SECURITES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C. 20549
                          ----------------------
                               FORM 10-KSB
             Annual Report Pursuant to Section 13 or 15(d) of
                   the Securities Exchange Act of 1934

For the fiscal year ended    April 30, 2000  Commission File No. 0-8512
                          ----------------------
                             MONARCH SERVICES, INC.
               (Name of small business issuer in its charter)

           DELAWARE                410-254-9200           52-1073628
(State or other jurisdiction   (Issuer's telephone    (I.R.S. Employer
    of incorporation or         number, including    Identification No.)
       organization)               area code)

                 4517 Harford Road                       21214
                 Baltimore, Maryland                   (Zip code)
      (Address of principal executive offices)

      Securities registered pursuant to Section 12(g) of the Act:
                     Common Stock, $.25 par value
                        (Title of each class)

      Check whether the issuer (1) has filed all reports required to be filed by
Section  13  or  15(d) of the Securities Exchange Act of 1934  during  the  past
twelve  months (or for such shorter period that the registrant was  required  to
file such reports), and (2) has been subject to such filing requirements for the
past 90 days. Yes [ X ]   No [  ]

      Check  if  disclosure  of delinquent filers in response  to  Item  405  of
Regulation  S-B  is  not  contained in this form,  and  no  disclosure  will  be
contained,  to  the best of the registrant's knowledge, in definitive  proxy  or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.   [   ]

     The issuer's revenues for the fiscal year ended April 30, 2000 are
$4,001,000.

      As  of  July  20, 2000, the aggregate market value of the Issuer's  common
stock held by non-affiliates was $3,866,183.

      As of July 20, 2000, the number of shares outstanding of the Issuer's
common stock was 1,619,820.

                  DOCUMENTS INCORPORATED BY REFERENCE

     Portions of the definitive proxy statement to be filed under Regulation 14A
for the annual meeting to be held in October, 2000 are incorporated by reference
into Part III.

     Transitional small business disclosure format (check one):
                    Yes [   ]        No [ X ]
<PAGE>
                            PART I

Item 1.   DESCRIPTION OF BUSINESS

Monarch  Services,  Inc.  (the  "Company") formerly  Monarch  Avalon,  Inc.  was
incorporated  in Delaware on December 20, 1976 as a commercial printing  company
and  as the successor to a developer and publisher of strategy board games  that
originally   entered  the  games  business  in  1958.   In  1993,  the   Company
incorporated  a  subsidiary,  Girls'  Life,  Inc.  which  commenced  substantial
operations  with the sale of the first issue of Girls' Life magazine  in  August
1994.

On October 27, 1998, the Company sold substantially all the assets of its former
games  division  to a subsidiary of Hasbro, Inc. for $6,000,000  in  cash.   The
assets  sold  included  trademarks, copyrights and other  intellectual  property
rights, inventory and tooling.  The operating results of the games division have
been  classified  as discontinued operations for all periods  presented  in  the
consolidated statements of operations.

On August 20, 1999, the Company closed the printing and envelope division due to
increased  losses  since the previous year's sale of the  games  division.   The
operating results of the printing and envelope division have been classified  as
discontinued operations for all periods presented in the consolidated statements
of operations.

On  November  2,  1999,  all remaining machinery and equipment  from  the  games
division and remaining inventories and machinery and equipment from the printing
and envelope division were sold at auction.

The  Company  operated  in  two businesses during fiscal  1999:  publishing  and
printing  and  envelopes.  The printing and envelope division was closed  during
fiscal  2000  and  is included in discontinued operations. The businesses  share
certain facilities and operates under common management.

Publishing Business
Girls'  Life, Inc. publishes a bi-monthly magazine for young girls age  nine  to
fourteen. In 1998, Girls' Life, Inc. created the magazine's website to  be  used
by   its   readers   and   the  general  public.   The   Girls'   Life   website
(www.girlslife.com) allows girls to read past articles, enter contests,  connect
with  other  girls  via  message boards, and chat with the  magazine's  editors.
Through  the website, Girls' Life can be enjoyed by millions of girls  worldwide
every hour of every day.

Girls' Life is intended to be an intelligent, non-condescending and easily  read
magazine.  The  philosophy behind the graphic representation and  every  article
presented is that girls are important, independent, and intelligent people  with
opinions of their own.  Each article seeks to reinforce that message and inspire
confidence in a girl's thoughts, opinions, and feelings.  Editorial material  is
created  by  the  magazine's  staff as well as  through  outside  writers.   The
magazine is printed through one large national printing service company.


<PAGE>
The revenues of the Company's publishing business are seasonal in nature.
Girls' Life magazine is published six times per year normally, two issues
are published in the second and fourth quarters and one issue is published
in each of the first and third quarters.

Printing and Envelope Business
On August 20, 1999, the Company closed the printing and envelope division due to
ongoing losses.


MARKETING

Girls' Life magazine subscriptions are sold through traditional sources such  as
direct-mail solicitation, insert cards and via subscription agents. The magazine
is  also sold on newsstands and subscriptions can be obtained or renewed through
the  internet  on  the  Girls' Life website.  Newsstand copies  are  distributed
nationally  by  Ingram Periodicals Inc., International Periodical  Distributors,
Retail  Vision  and Worldwide.  Newsstand copies are distributed nationally  and
internationally by Warner Publisher Services.  The Company has  entered  into  a
joint  venture with the Girl Scouts of the U.S.A. through which the Company  has
direct access to the Girl Scout's mailing list of over 2,000,000 girls.

The  basic domestic price of a one-year Girls' Life subscription is $17.85.  The
suggested retail price of a single issue of Girls' Life in the United States  at
the newsstand is $2.95.

The  average  total distribution per issue during fiscal year 2000  was  as  set
forth in the following table.

       Distribution Channel           Number of Magazines Distributed
     ------------------------       -----------------------------------

         Newsstand Sales                         65,000

         Subscription Sales                     267,000
                                               ---------
            Total Paid Circulation              332,000


         Complementary Copies                     1,000


The   following   table   sets  forth  the  average  number   of   subscriptions
geographically  sold per issue, internationally and domestically  during  fiscal
year 2000.

