<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark one)
[X]   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934

                 FOR THE FISCAL QUARTER ENDED SEPTEMBER 30, 2000

Commission file No.  0-18866

                                       OR

[ ]   Transition Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934


                       FIRST NATIONAL ENTERTAINMENT CORP.
                       ----------------------------------
        (Exact name of small business issuer as specified in its charter)

            COLORADO                                    93-1004651
            --------                                    ----------
(State or other jurisdiction of                      (I.R.S. Employer
 incorporation or organization)                     Identification No.)


          8150 WEST 111TH STREET, SUITE 9, PALOS HILLS, ILLINOIS 60465
          ------------------------------------------------------------
                    (Address of principal executive offices)

                                  (708)974-4688
                    -----------------------------------------
              (Registrant's telephone number, including area code)




Securities registered pursuant to Section 12(b) of the Act:  NONE

Securities registered pursuant to Section 12(g) of the Act:

                          COMMON STOCK $0.005 PAR VALUE
                          -----------------------------
                                (Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 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  [  ]

As of September 30, 2000 the registrant had outstanding 19,437,458 shares of its
$.005 par value Common Stock.


<PAGE>   2
                                      INDEX



                         Part I - Financial Information


                                                                          Page

Item 1      Consolidated Balance Sheet...................................   3

            Consolidated Statements of Income............................   5

            Consolidated Statements of Cash Flow.........................   6

            Notes to Consolidated Financial Statements...................   7

Item 2      Management's Discussion and Analysis of Financial
            Conditions and Results of Operations.........................  11


                   Part II - Other Information and Signatures


Item 1      Legal Proceedings............................................  12

Item 5      Other Information............................................  13

Item 6      Exhibits and Reports on Form 8-K.............................  13










                                       2
<PAGE>   3

PART 1 - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

FIRST NATIONAL ENTERTAINMENT CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)

----------------------------------------------------------------------

September 30,                                                  2000

----------------------------------------------------------------------

ASSETS

Current Assets
 Cash                                                       $   20,710
 Loans Receivable, net of allowance                            949,682
 Other Real Estate owned, net of allowance                     791,371
 Notes Receivable, net of allowance                             48,000
Other                                                            2,450
----------------------------------------------------------------------

Total Current Assets                                         1,812,213

----------------------------------------------------------------------

Real Estate held for development                                 9,000

Property and equipment, net                                      7,766

Other Assets
 Film inventory                                                 10,000

----------------------------------------------------------------------

Total Other Assets                                              10,000

----------------------------------------------------------------------

TOTAL ASSETS                                                $1,838,979

======================================================================

See accompanying notes to consolidated financial statements.




                                       3
<PAGE>   4
FIRST NATIONAL ENTERTAINMENT CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(UNAUDITED)


------------------------------------------------------------------------

September 30,                                                   2000

------------------------------------------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
  Short term debt                                           $  2,309,675
  Accounts payable                                               127,606
  Accrued expenses                                               277,475
  Accrued compensation                                           141,146
  Net Liabilities of discontinued operations                     357,932

------------------------------------------------------------------------

Total Current Liabilities                                      3,213,834

------------------------------------------------------------------------

Minority interest in consolidated subsidiary                   2,788,968

Shareholders' Equity
Preferred stock, $.001 par value,
  authorized 10,000,000 shares, no shares
  issued and outstanding                                            --
Common stock, $.005 par value,
  authorized 100,000,000 shares,
  issued and outstanding:
    2000, 19,437,458 shares
    1999, 18,637,458 shares                                       95,190
  Paid in capital                                             27,260,741
  Accumulated deficit                                        (31,519,754)

------------------------------------------------------------------------

Total Shareholders' Equity                                    (4,163,823)

------------------------------------------------------------------------

========================================================================
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY                                        $  1,838,979

========================================================================


See accompanying notes to consolidated financial statements.



