final average earnings inexcess of covered compensation (covered compensation equals the average of theSocial Security wage base for the individual based upon his/her age) multipliedby the employee's years of service as a qualified employee (up to a maximum of40 years), or (B) the sum of the individual's accrued pension benefit atDecember 31, 1993 calculated pursuant to (A) plus the individual's averagecompensation for the years since December 31, 1993 (average compensation equalsthe highest average annual earnings for the five consecutive years sinceDecember 31, 1993, up to a maximum, which for calendar year 2004 is $205,000multiplied by the percentages in (A), multiplied by the number of years ofservice since December 31, 1993. Pension benefits payable upon retirement are increased by a lateretirement factor due to the delay in receipt of benefits if the employeecontinues to work after attaining the age of 65.  In addition, individuals who terminate employment after September1, 2003 may elect a lump-sum benefit which is equal to the discounted value ofthe calculated monthly benefit.Pension benefits are not reduced on account of social security benefitsreceived by the employee.  Averageearnings are the sum of the amounts shown in the columns labeled "Salary" and"Bonus" in the Summary Compensation Table. For purposes of the Pension Plan Table, the amount used for coveredcompensation is for an individual born in 1957, which is roughly representativefor the individuals named in the Summary Compensation Table.  The executive officers named in the SummaryCompensation Table have the following years of credited service for pensionplan purposes under the Table: Mr. Grace, Jr. 12 years; and Mr. O'Shea 8years.  Mr. Baker's pension benefitswere computed in accordance with (B) of the above formula and were enhanced bythe late retirement factor pursuant to the Plan.  The aggregate annual benefit being paid to Mr. Baker from theCompany's defined benefit pension plan is $29,913.****COMPENSATION OF DIRECTORS****
During the fiscal year 2004, each non-employee directorreceived a fee of $12,000 per year, and $500 plus reimbursement of expenses foreach Board of Directors meeting attended. All non-employee/non-officer directors that served as a chairman of acommittee of our Board of Directors received additional compensation of $2,000per year.  In addition, on February 23,2004, Messrs. Lubrano, McPartland and Pinto each received a stock award of5,000 shares of Common Stock.
**ITEM 12.                SECURITY OWNERSHIP OF CERTAINBENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDER MATTERS.

**PRINCIPAL STOCKHOLDERS AND SECURITYOWNERSHIP OF MANAGEMENT OF THE COMPANY**

The following tables set forth information regarding the beneficialownership of Common Stock, as of April 30, 2004 by each director, by each ofour named executive officers described in "Executive Compensation", by personswho beneficially own 5% or 
26
more of the outstanding shares of Common Stock, andby all our directors and executive officers as a group.  The beneficial ownership informationdescribed and set forth below is based on information furnished by thespecified persons and is determined in accordance with Rule 13d-3 under theExchange Act.  It does not constitute anadmission of beneficial ownership for any other purpose.
** 

**Beneficial Ownership of Common Stock**

  Name   of Beneficial Owner

**Common Stock**

**Exercise of Options**

**Conversion of Preferred Stock and 101⁄2% Debentures**

**Total**

**Percent of Class**

**Preferred Stock**

**Percent of Class**

**Officers and Directors**

 

 

 

 

 

 

 

Francis  E. Baker(1)

4,515,936

20,000

1,855

4,537,791

53.6

-

-

Oliver R. Grace, Jr. (2)

5,123,874

7,500

82,399

5,213,773

61.3

12,863

6.8

Louis A. Lubrano(3)

5,000

6,000

-

11,000

*

-

-

James J. Pinto(4)

89,976

3,000

123

93,099

1.1

-

-

Thomas McPartland(5)

80,000

20,000

-

100,000

1.2

-

-

Vladimir A. Serdyuk

-

-

-

-

-

-

-

Valentin V. Lazutkin

-

-

-

-

-

-

-

Sergey A. Mitrikov

-

-

-

-

-

-

-

Alexander R. Vladislavlev

-

-

-

-

-

-

-

Andrew M. O'Shea(6)

22,626

-

-

22,626

*

-

-

Vitaly Spassky

-

-

-

-

-

-

-

Michael Silin

-

-

-

-

-

-

-

All directors and executive officers as a group (12  persons, 1 of whom holds Preferred Stock)

  5,321,476

  56,500

  84,377

  5,462,353

  63.6

  12,263

  6.8

 

 

 

 

 

 

 

**5% Stockholders**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OAO Moskovskaya  Telecommunikationnaya Korporatsiya(7)Moscow, Russia

  4,756,815

  -

  -

  4,756,815

  54.9

  -

  -

The Bank of Butterfield(8)  Rose Bank Centre  14 Bermudiana Road  Hamilton Bermuda

  568,885

  -

  51,516

  620,401

7.3

  16,863

  9.0

West Corporation(9)  Exchange House  PO Box 16, 54-58 Athol St.  Douglas, Isle of Man

 

 

 

562,449

 

 

 

-

  4,576

  567,025

 

 

 

6.7

 

 

 

-

  -

Grace & White, Inc.(10)515 Madison Avenue, Ste 1700, New York, NY

  486,396

  -

  -

  486,396

  5.7

  -

  -

                                                    _____________________*Represents less than one percent (1%) ofthe Common Stock.

(1)           Francis E. Baker hasbeneficial ownership of an aggregate of 4,537,791 shares of Common Stock and noshares of Preferred Stock.  Within theCommon Stock held amount are 87,500 shares which are owned by Mr. Bakerdirectly, 12,250 shares by virtue of Mr. Baker's serving as co-trustee of theCompany's defined benefit retirement plan, and 58,900 shares with respect towhich Mr. Baker has shared voting power as co-trustee under the Oliver R. GraceGrandchildren Trust U/R dated December 27, 1976 ("Grace Trust").  Furthermore, Mr. Baker is party to a VotingAgreement with COMCOR and Oliver R. Grace, Jr. which adds a total of 4,357,286shares of Common Stock of which he may be deemed the beneficial owner by virtueof the shared voting control over these shares.  The above total also includes 1,855 shares of Common Stock ownedby virtue of the Grace Trust's ability to convert $30,000 principal amount ofour Debentures to Common Stock within a 60-day period.  Mr. Baker also holds options to acquire20,000 shares of Common Stock within a 60-day period.   Mr. Baker disclaims beneficial ownership of such shares held inthe Grace Trust.

27
(2)           Oliver R. Grace, Jr. hasbeneficial ownership of an aggregate of 5,213,773 shares of Common Stock and12,863 shares of Preferred Stock. Within the Common Stock held amount, 28,700 shares are held directly;48,500 shares are held by a corporation owned by members of Mr. Grace's family;94,556 shares are held in an individual retirement account for the benefit ofMr. Grace; 12,500 shares are held in a Rabbi Trust for the benefit of Mr.Grace; 607,938 shares are held by trusts for which Mr. Grace is a possiblebeneficiary; 45,000 shares are held by The Anglo American Security Funds L.P.,of which Mr. Grace is a general partner; 31,500 shares are held by DiversifiedLong Term Growth Fund L.P., of which Mr. Grace is a general partner; 89,250shares are held by Drake Associates L.P., of which Mr. Grace is a general partner;7,800 shares are held by Mr. Grace as trustee for trusts for which he is not abeneficiary; 12,250 are held by virtue of his serving as co-trustee of theCompany's defined benefit retirement plan and 480 shares are held by Mr.Grace's spouse.  Furthermore, Mr. Graceis party to a Voting Agreement with COMCOR and Francis E. Baker, which adds atotal of 4,166,400 shares of Common Stock of which he may be deemed thebeneficial owner by virtue of the shared voting control over these shares.  Mr. Grace also has beneficial ownership of82,400 shares of Common Stock based upon the assumed conversion of 12,863shares of Preferred Stock into 39,296 shares of Common Stock, and theconversion of $697,000 principal amount of Debentures into 43,104 shares ofCommon Stock.  Of the 12,863 shares ofPreferred Stock, 6,000 shares are held in accounts for the benefit of Mr.Grace's children, of which he is the custodian; and 6,863 shares are held bytrusts of which Mr. Grace is a possible beneficiary.  Of the $697,000 principal amount of Debentures, $247,000 are helddirectly by Mr. Grace; $23,000 are held in an individual retirement account forthe benefit of Mr. Grace; $45,000 are held by Mr. Grace's spouse and $382,000are held by The Anglo American Security Funds L.P., of which Mr. Grace is ageneral partner.  Mr. Grace also holdsstock options to acquire an additional 7,500 shares of Common Stock which maybe issued to him within a 60-day period.   Mr. Grace, Jr. disclaims beneficial ownership of all shares owned by hisspouse, by him as trustee for the benefit of family members and others, by hischildren, and by The Anglo American Security Fund L.P., Drake Associates L.P.and Diversified Long Term Growth Fund L.P. described herein.

(3)           Louis A. Lubrano hasbeneficial ownership of 11,000 shares of Common Stock and no shares ofPreferred Stock.  Mr. Lubrano holds5,000 shares directly and holds stock options to acquire 6,000 shares of CommonStock within a 60-day period.

(4)           James J. Pinto hasbeneficial ownership of 93,099 shares of Common Stock and no shares ofPreferred Stock.  Of the Common Stockamount, 89,976 shares are held directly and 123 shares are beneficially ownedby virtue of Mr. Pinto's ability to convert $2,000 principal amount of theDebentures to Common Stock.  Alsoincluded in the figure set forth in the table are stock options to acquire3,000 shares of Common Stock within a 60-day period.

(5)           Thomas McPartland holds80,000 shares of Common Stock directly and holds non-qualified stock options toacquire 20,000 shares of Common Stock within a 60-day period.  

(6)           Andrew M. O'Shea hasbeneficial ownership of 22,626 shares of Common Stock and no shares ofPreferred Stock.  Of the Common Stockamount, 21,700 shares are held directly, and 926 shares are held in our 401(k)Plan. 

(7)           OAO MoskovskayaTelecommunikationnaya Korporatsiya ("COMCOR") has beneficial ownership of4,756,815 shares of our Common Stock which is comprised of 4,000,000 shareswhich are held directly and 220,879 shares which are expected to be issuedwithin 60 days in exchange for the equity securities of CCTV which are in theprocess of being issued to COMCOR in connection with the settlement ofapproximately $1,380,000 of CCTV's liabilities to COMCOR.  COMCOR also has shared voting control over535,936 shares beneficially owned by Francis E. Baker and Oliver R. Grace, Jr.,which are subject to the terms of a Voting Agreement entered into among theparties.

(8)           The Bank of Butterfield(the "Bank") has beneficial ownership of an aggregate 620,401 shares of CommonStock and 16,863 shares of Preferred Stock as trustee of various trusts.  Of the Common Stock amount, 568,885 sharesare held directly and 51,516 shares are held by virtue of the Bank's ability,as trustee, to convert 16,863 shares of the Preferred Stock to Common Stockwithin a 60-day period.  

(9)           The West Corporation("West Corp.") has beneficial ownership of an aggregate of 567,025shares of Common Stock, as trustee of various trusts, and no shares ofPreferred Stock.  Of the Common Stockamount 562,449 shares are held directly and 4,576 shares by virtue of theability of West Corp. to convert $74,000 principal amount of the Debentures toCommon Stock within a 60-day period.

(10)      Grace & White reported having sole dispositionpower with respect to 486,396 shares of Common Stock.  Within its holdings are 188,535 shares are held in various trustsat the Bank of Butterfield and West Corp. and 58,900 shares which are held in atrust for which Francis E. Baker has voting power as co-trustee. 

**ITEM 13.        CERTAIN RELATIONSHIPS ANDRELATED TRANSACTIONS.**

From July 2000 throughmid-November 2003, Francis E. Baker, our Chairman and Secretary, wascompensated directly by MBC in monthly payments at the annual rate of $250,000.

