UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, DC 20549

                                  10-QSB

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



FOR QUARTER ENDED  October 31, 2003     COMMISSION FILE NO. 0-8512
                  ------------------                      --------


                         MONARCH SERVICES, INC.
------------------------------------------------------------------
 (Exact name of small business issuer as specified in its charter)


          Maryland                           52-1073628
---------------------------------  ------------------------------
 (State or other jurisdiction of  (IRS EmployerIdentification No.)
        incorporation)


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


Issuer's telephone number, including area code       410-254-9200
                                                    -------------

                              Not applicable
-----------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last
report.

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
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 October 31, 2003, the number of shares outstanding of the issuer's
common stock was 1,619,620 shares.

Transitional Small Business Issue Format (check one):

                              YES [   ]      NO [ X ]













<TABLE>

PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                    MONARCH SERVICES, INC. AND SUBSIDIARY
           CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (UNAUDITED)
<CAPTION>
                                                October 31, 2003
                                               ------------------
                                                 (000's Omitted)
<S>                                                  <C>
ASSETS

CURRENT ASSETS

  Cash and cash equivalents                          $  329
  Certificates of deposit                             1,939
  Accounts receivable, net                              375
  Marketable securities available
      for sale                                           44
  Inventory                                             187
  Prepaid publishing expenses                            54
  Other prepaid expenses                                 75
  Income taxes receivable                                16

                                                      -----
           TOTAL CURRENT ASSETS                       3,019

PROPERTY AND EQUIPMENT
   Machinery, equipment, furniture and fixtures         805
   Leasehold improvements                             1,343
   Restaurant buildings                               1,455
                                                      -----
                                                      3,603
   Less accumulated depreciation                       (605)
                                                      -----
                                                      2,998
   Land                                                 321
                                                      -----
           TOTAL PROPERTY AND EQUIPMENT - NET         3,319
                                                      -----
   Trademarks - net                                       8
   Liquor license                                       200
                                                      -----
             TOTAL ASSETS                            $6,546
                                                      -----
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
   Accounts payable                                  $  337
   Accrued expenses                                     111
   Deferred subscription revenues                     1,539
                                                     ------
           TOTAL CURRENT LIABILITIES                  1,987
                                                     ------
DEFERRED INCOME TAXES                                     0
                                                     ------
STOCKHOLDERS' EQUITY
   Common Stock - par value $.001 per share:
      Authorized - 10,000,000 shares;
      shares outstanding 1,619,620                        2
   Capital surplus                                    3,781
   Retained earnings                                    774
   Accumulated other comprehensive income                 2
                                                     ------
             TOTAL STOCKHOLDERS' EQUITY               4,559
                                                      -----
   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY        $6,546
                                                      -----
<FN>
<F1>
See notes to Consolidated Financial Statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
                     MONARCH SERVICES, INC. AND SUBSIDIARY
                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
<CAPTION>
                                         Three Months Ended  Six Months Ended
                                             October 31,       October 31,
                                         ------------------  ----------------

                                             2003     2002     2003     2002
                                             ----     ----     ----     ----

                                         (000's omitted, except per share data)

<S>                                        <C>      <C>      <C>      <C>
Net sales - publishing                     $ 1,290  $ 1,191  $ 2,019  $ 1,880
Net sales - retail                             140      163      307      306
Net sales - restaurant                         179        0      179        0
                                            -----------------------------------
                                             1,609    1,354    2,505    2,186

Cost of goods sold - publishing                989    1,054    1,658    1,767
Cost of goods sold - retail                    149      207      313      368
Cost of goods sold - restaurant                259        0      259        0
                                           ------------------------------------
                                             1,397    1,261    2,230    2,135
                                           ------------------------------------
Gross profit from continuing
   operations                                  212       93      275       51
                                           ------------------------------------
Selling, general and administrative
   expenses                                    438      520      803      843
                                           ------------------------------------
Loss before other income
      and income taxes                        (226)    (427)    (528)    (792)