                                       4
<PAGE>   5
FIRST NATIONAL ENTERTAINMENT CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
For the nine months ended September 30,                      2000              1999
------------------------------------------------------------------------------------------
<S>                                                      <C>               <C>
OPERATING REVENUES
  Interest and fees on loans                             $     14,295      $    473,559

 OPERATING EXPENSES
  Marketing, selling & royalties                                 --              32,571
  General and administrative                                  498,312           827,378
                                                         ------------      ------------
                                                              498,312           859,949
                                                         ------------      ------------

LOSS FROM OPERATIONS                                         (484,017)         (386,390)

OTHER INCOME (EXPENSE)
  Other                                                        12,410              (240)
  Interest Expense                                           (218,605)         (201,309)
                                                         ------------      ------------
                                                             (206,195)         (201,549)
                                                         ------------      ------------
LOSS FROM CONTINUING OPERATIONS                              (690,212)         (587,939)

Discontinued operations
      Gain (Loss) from operation of Prairie Business
       Credit, Inc.                                              --            (113,310)
      Gain (Loss) from operations of First
        National Video Corp.                                  (23,297)         (134,571)
                                                         ------------      ------------
                                                              (23,297)         (247,881)
                                                                           ------------
Net Loss                                                     (713,509)         (835,820)

Dividends on preferred stock of subsidiary                   (229,687)         (229,687)
                                                         ------------      ------------
Net loss allocated to common shareholders                $   (943,196)     $ (1,065,507)
                                                         ============      ============
Net loss allocated to common shareholders per share
  Loss from continuing operations                        $       (.05)     $       (.06)
  Discontinued operations                                          --                --
                                                         ------------      ------------
      Net loss allocated to common shareholder
        per share                                        $       (.05)     $       (.06)
=======================================================================================
Weighted average shares outstanding                        19,037,458        18,672,458
                                                         ============      ============
</TABLE>


See accompanying notes to consolidated financial statements.



                                       5
<PAGE>   6

FIRST NATIONAL ENTERTAINMENT CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

--------------------------------------------------------------------------------

For the nine months ended September 30,                    2000          1999

--------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:

    Net income (loss)                                   $(690,212)    $(587,939)

    Adjustments to reconcile net loss to net
     cash provided by operating activities:

    Other amortization, depreciation, write-offs            4,266         5,137
    Provision for loan losses                              26,041        61,000
    Changes in operating assets and liabilities, net      200,690       353,960
    Discontinued operations                               517,738      (165,367)

--------------------------------------------------------------------------------

NET CASH PROVIDED BY (USED IN)                             58,523      (333,209)
    OPERATING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES:

    Loans (repayment) from/to shareholder                (264,945)     (680,736)
    Proceeds from borrowings from shareholder             345,655       665,728
    Proceeds from borrowings on notes                          --       454,034
    Dividends paid on preferred stock of subsidiary      (178,646)     (204,167)

--------------------------------------------------------------------------------

NET CASH (USED IN) FINANCING ACTIVITIES                   (97,936)      234,859
                                                        ---------     ---------

NET DECREASE IN CASH                                      (39,413)      (98,350)

CASH - BEGINNING OF PERIOD                                 60,123       117,465
                                                        ---------     ---------
CASH - END OF PERIOD                                    $  20,710     $  19,115
================================================================================

See accompanying notes to consolidated financial statements.

Supplemental schedule of non cash finance activities:
     Note Receivable exchanged in satisfaction of shareholder debt    $ 889,987



                                       6
<PAGE>   7
FIRST NATIONAL ENTERTAINMENT CORP. AND SUBSIDIARIES
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 September 30, 2000 and 1999


--------------------------------------------------------------------------------

NOTE 1  GENERAL

--------------------------------------------------------------------------------

In the opinion of the Company, the accompanying consolidated financial
statements contain all adjustments (consisting of only normal recurring
adjustments) necessary to present fairly the financial position as of September
30, 2000 (unaudited) and the unaudited results of operations and cash flows for
the periods ended September 30, 2000 and 1999. The financial statements have
been prepared in accordance with the requirements of Form 10-QSB and
consequently do not include all the disclosures normally made in an Annual
Report on Form 10-KSB. Accordingly, the consolidated financial statements
included herein should be reviewed in conjunction with the financial statements
and the footnotes thereto included in the Company's December 31, 1999 Annual
Report on Form 10-KSB.