       Geographic Distribution         Number of Magazines Distributed
     ---------------------------     -----------------------------------

         United States                          263,000

         International                            4,000
<PAGE>
COPYRIGHTS AND TRADEMARKS

The  Company's  magazine  is  generally protected by registered  trademarks  and
copyrights  in the United States and foreign countries to the extent  that  such
protection is available.

COMPETITION

Competition in the publishing industry is intense with numerous other publishers
and  retailers,  as well as other media, competing for readers  and  advertising
revenue.   Most  of  the Company's competitors in the publishing  business  have
broader and better recognized product offerings and greater experience, depth of
management  and creative and financial resources than the Company.  Given  these
factors, there can be no assurance that the Company will be able to continue  to
compete  successfully in the publishing industry and the failure to  do  so  may
have a material adverse effect on the results of the publishing business.

EMPLOYEES

At  April  30,  2000,  the  Company employed 26  executive,  administrative  and
clerical personnel. One of the administrative personnel was part time.  None  of
the  Company's  employees are represented by a union. The Company  believes  its
relations with its employees are good.


Item 2.  DESCRIPTION OF PROPERTY

The Company leases property at the following locations for the following
purposes:

1.  4517  Harford  Road, Baltimore, Maryland 21214. This property  contains  the
Company's offices and warehouse facilities. The property is leased through 2006.

The  Company  leases  the Harford Road property from A. Eric  Dott  who  is  the
Chairman and a major stockholder of the Company. Although not negotiated at arms
length,  management believes the terms of the lease with Mr. Dott are comparable
to lease terms for like properties in the same geographic area.

Item 3. LEGAL PROCEEDINGS
Companies  in  the publishing industry are, in the ordinary course of  business,
made  the  subject of actions alleging copyright infringement and other actions.
Such  actions may allege large damages. The Company has, on an infrequent basis,
had such claims made against it.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS
        NONE




<PAGE>
                                PART II

Item 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS


Common Stock Market Prices and Dividends

The  Company's  common stock is traded on the Nasdaq SmallCap Market  under  the
symbol  MAHI.  The  number  of  stockholders of record  on  July  20,  2000  was
approximately 500. Effective with the commencement of trading on June 19,  1998,
the  Company's  Common Stock was voluntarily delisted from the  Nasdaq  National
Market and transferred to the Nasdaq SmallCap Market.

High and low closing sale prices for the last two years were:

                       Fiscal 2000                Fiscal 1999
Quarter                   Price                      Price
Ended                High        Low               High        Low
                     -------     -------        -------     -------
July 31              2-29/32     2-17/32        1-3/4       1-1/2
October 31           4           3-5/8          1-15/16     1-15/16
January 31           3-11/16     3-11/16        3-5/16      3-1/8
April 30             3-7/16      3-7/16         3           3

Such  prices  reflect inter-dealer prices, without retail mark-up, mark-down  or
commissions and may not represent actual transactions. The Company has not  paid
any  cash  dividends  since April 1987. Although the  board  of  directors  will
continue to review the Company's profitability with respect to the resumption of
dividends,  there can be no assurance as to the timing or amount of  any  future
dividends.























<PAGE>
Item 5A.     CERTAIN CAUTIONARY INFORMATION

In  connection with the Private Securities Litigation Reform Act  of  1995  (the
"Litigation  Reform  Act"), the Company is hereby disclosing certain  cautionary
information  to  be  used in connection with written materials  (including  this
Annual  Report on Form 10-KSB) and oral statements made by or on behalf  of  its
employees  and  representatives  that may contain  "forward-looking  statements"
within the meaning of the Litigation Reform act.  Such statements consist of any
statement  other than a recitation of historical fact and can be  identified  by
the  use  of  forward-looking terminology such as "may," "expect," "anticipate,"
"estimate," or "continue" or the negative thereof or other variations thereon or
comparable  terminology.  The listener or reader is cautioned that all  forward-
looking statements are necessarily speculative and there are numerous risks  and
uncertainties  that  could cause actual events or results to  differ  materially
from those referred to in such forward-looking statements.  The discussion below
highlights some of the more important risks identified by management, but should
not be assumed to be the only factors that could affect future performance.  The
reader  or  listener is cautioned that the Company does not  have  a  policy  of
updating  or revising forward-looking statements and thus he or she  should  not
assume that silence by management over time means that actual events are bearing
out as estimated in such forward-looking statements.


HISTORY OF OPERATING LOSSES

Prior  to  the reclassification of activity relating to discontinued operations,
the  Company has reported losses from continuing operations before taxes in four
of  the  past  five  years.  There can no assurance that the Company's  business
strategies  and  tactics  will  be successful  and  that  the  Company  will  be
profitable in future periods.


WE MAY BE DELISTED FROM THE NASDAQ SMALLCAP STOCK MARKET

Under the rules of the Nasdaq SmallCap Stock Market, issuers must have a minimum
of  300  stockholders that hold round lots of 100 shares or more.  Although  the
Company believes that it currently has more than 300 stockholders of round  lots
there  can be no assurance that the Company will continue to have more than  300
stockholders of round lots.  In the event the Company has less than 300  holders
of  round  lots,  the  Company's common stock may be delisted  from  the  Nasdaq
SmallCap Stock Market.  In the event the Company's common stock is delisted from
the  Nasdaq SmallCap Stock Market, trading in the common stock, should a  market
develop,  could  be conducted in the over-the-counter market  in  the  so-called
"pink  sheets"  or  the  NASD's Electronic Bulletin  Board.   Such  markets  are
characterized  by relatively low liquidity and relatively large spreads  between
bid and ask prices in comparison to the Nasdaq SmallCap Stock Market.




<PAGE>
COMPETITION

Competition in the publishing industry is intense with numerous other publishers
and  retailers,  as well as other media, competing for readers  and  advertising
revenue.   Most  of  the Company's competitors in the publishing  business  have
broader and better recognized product offerings and greater experience, depth of
management  and creative and financial resources than the Company.  Given  these
factors, there can be no assurance that the Company will be able to continue  to
compete  successfully in the publishing industry and the failure to  do  so  may
have a material adverse effect on the results of the publishing business.