During the fiscal year endedFebruary 29, 2004, the Company accrued a total of $190,000 in legal fees to anentity controlled by Oliver R. Grace, Jr. the Company's CEO and President forservices provided by Thomas L. Seifert who was an employee of this entity. Suchlegal fees were determined net of credits for Mr. Seifert's use of office spacein the Company's corporate headquarters.

28
At February 29, 2004, the Company had recorded liabilitiesto COMCOR totaling $1,815,000.  Of thisamount, the liability with a historic value of $1,380,000 was reduced by $451,000to bring it to the fair value which approximates the fair value of 220,879shares common shares of the Company that are committed to be issued to satisfythis liability in accordance with terms of the CCTV acquisition agreements.  Such amounts were incurred by CCTV for leaseof secondary nodes and signal delivery and data network services.  At February 29, 2004, this amount wassecured by a pledge of certain assets, which will be removed as a result of thecompletion of the Company's purchase of COMCOR's ownership of CCTV.  The Company and COMCOR have agreements whichprovide for payments of certain services based upon the amount of televisionservice revenues earned.  If suchdefined payments are not adequate to reduce accrued liabilities as of the endof December 2005, the Company has the option of paying up to $1.5 million ofsuch accrued balance with up to 240,000 shares of its Common Stock.  

**ITEM14.     PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

**Audit Fees**

The followingtable sets forth the fees incurred by the Company for the services ofPricewaterhouseCoopers during the fiscal years ended February 29, 2004 andFebruary 28, 2003:
** 

 
     2004  2003
Audit fees

$236,000

$163,000

Tax fees

30, 550

30,000

All other  fees

-

-

$266,550

$193,000
         
 

 **
Audit fees consist of servicerendered to the Company, its subsidiaries and MBC for the audits of theCompany's and MBC's annual financial statements, review of the Company'squarterly financial statements, consents, assistance with and review of documentsfiled with the Securities and Exchange Commission, consent letters andstatutory audits.

Tax fees consist of taxcompliance, tax consultations, tax examination assistance and tax preparation.

The Audit Committee'spre-approval policies and procedures related to products and services providedby its registered public accounting firm are set forth in the Audit CommitteeCharter of the Company and require advance approval of our independent auditorsfor any non-audit services which in the aggregate exceed 5% of total fees paidby the Company during the year if they were not recognized as non-auditservices at the time of engagement of the accounting firm and are approved bythe Audit Committee before completion of the audit.  All of the Audit Fees, Audit-Related Fees and Tax Fees werepre-approved by the Audit Committee for each of the two fiscal years endedFebruary 29, 2004 and February 28, 2003.
****PART IV**

ITEM. 15.                EXHIBITS, FINANCIAL STATEMENTSCHEDULES, AND REPORTS ON FORM 8-K.

** **(a)(1)                ConsolidatedFinancial Statements applicable to the Registrant are contained in Item 8.

(a)(2) Consolidated Financial Statement Schedule 

Schedules 

II Valuation and Qualifying Accounts 

Note:  Schedulesother than those listed above, are omitted as not applicable, not required, orthe information is included in the Consolidated Financial Statements or notesthereto.

(a)(3) Exhibits required by Item 601 of Regulation S-K:

29**** Exhibit No.**
**Description**
3.1

Certificate of Incorporation of the Registrant    incorporated herein by reference to Exhibit 3.1 to the Registrant's Annual    Report on Form 10-K for the year ended February 28, 2002 (Commission File    No. 0-1460).
    3.1(a)    Certificate of Amendment filed October 27, 2003 to Certificate of    Incorporation of the Registrant, incorporated by reference to Exhibit 3.1(a)    to the Registrant's Current Report on Form 8-K filed on February 27, 2004    (Commission File No. 0-1460).    3.1(b)    Certificate of Amendment filed November 4, 2003 to Certificate of    Incorporation of the Registrant, incorporated by reference to Exhibit 3.1(b)    to the Registrant's Current Report on Form 8-K filed on February 27, 2004    (Commission File No. 0-1460).    3.1(c)    Certificate of Amendment filed February 24, 2004 to Certificate of    Incorporation of the Registrant, incorporated by reference to Exhibit 3.1(c)    to the Registrant's Current Report on Form 8-K filed on February 27, 2004    (Commission File No. 0-1460).
3.2

By-laws of the Registrant for the State of Delaware incorporated herein by    reference to Exhibit 3 (II) to the Registrant's Annual Report on Form 10-K    for the year ended February 28, 1999 (Commission File No. 0-1460).

4.1

Indenture, dated as of February 26, 1998,    between the Registrant and The Chase Manhattan Bank, as Trustee, in respect    of $4,311,000, aggregate principal amount, 10 1/2% Convertible Subordinated Debentures Due 2007,    incorporated herein by reference to Exhibit 4.1 to the Registrant's Annual    Report on Form 10-K for the year ended February 28, 1998 (Commission File    No. 0-1460).

10.1

Andersen Group, Inc. Incentive and Non-Qualified Stock Option Plan,    incorporated by reference to Appendix B to the Registrant's Post-Effective    Amendment No. 1 to Form S-8 (File No. 333-17659) filed February 27, 1997.

10.2

Andersen Group, Inc. 2003 Stock Plan incorporated by reference to    Appendix G to Registrant's Definitive Proxy Statement for Special Meeting of    Stockholders held October 27, 2003, filed October 14, 2003 (Commission File    No. 0-1460).

10.3

Andersen Group, Inc. 2003 Stock Option Plan incorporated by reference to    Appendix H to Registrant's Definitive Proxy Statement for Special Meeting of    Stockholders held October 27, 2003, filed October 14, 2003 (Commission File    No. 0-1460).

10.4

Deferred Compensation Agreement, entered into as    of September 30, 1992, by and between the Registrant and Francis E. Baker,    incorporated herein by reference to Exhibit 10.26 of the Registrant's    Annual Report on Form 10-K for the year ended February 28, 1995 (Commission    File No. 0-1460).

10.5

Lease Agreement between The J.M. Ney Company as Landlord and Deringer    Mfg. Company as Tenant dated March 26, 2002, incorporated by reference to    Exhibit 10 to the Registrant's Current Report on Form 8-K filed on April 5,    2002 (Commission File No. 0-1460).

10.6

Open-End Mortgage and Security agreement dated June 18, 2003 between    Sovereign Bank and Andersen Group, Inc., incorporated by reference to the    Registrant's Quarterly Report on Form 10-Q filed on July 8, 2003 (Commission    File No. 0-1460).
    10.7Stock Subscription Agreement between Andersen    Group, Inc. and Moskovskaya Telecommunikatsionnaya Corporatsiya,    incorporated by reference to Exhibit 99.2 to the Registrant's Current Report    on Form 8-K filed on    May 28, 2003 (Commission File No. 0-1460)..    10.8    Letter Agreement between Andersen Group, Inc. and Moskovskaya    Telecommunikatsionnaya Corporatsiya dated February 27, 2004, incorporated by    reference to Exhibit 99.3 to the Registrant's Current Report on Form 8-K    filed on February 27, 2004 (Commission File No. 0-1460).
10.9

Voting Agreement by and among Moskovskaya Telecommunikatsionnaya    Corporatsiya, Oliver Grace, Jr., Francis E. Baker and Andersen Group, Inc.    dated February 24, 2004, incorporated by reference to Exhibit 99.2 to the    Registrant's Current Report on Form 8-K filed on February 27, 2004    (Commission File No. 0-1460).
    14    Code of Ethics for the Chief Executive Officer, Chief Financial Officer and    all Accounting and Financial Personnel.*
21

Subsidiaries of the Registrant.*.

23.1

Consent of Independent Accountants.*
    31.1    Certificate of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of    2002.*    31.2Certificate of CFO pursuant to Section 302 of    the Sarbanes-Oxley Act of 2002.*
99.1

Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350, as    adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
    99.2    Audited financial statements for the year ended December 31, 2002 of ABC    Moscow Broadband Communication Limited included in response to Item 8 of    this Annual Report, incorporated by reference to pages 41 to 48 of the    Registrant's Annual Report on Form 10-K for the year ended February 28, 2003    (Commission File No. 0-1460).    99.3Audited financial statements for the year ended    December 31, 2002 of Closed Joint Stock Company COMCOR-TV included in    response to Item 8 of this Annual Report, incorporated by reference to pages    41 to 48 of the Registrant's Annual Report on Form 10-K for the year ended    February 28, 2003 (Commission File No. 0-1460).
 

 

(b)

Reports on Form 8-K.
     During the three months ended February 29,    2004, the Company filed the following reports on Form 8-K:     
 

30
         On December 18, 2003, the Company filed a Form 8-K under Items 5 and 7 to    report that it had issued a press release announcing that its planned    acquisition of CCTV had been approved by the Ministry of the Russian    Federation on Anti-Monopoly Policy.                   On January 14, 2004, the Company filed a Form 8-K under Items 7 and 12 to    report it had issued a press release announcing its results of operations    for the three and nine months ended November 30, 2003.                   On January 20, 2004, the Company filed a Form 8-K under Items 5 and 7 to    report that it had issued a press release announcing operating progress at    CCTV as of December 31, 2003 in terms of growth of the access network and    increases in subscribers and revenue from subscriber services.                   On February 27, 2004, the Company filed a Form 8-K under Items 2 5 and 7 to    report that it had completed the acquisition of CCTV.                   Subsequent to February 29, 2004, the Company filed the following reports on    Form 8-K.                   On March 15, 2004, the Company filed a Form 8-K under Items 5 and 7 to    report that it had issued a press release announcing the election of four    individuals to its Board of Directors and the resignation of one director.                   On April 5, 2004, the Company filed a Form 8-K under Items 5 and 7 to report    that it had issued a press release announcing the redemption of 35,000    shares of its Preferred Stock.                   On April 13 2004, the Company filed a Form 8-K under Items 5 and 7 to report    that it had issued a press release announcing operating progress at CCTV as    of March 31, 2004 in terms of growth of the access network and increases in    subscribers and revenue from subscriber services.                   On May 10, 2004, the Company filed a Form 8-K/A under Item 7 to report the    financial information required with respect to CCTV and MBC and financial    information for the Company reflecting its pro forma consolidated balance    sheet as of November 30, 2003 and its pro forma results of operations for    the year ended February 28, 2003 and the nine months ended November 30, 2003    showing the possible effects of the acquisitions of CCTV and MBC which were    consummated on February 24, 2004.                   On June 14, 2004, the Company filed a Form 8-K under Items 5 and 7 to report    that it had issued a press release announcing an agreement between CCTV and    NTV-Plus pursuant to which CCTV will offer its customers premium television    content offered by NTV-Plus.
                              
    *Filed herein            
31**SIGNATURESPursuant to the requirements of Section 13 or 15(d) of theSecurities Exchange Act of 1924, the Registrant has duly caused this report tobe signed on its behalf by the undersigned, thereunto duly authorized on June15, 2004.
**MOSCOW CABLECOM CORP.

MOSCOW CABLECOM CORP.

Registrant

Registrant

/s/ Oliver R. Grace, Jr.

/s/ Andrew M. O'Shea

Oliver R. Grace, Jr.

Andrew M. O'Shea

Principal Executive Officer

Chief Financial Officer

(Principal Accounting Officer)**
Pursuant to the requirements of the Securities Exchange Actof 1934, this report has been signed below by the following persons on behalfof the Registrant and in the capacities and on the dates indicated.
****NAME**

**TITLE**

**DATE**

/s/ Francis E. Baker

Chairman, Secretary and Director

June 15, 2004

Francis E. Baker

/s/ Oliver R. Grace, Jr.

President, Chief Executive Officer and Director

June 15, 2004

Oliver R. Grace, Jr.

