<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549



                                   FORM 10-QSB

                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934




For Quarter Ended April 30, 1999 Commission file number 0-5653
                  --------------                       --------



                             BALA CYNWYD CORPORATION
--------------------------------------------------------------------------------



             NEW JERSEY                                           22-1436237
--------------------------------------------------------------------------------
  (State or other jurisdiction of                             (I.R.S. Employer
   incorporation or organization)                            Identification No.)


  301 CITY AVENUE                         BALA CYNWYD, PA           19004
--------------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip Code)



Registrant's telephone number, including area code 610-667-8225
                                                   ------------



________________________________________________________________________________
Former name, former address and former fiscal year, if changed since last
report.




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 and (2) has been subject to such filing requirements for
the past 90 days.


                                                                 ___ Yes  _X_ No




Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the close of the period covered by this report.


Class: COMMON, PAR VALUE $.05 PER SHARE
       --------------------------------
OUTSTANDING at April 30, 1999  1,021,314


<PAGE>



                             BALA CYNWYD CORPORATION

                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                                 APRIL 30, 1999
--------------------------------------------------------------------------------




                                      INDEX


Part I - Financial Information (unaudited):
             Condensed balance sheet as of
                April 30,1999 and January 31,1999                              2

             Condensed statement of operations
                for the three-month periods ended
                April 30, 1999 and 1998                                        3

             Condensed statement of cash flows
                for the three-month periods ended
                April 30, 1999 and 1998                                        4

             Notes to condensed financial statements                           5

             Report of independent accountants                                 6

             Management's discussion and analysis of the
                financial condition and results of operations                  7


Part II - Other Information

             Item 1.  Legal Proceedings                                        8
             Item 2.  Changes in Securities                                    8
             Item 3.  Defaults Upon Senior Securities                          8
             Item 4.  Submission of Matters to a Vote of Security Holders      8
             Item 5.  Other Information                                        8
             Item 6.  Exhibits and Reports of Form 8-K                         8

Signature                                                                      9



 1

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                             BALA CYNWYD CORPORATION

                             CONDENSED BALANCE SHEET
                                   (unaudited)
--------------------------------------------------------------------------------



<TABLE>
<CAPTION>
                                                                               APRIL 30,           JANUARY 31,
                                                                                 1999                 1999
                                                                               ---------           -----------
<S>                                                                               <C>                  <C>
                                     ASSETS


Cash and cash equivalents                                                      $470,486             $478,096
                                                                               --------             --------

                                                                               $470,486             $478,096
                                                                               ========             ========



                      LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:
  Due to shareholder                                                           $  1,927             $  1,927
  Due to affiliates                                                               3,862                3,862
  Accrued expenses                                                                5,152               13,480
  Income taxes payable                                                            4,730                6,374
                                                                               --------             --------

                                                                                 15,671               25,643
                                                                               --------             --------

Shareholders' equity:
  Preferred stock, cumulative convertible, $,05 par
     value; 500,000 shares authorized, 2,600
     shares issued                                                                  130                  130
  Common stock, $.05 par value; 2,000,000 shares
     authorized, 1,054,419 shares issued                                         52,721               52,721
  Additional paid-in capital                                                    462,327              462,327
  Accumulated deficit                                                           (40,797)             (43,159)
                                                                               --------             --------

                                                                                474,381              472,019

  Less treasury stock, at cost:
     Preferred stock (2,600 shares)                                              (5,000)              (5,000)
     Common stock (33,105 shares)                                               (14,566)             (14,566)
                                                                               --------             --------

           Total shareholders' equity                                           454,815              452,453
                                                                               --------             --------

                                                                               $470,486             $478,096
                                                                               ========             ========

</TABLE>





See accompanying notes to condensed financial statements.

 2

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                             BALA CYNWYD CORPORATION

                        CONDENSED STATEMENT OF OPERATIONS
                                   (unaudited)
--------------------------------------------------------------------------------




<TABLE>
<CAPTION>
                                                                                   THREE MONTHS ENDED
                                                                                        APRIL 30,
                                                                               1999                  1998
                                                                              ------                ------
<S>                                                                           <C>                   <C>
Revenue, interest income                                                      $5,430                $5,374


General and administrative expenses                                            3,068                   856
                                                                               -----                ------


Income before provision for income taxes                                       2,362                 4,518


Provision for personal holding company income taxes                                -                   375
                                                                              ------                ------


Net income                                                                    $2,362                $4,143
                                                                               =====                 =====


Net income per share, basic and diluted                                       $    -                $    -
                                                                              ======                ======


Weighted average number of outstanding
  shares for basic and diluted                                            $1,021,314            $1,021,314
                                                                          ==========            ==========
</TABLE>






See accompanying notes to condensed financial statements.

 3

<PAGE>



                             BALA CYNWYD CORPORATION

                        CONDENSED STATEMENT OF CASH FLOWS
                                   (unaudited)
--------------------------------------------------------------------------------



<TABLE>
<CAPTION>
                                                                                  THREE MONTHS ENDED
                                                                                       APRIL 30,
                                                                                1999                 1998
                                                                             ---------             --------
<S>                                                                             <C>                    <C>
                           INCREASE (DECREASE) IN CASH

Cash flows from operating activities:
  Net income                                                                 $  2,362              $  4,143
  Adjustments to reconcile net income to net cash
       provided by (used in) operating activities:
     Increase (decrease) in operating liabilities:
       Accrued expenses                                                        (8,328)                    -
       Income taxes payable                                                    (1,644)                  375
                                                                             --------              --------

           Net cash provided by (used in) operating activities                 (7,610)                4,518
                                                                             --------              --------


Cash flows from investing activities:
  Advances to/from shareholder, net                                              -                      106
                                                                             --------              --------

           Net cash provided by investing activities                             -                      106
                                                                             --------              --------


Net increase (decrease) in cash and cash equivalents                           (7,610)                4,624


Cash and cash equivalents at beginning of period                              478,096               467,350
                                                                             --------              --------


Cash and cash equivalents at end of period                                   $470,486              $471,974
                                                                             ========               =======
</TABLE>






See accompanying notes to condensed financial statements.