LIMITED MARKET FOR PUBLISHING BUSINESS

The  Girls'  Life  magazine is targeted to girls ages nine  to  fourteen.  Since
Girls'  Life's target audience is limited by age and gender, Girls' Life, unlike
other  magazines that appeal to broader age groups, must replace a large portion
of its readership each year due to maturing of its audience. Accordingly, Girls'
Life's  promotional  expenses  that  are designed  to  replace  and  expand  its
readership  may  be  higher  than other magazines with  comparable  circulation.
There  can be no assurance that Girls' Life will be able to replace its existing
readers and expand its circulation going forward.  Any decrease in Girls' Life's
circulation,  due  to demographic or other factors, can be expected  to  have  a
material adverse effect on the revenues of the Company's publishing business.


EFFECT OF INCREASES IN PAPER AND POSTAGE COSTS

The  price  of  paper  is  a  significant expense of  the  Company's  publishing
business.   Paper  price increases may have an adverse effect on  the  Company's
future  results.  Postage for the magazine distribution is  also  a  significant
expense  of  the  Company.  The  Company  uses  the  U.S.  Postal  Service   for
distribution  of its magazine. Postage costs increase periodically  and  can  be
expected to increase in the future. No assurances can be given that the  Company
can pass such cost increases through to its customers.


CONTROL BY PRINCIPAL STOCKHOLDERS

A.  Eric  Dott  and,  his  son,  Jackson Y. Dott,  the  Company's  Chairman  and
President, respectively, beneficially own an aggregate of 42% of the outstanding
voting  securities  of  the Company.  Accordingly, these stockholders  have  the
ability,  acting  together,  to exercise significant  control  over  fundamental
corporate   transactions  requiring  stockholder  approval,  including   without
limitation the election of Directors, approval of merger transactions  involving
the Company and sales of all or substantially all of the Company's assets.


<PAGE>
Item 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

RESULTS OF OPERATIONS FISCAL 1999 THROUGH FISCAL 2000

Sales  of  Girls' Life increased $198,000 or 5% in fiscal year 2000 from  fiscal
year  1999. The increase in sales for Girls' Life relates primarily to increased
subscriptions as a result of increased promotions and direct mail advertising of
the magazine and increased revenue from advertising and list rental.

Cost of goods sold, as a percent of sales was 69% in fiscal year 2000 and 65% in
fiscal year 1999. The overall increase in 2000 was primarily due to increases in
direct  labor  costs and higher shipping and delivery costs  of  the  publishing
business. There also was an increase in corporate overhead charged to the Girls'
Life division as a result of the closing of the printing and envelope division.

Selling,  general and administrative expenses as a percentage of sales were  20%
in  fiscal  year  2000 and 19% in fiscal year 1999. The Company has  experienced
increases  in  its selling, general and administrative expense  due  to  general
corporate overhead costs that were previously charged to the former printing and
envelope business and are currently being charged to the publishing business.

The  Company  discontinued its printing and envelope division  during  the  year
ended  April 30, 2000 and discontinued its games division during the year  ended
April  30,  1999.   Operating losses attributable to the printing  and  envelope
division  were $575,000 (net of tax benefit) for the year ended April  30,  2000
compared  to  $830,000 (net of tax benefit) for the year ended April  30,  1999.
During  the third quarter of fiscal 2000, the sale of the printing and  envelope
division  was completed.  The sale consisted primarily of equipment and  limited
inventory  and  resulted in a gain of $345,000 (net of tax).   Operating  losses
attributable  to the games division for fiscal year 1999 were $433,000  (net  of
tax).  A gain of $3,881,000 (net of tax) was realized upon the sale of the games
division during the second fiscal quarter of 1999.

Other  income increased $209,000 in 2000 to $346,000 from $137,000 in 1999.  The
fiscal  year 2000 increase was primarily due to the increase in interest  income
in  the  amount  of  $194,000 and other miscellaneous income in  the  amount  of
$31,000.  Other income increased $39,000 in 1999 from 1998.  The  1999  increase
was primarily due to the increase in interest income.

Income  tax expense attributable to continuing operations was $301,000  for  the
year  ended  April 30, 2000.  The Company's effective rate for the  fiscal  year
2000  was  44%.   A  income  tax benefit of $79,000 attributable  to  continuing
operations was recorded for the year ended April 30, 1999.






<PAGE>
LIQUIDITY AND SOURCES OF CAPITAL

Cash and cash equivalents increased $1,101,000 in fiscal 2000 to $8,422,000. The
increase  in  fiscal  year  2000 resulted primarily from  the  net  proceeds  of
$803,000  from  the sale of the machinery and equipment from the games  division
and  the  sale  of  machinery and equipment and inventories  from  printing  and
envelope  division, interest and other miscellaneous income  in  the  amount  of
$362,000.

The  Company  leases  its office and warehouse facilities  under  noncancellable
operating leases.  Annual commitments under these leases at April 30,  2000  are
$131,000  annually through 2006. Certain of these leases are with the  Company's
Chairman and a member of his family.

At April 30, 2000, the Company had no debt with third-party lenders.

During  fiscal  2000, cash and cash equivalents ranged from  approximately  $7.3
million to $8.4 million. The Company's cash and cash equivalents are subject  to
variation based upon the timing of receipts and the payment of payables.  During
fiscal  2000  the  Company  maintained an average balance  for  certificates  of
deposit   and   treasury  bills  of  approximately  $455,000   and   $6,197,000,
respectively.

Management believes that existing cash and cash equivalents, together with  cash
generated from operations and investing activities, will be sufficient  to  meet
the Company's liquidity and capital needs for the next 12 months.

IMPACT OF INFLATION AND CHANGING PRICES

The  price  of  paper  is  a  significant expense of  the  Company's  publishing
business.   Paper  price increases may have an adverse effect on  the  Company's
future  results.   Postage for the magazine distribution is also  a  significant
expense  of  the  Company.   The  Company  uses  the  U.S.  Postal  Service  for
distribution of its magazine.  Postage costs increase periodically  and  can  be
expected to increase in the future.  No assurances can be given that the Company
can pass such cost increases through to its customers.