Other income:
    Investment and interest income              22       34       49       79
    Other                                        0        1        0        5
                                           ------------------------------------
                                                22       35       49       84
                                           ------------------------------------
Loss from continuing operations
   before income tax benefit                  (204)    (392)    (479)    (708)

Income tax (benefit) expense                     0     (133)       0     (240)
                                           ------------------------------------
Loss from continuing operations               (204)    (259)    (479)    (468)
                                           ------------------------------------
Discontinued Operations:
   Operating loss from "Adam"
   magazine (net of income tax
   benefit of $12) for the six
   months ended October 31, 2002                 0        0        0      (22)

 Gain on disposal of assets from
   "Girls Life Living" food court
   (net of income tax expense of
   $5) for the six months ended
   October 31, 2002                              0        0        0       11
                                           ------------------------------------
Loss from discontinued operations                0        0        0      (11)
                                           ------------------------------------
Net Income (loss)                          $  (204)   $(259)   $ (479)  $(479)

Net loss per common share
   basic and diluted:

Loss from continuing operations
   per share                               $ (0.13)   (0.16)    (0.30)  (0.29)

Loss from discontinued operations               0         0         0   (0.01)
                                           ------------------------------------
Net loss per common share -
   basic and diluted                       $ (0.13)   (0.16)    (0.30)  (0.30)
                                           ------------------------------------
Weighted average number of shares
   outstanding - basic and diluted      1,619,620 1,619,620 1,619,620 1,619,620
                                        ---------------------------------------
<FN>
<F1>
See Notes to Consolidated Financial Statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
               MONARCH SERVICES, INC. AND SUBSIDIARY
          CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
<CAPTION>
                                                Six Months Ended
                                                  October  31,
                                              -------------------
                                               2003         2002
                                              -----         ----
                                                (000's Omitted)

<S>                                         <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                     $ (479)    $ (479)
  Adjustments to reconcile net loss            ------     ------

     to net cash used by operating
     activities:
     Depreciation and amortization                34         32
     Increase/decrease in operating
       assets and liabilities:
       Accounts receivable, income
       taxes receivable, inventory,
       prepaid expenses, accounts
       payable, accrued expenses,
       and deferred subscription
       revenue                                    98       (187)
                                               ------     ------
Total cash used by operating activities         (347)      (634)
                                               ------     ------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment,
     intangible assets and improvements         (499)      (343)
  Maturity/redemption of certificates
     of deposit                                  651      1,747
                                               ------     ------
    Total cash provided (used) by
     investing activities                        152      1,404
                                               ------     ------
NET INCREASE (DECREASE)IN CASH AND CASH
    EQUIVALENTS                                 (195)       770

CASH AND CASH EQUIVALENTS (OVERDRAFT)
  BEGINNING OF PERIOD                            524       (121)
                                               ------     ------
CASH AND CASH EQUIVALENTS
  END OF PERIOD                              $   329    $   649
                                              =======    =======
<FN>
<F1>
See Notes to Consolidated Financial Statements.
</FN>
</TABLE>

                 MONARCH SERVICES, INC. AND SUBSIDIARY
         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements include
Monarch Services, Inc., "Monarch" and its wholly-owned active
subsidiaries, Girls' Life, Inc., Adam Leaf and Bean, Inc., Peerce's
Plantation, LLC and the discontinued operations of "Adam" magazine
and "Girls' Life Living" (collectively referred to herein as the
"Company"). The unaudited consolidated financial statements have
been prepared in accordance with the instructions to Form 10-QSB and
do not include all of the information and disclosures required by
accounting principles generally accepted in the United States of America
for complete financial statements. Certain reclassifications have been
made to amounts previously reported to conform with the classifications
made in 2003. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair
presentation have been included.  All material intercompany balances
between Monarch and its subsidiaries have been eliminated in
consolidation.  Operating results for the three months ending
October 31, 2003 and the six months ending October 31, 2003 are
not necessarily indicative of the results that may be expected for
the fiscal year ending April 30, 2004.  There has been no significant
change to the Company's accounting policies as disclosed in the annual
report.  For further information, reference should be made to the
financial statements and notes included in the Company's annual
report on Form 10-KSB for the fiscal year ended April 30, 2003.