 4

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                             BALA CYNWYD CORPORATION

                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (unaudited)
--------------------------------------------------------------------------------







1.   In the opinion of management, the accompanying unaudited condensed
     financial statements contain all adjustments necessary to present fairly
     the financial position as of April 30, 1999 and the results of operations
     and cash flows for the three-month periods ended April 30, 1999 and 1998.
     The results of operations for the three-month period ended April 30, 1999
     are not necessarily indicative of the results to be expected for the full
     year.

2.   Margolis & Company P.C., the Company's auditors, has performed a limited
     review of the financial information included herein. Their report on such
     review accompanies this filing.




 5

<PAGE>


                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors
Bala Cynwyd Corporation
Bala Cynwyd, PA

We have reviewed the accompanying condensed balance sheet of Bala Cynwyd
Corporation as of April 30, 1999 and the related condensed statements of
operations and cash flows for the three- month periods ended April 30, 1999 and
1998. These financial statements are the responsibility of the Company's
management.

We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should
be made to the accompanying condensed financial statements for them to be in
conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet as of January 31, 1999 and the related statements
of operations, shareholders' equity, and cash flows for the year then ended (not
presented herein); and in our report dated January 12, 2000, we expressed an
unqualified opinion on those financial statements. In our opinion, the
information set forth in the accompanying condensed balance sheet as of January
31, 1999 is fairly stated, in all material respects, in relation to the balance
sheet from which it has been derived.






                                                    Certified Public Accountants


Bala Cynwyd, Pennsylvania
June 30, 2000



 6

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                             BALA CYNWYD CORPORATION

         MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
                                   (unaudited)
--------------------------------------------------------------------------------




Nature of Business

The Company presently conducts no business, but is searching for appropriate
investment and acquisition opportunities. Its only income consists of interest
from investment income.


Results of Operations

During the three months ended April 30, 1999, the Company earned interest of
$5,430 as compared to $5,374 of interest earned in the three months ended April
30, 1998, an increase of $56. During the three months ended April 30, 1999, the
Company incurred general and administrative expenses of $3,068, an increase of
$2,212 as compared with the three months ended April 30, 1998 expenses of $856.


Liquidity and Capital Resources

During the three months ended April 30, 1999, the Company satisfied its working
capital needs from cash on hand at the beginning of the year and cash generated
from interest income during the period. As of April 30, 1999, the Company had
working capital of $454,815. This working capital is expected to provide the
Company with sufficient capital while it seeks a merger, acquisition or other
arrangement by and between the Company and a viable operating entity, although
there is no assurance that this will occur.








 7

<PAGE>



                             BALA CYNWYD CORPORATION









Part II - Other Information

          Item 1.     Legal Proceedings
                      None

          Item 2.     Changes in Securities
                      None

          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 of Form 8-K
                      None




 8

<PAGE>



                             BALA CYNWYD CORPORATION

                                    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.


                                               BALA CYNWYD CORPORATION



                                               /s/ Albert M. Zlotnick
                                               ---------------------------------
                                               Albert M. Zlotnick, President and
                                               Chief Executive Officer



Date: August 25, 2000


 9

<PAGE>


                             BALA CYNWYD CORPORATION

                   APPENDIX A TO ITEM 601(c) OF REGULATION S-B
--------------------------------------------------------------------------------




THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF BALA CYNWYD CORPORATION AS OF AND FOR THE THREE MONTHS
ENDED APRIL 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.


ITEM NUMBER        AMOUNT         ITEM DESCRIPTION
-----------        ------         ----------------


5-02(1)            $ 470,486      Cash and cash items
5-02(2)                    0      Marketable securities
5-02(3)(a)(1)              0      Notes and accounts receivable, trade
5-02(4)                    0      Allowances for doubtful accounts
5-02(6)                    0      Inventories
5-02(9)              470,486      Total current assets
5-02(13)                   0      Property, plant and equipment
5-02(14)                   0      Accumulated depreciation
5-02(18)             470,486      Total assets
5-02(21)              15,671      Total current liabilities
5-02(22)                   0      Bonds, mortgages and similar debt
5-02(28)                   0      Preferred stock, mandatory redemption
5-02(29)                 130      Preferred stock, no mandatory redemption
5-02(30)              52,721      Common stock
5-02(31)             401,964      Other shareholders' equity
5-02(32)             470,486      Total liabilities and shareholders' equity
5-03(b)1(a)                0      Net sales of tangible products
5-03(b)1               5,430      Total revenues
5-03(b)2(a)                0      Cost of tangible goods sold
5-03(b)2                   0      Total costs and expenses applicable to
                                    sales and revenues
5-03(b)3               3,068      Other costs and expenses
5-03(b)5                   0      Provision for doubtful accounts and notes
5-03(b)(8)                 0      Interest and amortization of debt discount
5-03(b)(10)            2,362      Income before taxes and other items
5-03(b)(11)                0      Income tax expense
5-03(b)(14)            2,362      Income from continuing operations
5-03(b)(15)                0      Discontinued operations
5-03(b)(17)                0      Extraordinary items
5-03(b)(18)                0      Cumulative effect, changes in
                                    accounting principles
5-03(b)(19)            2,362      Net income
5-03(b)(20)                0      Earnings per share, basic
5-03(b)(20)                0      Earnings per share, diluted