<PAGE>
<TABLE>













Item 7.     FINANCIAL STATEMENTS

Consolidated Statement of Financial Condition
<CAPTION>
------------------------------------------------------------
April 30,                                          2000
------------------------------------------------------------
                                             (000's Omitted)
<S>                                              <C>
ASSETS

CURRENT ASSETS
   Cash and cash equivalents                      $8,422
   Accounts receivable, net                          230
   Marketable securities available
       for sale                                       32
                                                   -------
                                                   8,684
Prepaid expenses                                      35
Income taxes receivable                              155
                                                  -------
                   TOTAL CURRENT ASSETS             8,874

PROPERTY AND EQUIPMENT
   Machinery, equipment, furniture and
      fixtures                                       354
   Leasehold improvements                            305
   Accumulated depreciation                         (447)
                                                  -------
                                                     212
                                                  -------
INTANGIBLE ASSETS-NET                                 14
                                                  -------
                                                  $9,100
                                                  =======


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
   Accounts payable                               $  279
   Accrued expenses                                   54
   Deferred subscription revenue                   1,478
                                                  -------
                   TOTAL CURRENT LIABILITIES        1,811
                                                  -------
DEFERRED INCOME TAXES                                 282
                                                  -------






STOCKHOLDERS' EQUITY
   Preferred Stock-par value $.01 per share:
      Authorized 100,000 shares; no shares
      issued
   Common Stock-par value $.25 per share:
      Authorized - 3,000,000 shares; shares
      issued - 2,109,985: shares outstanding
      1,619,820                                      527
   Capital surplus                                 3,378
   Retained earnings                               3,234
   Accumulated other comprehensive income            (10)
                                                  -------
                                                   7,129
   Treasury stock at par - 490,165 shares           (122)
                                                  -------
                   TOTAL STOCKHOLDERS' EQUITY      7,007
                                                  -------
                                                  $9,100
                                                  =======
<FN>
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>






























Item 7.             FINANCIAL STATEMENTS (Continued)

Consolidated Statements of Operations
<CAPTION>
-----------------------------------------------------------------------
Years Ended April 30,                            2000        1999
-----------------------------------------------------------------------

                               (000's Omitted, except share information)
<S>                                          <C>          <C>
Net Sales - publishing                        $ 4,001      $ 3,803
Cost of goods sold - publishing                 2,776        2,465
                                              ----------------------
Gross profit from continuing operations         1,225        1,338
                                              ----------------------
Selling, general and administrative
   expenses                                       782          729
                                              ----------------------
Income from continuing operations before
  other income and income taxes                   443          609

Other income:
   Investment and interest income                 331          137
   other                                           31            0
                                                 --------------------
                                                  362          137
                                                --------------------
Income from continuing operations
   before income taxes                            805          746

Income tax expense                                301          202
                                                --------------------
Income from continuing operations                 504          544

Discontinued Operations:
   Operating loss from games division               0         (433)
   Gain on disposal of games business
     (net of income taxes of $580)                  0        3,881
   Operating loss from printing
      and envelope division (net of
      income tax benefit of ($297)
      and ($281)) for the years ended
      April 30, 2000 and April 30,
      1999, respectively                         (575)        (479)
   Gain on disposal of printing and
      envelope business (net of income
      tax expense of $211) for the
      year ended April 30, 2000                   345            0
                                             -----------------------
(Loss) income from discontinued
      operations                                 (230)       2,969
                                             -----------------------
Net income                                   $    274        3,513
                                             =======================

Net Earnings (loss) per common
     share - basic and diluted:

Income from continuing
     operations per share                    $   .31       $   .34

(Loss) income from discontinued
     operations                                 (.14)         1.83
                                             -----------------------
Net earnings per common
     share - basic and diluted               $   .17          2.17
                                             =======================
Weighted average number of
     shares outstanding                      1,619,820    1,619,820
                                             =======================
<FN>
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>

































Item 7.                FINANCIAL STATEMENTS (Continued)

Consolidated Statements of Changes in Stockholders' Equity
<CAPTION>
------------------------------------------------------------------
Years Ended April 30, 2000 and 1999
------------------------------------------------------------------

                   (000's omitted, except shares outstanding data)

                                        Accumulated
                                        Other Comp-              Total
               Common  Capital  Retained prehensive  Treasury Stockholders'
               Stock   Surplus  Earnings  Income       Stock      Equity
             --------- -------  --------  ------     -------- ------------
<S>             <C>    <C>      <C>        <C>         <C>      <C>
Balance
May 1, 1998     $ 527  $ 3,378  $  (553)       0       $ (122)  $ 3,230

Net income-1999                   3,513                           3,513
              ----------------------------------------------------------
Balance
April 30, 1999  $ 527  $ 3,378  $ 2,960        0       $ (122)  $ 6,743


Net income-2000                     274                             274
Other comprehensive
  income-unrealized
  loss on marketable
  Securities avail-
  able-for-sale                            $ (10)                   (10)
              ----------------------------------------------------------
  Total comprehensive
     income                                                         264
              ----------------------------------------------------------
Balance
April 30, 2000  $ 527  $ 3,378   $ 3,234   $ (10)     $ (122)   $ 7,007
              ==========================================================


Shares Outstanding:  April 30, 1999    1,619,820
                     April 30, 2000    1,619,820

<FN>
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>






Item 7.               FINANCIAL STATEMENTS (Continued)

<CAPTION>
Consolidated Statements of Cash Flows
----------------------------------------------------------------
Year Ended April 30,                            2000     1999
----------------------------------------------------------------
                                               (000's Omitted)
<S>                                         <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income (loss)                           $   274     3,513
  Adjustments to reconcile net income
     to net cash provided by operating
       activities:
     Depreciation and amortization                86       143
     Deferred income taxes                        21       (79)
     Gain on disposal of games division            0    (3,881)
     Gain on disposal of printing and
        and envelope equipment                  (345)      (70)
     Decrease in allowance for doubtful
        accounts                                 (90)      (45)
     Increase/decrease in operating assets
       and liabilities:
        Accounts receivable, gross               290       589
        Inventories                              240       436
        Prepaid expenses                          25        24
        Accounts payable                         137      (210)
        Accrued expenses                        (144)     (525)
        Income taxes payable/receivable         (320)      165
        Deferred subscription revenue            232       222
                                               -----------------
Total cash provided by operating
      activities                                 406       282
                                               -----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment           ( 47)     (  5)
  Purchases of intangible assets                ( 12)     ( 18)
  Purchases of marketable securities            ( 49)        0
  Cash proceeds from disposal of property
     and equipment                               803        77
  Cash proceeds from sale of substantially
     all the assets of the games division,
     net of related expenses                       0     5,247
                                               -----------------
    Total cash provided by investing
       activities                                695     5,301
                                               -----------------