Girls' Life magazine subscriptions are sold through traditional

sources  such as direct-mail solicitation, insert cards and
subscription agents.  The magazine is also sold on newsstands and
subscriptions can be obtained or renewed through the Internet on
the Girls' Life website www.girlslife.com.  Newsstand copies are
distributed nationally and internationally by Warner Publisher
Services, Ingram Periodicals Inc., and Worldwide Media Services,
Inc.

The subscription price of a one year Girls' Life subscription is
between $14.95 and $17.85, however the amount realized by the Company
may be less if a subscription service is used.  The suggested newsstand
price of a single issue of Girls' Life in the United States is $3.50.

The average number of magazines sold per issue for three issues during
the first six months of fiscal 2004 is set forth in the following table.


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

         Newsstand Sales                         60,000

         Subscription Sales                     305,000
                                               ---------
            Total Paid Circulation              365,000


         Complimentary Copies                     1,000




The following table sets forth the average number of magazines sold
per issue in the domestic and international markets for three issues
during the six months of fiscal 2004.

Geographic Distribution               Number of Magazines Sold
-----------------------               ------------------------

         United States                          301,000

         International                            4,000





NOTE B - ACCOUNTS RECEIVABLE

Accounts receivable consist of the following at October 31, 2003 (in
thousands).


Accounts receivable - publishing                     $ 423
Accounts receivable - Adam Leaf & Bean                   2
                                                    ------
   Total accounts receivable                           425

Less:
  Allowance for doubtful accounts                      (50)
                                                    ------
                                                     $ 375
                                                    ------


NOTE C - INVENTORIES

The Company values inventories at the lower of average cost (first-in,
first -out) or market.  Inventory at October 31, 2003 is primarily related
to the Adam Leaf and Bean and Peerce's Plantation operations.


NOTE D - INCOME TAXES

As a result of the Job Creation and Worker Assistance Act of 2002 ("2002
Act") that was signed by President Bush in March 2002, entities with net
operating losses arising in tax years ending in 2001 and 2002 are allowed
to carryback those losses for five years.  Prior to the 2002 Act, loss
carrybacks were only permitted for two years.  The Company has only
recorded tax benefits to the extent carryback claims are available, and
has not recorded any tax benefit associated with the future realization
of operating losses.


NOTE E - DISCONTINUED OPERATIONS

DISCONTINUED PUBLICATION OF ADAM MAGAZINE

Effective with the June/July 2002 issue of "Adam" magazine that went on
sale in May 2002, the Company terminated the publication of Adam Magazine.
All sales and costs associated with Adam Magazine have been reclassified
as Discontinued Operations.

Net sales and loss from discontinued operation of "Adam" magazine are as
follows (in thousands):

                                           Six Months Ended October 31,

                                               2003            2002
                                            --------------------------

       Net sales                            $     0         $     0

       Loss from discontinued operations
         (net of tax)                             0             (22)


Estimated salary and other termination and exit costs were adjusted during
the six months ended October 31, 2002 upon settlement of those obligations.
This adjustment (net of tax) resulted in $22,000 of expense to be recognized
during the six months ended October 31, 2002.


DISCONTINUED OPERATIONS OF GIRLS LIFE LIVING

Effective July 2002, "Girls Life Living" food court was closed.  All sales
and costs associated with Girls Life Living have been reclassified as
Discontinued Operations.

Net sales and loss from discontinued operations of "Girls Life Living" food
court are as follows (in thousands):

                                           Six Months Ended October 31,

                                               2003             2002
                                            --------------------------

       Net sales                            $     0         $      8

       Gain on disposal of assets
         (net of tax)                             0               11


Based upon information available at the time, the Company estimated a loss on
the disposal of certain assets of $91,000 as of April 30, 2002.  Upon actual
disposition of the assets, an adjustment to the accrued loss resulted in a
gain of $11,000 (net of tax) to be recognized during the six months ended
October 31, 2002.