The results of operations for the nine months ended September 30, 2000 and 1999
are not necessarily indicative of the results to be expected for the full year.

--------------------------------------------------------------------------------

NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

--------------------------------------------------------------------------------

Principles of Consolidation: The consolidated financial statements include the
accounts of First National Entertainment Corp. (a Colorado corporation) and its
subsidiaries, Equator Entertainment, First National Finance Corp., and First
National Video Corp. (collectively referred to as the "Company"). Effective
January 1, 1999, First National Finance Corp. has a wholly owned subsidiary,
Prairie Business Credit, Inc., which is also included within the consolidated
financial statements. The transaction was accounted for as a purchase. On
December 17, 1999 management decided to sell or otherwise dispose of this
segment of the business. All significant intercompany accounts and transactions
have been eliminated in consolidation.

The accompanying consolidated financial statements have been prepared in
conformity with generally accepted accounting principles. 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 and Cash Equivalents: For purposes of the statement of cash flows, the
Company considers all investments with maturities of three months or less, when
purchased, to be cash equivalents.

Loans Receivable: Loans are stated net of the allowance for loan losses and
unearned discount. Interest on loans is included in operating revenues over the
term of the loan based upon the principal balance outstanding. Where serious
doubt exists as to the collectibility of a loan, the accrual of interest in
discontinued. Loan fees and direct loan origination costs are deferred and
amortized over the term of the loan as a yield adjustment.

The Company has a reserve for unfunded restoration costs which it holds in
escrow. Payments are made from time to time as work is completed and
documentation is presented to a title company for approval. Funds are disbursed
upon a directive from the title company.


                                       7
<PAGE>   8

Allowance for Loan Losses: An allowance for loan losses has been established to
provide for those loans which may not be repaid in their entirety. The allowance
is increased by provisions for loan losses charged to expense and decreased by
charge-offs, net of recoveries. Although a loan is charged off by management
when deemed uncollectible, collection efforts may continue and future recoveries
may occur.

The allowance is maintained by management at a level considered adequate to
cover losses that are currently anticipated based on past loss experience,
general economic conditions, information about specific borrower situations
(including their financial position and collateral values) and other factors and
estimates which are subject to change over time. Estimating the risk of loss and
the amount of loss on any loan is necessarily subjective and ultimate losses may
vary from current estimates. These estimates are reviewed periodically, and as
adjustments become necessary, they are reported in earnings in the periods in
which they become known.

Loans are considered impaired if full principal or interest payments are not
anticipated. Each impaired loan is carried at the present value of expected cash
flows discounted at the loan's effective interest rate or at the fair value of
the collateral if the loan is collateral dependent. A portion of the allowance
for loan losses is allocated to an impaired loan if the present value of cash
flows or collateral value indicate the need for an allowance.

For impaired loans and other loans, accrual of interest is discontinued on a
loan when management believes, after considering collection efforts and other
factors, that the borrower's financial condition is such that collection of
interest is doubtful. Cash collections on impaired loans are credited to the
loan receivable balance, and no interest income is recognized on those loans
until the principal balance has been collected.

Other Real Estate Owned: Real estate acquired in settlement of a loan is carried
at the lower of the recorded investment in the property or its fair value. Prior
to foreclosure, the value of the underlying loan is written down to the fair
value of the real estate to be acquired by a charge to the allowance for loan
losses, if necessary. At the time of foreclosure, an allowance is established
for estimated selling costs. Any subsequent write-downs required by changes in
estimated fair value or disposal expenses are provided through this allowance
and the provision is charged to operating expense. Carrying costs of such
properties, net of related income, and gains and losses on their disposition are
charged or credited to operating expense as incurred.