NET INCREASE IN CASH AND CASH
    EQUIVALENTS                                1,101     5,583
CASH AND CASH EQUIVALENTS
  BEGINNING OF YEAR                            7,321     1,738
                                               -----------------

CASH AND CASH EQUIVALENTS
  END OF YEAR                                $ 8,422   $ 7,321
                                               =================
<FN>
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE A - BASIS OF PRESENTATION

The  consolidated  financial  statements of  Monarch  Services,  Inc.,  formerly
Monarch  Avalon,  Inc.,  and  its  wholly-owned Subsidiary  (collectively,  "the
Company"),  include  Monarch  Services,  Inc.  and  Girls'  Life,  Inc.  Certain
reclassifications have been made to amounts previously reported to conform  with
classifications made in 2000.

Girls' Life, Inc. ("Girls' Life") was incorporated in December 1993 in the State
of Maryland and publishes a magazine for girls age nine to fourteen. Substantial
operations  began in fiscal year 1995 with the release of its initial bi-monthly
publication  in  August 1994. Magazines are sold nationally and  internationally
through  distributors  and  directly by Girls' Life through  one  and  two  year
subscriptions.

Monarch  Services,  Inc. ("Monarch") is incorporated in the State  of  Delaware.
The operating results of the printing and envelope division have been classified
as  discontinued  operations  for  all periods  presented  in  the  consolidated
statements of operations.

Creampuffs, Inc. was incorporated on March 12, 1997 in the State of Maryland  as
a  marketing  company  for  others.   This subsidiary  did  not  engage  in  any
operations in the years ended April 30, 2000 and 1999.

Broken  Windows, Inc. was incorporated on June 11, 1997 in the State of Maryland
as  a  retail  operation.  On November 26, 1997, Broken Windows, Inc.  opened  a
retail  store  in Maryland for the purpose of selling computer and  board  games
manufactured  by Monarch Avalon, Inc. and computer and board games  manufactured
by  other  companies.  Products associated with Girls' Life magazine  were  also
offered  for sale to the general public.  The retail store was closed on January
17,  1998.  This subsidiary did not engage in any operations in the years  ended
April 30, 2000 and 1999.

Girlslife.com  was  incorporated on January 24, 2000 in the State  of  Maryland.
This  subsidiary  did not engage in any operations in the year ended  April  30,
2000.

All  material  intercompany balances and transactions between Monarch  Services,
Inc. and Girls' Life Inc. have been eliminated in consolidation.



<PAGE>
NOTE B - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

REVENUE   RECOGNITION:   Girls'  Life  Inc.  recognizes   revenue   related   to
subscriptions  for  its magazine according to the ratio of magazines  issued  to
total  subscribed  issues.  Deferred  subscription  revenue  represents  amounts
collected for subscriptions of the magazine not yet issued.

USE  OF  ESTIMATES: The preparation of financial statements in  conformity  with
generally  accepted accounting principles requires management to make  estimates
and  assumptions that affect the reported amounts of assets and liabilities  and
disclosure  of  contingent assets and liabilities at the date of  the  financial
statements  and  the  reported  amounts of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

CASH EQUIVALENTS: For the purpose of reporting cash flows, the Company considers
all  highly liquid debt instruments purchased with an original maturity of three
months or less to be cash equivalents.

ACCOUNTS  RECEIVABLE:  Girls' Life sells its magazine through  distributors  and
direct  individual subscriptions. Receivables consist of advertising income  and
sales  of magazines through the distributors for issues released prior to  April
30.

INTANGIBLE  ASSETS:  Intangible assets consist of  Monarch  Services,  Inc.  and
Girls'  Life,  Inc. trademarks and are amortized using the straight-line  method
over  periods  estimated to be benefited.  At April 30, 2000, intangible  assets
were $14,366.

INVENTORIES: The Company had no inventories as of April 30, 2000.

PROPERTY  AND  EQUIPMENT:  Property  and  equipment  is  carried  at  cost   and
depreciation is computed by the straight-line method over estimated useful lives
ranging from three to ten years.

FINANCIAL INSTRUMENTS: The current carrying value of current assets and  current
liabilities  is a reasonable estimate of their fair value due to the  short-term
nature of such accounts.

MARKETABLE  SECURITIES:  The  Company accounts for  its  investments  in  equity
securities  under  the  accounting  and reporting  provisions  of  Statement  of
Financial  Accounting  Standards  No. 115 ("SFAS  No.  115").  The  Company  has
classified its investments as available-for-sale based on its intended  use.  As
such,  unrealized  holding gains and losses are included as other  comprehensive
income, a separate component of stockholders' equity.

RESEARCH  AND  DEVELOPMENT  COSTS: The Company had no research  and  development
costs during the fiscal year 2000.




<PAGE>
INCOME TAXES: The Company provides for income taxes using Statement of Financial
Accounting  Standards No. 109, "Accounting for Income Taxes," ("SFAS  No.  109")
which  requires  an  asset  and liability approach to financial  accounting  and
reporting for income taxes (see Note D). Under SFAS No. 109, deferred tax assets
and liabilities are provided for differences between the financial statement and
tax bases of assets and liabilities that will result in future taxable income or
deductible  amounts. The deferred tax assets and liabilities are measured  using
enacted  tax  laws and rates applicable to the periods in which the  differences
are expected to affect taxable income. Income tax expense is computed as the tax
payable or refundable for the period plus or minus the change during the  period
in deferred tax assets or liabilities.

EARNINGS  PER SHARE: Basic earnings per share are based on the weighted  average
number  of  shares of common stock outstanding during each year.   Common  stock
equivalents had no dilutive effect.

STOCK-BASED COMPENSATION ARRANGEMENTS:  The Company applies APB Opinion  No.  25
and   related   interpretations  in  accounting  for  stock  based  compensation
arrangements.   Accordingly,  no  compensation   has   been   recognized.    Had
compensation costs been determined based on fair value at the grant date forward
consistent  with  SFAS No. 123, "Accounting for Stock-Based  Compensation,"  the
Company's net income or loss would not have been effected on a pro forma basis.