NOTE F - STOCK-BASED COMPENSATION ARRANGEMENTS

The company applies APB Opinion No. 25 and related interpretations in
accounting for stock-based compensation arrangements.  Accordingly, no
compensation expense has been recognized.  For disclosure purposes,
pro-forma results have been determined based on the fair value method
consistent with SFAS No. 123, "Accounting for Stock-Based Compensation"
and SFAS No. 148 "Accounting for Stock-Based Compensation - Transition
and Disclosure".  No stock-based employee compensation cost is reflected
in the consolidated statements of operations, as all options granted
under those plans had an exercise price at least equal to the market
value of the underlying common stock on the date of grant.  The following
table illustrates the effect on net loss and net loss per share if the
Company had applied the fair value recognition provisions of SFAS
No. 123 "Accounting for Stock-Based Compensation", to stock-based
employee compensation for the three months and six months ended
October 31, 2003 and 2002.


                                              Three months Ended October 31,

                                                       2003       2002
---------------------------------------------------------------------------
            (In thousands, except per share data)

Net loss, as reported                              $   (204)   $  (259)
Less pro forma stock-based employee compensation
  expense determined under fair value based
  method, net of related tax effects                     (1)       (26)
                                                   --------------------
Pro forma net loss                                 $   (205)   $  (285)

Net loss per share:
  Basic - as reported                              $  (0.13)   $ (0.16)
  Basic - pro forma                                $  (0.13)   $ (0.18)
  Diluted - as reported                            $  (0.13)   $ (0.16)
  Diluted - pro forma                              $  (0.13)   $ (0.18)



                                               Six months Ended October 31,

                                                        2003       2002
--------------------------------------------------------------------------
            (In thousands, except per share data)

Net loss, as reported                              $   (479)   $  (479)
Less pro forma stock-based employee compensation
  expense determined under fair value based
  method, net of related tax effects                     (2)       (53)
                                                  --------------------
Pro forma net loss                                 $   (481)   $  (532)

Net loss per share:
  Basic - as reported                              $  (0.30)   $ (0.30)
  Basic - pro forma                                $  (0.30)   $ (0.33)
  Diluted - as reported                            $  (0.30)   $ (0.30)
  Diluted - pro forma                              $  (0.30)   $ (0.33)


NOTE G - SEGMENT INFORMATION

The Company currently operates in three industry segments. The Company's
primary operations during the quarters ending October 31, 2003 and 2002
respectively, was the publication of "Girls' Life" magazine in the
publishing segment and "Adam Leaf and Bean" tobacco shop in the retail
segment.  The Company's primary operations during the quarter and six
months ending October 31, 2003 included Peerce's Plantation.


          Segment Information for the Quarter Ending October 31, 2003
          -----------------------------------------------------------
                                 (in thousands)

                                 Publishing Retail Restaurant Other    Total

Revenues from external customers  $  1,290   $ 140   $ 179   $    - $   1,609
Intersegment revenues                    -       -       -        -         -
Interest Income                          -       -       -       22        22
Depreciation and amortization            3       3       7       11        24
Segment profit (loss) before tax        83     (21)   (143)    (145)     (226)
Expenditures for segment assets          -       -     233        -       233



          Segment Information for the Quarter Ending October 31, 2002
          -----------------------------------------------------------
                                (in thousands)

                                 Publishing Retail Restaurant Other    Total


Revenues from external customers  $  1,191   $ 163  $    -    $   -  $ 1,354
Intersegment revenues                    -       -       -        -        -
Interest Income                          -       -       -       34       34
Depreciation and amortization            5       3       -        7       15
Segment profit (loss) before tax      (134)    (54)    (69)    (170)    (427)
Expenditures for segment assets          -       -     187        -      187




