EXHIBIT INDEX APPEARS ON PAGE


                     U.S. SECURITIES AND EXCHANGE COMMISSION

                               Washington, DC  20549

                                    FORM 10-QSB

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

                 For the quarterly period ended March 31, 2003

                          Commission File Number: 0-17170


                                TELVUE CORPORATION
         (Exact name of small business issuer as specified in its charter)




           DELAWARE                                     51-0299879
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                      Identification No.)



16000 Horizon Way, Suite 500
Mt. Laurel, New Jersey                                      08054
(Address of principal executive offices)                  (Zip Code)

Issuer's telephone number, including area code:(856) 273-8888

Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
for such shorter period that the issuer was required to file such reports)
and (2) has been subject to such filing requirements for the past 90 days.
Yes   X   No
    ------   ------

Number of shares of registrant's common stock outstanding as of April 30,
2003: 24,817,274 shares.

Transitional Small Business Disclosure Format:  Yes       No   X
                                                  ------    ------
This report includes a total of 24 pages.


                         TELVUE CORPORATION

                                       INDEX

                                                                      PAGE
                                                                       NO.
                                                                      ----

PART I.   FINANCIAL INFORMATION


          Item 1.  Financial Statements

          Balance Sheets as of March 31, 2003
          (unaudited) and as of December 31, 2002

          Statements of Operations for the three
          months ended March 31, 2003 (unaudited)
          and March 31, 2002 (unaudited)

          Statements of Cash Flows for the three
          months ended March 31, 2003 (unaudited)
          and March 31, 2002 (unaudited)

          Notes to Financial Statements (unaudited)

          Item 2.  Management's Discussion and Analysis or Plan of
                   Operation

          Item 3.  Controls and Procedures


PART II.  OTHER INFORMATION

          Item 6.  Exhibits and Reports on Form 8-K



<Page>
<Table>
PART I.  Financial Information
ITEM I.  Financial Statements
                                 TELVUE CORPORATION
                                   BALANCE SHEETS

                                                March 31,      December 31,
                                                   2003            2002
                                               -------------   -----------
<S>                                              <C>             <C>

ASSETS                                         (Unaudited)              *

CURRENT ASSETS
  Cash and cash equivalents                     $   614,488     $  652,059
  Accounts receivable -  trade, net of allowance
   of $86,302 at March 31, 2003 and
   December 31, 2002                              1,330,663      1,220,997
  Inventory                                          53,571         85,905
  Deferred tax asset                                350,000        350,000
  Other current assets                               68,039         70,554
                                                -----------     ----------
     TOTAL CURRENT ASSETS                         2,416,761      2,379,515

PROPERTY AND EQUIPMENT
  Machinery and equipment                         5,399,736      5,387,628
  Less accumulated depreciation                   5,133,664      5,080,545
                                                -----------     ----------
                                                    266,072        307,083

OTHER ASSETS
  Deferred tax asset                                341,919        467,576
  Goodwill                                          800,000        800,000
  Covenant not to compete - net of accumulated
   amortization of $5,207 and $4,593 in 2003
   and 2002, respectively                             4,793          5,417
  Other assets                                        8,800          8,800
                                                 ----------     ----------
                                                  1,155,512      1,281,793
                                                 ----------     ----------
                                                 $3,838,345     $3,968,391
                                                 ==========     ==========

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
  Notes payable - current                          $158,340       $155,990
  Accrued interest majority stockholder-current     540,000        540,000
  Accounts payable - trade                          193,924        288,396
  Accrued expenses                                  172,605        230,070
  Deferred service revenue, net of expense            2,958          5,968
  Accrued dividends payable                       2,216,781      2,111,220
                                                -----------     ----------
     TOTAL CURRENT LIABILITIES                    3,284,608      3,331,644

NOTES PAYABLE - MAJORITY STOCKHOLDER                541,000        541,000

ACCRUED INTEREST - MAJORITY STOCKHOLDER - net
   of current portion                               531,472        666,228

NOTES PAYABLE, net of current portion                  -            40,335

REDEEMABLE CONVERTIBLE PREFERRED STOCK, $1 par
  value, 6,900,000 shares authorized,
  3,518,694 shares issued and outstanding
  (liquidation value of $5,629,914)               3,518,694      3,518,694

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' DEFICIT
  Common stock, $.01 par value, 100,000,000
  shares authorized, 24,817,274 and 24,771,583
  shares issued and outstanding at March 31, 2003
  and December 31, 2002, respectively               248,173        248,173
  Additional paid-in capital                      1,587,353      1,587,353
  Accumulated deficit                            (5,872,955)    (5,965,036)
                                                 -----------    -----------
                                                 (4,037,429)    (4,129,510)
                                                 -----------    -----------
                                                 $3,838,345     $3,968,391
                                                 ===========    ===========

*  Derived from audited financial statements.