Property, Plant, and Equipment: Property, plant, and equipment are recorded at
cost. Depreciation is computed using the straight-line method over the estimated
useful lives of the assets, generally 3 to 7 years.

Financial Instruments: The Company's financial instruments consist principally
of loans receivable and notes payable and are carried at amounts which
approximate fair value.

Stock-Based Compensation: On October 23, 1995, the Financial Accounting
Standards Board (the "FASB") issued SFAS No. 123, "Accounting for Stock-Based
Compensation." SFAS No. 123 encourages, but does not require, the recognition of
compensation expense for grants of stock, stock options, and other equity
instruments to employees based on a fair value method of accounting. Companies
are permitted to continue to apply the existing accounting rules contained in
Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to
Employees" ("APBO No. 25"); however, companies that choose to retain this method
of accounting are required to provide expanded disclosures of pro forma net
income and earnings per share in the notes to financial statements as if the new
fair value method of accounting had been adopted. The Company has elected to
continue to apply the accounting principles contained in APBO No. 25.

Income Taxes: The Company accounts for income taxes using the deferred asset and
liability method as required by SFAS No. 109, "Accounting for Income Taxes."
Deferred income taxes are provided as temporary differences arise between the
basis of asset and liabilities for financial reporting and income tax reporting.

Loss Per Share: Earnings per common share (EPS) is computed under the provisions
of Statement of Financial Accounting Standards No. 128, "Earnings Per Share."
Basic loss per common share is computed by dividing net loss



                                       8
<PAGE>   9

available to common shareholders by the weighted average number of common shares
outstanding during the period. Net loss available to common shareholders is
calculated by deducting dividends on preferred stock of subsidiary from net
loss. Since the Company has experienced net operating losses, the outstanding
options and warrants to purchase common stock have an anti-dilutive effect.
Therefore, options and warrants were not included in computing dilutive loss per
share.


--------------------------------------------------------------------------------

NOTE 3  NOTE RECEIVABLE

--------------------------------------------------------------------------------

                                                                 September 30,
                                                                     2000
                                                                     ----
      10% note due August 15, 2000.  Note is secured by
      second mortgages and other property                          $  48,000
                                                                   ---------

                                                                   $  48,000
                                                                   ---------

--------------------------------------------------------------------------------

NOTE 4  AMORTIZATION OF FILM INVENTORY

--------------------------------------------------------------------------------

Amortization of capitalized film property costs is computed using the
individual-film-forecast computation method as promulgated under SFAS No. 53,
"Financial Reporting by Producers and Distributors of Motion Picture Films". At
June 30, 1996, the Company intended to amortize the remaining unamortized film
costs for its Happily Ever After property over the next five years, subject to
future market conditions altering this accounting estimate.


--------------------------------------------------------------------------------

NOTE 5  LEASEHOLD IMPROVEMENTS AND EQUIPMENT

--------------------------------------------------------------------------------

Leasehold improvements and equipment consisted of the following at September 30,
2000


                                                        2000
                                                        ----

        Office equipment                                24,524
        Furniture and fixtures                           3,941
                                                      --------
                                                        28,465
        Less accumulated depreciation                  (20,699)
                                                      --------
        Net property and equipment                    $  7,766
                                                      ========


                                       9
<PAGE>   10

--------------------------------------------------------------------------------

NOTE 6  SHAREHOLDERS' EQUITY

--------------------------------------------------------------------------------


Preferred Stock: The Company has authorized the issuance of 10,000,000 shares of
$.0001 par value preferred stock. At September 30, 2000, the Company had not
issued any preferred shares.

Common Stock: During the periods ended September 30, 2000 and 1999,
respectively, the Company issued 500,000 and 600,000 shares for employee
compensation and professional fees valued at $4,000 and $6,000.