          Segment Information for the Six Months Ending October 31, 2003
          --------------------------------------------------------------
                                 (in thousands)

                                 Publishing Retail Restaurant Other    Total

Revenues from external customers  $  2,019   $ 307   $ 179    $   -  $ 2,505
Intersegment revenues                    -       -       -        -        -
Interest Income                          -       -       -       49       49
Depreciation and amortization            6       7       7       17       37
Segment profit (loss) before tax        60     (29)   (143)    (416)    (528)
Expenditures for segment assets          1       -     494        3      498



          Segment Information for the Six Months Ending October 31, 2002
          --------------------------------------------------------------
                                (in thousands)

                                 Publishing Retail Restaurant Other    Total


Revenues from external customers  $  1,880   $ 306  $    -    $   -  $ 2,186
Intersegment revenues                    -       -       -        -        -
Interest Income                          -       -       -       79       79
Depreciation and amortization           11       7       -       14       32
Segment profit (loss) before tax      (224)    (80)    (98)    (390)    (792)
Expenditures for segment assets          3       5     335        -      343





ITEM 2.             MONARCH SERVICES, INC. AND SUBSIDIARIES

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For purposes of this discussion references to fiscal 2004 are to the fiscal
year ending April 30, 2004, and references to fiscal 2003 are to the fiscal
fiscal year ending April 30, 2003.


CERTAIN CAUTIONARY INFORMATION

In connection with the Private Securities Litigation Reform Act of 1995
(the "Litigation Reform Act"), we are hereby disclosing certain cautionary
information to be used in connection with written materials (including this
Report on Form 10-QSB) and oral statements made by or on behalf of our
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,
will, anticipate, estimate or continue or the negative thereof or other
variations thereon or comparable terminology.  You are 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 contained in our Annual Report on Form 10-KSB for the fiscal year
ended April 30, 2003 and incorporated herein by reference highlights some of
the more important risks we have identified, but should not be assumed to
be the only factors that could affect future performance.  Included in these
risks are our new business lines, history of losses, our fluctuations in
operating results, competition and other risks set forth herein and in our
annual report on Form 10-KSB for the fiscal year ended April 30, 2003 and
in other reports we have filed. You are cautioned that we do not have a
policy of updating or revising forward-looking statements and thus you
should not assume that our silence over time means that actual events are
bearing out as estimated in such forward-looking statements.


APPLICATION OF CRITICAL ACCOUNTING POLICIES



These consolidated financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America.
Application of these principles requires management to make estimates,
assumptions, and judgments that affect the amounts reported in the financial
statements and accompanying notes.  These estimates, assumptions, and
judgments are based on information available as of the date of the financial
statements; accordingly, as this information changes, the financial statements
could reflect different estimates, assumptions, and judgments.  Certain
policies inherently have a greater reliance on the use of estimates,
assumptions, and judgments and as such have a greater possibility of producing
results that could be materially different than originally reported.  We
believe the most critical accounting policies relate to revenue recognition
associated with subscription sales.  We currently recognize income on
magazine subscriptions over the expected life of the subscriptions.
Costs incurred to attract new subscribers are expensed as incurred.


PEERCE'S PLANTATION

Peerce's Plantation opened for business on September 26, 2003. As of
October 31, 2003, we have capitalized $977,000 in improvements and $315,000
in equipment for Peerce's Plantation.


RESULTS OF OPERATIONS

We have three operating subsidiaries. Girls' Life, Inc., publishes a
magazine, Adam Leaf and Bean, Inc. sells tobacco and related products
on a retail basis and Peerce's Plantation operates a restaurant and bar
open to the general public.  Peerce's Plantation began doing business
in the second quarter ending October 31, 2003.