/s/ Valentin V. Lazutkin

Director

June 15, 2004

Valentin Lazutkin

/s/ Louis A. Lubrano

Director

June 15, 2004

Louis A. Lubrano

/s/ Thomas McPartland

Director

June 15, 2004

Thomas McPartland

/s/ Sergey A. Mitrikov

Director

June 15, 2004

Sergey Mitrikov

/s/ James J. Pinto

Director

June 15, 2004

James J. Pinto

/s/ Vladimir A. Serdyuk

Director

June 15, 2004

Vladimir Serdyuk  

/s/ Alexander R. Vladislavlev

Director

June 15, 2004

Alexander Vladislavlev

/s/ Andrew M. O'Shea

Principal Financial and Accounting Officer

June 15, 2004

Andrew M. O'Shea

          32          **                            

                                                                                                                                                
 
Moscow CableCom Corp.

Consolidated Balance Sheets as of February 29, 2004 and  February 28, 2003

34

Consolidated Statement of Operations for the years ended  February 29, 2004, February 28, 2003 and February 28, 2002 

35

Consolidated statements of Changes in Stockholders' Equity  for the years ended February 29, 2004, February 28, 2003 and February 28,  2002 

36

Consolidated Statements of Cash Flow for the years ended  February 29, 2004, February 28, 2003 and February 28, 2002 

37

Notes to Consolidated Financial Statements

38

Report of Independent Registered Public Accounting Firm

53

Schedule II - Valuation and Qualifying Accounts

54

33
****MOSCOW CABLECOM CORP.Consolidated Balance Sheets**February 29, 2004 and February 28, 2003(in thousands, except per share data)
**2004

2003
         
Assets

Current assets:

Cash and cash equivalents

$              3,240

$              6,279 

Marketable securities (Note 5)

2,897

1,809 

Accounts and other receivables, less allowance for  doubtful accounts of $40 in 2004 and $25 in 2003

  124

  48 

Inventories (Note 6)

793

- 

Taxes receivable

1,396

- 

Prepaid expenses and other current assets

154

242 

Total current assets

8,604

8,378 

Property, plant and equipment, net (Note 7)

13,552

3,403 

Construction in progress and advances

5,209

- 

Prepaid pension expense

4,754

4,591 

Intangible assets and Goodwill  (Note 4, 8)

10,071

- 

Investment in Institute for Automated Systems (Note 9)

7,894

- 

Investment in Moscow Broadband Communication Ltd.

-

1,971 

Other assets

448

702 

Total assets

$            50,532

$            19,045 

Liabilities and Stockholders' Equity

 

Current liabilities:

 

Current maturities of long-term debt (Note 11)

 $                 598

$                 407 

Payable to affiliate 

1,824

- 

Accounts payable

880

288 

Accrued liabilities (Note 10)

1,565

907 

Deferred income taxes (Note 12)

614

132 

Total current liabilities

5,481

1,734 

Long-term debt, less current maturities (Note 11)

2,941

1,674 

Other long-term obligations

625

867 

Deferred income taxes (Note 12)

4,063

1,668 

Total liabilities

13,110

5,943 

Commitments and contingencies (See Notes 20 and 21)

 

 

Stockholders' equity:

 

 

Cumulative convertible preferred stock, no par value;  authorized 800,000  shares; 188,006 shares issued and  outstanding in 2004 and 2003; liquidation  preference $18.75 per share (Note  13)

  3,497

  3,497 

Common stock, $.01 par value; authorized 15,000,000  shares; issued and  outstanding 8,430,335 shares in 2004  and 2,099,908 shares in 2003

  84

  21 

Additional paid-in capital

33,350

6,653 

Retained earnings

491

2,931 

Total stockholders' equity

37,422

13,102 

Total liabilities and stockholders' equity

$           50,532

$            19,045 **
The accompanying notes are an integral part of theseconsolidated financial statements.

34
****MOSCOW CABLECOM CORP.Consolidated Statements of OperationsYears ended February 29, 2004, February 28, 2003 and February 28, 2002(in thousands, except per share data)**       
2004

2003
2002            
Revenues

$         -

$        - 

$       - 

 

 

 

Costs and expenses:

 

 

 

General and administrative

2,956 

2,531 

1,956 

Loss on sale of real estate

- 

- 

197 

Interest expense

245 

256 

374 

3,201 

2,787 

2,527 

Investment income and other income

1,629 

914 

590 

Loss from continuing operations before equity in losses  of unconsolidated subsidiary, income  taxes and  cumulative effect-type accounting  adjustment

  (1,572)

  (1,873)

  (1,937)

Equity in losses of Moscow Broadband Communication Ltd.

(643)

(712)

(671)

Loss from continuing operations before income taxes  and cumulative effect-type accounting  adjustment

  (2,215)

  (2,585)

  (2,608)

Income tax (benefit)

(57)

(535)

(955)

Net loss from continuing operations before cumulative  effect-type accounting adjustment

  (2,158)

  (2,050)

  (1,653)

Cumulative effect-type accounting adjustment - loss on  derivative securities, net of income  tax

  - 

  - 

  (47)

Net loss from continuing operations

(2,158)

(2,050)

(1,700)

Net income from discontinued operations, net of income  taxes of $80 and $1,366, respectively

  - 

  132 

  2,228 

Gain on sale of discontinued segment, net of income  taxes of $686 (Note 3)

  - 

  1,472 

  - 

Net (loss) income

(2,158)

(446)

528 

Preferred dividends

(282)

(282)

(286)

(Loss) income applicable to common shareholders

$(2,440)

$(728)

$      242 

Income (loss) per common share:

 

 

 

*BASIC AND DILUTED:*

 

 

 

Net income (loss) from continuing operations before cumulative  effect-type accounting adjustments

  $(1.12)

  $(1.11)

  $    (0.93)

Cumulative effect-type accounting adjustment

-

- 

(0.02)

Income from discontinued operations

-

.06 

1.07 

Gain on sale of discontinued segment

-

.70 

- 

$(1.12)

$(0.35)

$     0.12 
            
The accompanying notes are an integral part of theseconsolidated financial statements.

35****MOSCOW CABLECOM CORP.Consolidated Statements of Changes in Stockholders' Equity**Years ended February 29, 2004, February 28, 2003 and February 28, 2002(in thousands, except per share data)**2004

2003

2002

Outstanding

Outstanding

Outstanding

Shares

Amount

Shares

Amount

Shares

Amount
                     
Preferred Stock

 

 

 

 

 

 Beginning balance

188,006

$     3,497 

188,006 

$   3,497 

201,201 

$   3,742 

 Shares tendered for conversion to   Common Stock

  -

  - 

  - 

  - 

  (13,195)

  (245)
   
188,006
$      3,497 
188,006 
$  3,497 
188,006 
$   3,497 
Common Stock

 

 

 

 

 

 

 Beginning balance

2,099,908

$21 

2,094,158 

$       21 

2,065,811 

$        21 

 Acquisition of  ComCor-TV

6,250,000

63 

- 

- 

- 

- 

 Payment of  liabilities

33,427

- 

- 

- 

- 

- 

 Stock grants

41,000

- 

- 

- 

- 

- 

 Conversion of Preferred Stock

-

- 

- 

- 

25,650 

- 

 Conversion of 10 1/2% notes

-

- 

- 

- 

247 

- 

 Exercise of stock options

6,000

 

5,750 

- 

2,450 

- 
     8,430,335  $          84   2,099,908   $         21   2,094,158 
$        21 
Additional Paid-In Capital

 

 

 

 

 

 

 Beginning balance

 

$     6,653 

 

$   6,574 

 

$   6,315 

 Acquisition of  ComCor-TV

 

26,249 

 

- 

 

- 

 Payment of  liabilities

 

138 

 

- 

 

- 

 Stock grants

 

287 

 

- 

 

- 

 Conversion of Preferred Stock

 

- 

 

- 

 

245 

 Conversion of 10 1/2% notes

 

- 

 

- 

 

4 

 Exercise of stock options

 

23 

 

34 

 

10 

 Gain on purchase of subsidiary options

 

- 

 

45 

 

- 

 

$   33,350 

 

$   6,653 

 

$   6,574 
                     
Retained Earnings

 

 

 

 

 

 

 Beginning balance

 

$     2,931 

 

$   3,659 

 

$   3,417 

 Net (loss) income

 

(2,158)

 

(446)

 

528 

 Preferred stock dividends

 

(282)

 

(282)

 

(286)

 

$         491 

 

$   2,931 

 

$   3,659 
                     
Accumulated Other Comprehensive  Income (Loss)

 

 

 

 

 

  Beginning balance

 

$             - 

 

$           - 

 

$      (47)

  Change in unrealized losses on      precious metals hedging, net of      income benefit of $27

 

  - 

 

  - 

 

  47 

 

$              - 

 

$          - 

 

$          - 
                     
Total stockholders' equity

 

$    37,422 

 

$13,102 

 

$13,751 

 

 

 

 

 

 

Other Comprehensive Loss:

 

 

 

 

 

 

 (Loss) income applicable to common     shareholders

 

  $    (2,440)

  $  (728)

 

  $     242 

 Other comprehensive gain

 

- 

 

- 

 

47 

Total comprehensive (loss) income

 

$    (2,440)

 

$  (728)

 

$     289 

The accompanying notes are an integral part of theseconsolidated financial statements.

36
****MOSCOW CABLECOM CORP.Consolidated Statements of Cash FlowsYears ended February 29, 2004, February 28, 2003 and February 28, 2002(in thousands)**2004

2003

2002
            
Cash flows from operating activities:

Net (loss) income 

$         (2,158)

$            (446)

$              528 

*Adjustments to  reconcile net (loss) income to net cash provided by (used in) operating  activities:*

 

 

 

Equity in losses of Moscow Broadband Communication Ltd.

643 

712 

671 

Depreciation, amortization and interest accretion

243 

293 

1,581 

Stock-based compensation

287 

- 

- 

Gain on sale of J.M. Ney's operating assets

- 

(1,472)

- 

Gain on settlement of healthcare liability

- 

(142)

- 

Deferred income taxes

152 

2 

(22)

Realized gains   from securities and investments

(657)

(41)

(11)

Unrealized gains from securities and investments

(439)

(494)

(89)

Purchases of securities

(1,400)

(960)

(278)

Proceeds from sales of marketable securities

1,408 

141 

19 

Pension (income) expense

(163)

(265)

34 

Loss on disposal of property, plant and equipment

- 

- 

197 

 

 

 

*Changes in operating  assets and liabilities net of changes from the  acquisition of ComCor-TV and Moscow  Broadband in 2004 and from  the sale of J.M. Ney's net assets in  2003:*

 

 

 

Accounts and other receivables

(19)

3,772 

1,655 

Inventories

- 

(419)

2,447 

Prepaid expenses and other assets

103 

723 

50 

Accounts payable

(16)

(753)

208 

Accrued liabilities and other long-term obligations

320 

(1,447)

117 

Net cash (used in) provided by operating activities

(1,696)

(796)

7,107 

 

 

 

Cash flows from investing activities:

 

 

 

Investment in and advances to ComCor-TV

(3,649)

- 

- 

Purchase of property, plant and equipment

(42)

(9)

(216)

Proceeds from the sale of net operating assets of JM Ney,  net of expenses

- 

9,218 

- 

Proceeds from sale of real estate, net

- 

- 

1,692 

Net cash (used in) provided by investing activities

(3,691)

9,209 

1,476 

 

 

 

Cash flows from financing activities:

 

 

 

Principal payments on long-term debt

(542)

(512)

(8,034)

Proceeds from mortgage loan, net

1,966 

- 

- 

(Repayments of) proceeds from issuance of collateralized  note to officer

- 

- 

(1,200)

(Payment of) proceeds from short-term borrowings, net

- 

(2,366)

866 

Purchase of subsidiary warrants

- 

(160)

- 

Stock options exercised

23 

34 

10 

Preferred dividends paid

(282)

(282)

(290)

Net cash provided by (used in) financing activities

1,165 

(3,286)

(8,648)

 

 

 

Net (decrease) increase   in cash and cash equivalents

(4,222)

5,127 

(65)

Cash acquired in ComCor-TV and Moscow Broadband acquisitions

1,183 

- 

- 

Cash and cash equivalents, beginning of year

6,279 

1,152 

1,217 

Cash and cash equivalents, end of year

$3,240 

$           6,279 

$           1,152 **
The accompanying notes are an integral part of theseconsolidated financial statements.