The accompanying unaudited notes are an integral part of these statements.
<Page>

                                   TELVUE CORPORATION
                                STATEMENTS OF OPERATIONS
                                       (UNAUDITED)


                                                    Three Months Ended
                                                      March 31,
                                               ---------------------------
                                                     2003            2002
                                                     ----            ----
REVENUES
  ANI services                                 $ 1,222,973     $ 1,141,832
  Hardware sales and service                       472,137         397,968
                                               -----------     -----------
TOTAL REVENUES                                   1,695,110       1,539,800

COST OF REVENUES
  ANI services                                     410,071         500,540
  Hardware sales and service                       400,845         326,273
                                              ------------     -----------
TOTAL COST OF REVENUES                             810,916         826,813
                                              ------------     -----------
GROSS MARGIN                                       884,194         712,987

OPERATING EXPENSES
  Selling and marketing                            248,631         233,945
  General and administrative                       223,979         225,620
  Depreciation & amortization                       53,745          71,722
                                               -----------     -----------
TOTAL OPERATING EXPENSES                           526,355         531,287
                                               -----------     -----------
OPERATING INCOME                                   357,839         181,700

OTHER INCOME (EXPENSE)
  Interest income                                    1,011           2,186
  Interest expense                                 (17,548)        (31,313)
                                                -----------     ----------
TOTAL OTHER INCOME (EXPENSE)                       (16,537)        (29,127)
                                                -----------     ----------
INCOME BEFORE INCOME TAXES                         341,302         152,573

INCOME TAX EXPENSE                                 143,657          57,612
                                                ------------     ---------
NET INCOME                                         197,645          94,961

DIVIDENDS ON REDEEMABLE
  CONVERTIBLE PREFERRED STOCK                     (105,561)       (105,561)
                                                -----------     ----------
NET INCOME (LOSS) AVAILABLE TO
  COMMON STOCKHOLDERS                           $   92,084     $   (10,600)
                                                ===========    ============

NET INCOME PER COMMON SHARE
  BASIC                                               $.00            $.00
                                                ============   ============
  DILUTED                                             $.00            $.00
                                                ============   ============

WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING
   BASIC                                         24,817,274     24,771,583
                                                 ==========     ==========
   DILUTED                                       94,125,572     90,773,803
                                                 ==========     ==========

The accompanying unaudited notes are an integral part of these statements.
<Page>

                                   TELVUE CORPORATION
                                STATEMENTS OF CASH FLOWS
                                    (UNAUDITED)

                                                       Three Months Ended
                                                           March 31,
                                                    ---------------------
                                                     2003            2002
                                                     ----            ----
CASH FLOWS FROM OPERATING ACTIVITIES
  Net Income                                    $   197,645       $ 94,961
  Adjustments to reconcile net income to
   net cash provided by operating activities:
    Depreciation & amortization                      53,745         71,722
    Deferred taxes                                  125,657         45,612
  Changes in assets and liabilities:
   Decrease (increase) in -
    Accounts receivable - trade                    (109,666)        67,227
    Inventory                                        32,334        (15,263)
    Other current assets                              2,515          4,168
   Increase (decrease) in -
    Accrued interest - majority stockholder        (134,756)       (99,809)
    Accounts payable - trade                        (94,472)        44,627
    Accrued expenses                                (57,470)       (51,623)
    Deferred service revenue, net of expense         (3,010)         3,134
    Income taxes payable                                -           12,000
                                                 -----------    ----------
    NET CASH PROVIDED BY OPERATING ACTIVITIES        12,522        176,756
                                                 -----------    ----------
CASH FLOWS FROM INVESTING ACTIVITIES
  Purchases of property and equipment               (12,108)       (20,279)
                                                 -----------    ----------
   NET CASH (USED) BY INVESTING ACTIVITIES          (12,108)       (20,279)

CASH FLOWS FROM FINANCING ACTIVITIES
   Debt reduction:
     Notes payable - other                          (37,985)        (1,049)
                                                 -----------     ----------
   NET CASH (USED) BY FINANCING ACTIVITIES          (37,985)        (1,049)
                                                 -----------     ----------
NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                                  (37,571)       155,428