NEW ACCOUNTING PRONOUNCEMENTS:

The Company is required to adopt Statement of Financial Accounting Standards No.
133   (SFAS  No.  133)  "Accounting  for  Derivative  Instruments  and   Hedging
Activities" for the year ending April 30, 2001.  SFAS NO. 133 requires reporting
entities  to  disclose certain information for derivative financial instruments.
As of April 30, 2000 and for the year then ended, the Company held no derivative
financial instruments.   The Company has not assessed the impact of implementing
SFAS No.133.


















<PAGE>
NOTE C - DISCONTINUED OPERATIONS:

SALE OF GAMES DIVISION:

On  October 27, 1998, the Company sold substantially all the assets of the games
division  to  a subsidiary of Hasbro, Inc. for $6 million in cash.   The  assets
sold  included  trademarks, copyrights and other intellectual  property  rights,
inventory  and tooling.  The operating results of the games division  have  been
classified  as  discontinued  operations  for  all  periods  presented  in   the
consolidated statements of operations.

Inventories and intangibles from discontinued operations sold were
approximately as follows (in thousands):

    Net inventories                    $1,292
    Net intangibles                        60


Net sales and income from discontinued operations of the games division  are  as
follows (in thousands):

                                       Years Ended April 30,
                                        2000         1999
------------------------------------------------------------
Net sales                           $      0    $   1,076
Loss from discontinued
   operations                              0        ( 433)



CLOSING OF PRINTING AND ENVELOPE DIVISION:

Effective August 20, 1999, the Company closed the printing and envelope division
due to increased losses since the previous year's sale of the games division.


Net sales and income from discontinued operations of the printing and envelope
division are as follows (in thousands):

                                         Years Ended April 30,
                                           2000        1999
---------------------------------------------------------------------
Net sales                               $   516     $ 2,024
Gain on disposal of printing
   and envelope equipment (net
   of tax)                                  345           0
Loss from discontinued
   operations (net of tax)                 (575)       (479)




<PAGE>
NOTE D - ACCOUNTS RECEIVABLE
Accounts receivable consist of the following at April 30, 2000:

Accounts Receivable-Printing       $    2,039
                   -publishing        279,939
                                   -----------
Less:                                 281,978
  Allowance for doubtful accounts    ( 52,039)
                                   -----------
                                   $  229,939
                                   ===========


NOTE E - MARKETABLE SECURITIES AVAILABLE-FOR-SALE

At  April  30, 2000, the cost and estimated fair value of marketable securities,
available-for-sale are as follows (in thousands):

                                Unrealized      Unrealized      Estimated
                       Cost       Gains            Loss         Fair Value
                     ------------------------------------------------------
Equity Securities      $ 49       $ 0              $ 17            $ 32
                     ======================================================


NOTE F - INCOME TAXES

A  reconciliation  of the effective tax rate for income taxes in  the  financial
statements to the Federal statutory rates is as follows:

--------------------------------------------------------------
Years Ended April 30,                          2000      1999
--------------------------------------------------------------

Federal income tax at statutory rate            34%       34%
Net operating losses and other tax credits       0       (21)
Non-deductible items                             1         1
State income taxes, net of federal benefit       5         0
Other                                            4         0
                                               -----     -----
                                                44%       14%
                                               =====     =====












The  deferred  tax  assets  (liabilities) result from  the  following  temporary
differences:
--------------------------------------------------------------
April 30,                                              2000
--------------------------------------------------------------
Deferred tax assets:
  Financial statement accruals, net              $   16,500
  Allowances for accounts receivable                 20,000
  Unrealized loss on marketable securities
    available-for-sale                                6,000
                                                 ----------
       Total deferred tax assets                     42,500

Deferred tax liabilities:
    Property and equipment                         (324,500)
                                                 __________
Net deferred tax liabilities                     $  282,000
                                                 ==========


Cash  payments for income taxes were $211,450 and $415,000 for the  years  ended
April 30, 2000 and 1999, respectively.

<PAGE>
NOTE G - PROFIT-SHARING PLAN

Substantially  all  of the Company's employees participate in  a  profit-sharing
plan.  Contributions  are determined by the results of  operations  and  can  be
charged  at the discretion of the Board. There were no contributions  in  fiscal
years ended 2000 and 1999.


NOTE H - STOCK OPTION PLAN

The  Company's Omnibus Stock Option Plan (the "Plan") provides for the  granting
of  certain  types  of  qualified and nonqualified stock options  to  directors,
executive  officers and key employees on a periodic basis at the  discretion  of
the  Company's Board of Directors.  The Company has reserved 300,000  shares  of
common stock under the Plan.

During the fiscal year 2000, options for 200,000 shares of the common stock were
granted.   The  options  begin  to vest at an  annual  rate  of  25%  after  the
completion of one year of service after the date of grant.  The weighted average
exercise price of the options granted during fiscal 2000 was $3.72.









<PAGE>
NOTE I - COMMITMENTS AND CONTINGENCIES

LEASES:  The Company leases office and warehouse facilities. The lease  for  the
office and warehouse facilities currently in use was extended for a term  of  10
years commencing July 1997, and ending June 2007. The Company generally must pay
for property taxes, insurance and maintenance costs related to the property. The
lease  for the property previously used by the games division was terminated  in
December  1999.   Total  rental expense for 2000  and   1999  was  approximately
$298,000 and $329,000, respectively.

The  future  annual  minimum rental commitments for the  current  non-cancelable
operating lease as of April 30, 2000 is $131,000 annually through 2006.

The  office  and warehouse facilities are leased through 2006 for  approximately
$131,000 annually from the Chairman of the Company and a member of his family.

LITIGATION:
The Company is involved, from time to time,  in  legal actions  arising  in  its
normal   course of operations.  There are no legal actions pending at April  30,
2000.

STOCK  OPTIONS: During 1992 the Company's Chairman was granted a ten year option
to purchase up to 300,000 shares of the Company's common stock at the greater of
the  book or market value of the stock as of the date of exercise.  Such  option
can only be exercised in the event of the following:

*  An  individual or entity acquires greater than twenty percent  of  the  total
number of outstanding shares of the Company's common stock.