37
****MOSCOW CABLECOM CORP.Notes to Consolidated Financial StatementsYears ended February 29, 2004, February 28, 2003 and 2002****
(1)           Natureof BusinessMoscow CableCom Corp., which until February 24, 2004 was known as AndersenGroup, Inc. ("the Company"), on February 24, 2004 completed itsacquisition of ZAO ComCor-TV ("CCTV"), a Moscow (Russia) basedprovider of cable television, high speed data transmission and Internet accessservices, through the issuance of 6,250,000 shares of its Common Stock, acontribution of $3.5 million in cash and the deferred issuance of an additional220,879 shares.  See Notes 4 and 25 fordescriptions of the transactions.  TheCompany also invests in both marketable and other securities of domestic andforeign-based companies.  In March 2002,the Company sold the operating assets of its then principal operatingsubsidiary, The J.M. Ney Company ("JM Ney"), which was a manufacturerof electronic connectors, components and precious metal materials for sale tothe automotive, telecommunications, defense, semiconductor, and medical anddental markets.

The Company's anticipates the need for additional financingto support its current operations. Currently, the Company has commitments from existing shareholders for anadditional $2.1 million of funding if additional external financing is notobtained to fund the Company's current operations and believes this amount willbe sufficient to finance the current level of operations for the next 12months. 

CCTV's strategy and business plan will continue to requirecapital investment, which the Company may not be able to obtain on favorableterms or at all.  If the Company is notable to attract additional capital, the build out of CCTV's access networkwould not proceed as currently planned, which in turn, would significantlylimit the ability for CCTV to increase its revenues and achieveprofitability.  If the Company failed toobtain capital necessary to fund its business plan, CCTV would have to delay,change or abandon market opportunities. CCTV expects to incur significantcapital expenditures in FY05 and future years. The actual amount of the fundsrequired to finance CCTV's network build-out and other capital expenditures infuture periods may vary materially from management's estimates. The Company andCCTV also may require substantial additional capital for the development of newservices and network capacity expansion. If the Company and CCTV were unable tofinance their capital commitments either through cash from operations orexternal financing, there would be a material adverse effect on CCTV'sfinancial condition and results of operations.(2)                Summary ofSignificant Accounting Policies*Use of Estimates*The preparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenue and expensesduring the reporting period. Actual results could differ from those estimates.*Principles of Consolidation*The Company's consolidated balance sheets include the accounts of theCompany and its majority owned subsidiaries. As a result of the transaction which closed on February 24, 2004, atFebruary 29, 2004, the Company has consolidated the December 31, 2003 balancesheets of CCTV and ABC Moscow Broadband Communication Ltd ("MBC") on atwo-month lag basis.  All significantintercompany transactions and balances have been eliminated inconsolidation.  The Company'sconsolidated statement of operations includes the Company's equity interest inMBC which, in turn, includes its equity interest in the results of operationsof CCTV.  The Company has also reportedsuch equity interest on a two-month lag basis.*Cash and Cash Equivalents*Cash and cash equivalents include funds held in investments with anoriginal maturity of three months or less. *Marketable Securities*The Company's Common Stock investments are carried as trading securities atmarket value in accordance with Statement of Financial Accounting Standards("SFAS") No. 115, "Accounting for Certain Investments in Debt and EquitySecurities" ("SFAS 115"). Any changes in the valuation of the portfolioare reflected in the accompanying Consolidated Statements of Operations asinvestment income or losses. *Inventories*Inventories are stated at the lower of cost or market.  

38****
*Taxes Receivable*Taxes receivable represents the Company net value added taxposition.  Value added taxes related tosales is payable to tax authorities upon collection of receivables fromcustomers. Input VAT is reclaimable against sales VAT upon payment forpurchases. The tax authorities permit the settlement of VAT on a net basis. VATrelated to sales and purchases which have not been settled at the balance sheetdate (VAT deferred) are recognized in the balance sheet on a gross basis anddisclosed separately as a current asset and liability. Where allowance has beenmade for doubtful debts, loss is recorded for the gross amount of the debtor,including VAT. The related VAT deferred liability is maintained until thedebtor is written off for tax purposes.

*Property, Plant andEquipment*Property, plant and equipment are stated at cost and depreciated using thestraight-line method over the estimated useful life of the respective assets,as follows:
**Buildings and improvements

  10-30 years

Broadcasting equipment

10-15 years

Other network equipment

5 years

Other

3-5 years**
When fixed assets are sold or retired the cost andaccumulated depreciation are eliminated and the resulting gains or losses arereflected in income.

*Intangible Assets*As discussed in note 4, the Company acquired a controllinginterest in CCTV and MBC as of February 24, 2004 and has consolidated CCTV'sand MBC's balance sheets as of year-end. The Company is currently in the process of finalizing the purchase priceallocation among the identifiable intangibles and goodwill related to theseacquisitions.  As a result of thisallocation process, the Company expects to recognize intangible assets relatedto licenses for broadcasting and its agreements with COMCOR as well as goodwillon the transaction.  See note 8 for afurther discussion of the Company's intangible assets.

*Goodwill*Goodwill is the excess of the purchase price over the fair value of netidentifiable assets acquired in business combinations accounted for as apurchase. In accordance with SFAS No. 142, the Company will perform animpairment test of goodwill annually, or more frequently if an event occurs orcircumstances change that would more likely than not reduce the fair value ofour business enterprise below its carrying value. The impairment test requiresthe Company to estimate the fair value of our overall business enterprise. Inthe absence of a current transaction for the sale of our business enterprise,we believe a discounted cash flow (DCF) model, rather than the marketprice of our common stock is the best technique with which to estimate the fairvalue of our business enterprise.  TheCompany has determined that we have one reporting unit for purposes of testinggoodwill, and therefore, the DCF model is largely a function of the cash flowsof the business enterprise.

*Investment of Long-Lived Assets*Long-lived assets such as property, plant, and equipment andacquisition-related intangible assets are reviewed for impairment wheneverevents or changes in circumstances indicate that the carrying amount may not berecoverable. For assets the Company intends to hold for use, if the total ofthe expected future undiscounted cash flows is less than the carrying amount ofthe asset, a loss is recognized for the difference between the fair value andcarrying value of the asset. For assets the Company intends to dispose of bysale, a loss is recognized for the amount that the estimated fair value, lesscosts to sell, is less than the carrying value of the assets. The Companyperiodically evaluates the useful lives of its property, plant, and equipmentbased on changes in technology, current business developments, and otherindustry conditions. It is reasonably possible that these assets could becomeimpaired as a result of these factors. 

*Pensions*The Company maintains a noncontributory defined benefit planfor its full-time employees.  Thepensions earned as well as the interest on the projected benefit obligationsare accrued in accordance with SFAS No. 87, "Employers' Accounting forPensions".  Prior service costs andcredits resulting from changes in plan benefits are amortized over the averageremaining service period of the employees expected to receive the benefits.*Deferred Compensation*The Company has established irrevocable trusts to fund the deferredcompensation of certain executives.  Theassets of the trusts are owned by the Company and subject to the claims of itsgeneral creditors, and are reported on the Company's consolidated balance sheetin accordance with the consensus in EITF 97-14.  Income and changes in the value of the trusts' assets arereported within Investment Income and Other Income with correspondingadjustments to the deferred compensation obligation and compensation expense.
39
*Investment income and other income*Investment income and other income are recognized when earned and is basedon changes in the fair value of marketable securities and realized gains andlosses.  Rental income from the lease ofreal estate is recognized on a straight-line basis over the term of thelease.  *****Income Taxes*Income taxes are determined using the asset and liability approach.  This method gives consideration to thefuture tax consequences of temporary differences between the carrying amountsand the tax basis of assets and liabilities at currently enacted taxrates.  A valuation allowance isrecorded if it is more likely than not that all or a portion of the deferredtax asset will not be realized in the future.*Earnings Per Share*In accordance with SFAS No. 128, "Earnings Per Share" ("SFAS128"), basic earnings per share is computed based upon the weightedaverage number of common shares outstanding during the period.  Diluted earnings per share is computed basedupon the weighted average number of common shares plus the assumed issuance ofcommon shares for all potentially dilutive securities.  See Note 12 for additional information and areconciliation of the basic and diluted earnings per share computations.

*Reporting and functional currency*The U.S. dollar to be its functional and reporting currency of the Company.Transactions denominated in currencies other than the U.S. dollar are fortranslated to the U.S. dollar using average exchange rates during the period,while assets and liabilities denominated in currencies other than the U.S.dollar are translated at the exchange rate in effect at the reportingdate.  Gains and losses from foreigncurrency transactions and from these translations are included in the statementof operations. 

*Recently IssuedAccounting Standards*In January 2003, the Financial Accounting Standards Board("FASB") issued FASB Interpretation No. 46, *"Consolidation of VariableInterest Entities"* (FIN 46), to address perceived weaknesses in accountingfor entities commonly known as special-purpose or off-balance-sheet. Inaddition to numerous FASB Staff Positions written to clarify and improve theapplication of FIN 46, the FASB announced a deferral for certain entities, andan amendment to FIN 46 entitled FASB Interpretation No. 46 (revised December2003), *"Consolidation of Variable Interest Entities"* (FIN 46R). Underthe new guidance, special effective date provisions apply to enterprises thathave fully or partially applied FIN 46 prior to issuance of FIN 46R. Otherwise,application of FIN 46R is required in financial statements of public entitiesthat have interests in structures that are commonly referred to asspecial-purpose entities for periods ended after December 15, 2003. Applicationby public entities, other than small business issuers, for all other types ofvariable interest entities is required in financial statements for periodsending after March 15, 2004. The Company does not have any interest in specialpurpose entities or any other variable interest entities. As a result, theadoption of FIN 46R did not have a material impact on our results of operationsor financial position. 

In April 2003, FASB issued SFAS No. 149, *"Amendmentof Statement 133 on Derivative Instruments and Hedging Activities,"* whichis generally effective for contracts entered into or modified afterJune 30, 2003 and for hedging relationships designated after June 30,2003.  SFAS No. 149 clarifies under what circumstances a contract with aninitial net investment meets the characteristic of a derivative as discussed inSFAS No. 133, clarifies when a derivative contains a financing component,amends the definition of an "underlying" to conform it to the language used inFASB Interpretation No. 45, *"Guarantor Accounting and DisclosureRequirements for Guarantees, Including Indirect Guarantees of Indebtedness ofOthers"* and amends certain other existing pronouncements.  We do nothave any derivative financial statements.  The adoption of SFAS No. 149did not have any impact on our consolidated financial statements.

In May 2003, FASB issued SFAS No. 150, *Accountingfor Certain Financial Instruments with Characteristics of both Liabilities andEquity*.  SFAS No. 150 changesthe accounting for certain financial instruments that, under previous guidance,could be classified as equity or "mezzanine" equity, including mandatoryredeemable instruments, by now requiring those instruments to be classified asliabilities in the statement of financial position.  Further, SFAS No. 150 requires disclosure regarding theterms of those instruments and settlement alternatives.  SFAS No. 150 is effective for allinterim periods beginning after June 15, 2003.  The adoption of thisstandard did not have a material impact on our consolidated financialstatements.

In May 2004, the EITF finalized Issue No. 03-06,"Participating Securities and the Two-Class Method under FASB Statement No.128, *Earnings per Share*."  EITF03-06 clarifies the define of "participating securities" for the purposes ofapplying paragraphs 60 and 61 of SFAS 128 and provides guidance in determiningwhen to utilize the two-class method in computing EPS.  With the application of this standard infiscal year 2005, the Company will be required to apply this guidance to anyprofitable periods.  Appropriatedisclosure is currently being considered.