CASH AND CASH EQUIVALENTS,
  BEGINNING OF PERIOD                               652,059        544,455
                                                 ----------     ----------
CASH AND CASH EQUIVALENTS, END OF PERIOD         $  614,488     $  699,883
                                                 ==========     ==========

The accompanying unaudited notes are an integral part of these statements.
</Table>
<Page>

                                     TELVUE CORPORATION
                               NOTES TO FINANCIAL STATEMENTS
                                     (UNAUDITED)

1.  BASIS OF PRESENTATION:
    ----------------------

Summary Financial Information and Results of Operations
--------------------------------------------------------

In the opinion of management, the accompanying unaudited financial
statements have been prepared in conformance with accounting principles
generally accepted in the United States of America and with the
regulations of the Securities and Exchange Commission and contain all
adjustments (consisting of only normal recurring adjustments) necessary to
make the financial statements not misleading and to present fairly the
financial condition as of March 31, 2003, the results of operations for
the three months ended March 31, 2003 and 2002 and cash flows for the
three months ended March 31, 2003 and 2002.

Interim Financial Information
-----------------------------

While management believes that the disclosures presented are adequate to
prevent misleading information, these unaudited financial statements must
be read in conjunction with the audited financial statements and notes
included in the Company's Form 10-KSB report for the three months ended
March 31, 2003, as filed with the Securities and Exchange Commission.

Prior period financial statements have been reclassified to conform with
current quarter presentation.

2.  GOODWILL:
    ---------

Effective January 1, 2002, the Company adopted SFAS No. 142, "Goodwill and
Other Intangible Assets", under which goodwill is no longer amortized but
instead is assessed for impairment at least annually.  In the fourth
quarter of 2002, the Company performed its annual fair value assessment
and determined that an impairment charge of $370,819 was necessary to
reduce the carrying value of goodwill to its implied fair value.

The Company is required to perform goodwill impairment tests on an annual
basis and between annual tests in certain circumstances. For the three
months ended March 31, 2003, no impairment of goodwill has been
recognized. There can be no assurance that future goodwill impairment
tests will not result in a charge to earnings.

3.  SUPPLEMENTAL CASH FLOW INFORMATION:
    -----------------------------------

Supplemental disclosures of cash paid during the period-

                                           2003           2002
                                           ----            ----
             Income taxes               $ 18,000        $  -
             Interest                   $152,304        $131,122

Non-cash Investing and Financing Transactions
---------------------------------------------
The Company accrued dividends on its redeemable convertible preferred
stock of $105,561 for each of the three month periods ended March 31, 2003
and 2002.

4.  EARNINGS PER COMMON SHARE:
    --------------------------

Basic earnings per common share is computed by dividing net income, after
deduction of preferred stock dividends, by the weighted average number of
shares of outstanding common stock.  Diluted earnings per common share is
computed by dividing net income, after the deduction of preferred stock
dividends, when applicable, by the weighted average number of shares of
outstanding common stock adjusted to include incremental common shares
that would have been outstanding if potentially dilutive common shares had
been issued.  Common equivalent shares are excluded from the computation in
periods in which they have an antidilutive effect.

The following is a reconciliation from basic earnings per share to diluted
earnings per share for the three months ended March 31, 2003 and 2002.
Incremental shares of 69,353,989 and 66,002,220 for the three months ended
March 31, 2003 and 2002, respectively, were used in the calculation of
diluted earnings per common share.

                                     Net Income
                                       (Loss)
                                     Available        Average
                                     to Common        Shares       Earnings
                                     Stockholders   Outstanding   Per Share
                                     ------------   -----------   ---------
2003                                  $   92,084     24,817,274    $ .00
Effect of dilution
  Warrants                                  -        29,915,160
  Convertible preferred stock            105,561     38,238,412
  Vested unexercised stock options          -         1,200,417
                                      -----------    ----------    -------
Diluted                                  197,645     94,171,263    $ .00
                                      ===========    ==========    =======

2002                                  $  (10,600)    24,771,583    $ .00
Effect of dilution
  Warrants                                  -        29,915,160
  Convertible preferred stock            105,561     35,423,311
  Vested unexercised stock options          -           663,749
                                      -----------    ----------    -------
Diluted                               $   94,961     90,773,803    $ .00
                                      ===========    ==========    =======

5.  DIVIDENDS ON REDEEMABLE CONVERTIBLE PREFERRED STOCK:
    ----------------------------------------------------

As of March 31, 2003, accrued dividends on outstanding preferred stock
amounted to $2,216,781.