In the second quarter of 1996, the Company initiated an equity restructuring
program in which the Company issued 1,260,000 shares of its common stock (par
value $.005) along with warrants to purchase an additional 1,260,000 shares of
its common stock (par value $.005) at $1 share. Total proceeds from the offering
amounted to $830,000. On October 6, 1996, the Company's Board of Directors
approved and issued an Extension and Optional New Pricing Offer to the holders
of these warrants. These 1,260,000 warrants originally entitled the holders to
purchase an additional share each of the Company's common stock at a price of $1
through an expiration date of December 15, 1997. The Extension and Optional New
Pricing Offer allows an extension until December 31, 1999, at a share price of
$.15 for additional consideration of $.05 per warrant or an extension until
December 31, 2000, at a share price of $.05 for additional consideration of $.10
per warrant. During the year ended June 30, 1997, warrants for 800,000 shares
were extended to December 31, 1999 and warrants for 200,000 shares were extended
to December 31, 2000. Additional paid-in capital of $60,000 was received from
these transactions for the period ended June 30, 1997. During 1998, certain
warrants previously issued in the six-month period ended December 31, 1998 were
canceled and cash of $20,000 was returned. During the quarters ended March 31,
2000 and 1999 no warrants were issued as part of an executive compensation
agreement The warrants are convertible to common stock at twenty-five cents a
share. There were 29,325,000 warrants outstanding at March 31, 2000.

Stock Options: On May 21, 1993, shareholders approved an incentive stock plan
which reserved 3,500,000 shares of the Company's common stock for issuance under
the 1993 Incentive Stock Option Plan ("ISO") and the 1993 Non-Qualified Stock
Option Plan ("NQSO") (collectively referred to as the "1993 Plan"). The 1993
Plan provides incentives to officers, directors, employees, consultants, and
advisors in the form of stock options, subject to certain restrictions. The
Company's Board of Directors determines the granting of options under the 1993
Plan, including the exercise period, contingencies, vesting periods, and
employee qualifications. Options to be issued under the ISO are intended to
qualify as "incentive stock options" under Section 422 of the 1986 Internal
Revenue Code (the "Code"), as amended. Options granted under the NQSO are
subject to fewer restrictions than the ISO and are considered "Non-Statutory
Stock Options" as defined in the Code. As of December 31, 1997, 25,000 options
had been issued under the 1993 Plan. These options were issued in August 1993 at
the exercise price of $1.53 per share. All of the outstanding options were
exercisable at March 31, 2000. No options were exercised during the quarters
ended March 31, 2000 and 1999.

Employee Stock Purchase Plan: The Company implemented an Employee Stock Purchase
Plan in 1994 which permits substantially all employees to acquire Company common
stock. Participating employees may acquire stock at the end of each six-month
period (June 30 and December 31 of each year) at a purchase price of 85% of the
lower of fair market value at the beginning or end of the period. Employees may
designate up to 10% of their base compensation for the purchase of stock under
this plan. There are no charges to income in connection with this plan.


                                       10
<PAGE>   11
                                     ITEM 2.
              FIRST NATIONAL ENTERTAINMENT CORP. AND SUBSIDIARIES
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
                       OPERATIONS AND FINANCIAL CONDITION

OVERVIEW

The Corporation has been consolidating its operations in Corporate and its
wholly owned subsidiaries. Despite continued problems in operating cash, the
corporation's long term commitment remains intact. Key shareholders have
provided additional funding to continuing operating on a severely pared down
operating budget. The Corporation will focus on First National Finance and
continue to pursue acquisitions which offer shared Federal tax savings.

FIRST NATIONAL FINANCE CORP. ("FNFC") which maintains a portfolio of short term
investments in properties for rehab and resale. Also direct company owned
projects are rehabbed for sale. These properties are located in the Chicagoland
area.

Through nine months, FNFC has continued to sell seized properties which have
been completed and positioned itself to undertake direct projects with a cadie
of contractors and vendors. Remaining seized properties continue to be completed
for sale.

In addition, FNFC continues to fund projects with a significant amount invested
in condominium conversions. These are longer term projects, and due to poor cash
flow, have effectively been in suspension for months. Currently, key
shareholders have supplied new funding to assist in allowing time for the
Corporation to obtain funding to complete these projects. Interest revenues are
recognized as properties are sold according to generally accepted accounting
principles.