The revenues of Girls' Life, Inc. are seasonal in nature.  Girls' Life
magazine is published six times per year.  The Company's typical publication
schedule usually results in the accrual of revenues for one issue in the
first and third quarters of the fiscal year and the accrual of revenues
for two issues in the second and fourth quarters of the fiscal year.  The
publication schedule is subject to revision without notice. There are two
issues of Girls' Life magazine in the second quarter of fiscal years 2004
and 2003. There are three issues of Girls' Life magazine in the six months
of fiscal years 2004 and 2003.

RESULTS FOR THE SECOND QUARTER OF FISCAL YEAR 2004 AND 2003

Publishing sales of Girls' Life increased $99,000, or 8%, to $1,290,000
in the second quarter of fiscal 2004 from the second quarter of fiscal 2003.
The net increase in sales relates primarily to a increase in subscription,
newsstand and miscellaneous revenue as partially offset by a decrease in
revenue from advertising and editorial services from third parties.
Subscription revenue increased by $9,000, or 1%, to $639,000 in the second
quarter of fiscal 2004 from the prior comparable period. Newsstand revenue
increased by $136,000, or 151%, to $228,000 in the second quarter of fiscal
2004 from the prior comparable period.  The increase in newsstand revenue is
attributed to the increased number of Girls' Life magazines being sold on the
newsstand due to the addition of additional major chain retailers and also
due to higher sales efficiencies. Revenue from editorial services to third
parties decreased by $4,000 in the second quarter of fiscal 2003 from the
prior comparable period. Advertising revenue decreased by $47,000, or 14%,
to $284,000 in the second quarter of fiscal 2004 from the prior comparable
period.  Management believes that advertising revenue is still adversely
affected by an industry-wide decline in the demand for advertising.

Sales of the retail operations, Adam Leaf and Bean tobacco shop, decreased
$23,000, or 14%, to $140,000 in the second quarter of fiscal 2004 from the
second quarter of fiscal 2003.  The net decrease in sales relates primarily
to the discontinuing of the coffee and snack bar business. Management
determined that the sales volume did not justify the cost of labor needed
to staff that part of the business.

Sales for the restaurant, Peerce's Plantation, were $179,000 in the second
quarter of fiscal 2004.  There were no sales in the second quarter of fiscal
2003.  Peerce's Plantation opened for business on September 26, 2003 and
therefore the sales during the period ending October 31, 2003 are only for
approximately one month.

Combined sales of the three operating subsidiaries was $1,609,000 in the
second quarter of fiscal 2004 compared to combined sales of $1,354,000
for the second quarter of fiscal 2003.

Total cost of goods sold, as a percent of total sales was 87% in the second
quarter of fiscal 2004 compared to 93% in the second quarter of fiscal 2003.
Cost of goods sold for publishing, as a percent of sales was 77% in the
second quarter of fiscal 2004 compared to 88% in the second quarter of fiscal
2003.  The percentage decrease in the cost of goods sold for publishing was
primarily attributable to decreased costs in labor and fees paid to outside
contractors.

Cost of goods sold for the retail sales, as a percent of sales was 106% in
the second quarter of fiscal 2004 compared to 127% in the second quarter of
fiscal 2003. The percentage decrease in cost of goods sold for Adam, Leaf
and Bean was primarily attributable to decreased labor and inventory costs
associated with the closing of the coffee shop in the first quarter of fiscal
2004.

Cost of goods sold for Peerce's Plantation, as a percent of sales was 145%
in the second quarter of fiscal 2004.  The high percentage was primarily
due to the opening of the restaurant late in the second quarter of fiscal
2004.  Cost of goods sold include pre-opening labor, training and other
expenses incurred during the entire quarter ended October 31, 2003, although
Peerce's Plantation opened for business on September 26, 2003.

Cost of goods sold includes certain direct overhead costs that are fixed
and do not flucuate as a result of the sales volume.  Certain other costs
are not fixed and do flucuate with the sales volume.  As sales increase,
the fixed costs decrease as a percentage of sales.