6.  CORPORATE INCOME TAXES:
    -----------------------

The Company uses the asset and liability method of accounting for income
taxes in accordance with Financial Accounting Standards Board Statement
(SFAS) No. 109, "Accounting for Income Taxes".  SFAS 109 requires
recognition of deferred tax assets and liabilities for the expected future
tax consequences of events that have been recognized in the financial
statements or tax returns.  Under this method, deferred tax liabilities
and assets are determined based on the differences between the financial
statement carrying amounts and tax bases of assets and liabilities using
enacted tax rates in effect in the years in which the differences are
expected to reverse.  Differences between financial reporting and tax
bases arise most frequently from differences in timing of income and
expense recognition.  Deferred income tax expense is measured by the
change in the net deferred income tax asset or liability during the year.

The provisions for income tax expense consist of the following components:

                                                  2003             2002
                                              -----------       ----------
Current
 Federal                                       $    -            $    -
 State                                            18,000            12,000
                                              ----------         ---------
                                                  18,000              -
Deferred
 Federal                                         111,090            45,612
 State                                            14,567              -
                                               ---------         ---------
                                                 125,657            45,612
                                               ---------         ---------
                                               $ 143,657         $  57,612
                                               =========         =========

The Company has a net operating loss carryforward of approximately
$400,000 on  a tax-reporting basis as of March 31, 2003.  The carryforward
will begin to expire in 2007, if not utilized.

7.  NOTES PAYABLE AND ACCRUED INTEREST:
    ----------------------------------

Note Payable and Accrued Interest - Majority Stockholder
--------------------------------------------------------
On March 26, 2003, the Company obtained from the majority stockholder an
extension to January 1, 2005, of his prior agreement not to demand
repayment of his loans or the accrued interest on the loans.  The Company
has decided to voluntarily make, and the majority stockholder has agreed
to accept, monthly payments of $50,000, when, in the opinion of
management, the Company has such cash available that is not needed to fund
operations.  The Company makes current interest payments from the monthly
payment and the balance of the payment is applied to either accrued
interest or principal. The Company may make monthly payments in excess of
$50,000 when it has excess cash that is not needed to fund operations.
The Company made total payments of $150,000 during the three months ended
March 31, 2003.  The Company has classified $540,000 of accrued interest
as a current liability. As of March 31, 2003, the Company had an
outstanding non-interest bearing note due to the majority stockholder in
the principal amount of $541,000 and accrued interest on former
outstanding notes in the aggregate amount of $1,071,472 that bears
interest at a rate of prime plus one percent (1%).

Note Payable - Dacon Corporation d/b/a Source Communications Group
------------------------------------------------------------------
On March 9, 2001, the Company acquired the assets of Source Communications
Group ("Source") for $1.3 million. The assets, which consisted primarily
of material contracts with equipment, software and communication service
providers, were purchased for $1,000,000 in cash and $300,000 pursuant to
a promissory note. The promissory note has a term of three years.
Interest only is payable monthly during year one at the rate of 8% per
annum. Beginning in year two, both principal and interest are payable
monthly at the rate of 5.06% per annum. As of March 31, 2003 the principal
amount of the note was $153,786.

Note Payable - Ford Motor Credit Corp
-------------------------------------
In March 2001, the Company purchased a van for $21,402 to be used for
installations related to the Source business.  The Company paid cash of
$8,402 and financed the balance of $13,000.  The loan is payable monthly
in the amount of $390, including principal and interest, has a term of
three years and bears interest at 5.0% per annum.  As of March 31, 2003,
the principal amount due on the loan was $4,554.

8.  COMMITMENTS AND CONTINGENCIES
    -----------------------------

The Company has received notice from a cable operating company customer
asserting its right to be indemnified against claims of patent infringement
made against the cable operator by a third party.  The third party has
alleged to the cable operator that portions of the cable operator's pay-
per-view operations infringe one or more patents held by such party.  The
Company has not received any notice of alleged infringement from the third
party.  The Company has retained independent patent counsel to review the
third party patents and the alleged infringement.  The Company is unable
at this time to determine if it has liability under the indemnity
provisions of the contracts with the cable operator or the amount of such
liability if it exists.