* An individual or entity makes a tender offer for thirty percent or more of the
Company's outstanding common stock.

*  An  individual  or  entity proposes the election of a director  or  slate  of
directors  opposed  to  any  directors or slate of  directors  proposed  by  the
management of the Company.

The Chairman may only exercise the option within sixty days following any of the
above events.

No  options have been exercised during the years ended April 30, 2000 and  1999.
Options outstanding total 300,000 shares at April 30, 2000.


NOTE J- SEGMENT INFORMATION

The  Company  currently only operates in a single industry segment.   Previously
reported industry segments have been classified as discontinued operations.




<PAGE>
NOTE K- CONSOLIDATED QUARTERLY RESULTS OF OPERATIONS

A summary of the unaudited consolidated quarterly results of operations for the
years ended April 30, 2000 and 1999 is as follows.

                                              Fiscal 2000
                                          Three Months Ended
                             --------------------------------------------
                             July 31   October 31   January 31   April 30
                             -------   ----------   ----------   --------
                                 (000 Omitted, except per share data)

Net operating Sales           $  603     $1,524      $1,236      $  638
Gross Profit                     115        637         455          18
Net income (loss) from
 continuing operations            54        368         268        (186)
Income(Loss from)
   discontinued operations      (507)      (194)        456          15
Net(Loss) income                (453)       174         724        (171)
Net(Loss) income per
   Common Share - basic
    and diluted share           (.28)       .11         .45        (.11)


There was one issue of Girls' Life magazine in the three months ended April  30,
2000  and   July 31, 1999 and two issues in the three months ended  January  31,
2000 and October 31, 1999.



                                             Fiscal 1999
                                         Three Months Ended
                            --------------------------------------------
                            July 31   October 31   January 31   April 30
                            -------   ----------   ----------   --------
                                (000 Omitted, except per share data)

Net Operating Sales          $  497       $1,432       $  835     $ 1,039
Gross Profit                     57          725          186         370
Net income from continuing
   operations                    17          497           11          19
Income (Loss) from
   discontinued operations     (593)       3,789         (339)        112
Net (Loss) income              (576)       4,286         (328)        131
Net (Loss) income
  per Common Share             (.36)        2.65         (.20)        .08


There was one issue of Girls' Life magazine in the three months ended July 31,
1998 and January 31, 1999 and two issues of Girls' Life magazine in the three
months ended October 31, 1998 and April 30, 1999.


<PAGE>

Independent Auditors' Report


To  the  Stockholders and Board of Directors, Monarch Services, Inc.  Baltimore,
Maryland

We  have  audited the accompanying consolidated statement of financial condition
of Monarch Services, Inc. and Subsidiaries as of April 30, 2000  and the related
consolidated statements of operations, changes in stockholders' equity, and cash
flows for the year then ended. These financial statements are the responsibility
of  the  Company's management. Our responsibility is to express  an  opinion  on
these  financial statements based on our audit. The financial statements of  the
Company  as of April 30, 1999 and for the year then ended were audited by  other
auditors  whose report dated July 22, 1999 expressed an unqualified  opinion  on
those statements.

We conducted our audit in accordance with generally accepted auditing standards.
Those  standards require that we plan and perform the audit to obtain reasonable
assurance   about  whether  the  financial  statements  are  free  of   material
misstatement. An audit includes examining, on a test basis, evidence  supporting
the  amounts and disclosures in the financial statements. An audit also includes
assessing  the  accounting  principles used and significant  estimates  made  by
management,  as well as evaluating the overall financial statement presentation.
We believe our audit provides a reasonable basis for our opinion.

In  our  opinion, such consolidated financial statements present fairly, in  all
material  respects,  the  financial  position  of  Monarch  Services,  Inc.  and
Subsidiaries as of April 30, 2000, and the results of their operations and their
cash  flows  for  the  year  then ended in conformity  with  generally  accepted
accounting principles.




/s/  Stegman & Company
Stegman & Company
Baltimore, Maryland
June 23, 2000
<PAGE>











<PAGE>

INDEPENDENT AUDITORS' REPORT

To the Stockholders and Board of Directors of
Monarch Services, Inc.
Baltimore, MD

We  have  audited the accompanying consolidated statement of operations, changes
in   stockholders'  equity,  and  cash  flows  of  Monarch  Services,  Inc.  and
Subsidiaries for the year ended April 30, 1999.  These financial statements  are
the  responsibility of the Corporation's management.  Our responsibility  is  to
express an opinion on these financial statements based on our audit.

We  conducted our audit in accordance with auditing standards generally accepted
in  the  United  States of America.  Those standards require that  we  plan  and
perform  the  audit to obtain reasonable assurance about whether  the  financial
statements are free of material misstatement.  An audit includes examining, on a
test  basis,  evidence supporting the amounts and disclosures in  the  financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by management, as well as  evaluating  the  overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion, such consolidated financial statements of Monarch Services, Inc.
and  Subsidiaries present fairly, in all material respects, the results of their
operations  and their cash flows for the year ended April 30, 1999 in conformity
with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Baltimore, MD

July 22, 1999


















<PAGE>
Item 8.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
          AND FINANCIAL DISCLOSURE


          The Company filed a report on Form 8-K dated February
          29, 2000 to report under Item Four of Form 8-K, that
          the Company's Board of Directors, on the recommendation
          of the Company's Audit Committee, dismissed Deloitte &
          Touche LLP as the Company's independent public
          accountants effective February 29, 2000. Deloitte &
          Touche's audit reports on the Company's financial
          statements for each of the Company's fiscal years ended
          April 30, 1999 and 1998 did not contain an adverse
          opinion or a disclaimer of opinion and was not qualified
          or modified as to uncertainty, audit scope or accounting
          principles.


                                PART III

     Information required in Part III, Items 9-12 is incorporated by
     reference to the  Company's  proxy  statement  to  be filed  in
     connection with the 2000 Annual Meeting of Stockholders.


Item 9.   DIRECTORS,  EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
          PERSONS, COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE
          ACT

          The information required by Item 9 is incorporated by
          reference from the information set forth under the heading
          "Election of Directors--Directors and Officers" and "Section
          16(A) Beneficial Ownership Reporting Compliance" in the
          Company's definitive proxy statement for its 2000 annual
          meeting of stockholders.