Selling, general and administrative expenses as a percentage of sales were 27%
for the second quarter of fiscal 2004 compared to 38% in the prior comparable
period.  The decrease in the percentage was primarily the net result of
decreased costs in promotional and salary expenses for Girl's Life and
corporate overhead offset by increased costs associated with Peerce's
Plantation. Other than those costs capitalized, all costs incurred by
Peerce's Plantation in the second quarter of fiscal 2003, were classified
as selling, general and administrative expenses. Promotional expenses for
Girls' Life magazine decreased $54,000, or 25%, for the second quarter of
fiscal 2004 compared to the prior comparable period.

There were no revenues and costs associated with Adam magazine and Girl's Life
Living food court for the second quarter of fiscal 2004.

Other income decreased $13,000 in the second quarter of fiscal 2004 compared
to the second quarter of fiscal 2003.  The decrease was primarily due to the
decrease in interest income due to a lower interest rate environment and
decreased cash balances.


RESULTS FOR THE FIRST SIX MONTHS OF FISCAL YEAR 2004 AND 2003

Publishing sales of Girls' Life increased $139,000, or 7%, to $2,019,000
during the six months of fiscal 2004 compared to the six months of fiscal
2003. The net increase in sales relates primarily to a increase in
subscription, newsstand and miscellaneous revenue as partially offset by
a decrease in revenue from advertising and editorial services from third
parties. Subscription revenue increased by $7,000, or 1%, to $960,000 in
the six months of fiscal 2004 from the prior comparable period. Newsstand
revenue increased by $198,000, or 145%, to $335,000 in the six months of
fiscal 2004 compared to the prior comparable period.  The increase in
newsstand revenue is attributed to the increased number of Girls' Life
magazines being sold on the newsstand due to the addition of additional
major chain retailers and also due to higher sales efficiencies. Revenue
from editorial services to third parties decreased by $26,000 during the
six months of fiscal 2004 from the prior comparable period. Advertising
revenue decreased by $70,000, or 13%, to $458,000 during the six months
of fiscal 20043 from the prior comparable period.  Management believes
that advertising revenue is still adversely affected by an industry-wide
decline in the demand for advertising.

Sales of the retail operations, Adam Leaf and Bean tobacco shop, decreased
$1,000, to $307,000 in the six months of fiscal 2004 compared to the six
months of fiscal 2003..

Sales for Peerce's Plantation were $179,000 in the six months of fiscal
2004.  There were no sales in the six months of fiscal 2003. Peerce's
Plantation opened for business on September 26, 2003 and therefore the
sales during the period ending October 31, 2003 are only for approximately
one month.

Combined sales of the three operating subsidiaries was $2,505,000 during
the during the six months of fiscal 2004 compared to combined sales of
$2,186,000 for the six months of fiscal 2003.

Total cost of goods sold, as a percent of total sales was 89% in the six
months of fiscal 2004 compared to 98% in the six months of fiscal 2003.
Cost of goods sold for publishing, as a percent of sales was 82% in the
six months of fiscal 2004 compared to 94% in the six months of fiscal
2003.  The percentage decrease in the cost of goods sold for publishing was
primarily attributable to decreased costs in labor and fees paid to outside
contractors.

Cost of goods sold for the retail sales, as a percent of sales was 102% in
the six months of fiscal 2004 compared to 120% in the six months of fiscal
2003. The percentage decrease in cost of goods sold for Adam, Leaf and
Bean was primarily attributable to decreased labor and inventory costs
associated with the closing of the coffee shop in the first quarter of
fiscal 2004.

Cost of goods sold for Peerce's Plantation, as a percent of sales was 145%
during the six months of fiscal 2004.  The high percentage was primarily
due to the opening of the restaurant late in the second quarter of fiscal
2004.  Cost of goods sold include pre-opening labor, training and other
expenses incurred during the entire quarter ended October 31, 2003, although
Peerce's Plantation opened for business on September 26, 2003.

Cost of goods sold includes certain direct overhead costs that are fixed
and do not flucuate as a result of the sales volume.  Certain other costs
are not fixed and do flucuate with the sales volume.  As sales increase,
the fixed costs decrease as a percentage of sales.