The Company provides ANI service to Adelphia Communications ("Adelphia").
Adelphia filed for Chapter 11 bankruptcy on June 25, 2002.  As of June 30,
2002, outstanding accounts receivable from Adelphia of $224,188 were due to
the Company.  During the fourth quarter of 2002 the Company established a
bad debt reserve of $78,605, representing 50% of the outstanding balance
due from Adelphia as of the bankruptcy filing date on June 25, 2002.  It
is not known when the Company will receive payment for the Adelphia pre-
bankruptcy billings or if the billings will be paid in their entirety.
The 50% bad debt reserve is management's estimate of the potentially
uncollectable portion.  Any billings subsequent to the bankruptcy filing
date should be paid under the Company's terms of net 20 days.

9. FINANCIAL DATA BUSINESS SEGMENT
   -------------------------------

Based on the criteria set forth in SFAS No. 131 "Disclosures about
Segments of an Enterprise and Related Information", the Company operates
two business segments.  One segment is a marketing and service division,
which sells automatic number identification ("ANI") telecommunications
services to the cable television industry.  The other business segment
functions as a communications solution provider and network integrator.

Summarized financial information by reporting segment as of and for each
of the three months ended March 31, 2003 and 2002, is as follows:

Three months Ended March 31, 2003          ANI        Source        Total
---------------------------------      ----------   ---------    ----------

Revenues                               $1,222,973    $472,137    $1,695,110
Operating income (loss)                   511,416    (153,577)      357,839
Interest expense                           17,504          44        17,548
Income (loss) before income taxes         494,620    (153,318)      341,302
Capital expenditures                        7,521       4,587        12,108


Three months Ended March 31, 2002          ANI        Source        Total
---------------------------------      ----------   ---------    ----------

Revenues                               $1,141,832    $397,968    $1,539,800
Operating income                          311,336    (129,636)      181,700
Interest expense                           31,191         122        31,313
Income before income taxes                281,838    (129,265)      152,573
Capital expenditures                        9,980      10,299        20,279

<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

     TelVue Corporation ("TelVue") operates two business segments.  One
segment is a marketing and service company that sells automatic number
identification ("ANI")telecommunications services to the cable television
industry for the automated ordering of pay-per-view features and events
(the "ANI Service").  TelVue provides the ANI Service through equipment it
purchases. TelVue's equipment for providing the ANI Service nationwide is
located at the TelVue's home office in Mt. Laurel, New Jersey.  The
equipment provides enhanced service features, such as, "Custom Greeting"
which identifies the cable operator by name, "Title Speak" which speaks
the movie or event title, start-time and channel appearance on accepted
orders, and "Call Redirect" which automatically redirects unaccepted order
calls to the cable operator's customer service representative for
assistance.  TelVue believes these enhanced service features are necessary
for it to remain competitive within the pay-per-view ANI industry.  The
equipment also speaks promotional messages for products and services at
the time a cable subscriber is placing an order for a pay-per-view movie
or event (the "PPV+ service").  TelVue serves cable television systems
across the United States via trunk lines and data circuits that it
currently leases from MCIWorldcom. TelVue believes it receives a favorable
trunk usage rate from MCIWorldcom.

     TelVue's business segment that operates under the name Source
Communications Group was acquired on March 9, 2001 for $1.3 million
pursuant to TelVue's acquisition of the assets of J.D. Kraengel and
Associates, Inc. f/k/a Dacon Corporation d/b/a Source Communications Group
("Source"), a Delaware corporation that was located in Mullica Hill, NJ.
The Source segment functions as a communications solution provider and
network integrator serving clients mainly in the Mid-Atlantic States.
Source represents a number of well-known equipment, software and
communications service suppliers. Source molds these resources into a
custom business solution for its clients and satisfies its customers'
individual voice, video and data communications needs. The Source
customer base is broad, representing such industries as healthcare,
entertainment, financial, education, government and utilities.  The
acquisition was part of a strategy to allow TelVue to grow and diversify
both its product lines and customer base beyond the cable TV industry.

     The Source segment sells computer related equipment, network systems,
software, and data communications equipment.  In addition to the equipment
sale, Source offers installation of equipment, service contracts, and
service repair to equipment not under service contract.  The ANI Service
technical staff is being trained for various products and technologies,
and is being utilized to perform the service and installation.  Prior to
the acquisition, Source sold only hardware and subcontracted any labor
needed for installation or service.  In addition to the revenue streams
noted above, Source began resells bandwidth to customers for internet
access, for which it charges a monthly access fee, and sells through
agents, DSL, ISDN and point to point data circuits to customers for which
it receives a one-time commission from the telephone carrier or agent.