 40***(3)                DiscontinuedOperations - Sale of Assets of JM Ney

Effective March 22, 2002, the Company sold the operatingassets of JM Ney to Deringer Mfg. Company ("Deringer") for which itreceived approximately $10,990,000, of which $600,000 was placed in an escrowaccount to satisfy potential claims relating to inventory and representationsmade by the Company to Deringer.  DuringFY04, the Company received approximately $225,000 of the escrow as part of thesettlement of all remaining matters associated with the sale and the remainderof the escrow was released to Deringer. The Company recorded a gain of$1,472,000 from this sale, after income taxes of $686,000. The followingsummarizes the elements of the transaction (in thousands):**2002
      
Proceeds

$             10,990 

Book value of net assets sold

(7,368)

Expenses of transaction

(1,540)

Curtailment gain - pension plan

76 

Income taxes

(686)

Net gain on sale

$              1,472 **
Transaction expenses related to the sale of JM Ney were asfollows (in thousands):** 

2002

Settlement of JM Ney stock options

$                275 

Severance and bonuses

750 

Legal and accounting

365 

Other

150 

Total transaction expenses

$             1,540 

For the years ended February 28, 2003 ("FY03") and February 28, 2002("FY02"), JM Ney's summarized results of operations were as follows(in thousands):
** 

2003

2002

Net sales and other revenues

$       1,298 

$          27,894 

Cost of sales

(744)

(18,690)

Operating expenses

   (333)

  (4,884)

Operating income

221 

4,320 

Interest expense

       (9)

     (726)

Net income before income taxes

212 

3,594 

Income tax expense

     (80)

     (1,366)

Net income 

$          132 

$           2,228 **
In connection with the asset sale, the Company entered intoan eight-year lease with Deringer for the lease of JM Ney's manufacturingfacility.  The lease calls for theCompany to receive monthly rental payments at the annual rate of $295,800, asof February 29, 2004 with annual increases of the annual lease rate of $5,800.

(4)    Acquisition of CCTVIn May 2003, the Company entered into agreements with COMCORin 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 former shareholders of MBC.  The Company expects to issue an additional 220,879 shares of itsCommon Stock to COMCOR once the appropriate Russian regulatory approvals arereceived to facilitate the settlement of approximately $1,380,000 of CCTV'sliabilities to COMCOR through the issuance of CCTV stock to COMCOR, that, in turn, COMCOR will  exchange with the Company for its CommonStock.

The consideration for the acquisition of CCTV and MBC has been valued at$30.7 million which includes the cash contribution of $3.5 million in May 2003and $27.2 million of the value of shares of Common Stock issued and committed tobe issued based upon 

41
the market price of $4.21 per share for the Company's Common Stock at thetime the agreements were reached and announced in May 2003.  The purchaseprice has been allocated as follows (in thousands):
**Cash

$          1,042 

Inventories

732 

Other current assets

2,086 

Construction in process and advances

  4,812 

Fixed assets

9,588 

Deferred income tax assets

154 

Investment in IAS

7,882 

Intangible assets and goodwill

10,071 

Current liabilities

(2,703)

Deferred tax liabilities

(2,879)

$        30,752 
      **
In connection with the agreements, the Company was requiredto make an additional $1 million investment in CCTV, which was satisfied inApril 2004, and it remains obligated to make an additional $1.5 million uponthe closing of a rights offering or other capital raising event.  The agreements also provide for additionalcapital contributions of $5,829,000 to CCTV from the Company by July 31, 2005;  if such contributions are not made, then theCompany will be obligated to issue up to 477,994 shares of its Common Stock toCOMCOR.  The Company expects tocontribute identified assets with an agreed-upon value of $1,279,000, comprisedof certain loans and advances which have been made to CCTV by it and MBC and 4,402shares of IAS.  Absent any otherqualifying contributions to CCTV, such contributions would reduce thecontingent obligation to COMCOR to approximately 373,132 shares of CommonStock.

Commencing in February 2000, the Company had a 25% ownershipinterest in MBC, which was accounted for using the equity method of accounting,until its acquisition by the Company on February 24, 2004 as part of theacquisition of CCTV.  At February 29,2004, the Company consolidated the December 31, 2003 balance sheets of MBC andCCTV to reflect its 100% ownership of those entities, as reported on atwo-month lag basis.  The Company hasreflected its 25% equity in MBC's results of operations for each of 2003, 2002and 2001 in its results of operations for each of FY04, FY03 and FY02,respectively.  See Note 25 for pro formastatement of operations information which presents the Company's consolidatedstatement of operations as if the acquisition of MBC and CCTV had occurred asof March 1, 2003.

The Company is currently in the process of finalizing thepurchase price allocation among the identifiable intangible assets and goodwillrelated to the February 24, 2004 acquisition of CCTV.  Accordingly, the balance of goodwill and identified intangiblesassociated with the 2004 CCTV acquisition have been aggregated and disclosed asone line item in the balance sheet as of February 29, 2004.  Management believes that this allocationprocess will be completed in the first quarter of FY05.  As a result of this allocation process, theCompany expects to recognize intangible assets related to licenses forbroadcast services and the preferential terms for the use of COMCOR's MFON aswell as goodwill on the transaction. See note 8 for a further discussion of the Company's intangible assetsand goodwill.

Since April 2000, MBC had anapproximately 50% ownership interest in or 50% voting control over CCTV.  Accordingly, MBC's results of operationsinclude a 50% equity interest in CCTV's results using the equity method ofaccounting.

(5)    Marketable Securities

At February 29, 2004 and February 28, 2003, the cost basisand net unrealized gain of marketable securities based on specificidentification of portfolio components comprised the following (in thousands):
**2004

2003
         
Cost basis of investments

$     1,837

$     1,188

Net unrealized gains

1,060

621

 

 

Market value

$     2,897

$     1,809**
Net appreciation on the Company's trading portfolio totaled$1,096,000, $535,000 and $100,000, respectively during FY04, FY03 andFY02.  During these years, components ofthese gains represented by changes in unrealized gains were $439,000; $494,000and $89,000.

42
(6)    Inventories 

Inventories consist of the following (in thousands):
**February  29, 2004

February  28,2003
         
Installation equipment

 $                606

-

Other

187

-

$                793

-
         **
(7)      Property,Plant and EquipmentProperty, plant and equipment consist of the following (in thousands):
**February 29, 2004

February 28, 2003
         
Land, building and improvements

$                 6,394 

$                  6,394 

Network equipment

8,755 

- 

Internet equipment

966 

- 

Other

720 

53

16,835 

6,447 

Less accumulated depreciation 

(3,283)

(3,044)

$               13,552 

$                 3,403 
         **
Depreciation expense fromcontinuing operations totaled $239,000, $286,000 and $1,334,000, respectively,for FY04, FY03 and FY02.  Suchdepreciation amounts exclude depreciation relating to assets acquired inconnection with the acquisition of CCTV.

During FY02, Andersen Realty,Inc., a wholly owned subsidiary of the Company, sold a 108,000 square footoffice building located in Bloomfield, Connecticut to a private buyer forproceeds of $1,692,000, net of transaction costs of $209,000.  The buyer also assumed a sewer lien on theproperty of approximately $56,000.  TheCompany recorded a loss on the sale of $197,000.  The Company recorded rental income related to the building of$272,000 for FY02.

(8)    IntangibleAssets and Goodwill

In July 2001, the FASB issuedSFAS No. 141, *"Business Combinations"* (SFAS No. 141), and SFAS No. 142, *"Goodwilland Other Intangible Assets"* (SFAS No. 142).  SFAS No. 141 requires that the purchase method of accounting beused for all business combinations initiated after June 30, 2001.  SFAS No. 141 also specifies criteria thatintangible assets acquired in a purchase method business combination must meetin order to be recognized and reported apart from goodwill.  SFAS No. 142 requires that goodwill andintangible assets with indefinite useful lives no longer be amortized, butinstead be tested for impairment.

The Company is currently in theprocess of finalizing the purchase price allocation among the identifiableintangible assets and goodwill related to the February 24, 2004 acquisition ofCCTV.  Accordingly, the balance ofgoodwill and identified intangibles associated with the 2004 CCTV acquisitionhave been aggregated and disclosed as one line item in the balance sheet as ofFebruary 29, 2004.  Management believesthat this allocation process will be completed in the first quarter ofFY05.  As a result of this allocationprocess, the Company expects to recognize intangible assets related to licensesfor broadcast and other services and their relationship with COMCOR as well asgoodwill on the transaction.  

The Company's agreement with COMCOR to provide signaldelivery and other services from its fiber optic network has been concluded atrates  more favorable than currentmarket terms.  Accordingly, the Companyanticipates that an intangible asset will be recognized related to the economicsavings associated with this relationship.   Although this agreement does not expire until 2053, the Company believesthat obsolescence, demand, competition, and other economic factors limit theusefulness of the these agreements and, accordingly, the relationship will beamortized over a useful life of 10 years based on the consideration of theaforementioned factors.

CCTV's licenses to provide television broadcast serviceshave been determined to have a finite life based upon the expectation  of obsolescence, demand, competition, andother economic factors that limit the useful life of the asset.  The Company is currently in theprocess of assessing the value and useful lives of these license assets.  The licenses will be recorded at their fairvalue at the date of acquisition and reviewed for impairment whenever events orchanges in circumstances indicate that the carrying amount of these assets maynot be recoverable.

43
Goodwill recorded in connection with the acquisition of CCTVrepresents the excess of the acquisition price over the identified tangible andintangible assets of CCTV.  Inaccordance with SFAS 142, the balance of goodwill will not be amortized andwill be tested for impairment at least annually. The impairment test involves acomparison of the fair value of its 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.

(9)**     **Investment in InstituteFor Automated Systems****The Institute for Automated Systems ("IAS") is a telecommunications companythat operates a data communications network in Russia. From April 2000 to July2002, CCTV had a 19% equity interest in IAS and MBC holds a 1.8% equityinterest in IAS.  At July 31, 2002, CCTVreceived additional shares of IAS from COMCOR representing approximately 23% ofIAS, thus increasing its equity interest to 41.7%. For the year ended December31, 2003 and the period from August 2002 through December 2002, CCTV recorded$345,000 and $95,000, respectively, as its equity in the losses of IAS.  MBC recorded its investment on the costbasis.  At February 29, 2004, theCompany, through its ownership of CCTV and MBC, has a combined 43.5% equityinterest in IAS.

The following presents thesummarized financial condition of IAS as of December 31, 2003 and the resultsof its operations for the year ended December 31, 2003 and the twelve monthsended December 31, 2003 (in thousands):
**Balance Sheet  December 31, 2003  December 31, 2002
 Current assets

$                   1,414

$                   1,151 

 Non-current assets

9,236

9,596 

     Total assets

$                 10,650

$                 10,747 

 

 

 Current liabilities

$                   3,379

$                  1,566 

 Non-current liabilities

-

1,082 

     Total liabilities

$                   3,379

$                  2,648 

 

 

     Shareholders' equity

$                   7,272

$                  8,099 

$                 10,650

$                 10,747 
         
  Statement of Operations

  Year ended   December 31, 2003

 

Revenues

$                   5,425 

Cost of revenues

(3,962)

Operating expenses

(2,272)

Loss from operations

(809)

Income tax expense

(17)

Net loss

$                    (826)

(10)         Accrued Liabilities Accrued liabilities and other long-term obligations consist of thefollowing (in thousands):
**February 29, 2004

February 28, 2003
         
Accrued liabilities:

 

 

 Employee  compensation

$                       60

$                     36 

 Accrued preferred  dividends

71

71 

 Income taxes

486

466 

 Accrued interest

65

82 

 Other

883

252 

Subtotal

$                   1,565

$                   907 **
44
(11)         Long-termDebt and Subordinated Notes PayableLong-term debt and subordinated notes payable consist of the following (inthousands):
**February 29, 2004

February 28, 2003
         
Convertible subordinated debentures, due October 2007; interest at 10.5% payable  semi-annually; annual  principal payments through maturity,  unsecured

  $                   1,650 

  $                  2,081 

Mortgage loan, due June 2010; interest at LIBOR plus  2.25%; monthly principal payments of  $13,889

  1,889 

  - 

3,539 

2,081 

Less current maturities

(598)

(407)

$                   2,941 

$                  1,674 
         **
The terms of the 2007 convertible subordinated debenturescall for the annual redemption of approximately $431,000 of principal.  The debentures are convertible into CommonStock of the Company at any time prior to maturity at $16.17 per share, subjectto adjustment under certain conditions. At February 29, 2004, 102,040 shares of Common Stock were reserved forconversion.