Selling, general and administrative expenses as a percentage of sales were
32% in the six months of fiscal 2004 compared to 39% in the prior comparable
period.  The decrease in the percentage was primarily the net result of
decreased costs in promotional and salary expenses for Girl's Life and
corporate overhead offset by increased costs associated with Peerce's
Plantation. Other than those costs capitalized, all costs incurred by
Peerce's Plantation in the second quarter of fiscal 2003, were classified
as selling, general and administrative expenses. Promotional expenses for
Girls' Life magazine decreased $39,000, or 18%, for the six months of fiscal
2004 compared to the prior comparable period.

There were no revenues and costs associated with Adam magazine and Girl's Life
Living food court for the six months of fiscal 2004.

Other income decreased $35,000 in the six months of fiscal 2004 compared
to the six months of fiscal 2003.  The decrease was primarily due to the
decrease in interest income due to a lower interest rate environment and
decreased cash balances.


LIQUIDITY AND CAPITAL RESOURCES

At October 31, 2004, the Company has cash and cash equivalents of
approximately $329,000, a decrease of $195,000 from the amount at
April 30, 2003. The decrease resulted primarily from the purchase of
equipment and improvements offset by the reduction of certificates
of deposit.  The Company's cash and cash equivalents are subject
to variation based upon the timing of receipts and the payment of
payables.

At October 31, 2004, the Company has $1,939,000 in certificates of
deposit with a stated maturity date of November 26, 2006. To date,
the Company has had immediate access to these funds without incurring
a penalty or reduction in interest rate.

At October 31, 2003, the Company has no debt with third party lenders.


ITEM 3.                CONTROLS AND PROCEDURES

Based on an evaluation of the Company's disclosure controls and procedures
as of the date of this quarterly report, each of the chief executive officer
and the chief financial officer of the Company has concluded that the
Company's disclosure controls and procedures are effective.

There were no significant changes in the Company's internal controls or in
any other factors which could significantly affect those controls subsequent
to the date of the most recent evaluation of the Company's internal controls,
including any corrective actions with regard to any significant deficiencies
or material weaknesses.


                      PART II. OTHER INFORMATION


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


The 2003 Annual Meeting of Stockholders was held at 10:00 a.m. on October 21,
2003, at Peerce's Plantation, 12460 Dulaney Valley Road, Phoenix, Maryland
21131.

Results of the proposal for the election of A. Eric Dott as a Class III
Director of the Company to serve until the 2006 annual meeting of stockholders
and until his successor is elected and qualified.



A. Eric Dott                  Votes In Favor          Votes Withheld

                                 1,215,451                190,388


Results of the proposal to ratify Stegman & Company, as independent
auditors of the Company for the fiscal year ending April 30, 2004.


           Votes For        Votes Against        Votes Abstaining

           1,239,843            80,662               85,334




ITEMS 1 THROUGH 3 AND 5
NONE / NOT APPLICABLE

ITEM 6.  EXHIBITS AND REPORTS FOR FORM 8-K

(a)          Exhibits

             Number       Description
             ------       -----------
             31.1         CEO Certification under Rule 13a-14(a)/15d-14(a)
             31.2         CFO Certification under Rule 13a-14(a)/15d-14(a)
             32.1         CEO Certification of SEC compliance
             32.2         CFO Certification of SEC compliance


(b)          Reports on Form 8-K

             The Company filed a report on Form 8-K dated October 1, 2003
             to report the re-opening of Peerce's Plantation.





In accordance with the Securities Exchange Act of 1934, the registrant
has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.


                                   MONARCH SERVICES, INC.



Date   December 12, 2003           By:  /s/  Jackson Y. Dott
       -----------------           -------------------------------
                                   Chief Executive Officer




Date   December 12, 2003           /s/    Marshall Chadwell
       -----------------           -------------------------------
                                   Marshall Chadwell, Controller
                                   Chief Financial Officer
                                   (Principal Accounting and
                                        Financial Officer)