Item 10.  EXECUTIVE COMPENSATION

          The information required by Item 10 is incorporated by reference
          from the information set forth under the heading "Election of
          Directors--Executive Compensation" in the Company's definitive
          proxy statement for its 2000 annual meeting of stockholders.


Item 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT

          The information required by Item 11 is incorporated by reference
          from the information set forth under the heading "Ownership of
          Voting Securities--Principal Stockholders" in the Company's
          definitive proxy statement for its 2000 annual meeting of
          stockholders.
<PAGE>
 Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

          The information required by Item 12 is incorporated by reference
          from the information set forth under the heading "Election of
          Directors--Certain Relationships and Related Transactions" in
          the Company's definitive proxy statement for its 2000 annual
          meeting of stockholders.

Item 13.  EXHIBITS AND REPORTS ON FORM 8-K
          (a) Listing of Exhibits:
            3.(a) The Company's Restated Certificate of Incorporation
                  dated October 14, 1982 (incorporated by reference to
                  Exhibit 3(a) to the Company's Form 10-KSB for the
                  fiscal year ended April 30, 1995).

              (b) The Company's Restated and Amended Bylaws dated
                  August 17, 1981 (incorporated by reference to
                  Exhibit 3(b) to the Company's Form 10-KSB for
                  the fiscal year ended April 30,1995).

              (c) Amendment to the Company's Restated and Amended
                  Bylaws (incorporated by reference to Exhibit 3(c) to
                  the Company's 10-K for the year ended April 30, 1986).

              (d) Amendment to the Company's Restated and Amended
                  Bylaws (incorporated by reference to Exhibit 3(d) to
                  the Company's 10-K for the year ended April 30, 1990).

              (e) Amendment dated November 6, 1987 to the Company's
                  Restated Certificate of Incorporation (incorporated
                  by reference to Exhibit 3(d) to the Company's 10-Q
                  for the quarter ended October 31, 1987).

              (f) Amendment to the Company's by-laws dated August
                  1, 1996 (incorporated by reference to Exhibit 3(f)
                  to the Company's 10-QSB for the quarter ended
                  July 31, 1997).

          10. (a) Lease Agreement dated July 2, 1973 between the
                  Company as Lessee and A. Eric Dott and Esther J.
                  Dott as lessors (incorporated by reference to
                  Exhibit 10(a) to the Company's Form 10-KSB for
                  the fiscal year ended April 30, 1995).

              (b) Lease renewal and Amendment of Lease Agreement
                  dated July 1, 1983 between the Company and A. Eric
                  Dott and Esther J. Dott, renewing and amending
                  terms of the Lease Agreement in Exhibit 10(a)
                  (incorporated by reference to Exhibit 10(b) to
                  the Company's Form 10-KSB for the fiscal year
                  ended April 30, 1995).



              (c) Option to Purchase Common Stock dated June 19,
                  1991 issued to A. Eric Dott, Chairman of the
                  Company (incorporated by reference to Exhibit
                  10(f) to the Company's 10-K for the year ended
                  April 30, 1992).


              (d) Monarch Services, Inc. Omnibus Stock Plan incorporated
                  by reference to Ex. 4 to the Company's Form S-8
                  (file no. 333-31536) as filed with the Securities
                  and Exchange Commission on March 2, 2000.

           21.    Subsidiaries of the Registrant (incorporated
                  by reference to Exhibit 21 to the Company's
                  Form 10-QSB for the quarter ended January 31,
                  2000).


           23.1   Consent of Deloitte & Touche LLP


           23.2   Consent of Stegman & Company


           27.    Financial Data Schedule.

              (b) The Company filed a report on Form 8-K dated February
                  29, 2000 to report under Item Four of Form 8-K, that
                  the Company's Board of Directors, on the recommendation
                  of the Company's Audit Committee, dismissed Deloitte &
                  Touche LLP as the Company's independent public
                  accountants effective February 29, 2000. Deloitte &
                  Touche's audit reports on the Company's financial
                  statements for each of the Company's fiscal years ended
                  April 30, 1999 and 1998 did not contain an adverse
                  opinion or a disclaimer of opinion and was not qualified
                  or modified as to uncertainty, audit scope or accounting
                  principles.















<PAGE>

                           S I G N A T U R E S

In  accordance with Section 13 or 15(d) of the Securities Exchange Act of  1934,
the  registrant has duly caused this report to be signed on its  behalf  by  the
undersigned, thereunto duly authorized.




                                     MONARCH SERVICES, INC.




                                     By:  /s/    A. Eric Dott
                                          --------------------------
                                          A. Eric Dott, Chairman
                                                and Director

DATE: July 28, 2000
      -------------

In  accordance  with the Securities Exchange Act of 1934, this report  has  been
signed  below by the following persons on behalf of the registrant  and  in  the
capacities and on the dates indicated.



Date   July 28, 2000                     /s/     Jackson Y. Dott
     ----------------                    -------------------------------
                                         Jackson Y. Dott, President
                                         (Principal Executive Officer),
                                            Treasurer and Director


Date   July 28, 2000                     /s/    David F. Gonano
     ----------------                    -------------------------------
                                         David F. Gonano, Director



Date   July 28, 2000                     /s/   Helen Delich Bentley
     ----------------                    -------------------------------
                                         Helen Delich Bentley, Director



Date   July 28, 2000                     /s/   Kenneth C. Holt
     ----------------                    -------------------------------
                                         Kenneth C. Holt, Director



Date   July 28, 2000                     /s/    A. Eric Dott
     ----------------                    -------------------------------
                                         A. Eric Dott, Chairman and
                                            Director



Date   July 28, 2000                     /s/    Marshall Chadwell
     ----------------                    -------------------------------
                                         Marshall Chadwell, Controller
                                         (Principal Financial Officer),
                                          Principal Accounting Officer









































<PAGE>

                               EXHIBIT INDEX

Exhibit Number
--------------

     23.1      -        Letter of Consent dated July 28, 2000 from
                           Deloitte & Touche LLP

     23.2      -        Letter of Consent dated July 28, 2000 from
                           Stegman & Company

     27        -        Financial Data Schedule

<PAGE>