The mortgage loan is secured by a pledge of a real estateproperty owned by the Company's subsidiary, Andersen Land Corp., which atFebruary 29, 2004 has a net carrying value of $3,169,000, and an assignment ofthe rents.  The loan calls for theinterest rate to be reset at various intervals of one to nine months at theCompany's discretion, based on the prevailing LIBOR rate.  The mortgage loan requires Andersen LandCorp. to meet a quarterly debt service earnings covenant.  

Maturities of long-term debt for each of the next five fiscal years as ofFebruary 29, 2004 are as follows (in thousands): FY05- $598; FY06 - $598; FY07- $598; FY08 - $523 and FY09 - $167.(12)         Income Taxes For FY04, FY03 and FY02, income tax expense (benefit) consists of thefollowing (in thousands):
**2004

2003

2002
            
Current Federal

$(314)

$   25 

$  373 

Current State

104 

177 

60 

Deferred Federal

61 

(28)

55 

Deferred State

92 

57 

(77)

(57)

231 

411 

Less amount relating to discontinued operations

- 

766 

1,366 

Income tax benefit from continuing operations

$ (57)

$(535)

$(955)
            **
The difference between the actualincome tax expense (benefit) and the income tax expense (benefit) computed byapplying the statutory Federal income tax rate of 34% to income (loss) beforeincome taxes is attributable to the following (in thousands):          
**2004

2003

2002
            
Income tax (benefit) expense, at statutory rates

$(753)

$(74)

$334 

State income taxes, net of Federal impact

2 

185 

(17)

Tax credits

- 

(70)

- 

Valuation allowance

707 

160 

96 

Other

(13)

30 

(2)

Income tax (benefit) expense 

$ (57)

$231 

$411 
            **
45
The principal components of the net deferred tax assets(liability) as of February 29, 2004 and 2003 are as follows (in thousands):
**February 29, 2004

February 28, 2003
         
*Deferred tax liabilities:*

 

 

Fixed asset basis  differences

$  (813)

$  (288)

Construction in process  and advances

(68)

- 

Pension

(1,743)

(1,627)

Intangible assets

(1,488)

- 

Investment in IAS

(776)

- 

Unrealized gains on  marketable securities, net

(418)

(231)

Total deferred tax  liabilities

(5,306)

(2,146)

*Deferred tax assets:*

 

 

Post-retirement benefits  other than pensions

35 

- 

Equity in losses of Moscow  Broadband

- 

1,202 

Allowance for  uncollectible receivables

22 

10 

Accrued vacation

- 

8 

Federal and State credit  carry-forwards

404 

196 

Federal and State net  operating loss carry forwards

408 

- 

 

 

Valuation allowance

(409)

(1,181)

Other

169 

111 

Total deferred tax assets

629 

346 

Net deferred tax  liabilities

$(4,677)

$(1,800)**
At February 29, 2004, the Company had $404,000 of Federalalternative minimum tax credit carry-forwards that have no expirationdate.   A valuation allowance of$409,000 has been established at February 29, 2004 against the equity in lossesof MBC and portions of the net operating loss carry forwards and credit carryforwards to the extent it is more likely than not that these items will not berealized. 

(13)         SeriesA Cumulative Convertible Preferred StockThe Company's Series A Cumulative Convertible Preferred Stock (Preferred Stock)has an annual dividend rate of $1.50 per share, which is paid quarterly.  The Preferred Stock is convertible into theCompany's Common Stock at any time at a rate of 3.055 shares of Common Stockfor each share of Preferred Stock, subject to certain adjustments. At February29, 2004, 574,358 shares of Common Stock have been reserved for conversion.

During FY02, 13,195 shares of the Preferred Stock were converted into 25,650shares of the Company's Common Stock. There were no redemptions of Preferred Stock during either FY03.   As discussed in Note 26, subsequent toFebruary 29, 2004, the Company called for the redemption of 35,000 shares ofPreferred Stock.  Holders of the Preferred Stock have no voting rights, except as required byapplicable law and except that when among other things, accrued and unpaiddividends on the Preferred Stock are equal to or exceed the equivalent of sixquarterly dividends payable on the Preferred Stock, such holders will beentitled to elect one director to the Company's board of directors until thedividend arrearage has been paid or amounts have been set apart for suchpayment.  The Preferred Stock is seniorto the Common Stock with respect to dividends and liquidation events.****
(14)         (Loss)Income Per Share

The computation of basic and diluted (loss) income per shareis as follows (in thousands, except per share amounts):
**2004

2003

2002
            
Numerator for basic and  diluted earnings per share:

 

 

 

(Loss) income  applicable to common shareholders

$   (2,440)

$     (728)

$      242 

Denominator for basic  earnings per share:  Weighted average shares

  2,187 

  2,099 

  2,082 

Effect of dilutive  securities 

-

- 

- 

Denominator for diluted  earnings per share

2,187

2,099 

2,082 

Basic and diluted  (loss) income per share

$    (1.12)

$    (0.35)

$     0.12 **
46
For FY04, FY03, and FY02, the net addition of 2,470; 6,532and 22,050 common share equivalents, respectively, from the assumed exercise ofstock options using the treasury method have been excluded, because of theiranti-dilutive effects.For each of FY04, FY03 and FY02, the effects of the assumed conversion of thePreferred Stock and the 10 1/2% Convertible Subordinated Debentures have beenexcluded because the impacts of such conversions would have beenanti-dilutive.  

The FY04 calculations are based on the weighted averageshares outstanding during the year which considers the shares issued to effectthe acquisitions of CCTV and MBC as being outstanding for six days and does notinclude the 220,879 shares of Common Stock which will be issued to COMCOR uponadministrative clearance.  See Note 25for a pro forma presentation of the Company's consolidated statement ofoperations as if the transaction had been completed at the beginning of FY04.(15)         Stock Option PlansThe Company's Incentive and Qualified Stock Option Plan (the "Plan")provided for option grants to directors and key employees at prices equal to atleast 100% of the stock's fair market value at date of grant. Options generallyvest over three years and have a maximum term of ten years.  No stock options were granted during FY04,FY03 or FY02.  All options grantedduring FY01 had an exercise price equal to the fair market value as of the dateof grant.  The per share weightedaverage fair value of stock options granted during FY01 under the Plan was$8.18 using the Black Scholes option pricing model with the following weightedaverage assumptions: expected dividend yield of 0%, risk-free interest rate of6%, expected life of five years, and expected volatility of 80%.The Company has adopted the disclosure provisions of SFAS No. 123,"Accounting for Stock-Based Compensation".  Accordingly, no compensation expense has been recognized for thestock option plans.  Had compensationcost for the Company's stock option plans, including the JM Ney plan, beendetermined based on the fair value on the grant date for awards made in FY01and consistent with the provisions of SFAS No. 123, the Company's net (loss)income applicable to common shares, and the (loss) income per share would haveadjusted to the pro forma amounts indicated below (amounts in thousands, exceptper share data): 
** 
  2004

  2003

  2002

Income (loss)  applicable to common shareholders:

 

 

 

 As reported

$      (2,440)

$       (728)

$       242 

 Deduct total stock based employee  compensation expense   determined under fair value method

  - 

  (40)

  (69)

 Pro forma

$      (2,440)

$       (768)

$      173 

Income (loss) per share  - basic and diluted:

 

 

 

 As reported

$        (1.12)

$      (0.35)

$      0.12 

 Pro forma

$        (1.12)

$      (0.37)

$     0.08 

The Company has reserved 56,500 shares of Common Stock forthe exercise of stock options. The Plan expired during FY01, and accordingly,no future options can be granted under the Plan.  During FY04, the Company adopted a new stock option plan (the "2003 OptionPlan") and a stock plan (the "2003 Stock Plan").  The 2003 Option Plan provides for option grants for the purchaseof up to 670,000 shares of the Company's Common Stock at prices equal to atleast 100% of the stock's fair market value at the date of grant.  The 2003 Stock Plan provides for the grantof up to 330,000 shares of the Company's Common Stock to employees, directorsand consultants.  During FY04, nooptions were issued pursuant to the 2003 Option Plan and 41,000 shares ofCommon Stock were issued pursuant to the 2003 Stock Plan.

Activity under the Company's Plan was as follows:
**Number 

  Weighted Average

  Range of 

Outstanding Options

of Shares

Exercise Price

Exercise Prices
            
 

 

 

Balance as of February  28, 2001

102,700 

$   8.06 

$3.81 - $13.50 

Canceled

(6,000)

$   8.38 

$   8.38 

Exercised

(2,450)

$   3.81 

$   3.81 

Balance as of February  28, 2002

94,250 

$   8.16 

$3.81 - $13.50 

Canceled

(20,000)

$10.50 

$10.50 

Exercised

(5,750)

$   5.93 

$3.81 - $   6.25 

Balance as of February  28, 2003

68,500

$   7.66 

$3.81 - $13.50 

Canceled

(6,000)

$   4.97 

$3.81 - $   6.13 

Exercised

(6,000)

$   3.81 

$   3.81 

Balance as of February  28, 2004

56,500

$   8.35 

$3.81 - $13.50 **
47
At February 29, 2004, the range of exercise prices and theweighted average remaining contractual life of the options was as follows:
**Options Outstanding

Options Exercisable
         
  Range of Exercise Prices 

 Number  Outstanding

  Weighted  Average  Exercise Price

Weighted Average  Remaining Contractual Life

  Number   Exercisable

  Weighted Average Exercise Price

$13.50

20,000

$13.50

6.1 years

20,000

$13.50

$6.13- $6.25 

26,000

$  6.22

3.7 years

26,000

$  6.22

$3.81

10,500

$  3.81

2.1 years

10,500

$  3.81

56,500

$  8.35

4.3 years

56,500

$  8.35
                  **
(16)                RetirementPlansThe Company maintains a noncontributory defined benefit plan and a definedcontribution plan, which collectively cover substantially all full-timeemployees.  The defined contributionplan is funded through employee contributions and employer matchingcontributions. Pension expense for the Company's defined contribution plantotaled  $5,000, $43,000 and $213,000 inFY04, FY03 and FY02, respectively.  Thedefined benefit plan held 12,250 shares of the Company's stock at both February29, 2004 and February 28, 2003.The following table sets forth the changes in benefit obligations, changes infair value of plan assets, funded status and net amounts recognized for thedefined benefit plan (in thousands).  Such amounts are reported on a two-month lag to coincide with theDecember 31 fiscal year end of the plan.
**February 29, 2004

February 28, 2003

February 28, 2002
            
*Changes in Benefit Obligations*

 

 

 

Benefit obligation at  beginning of year

$12,926 

$13,354 

$12,304 

Service cost

27 

100 

299 

Interest cost

813 

841 

888 

Experience loss

- 

324 

339 

Distributions

(889)

(1,485)

(873)

Effect of curtailment 

- 

(1,431)

- 

Impact of medical  liability transfer

- 

525 

- 

Effect of assumption  changes

1,122 

698 

397 

Benefit obligation end  of year

13,999 

12,926 

13,354 

*Change in Fair Value of Plan Assets*

 

 

 

Fair value of plan  assets at beginning of year

14,283 

15,680 

15,324 

Actual return on assets

2,044 

88 

1,229 

Benefits paid

(889)

(1,485)

(873)

Fair value of plan  assets at end of year

15,438 

14,283 

15,680 

Funded status

1,439 

1,357 

2,326 

Unrecognized net  actuarial loss  

3,317 

3,237 

2,530 

Unrecognized past  service cost

(3)

(3)

(81)

Prepaid pension expense

$ 4,753 

$ 4,591 

$ 4,775 **
Experience losses are comprised primarily of variances inemployee turnover, the amount of salary increases and the defined benefitplan's mortality experience.  The effectof assumption changes is primarily comprised of changes in the discount rateused to calculate the projected benefit obligations.