The company continues to maintain a position that this type of business can be
profitable and needs to convert existing projects into cash which can fund new
projects using bank funding to increase the portfolio substantially.

EQUATOR ENTERTAINMENT, INC.("EEI") Although Mr. Peter Keefe, President, has
developed significant relationships and potential projects, Equator continues
its relationship with Egmonth Imagination - a leading European conglomerate.

Since the parent has funded approximately $650,000 of start up costs to date
without generating any revenue, the Board of Directors will decide in the fourth
quarter as to whether additional funding is available.

FIRST NATIONAL VIDEO CORP.("FNVC") d/b/a Windy City Video. Despite extraordinary
efforts by its employees and management the stores continued to experience
significant losses. At this time all stores have been closed. The Corporation is
attempting to avoid Bankruptcy by meeting with all creditors and vendors to
explain the financial position. Liabilities are significantly in excess of
$1,000,000 above assets.

LIQUIDITY AND CAPITAL RESOURCES

During the period the LaSalle Bank has indicated they want the loan repaid at
the earliest possible time. During October, 2000 key shareholders, through
personal loans, paid off the existing bank loans. The Corporation will make
monthly payments to the shareholders to retire this debt in three years.




                                       11
<PAGE>   12
OTHER IMPORTANT FINANCIAL INFORMATION

Due to unforeseen circumstances the company has moved to 8150 W. 111th St.,
Palos Hills, Illinois 60465.

The Business Plan established to acquire profitable companies with synergy to
utilize significant tax losses continues in force. The Corporation will explore
merging the Colorado Corporation into a Delaware Corporation.

Crowe Chizek has resigned as the company's auditors. The company is determining
its next course of action regarding this situation.

RESULTS OF OPERATIONS - Nine months Ended September 30, 2000 compared to Nine
Months Ended September 30, 1999.

Consolidated Balance Sheet The significant decrease in Loans Receivable is
attributable to an erosion of the portfolio due to performance, additional
reserves and a reclassification of a portion of the portfolio to Real Estate
Owned for Sale. Also, no factored receivables are outstanding as Prairie
Business Credit, Inc. was sold in January, 2000. This amount is offset by a
equal reduction in liabilities.


Consolidated Statement of Operations

Revenues fell to $14,295 from $473,559 due to closing or sale of the Video
stores, sale of PBCI and reduction in interest income on short term loans.

Total operating costs were reduced by $361,637 from the same period last year.

Net loss of ($713,509) compared to $(835,820) is due to reduced revenue in FNFC,
certain video store shut down costs and continued support of the Equator
Entertainment start-up.

TAXES ON INCOME

Taxes on income are zero due to the cumulative net operating loss carryforwards
of approximately $30.6 million at September 30, 2000, for federal tax purposes.
The net operating loss carryforwards expire in varying amounts beginning in
2000.

"Forward looking statements" as defined in the Private Securities Litigation
Reform Act of 1995 may be included in this report. A variety of factors could
cause the Corporation's actual results to differ from the reported results
expressed in such forward looking statements. Investors are referred to the
Corporations' most recent 10K.


                           PART II - OTHER INFORMATION

                           ITEM 1 - LEGAL PROCEEDINGS


                                      NONE


               ITEM 2 - CHANGES IN SECURITIES AND USE OF PROCEEDS

                                      NONE




                                       12
<PAGE>   13


                    ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

                                      NONE


          ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                                      NONE




                           ITEM 5 - OTHER INFORMATION

                                      NONE


                    ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)    Exhibits

       (27)   Financial Data Schedule

(b)    Reports on Form 8-K

       See Form 8-K filed











                                       13
<PAGE>   14
                                    SIGNATURE


Pursuant to the requirements 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.


                                         First National Entertainment Corp.




Dated: February 1, 2001                  /s/ Charles E. Nootens
       ------------------                ----------------------
                                         Charles E. Nootens
                                         President