During FY03, the Company amended the defined benefit plan toprovide for enhanced pension benefits to a group of retirees as settlement ofpost-retirement health benefits being provided by the Company as discussed inNote 15.

48
For FY04, FY03 and FY02, the projected benefit obligationswere determined using the following assumptions:
**2004

2003

2002
            
Discount rate

6.00%

6.50%

7.00%

Future compensation  growth rate

5.00%

5.00%

5.00%

Long-term rate of  return on plan assets

8.00%

8.00%

8.00%**
The required use of expected long-term rate of return onplan assets may result in recognized pension income that is greater or lessthan 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 matches 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 into accountlong-term expectations for future returns and investment strategy.  

The discount rate assumptions used for pension benefit planaccounting reflects the prevailing rates available on high-quality, fixed-incomedebt instruments.  The rate ofcompensation increase is another significant assumption used in the actuarialmodel for pension accounting and is determined by the Company based upon itslong-term plans for such increases.

Net pension (income) expense for the Company's fundeddefined benefit plan in FY04, FY03 and FY02 includes the following components(in thousands):
**2004

2003

2002
            
Service cost of  benefits accrued

$      27 

$   100 

$    299 

Interest cost on  projected benefit obligations

813 

841 

888 

Expected return on plan  assets

(1,108)

(1,220)

(1,192)

Unrecognized net gain

106 

14 

39 

Pension (income)  expense 

$ (162)

$  (265)

$      34 **
The Company's pension plan's investment strategy supportsthe objectives of the defined benefit plan, which are to achieve and maintainfull funding of the accumulated benefit obligations and the actuarialliabilities and to maximize returns within reasonable and prudent levels ofrisk.  The defined benefit plan hasestablished a strategic asset allocation policy to achieve theseobjectives.  The defined benefit plan'sliabilities, investment objectives and investment managers are periodicallyreviewed.

The following table presents the target allocation for FY05and the asset allocation for the defined benefit plan at the end of FY04 andFY03, by asset category:
**Actual Allocation of Plan Assets
            
Asset Category

Target Allocation

February 29, 2004

February 28, 2003

Equity securities

35-50%

51%

44%

Income securities

50-65%

49%

56%

 

100%

100%
            **
The Company has not made any contributions to the definedbenefit plan since the plan was acquired in FY91 as part of the acquisition ofJM Ney, and it expects that it will not be required to make any contributionsduring FY05.

Estimated future benefit payments for the next ten years areas follows (in thousands):  FY05 - $864;FY06 - $883; FY07 - $920; FY08 - $911; FY09 - $941; FY10-14 - $4,718.

(17)         Post-retirementBenefit ObligationsDuring FY03, the Company amended its defined benefit retirement plan toprovide enhanced pension benefits to a group of retirees who had been receivingbenefits pursuant to an unfunded retiree health care plan.  The implementation of this amendmentresulted in the health care liability being assumed by the pension plan and anet gain of $142,000 being recorded by the Company from the settlement of thisobligation, which was recorded as a reduction of general and administrativeexpenses.

49
(18)          Business Segmentsand Export SalesDuring FY04, the Company operated in one continuing segment, which includesthe Company's investment, real estate and corporate administrative activities. 

(19)         Estimated Fair Valueof Financial InstrumentsThe carrying amount of cash and cash equivalents, accounts receivable,short term borrowings, accounts payable and other accrued liabilities arereasonable estimates of their fair value based upon their currentmaturities.  The carrying value ofmarketable securities approximates fair value as determined by quoted marketprices less any reserves for liquidity and volatility concerns. The carrying values of long-term debt issued by banks approximate fair valuebased on interest rate and repayment terms, and the extent to which theindividual debts are collateralized.  AtFebruary 29, 2004, the fair value of the Company's 10.5% convertible debentureswas approximately $1,466,000 based on recent quoted prices.(20)                LitigationThe Company is involved in various legal proceedings generally incidentalto its business.  The outcome of anylitigation or regulatory issues contains an element of uncertainty.  Given the legal and factual issues thatremain outstanding related to the Company's litigation, the Company currentlyhas no basis to ascertain the range of loss, should any occur, with respect toan outcome that may be considered unfavorable.

(21)                Commitmentsand Contingencies

The Company has a contingent liability with respect to a$386,000 letter of credit used by its bank to secure performance bonds issuedin connection with an unresolved state income tax matter. The Company believesthat its accruals are sufficient to meet any obligations that may arise fromthis matter.The Company is also party to certain operating leases which will requirepayments totaling $56,000 during FY05, $41,000 during FY06, $11,000 during FY07and $2,000 in FY08.

*Russian Operating environment*While there have been improvements in the economic situationin the Russian Federation in recent years, the country continues to displaysome characteristics of an emerging market. These characteristics include, but are not limited to, the existence ofa currency that is not freely convertible in most countries outside of theRussian Federation, restrictive currency controls, and relative high inflation.

The prospects for future economic stability are largelydependent upon the effectiveness of economic measures undertaken by thegovernments, together with legal, regulatory, and political developments.

*Capital commitments*CCTV's purchase commitments for network equipment totaled$254,000 as of February 29, 2004.
****
*Russian Taxation and legislation*Russian tax, currency and customs legislation is subject tovarying interpretations, and changes, which can occur frequently.  Management's interpretation of suchlegislation as applied to the transactions and activity of CCTV may bechallenged by the relevant regional and federal authorities.  In particular, recent developments in theRussian environment suggest that the authorities in this country are becomingmore active in seeking to enforce interpretations of the tax legislation, whichmay be different to their previous interpretations or practices.  Fiscal periods remain open to review by theauthorities for three calendar years preceding the year of review (one year inthe case of customs).  Significantadditional taxes, penalties and interest may be assessed on taxpayers in theRussian Federation as a result of such reviews.  Under certain circumstances reviews may cover longer periods.

As of December 31, 2003, management believes that itsinterpretation of the relevant legislation is appropriate and CCTV tax,currency and customs positions will be sustained.(22)        SupplementalDisclosure of Cash Flow InformationThe information below supplements the cash flow data presented in theCompany's Consolidated Statements of Cash Flows (in thousands):

50**2004

2003

2002
            
Cash paid (received)  for:

 

 

 

                Interest

$   262

$278 

$1,038 

                Income taxes, net

 $(229)

$385 

$    (13)**
During FY02, the Company issued 25,650 shares, of its CommonStock from the conversion of Preferred Stock and during FY02 it issued 247shares of its Common Stock from conversion of 10 1/2% convertible notes.

(23)         Related Party TransactionsAt February 29, 2004, the Company had recorded liabilities to COMCOR totaling$1,815,000. Of this amount, the liability with a historic value of $1,380,000was reduced by $451,000 to bring it to the fair which approximates the fairvalue of 220,879 common shares of the Company that are committed to be issuedto satisfy this liability in accordance with terms of the CCTV acquisitionagreements.  Such amounts were incurredby CCTV for lease of secondary nodes and signal delivery and data networkservices.  At February 29, 2004, thisamount was secured by a pledge of certain assets, which pledge will be removedas a result of the completion of the issuance of the 220,879 shares of CommonStock to COMCOR as described in Note 4. The Company and COMCOR have agreements, which provide for payments ofcertain services based upon the amount of television service revenuesearned.  If such defined payments arenot adequate to reduce accrued liabilities as of the end of December 2005, theCompany has the option of paying up to $1.5 million of such accrued balancewith up to 240,000 shares of its Common Stock. 

During FY02, the Company allocated approximately $125,000 ofexpenses to Moscow Broadband for administrative services provided.  No costs were allocated during FY04 andFY03.(24)       Quarterly FinancialData (unaudited)
**2004 Quarterly Financial  Data

May 31

August 31

November 30

February 29

Investment income and other income from continuing  operations

  $610

  $335

  $473

  $211

Net loss from continuing operations before  equity in losses of unconsolidated  subsidiary   and income taxes

  (332)

  (313)

  (250)

  (677)

Equity in losses of unconsolidated subsidiary

(174)

(147)

(167)

(155)

Net loss from continuing operations

(413)

(657)

(385)

(703)

Net income (loss)

(484)

(727)

(456)

(773)

Earnings (Loss) Per  Common Share-Basic:

$(0.23)

$(0.35)

$(0.22)

$(0.32)

                                                                    -Diluted:

$(0.23)

$(0.35)

$(0.22)

$(0.32)

 

2003 Quarterly  Financial Data

May 31

August 31

November 30

February 28

Investment income and other income from continuing  operations

  $196 

  $   90 

  $  322 

  $  306 

Net loss from continuing operations before  equity in losses of unconsolidated  subsidiary   and income taxes

  (419)

  (727)

  (436)

  (291)

Equity in losses of unconsolidated subsidiary

(168)

(172)

(172)

(200)

Net loss from continuing operations

(434)

(636)

(473)

(507)

Net income (loss)

1,170 

(636)

(473)

(507)

Income (loss) applicable to common shares

1,099 

(706)

(544)

(577)

Earnings (Loss) Per  Common Share-Basic:

$0.52 

$(0.34)

$(0.26)

$(0.27)

                                                                    -Diluted:

$0.52 

$(0.34)

$(0.26)

$(0.27)**
(25)         Pro forma Financial Information(unaudited)

The following tablepresents the Company's pro forma consolidated statement of operations for theCompany's year ended February 29, 2004 as if the Company had acquired CCTV andMBC as of March 1, 2003 (in thousands):

51**FY04

FY03
         
Sales and revenues:

 

 

Subscription  fees

$        2,626 

$      1,365   

Connection fees, equipment   sales and other income

1,020 

576 

 Total revenue

3,646 

1,941 

Gross margin

(114)

(951)

Operating (loss)

(6,223)

(6,629)

Net loss

(5,152)

(5,553)

Preferred dividends

(282)

(282)

(Loss) applicable to common  shareholders

$       (5,434)

$    (5,835)  

Loss per Common Share - Basic and  Diluted:

$         (0.63)

$      (0.68)  

Weighted average shares outstanding - basic and diluted  

8,604 

8,604 **
Pro forma adjustmentscomprise reduced depreciation based upon the recording of the fair value of thetangible assets acquired, the elimination of amortization of licenses, andadditional equity in the losses of IAS.                             

(26)                SubsequentEventIn April 2004, the Company called for the redemption or voluntaryconversion in lieu redemption of 35,000 shares or approximately 18.6% of theoutstanding shares of its Preferred Stock with a redemption date, as extended,of May 14, 2004.  As a result of theredemption and voluntary conversions of the Preferred Stock into Common Stock,8,761 shares of Preferred Stock were redeemed and 29,016 shares of PreferredStock were converted into 88,635 shares of the Company's Common Stock.

52
******Report of Independent RegisteredPublic Accounting Firm**
** **

To the Board of Directors and Stockholders of MoscowCableCom Corp.:

In our opinion, the consolidated financial statements listed in theaccompanying index present fairly, in all material respects, the financial positionof Moscow CableCom Corp. and itssubsidiaries at February 29, 2004 and February 28, 2003, and the results of their operations and theircash flows for each of the three years in the period ended February 29, 2004 inconformity with accounting principles generally accepted in the United Statesof America.  In addition, in ouropinion, the financial statement schedule listed in the accompanying indexpresents fairly, in all material respects, the information set forththerein when read in conjunction with the related consolidated financialstatements.  These financial statementsand financial statement schedule are the responsibility of the Company'smanagement.  Our responsibility is toexpress an opinion on these financial statements and financial statementschedule based on our audits.  Weconducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Thosestandards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements, assessing the accounting principles used andsignificant estimates made by management, and evaluating the overall financialstatement presentation.  We believe thatour audits provide a reasonable basis for our opinion.

/s/ ZAO PricewaterhouseCoopers Audit

ZAO PricewaterhouseCoopers AuditMoscow, Russian FederationJune 10, 2004

 53
**MOSCOW CABLECOM CORP.Schedule II - Valuation and Qualifying Accounts(Amounts in thousands)
** 
Additions

 

 

 

 

 

 

  Balance at

Charged  (credited) to

  Charged to

 

 

 

 

beginning

costs and

to other

 

 

 

Balance at

Description

of year

expenses

accounts

 

Deductions

 

end of year

 

 

 

 

 

 

 

February 29, 2004

 

 

 

 

 

 

 

Allowance for doubtful accounts

  $         25 

  $           15 

 

 

 

 

  $          40 

Deferred income tax valuation allowance

  1,181 

  707 

  772

  (c)

  (1,479)

 

  409 

 

 

 

 

 

 

 

February 28, 2003

 

 

 

 

 

 

 

Allowance for doubtful accounts 

  $         96 

  $         (19)

  -

 

  $        (52)

  (a)

  $          25 

Reserve for returns

     70 

             - 

(44)

(b)

(26)

(a)

- 

Deferred income tax valuation allowance

  1,021 

  160 

  - 

 

  - 

  1,181 

 

 

 

 

 

 

 

February 28, 2002

 

 

 

 

 

 

 

Allowance for doubtful accounts

  $         77 

  $        20 

  - 

 

  $        (1)

 

  $         96 

Reserve for returns

   70 

- 

- 

 

- 

 

         70 

Deferred income tax valuation allowance

  925 

  96 

  - 

 

  - 

 

  1,021 

 

 

 

 

 

 

 

(a)    Write offs, net of recoveries(b)    Represents value of settlements of transition balances withbuyer of JM Ney's operating assets.(c)    Represents elimination due to consolidation of investment inMBC due to its acquisition.

54
****
EXHIBIT INDEX
**Exhibit No.

Description

Page 

14.

Code of Ethics for the Chief the Chief Executive Officer,  Chief Financial Officer and All Accounting and Financial Personnel 

56

21.

Subsidiaries of the Registrant

57 

23.1

Consent of PricewaterhouseCoopers LLP

58

 

31.1

Certificate of CEO pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002

59

 

31.2

Certificate of CFO pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002

60

 

99.1

Certification of CEO and CFO pursuant to 18 U.S.C. Section  1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

  61** 
55

Exhibit 14

Moscow CableCom Corp.Code of Ethics for the Chief Executive Officer, Chief FinancialOfficers and All Accounting and Financial Personnel

This code sets forth the fundamental principles to whichMOCC's executive and finance personnel are expected to adhere and uphold.  Executive and finance personnel are expectedto unequivocally abide by this code as well as all other applicable Companypolicies and procedures relating to areas covered by this code.  Any violations of this code may result indisciplinary action, including termination of employment, as appropriate.

MOCC's Chief Executive Officer, its Chief Financial Officerand all accounting and financial personnel will:
- Act     honestly, ethically and with integrity in good faith, with due care,     competence and diligence.
- Familiarize     himself or herself with all applicable laws, rules and regulations of     federal, state, provincial and local governments, and other appropriate     regulatory agencies and ensure that MOCC and its subsidiaries comply with     such laws, rules and regulations in all activities within the scope of     such person's responsibilities.
- Promote     an environment of truthful disclosure and honesty.
- Avoid     actual or apparent conflicts of interest between personal and professional     relationships and consult the Company policy or contact the Legal     Department regarding conflict situations as they arise.
- Report     information that is accurate, complete, fairly stated, timely and     understandable without misrepresenting or omitting material facts,     including material information that may affect the Company's public     filings.
- Respect     the confidentiality of information acquired in the course of their work     except when authorized or otherwise legally obligated to disclose.  Confidential information acquired in     the course of their work will not be used for personal advantage.
- Promptly     report any significant deficiencies in internal controls to an appropriate     Finance manager or member of the Audit Committee.
- Promptly     report any violation of:  (i)     applicable laws, (ii) this Code or the Company's Code of Ethics and     Business Conduct or (iii) fraud to an appropriate Finance manager, a     member of the Audit Committee or the Company's General Counsel.  MOCC will not allow for retaliation for     reports made in good faith.

The Audit Committee of the Boardof Directors shall have the sole authority to approve any waiver of anyprovision of this Code of Ethics, and any waiver will be promptly disclosed asrequired by the Securities and Exchange Commission.

56
** 

Exhibit 21

SUBSIDIARIES OF THE REGISTRANT
** 

 

Name or Organization

State or   Country of Incorporation

 
 
ZAO ComCor-TV

Russia

 
 
AG Investors, Inc. *

Florida

 
 
AGI Technology, Inc. **

Connecticut

 
 
Andersen Realty, Inc. *

Delaware

 
 
Ney International, Inc. *

U.S. Virgin Islands

 
 
Ney Technology, Inc. (f/k/a Ney Ultrasonics Inc.) ***

Delaware

 
 
Andersen Land Corp. (f/k/a The J.M. Ney Company)

Delaware

 
 
New Jersey Precious Metals, Inc. **

Delaware

 
 
Garden State Refining, Inc.*

Delaware

 
 
ABC Moscow Broadband Communication Ltd.

Cyprus

 
*     A dormant  company which holds no property and has no operations.  **   Currently has  certain established banking relationships, but no operating activities.  *** Currently benefits from royalty income stream from sale of intangible  assets in February 1998.
** **
57
****
 
Exhibit 23.1
** ******
Consent of Independent Registered Public Accounting Firm

We hereby consent to the incorporation by reference in theRegistration Statement on Form S-8 (No. 333-17659) of Moscow CableCom Corp.(formerly known as Andersen Group, Inc.) of our report dated June 10, 2004relating to the financial statements and financial statement schedule, whichappears in this Form 10-K.

/s/ ZAO PricewaterhouseCoopers Audit

ZAO PricewaterhouseCoopers AuditMoscow, Russian FederationJune 15, 2004

58

Exhibit 31.1
** 

CERTIFICATIONSPURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**
I, Oliver R. Grace, Jr., Presidentand Chief Executive Officer of Moscow CableCom Corp., certify that:

1.        I have reviewed thisannual report on Form 10-K of Moscow CableCom Corp.;
**2.

Based on my knowledge, this report does not contain any  untrue statement of a material fact or omit to state a material fact  necessary to make the statements made, in light of the circumstances under  which such statements were made, not misleading with respect to the period  covered by this report; 

3.

Based on my knowledge, the financial statements, and other  financial information included in this report, fairly present in all material  respects the financial condition, results of operations and cash flows of the  registrant as of, and for, the periods presented in this report; 

4.

The registrant's other certifying officer and I are  responsible for establishing and maintaining disclosure controls and  procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and  internal controls over financial reporting (as defined in Exchange Act Rules  13a-15(f) and 15d-15(f)) for the registrant and have: 

a)

Designed such disclosure controls and procedures, or  caused such disclosure controls and procedures to be designed under our  supervision, to ensure that material information relating to the registrant,  including its consolidated subsidiaries, is made known to us by others within  those entities, particularly during the period in which this report is being  prepared; 

b)

Evaluated the effectiveness of the registrant's disclosure  controls and procedures and presented in this report our conclusions about  the effectiveness of the disclosure controls and procedures, as of the end of  the period covered by this report based on such evaluation; and 

c)

Disclosed in this report any change in the registrant's  internal control over financial reporting that occurred during the  registrant's most recent fiscal quarter (the registrant's fourth fiscal  quarter in the case of an annual report) that has materially affected, or is  reasonably likely to materially affect, the registrant's internal control  over financial reporting; and 

5.

The registrant's other certifying officer(s) and I have  disclosed, based on our most recent evaluation of internal control over  financial reporting, to the registrant's auditors and the audit committee of  the registrant's board of directors (or persons performing the equivalent  functions): 

a)

All significant deficiencies and material weaknesses in  the design or operation of internal control over financial reporting which  are reasonably likely to adversely affect the registrant's ability to record,  process, summarize and report financial information; and 

b)

Any fraud, whether or not material, that involves  management or other employees who have a significant role in the registrant's  internal control over financial reporting. 

Date: June 15, 2004

/s/ Oliver R. Grace, Jr.

Oliver R. Grace, Jr.

President and Chief Executive Officer**
59
**Exhibit31.2

I, Andrew M. O'Shea, Chief FinancialOfficer of Moscow CableCom Corp., certify that:

1.      I have reviewedthis annual report on Form 10-K of Moscow CableCom Corp.;**2.

Based on my knowledge, this report does not contain any  untrue statement of a material fact or omit to state a material fact  necessary to make the statements made, in light of the circumstances under  which such statements were made, not misleading with respect to the period  covered by this report; 

3.

Based on my knowledge, the financial statements, and other  financial information included in this report, fairly present in all material  respects the financial condition, results of operations and cash flows of the  registrant as of, and for, the periods presented in this report; 

4.

The registrant's other certifying officer and I are  responsible for establishing and maintaining disclosure controls and  procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the  registrant and have: 

a)

Designed such disclosure controls and procedures, or  caused such disclosure controls and procedures to be designed under our  supervision, to ensure that material information relating to the registrant,  including its consolidated subsidiaries, is made known to us by others within  those entities, particularly during the period in which this report is being  prepared; 

b)

Evaluated the effectiveness of the registrant's disclosure  controls and procedures and presented in this report our conclusions about  the effectiveness of the disclosure controls and procedures, as of the end of  the period covered by this report based on such evaluation; and 

c)

Disclosed in this report any change in the registrant's  internal control over financial reporting that occurred during the  registrant's most recent fiscal quarter (the registrant's fourth fiscal  quarter in the case of an annual report) that has materially affected, or is  reasonably likely to materially affect, the registrant's internal control  over financial reporting; and 

5.

The registrant's other certifying officer(s) and I have  disclosed, based on our most recent evaluation of internal control over  financial reporting, to the registrant's auditors and the audit committee of  the registrant's board of directors (or persons performing the equivalent  functions): 

a)

All significant deficiencies and material weaknesses in  the design or operation of internal control over financial reporting which  are reasonably likely to adversely affect the registrant's ability to record,  process, summarize and report financial information; and 

b)

Any fraud, whether or not material, that involves  management or other employees who have a significant role in the registrant's  internal control over financial reporting. 

Date: June 15, 2004

/s/ Andrew M. O'Shea 

Andrew M. O'Shea

Chief Financial Officer**
60
** 

EXHIBIT 99.1

CERTIFICATION OF CEOAND CFO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of MoscowCableCom Corp. for the fiscal year ended February 29, 2004 as filed with theSecurities and Exchange Commission on the date hereof (the "Report"),pursuant to 18 U.S.C. § as adopted pursuant to § 906 of the Sarbanes-Oxley Actof 2002, Oliver R. Grace, Jr., President and Chief Executive Officer, andAndrew M. O'Shea, Chief Financial Officer, each hereby certifies, that, to thebest of his knowledge:

(1)                The Report fully complies with the requirements of Section13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)                The Information contained in the Report fairly presents, inall material respects, the financial condition and results of operations ofMoscow CableCom Corp.
** 
June 15, 2004

/s/    Oliver R. Grace, Jr.

 
Oliver R. Grace, Jr.

 
President and Chief Executive Officer

 
 
June 15, 2004

/s/    Andrew M. O'Shea

Andrew M. O'Shea

Chief Financial Officer

This certification accompanies the Report pursuant to § 906of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent requiredby the Sarbanes-Oxley Act of 2002, be deemed filed for purposes of § 18 of theSecurities Exchange Act of 1934, as amended.

61************************************************************* |
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