     The ANI segment had operating income of $511,416 and $311,336 for the
three months ended March 31, 2003 and 2002, respectively.  ANI Service
revenue increased $81,141 for the three months ended March 31, 2003.  This
increase is primarily a result of an increase in feature revenue of
$215,400 for the three months ended March 31, 2003, primarily as a result
of a feature price increase that TelVue implemented for the majority of
its customers on May 1, 2002.  This increase in feature revenue is
partially offset by a decrease in pay-per-view buy revenue of $78,681 and
a decrease in PPV+ service revenue of $32,001, due to a reduction in the
average monthly buy rate from 5.6% to 4.2% for the three months ended
March 31, 2003.  TelVue believes that the decrease in the buy rates is
attributable to a somewhat weak movie product, a lack of major special
events such as boxing, an erosion in wrestling popularity, and the
movement of cable operators to impulse ordering on digital cable systems
(see below).  In addition, TelVue believes there exists a loss of focus by
cable operators on the pay-per-view product line, primarily because of the
amount of time cable operators are spending on promoting new product lines
such as digital service and high-speed Internet access.  The ANI service
cost of revenues decreased $90,469 for the three months ended March 31,
2003.  This is partially due to a decrease in data link expense of
$31,669, as a result of customers consolidating their data links and also
as a result of a reduction in data link fees under TelVue's new
MCIWorldcom contract that went into effect on June 1, 2002.  In addition,
trunk expense decreased $42,896 for the three months ended March 31, 2003
as a result of reduced trunk expense rates under the new MCIWorldcom
contract.

     The Source segment had operating losses of $153,577 and $129,636 for
the three months ended March 31, 2003 and 2002, respectively. Hardware
sales and service revenue had an increase of $74,169 for the three months
ended March 31, 2003.  This is predominately a result of an increase in
hardware sales of $94,859.  There was a corresponding increase in hardware
cost of goods sold of $62,031, yielding an overall gross profit margin of
21% and 18% for the three months ended March 31, 2003 and 2002,
respectively. Generally, Source executes two types of hardware sales; one
is a commodity sale, which is basic, off the shelf pc-type purchases with
a lower markup, and the second is a networking-type sale which involves
planning and configuration of the system to be implemented, which results
in a greater markup.  The gross profit at March 31, 2003 and 2002,
represents a blend of the two types of sales with the larger number of
sales being commodity.  The total sales and service revenue at March 31,
2003 is comprised of 90% hardware sales, 8% service installation and
repair revenue, 1% internet access revenue, and 1% service contract
revenue.  The corresponding direct expenses have relatively the same
percent distributions. TelVue believes the Source operating loss for the
three months ended March 31, 2003, can be attributed to the continued
information technology ("IT") recession, expressed by the decrease in
capital purchasing of IT equipment by businesses, which also lowered the
average margin on hardware sales for the Source segment. As of March 31,
2003, Source had five full-time sales representatives and one independent
sales representative actively selling its products.

    Service and installation revenue for hardware sold to Source segment
customers was $35,335 and $33,581 for the three months ended March 31,
2003, and 2002, respectively.  This yielded a gross profit margin of 22%
and 36% for the three months ended March 31, 2003 and 2002, respectively.
The ANI Service technical staff was used to perform the majority of the
service and installation and the cost of their direct payroll has been
included in the hardware sales and service costs.  Selling and marketing
expenses increased $14,686 for the three months ended March 31, 2003,
partially as a result of an increase of $12,416 in Source segment
advertising expense as a result of billboard advertising in high-traffic
areas. General and administrative expenses had a nominal increase of
$1,641 for the three months ended March 31, 2003.

     TelVue had net income before taxes of $341,302 for the three months
ended March 31, 2003, compared to $152,573 for the three months ended
March 31, 2002.  TelVue recorded income tax expense of $143,657 for the
three months ended March 31, 2003 and $57,612 for the three months ended
March 31, 2002. Included in the income tax expense for the three months
ended March 31, 2003 were deferred income taxes of $125,657.  TelVue's
federal net operating loss carry forward was approximately $400,000 on a
tax-reporting basis as of March 31, 2003.

     During the three months ended March 31, 2003, TelVue purchased
$12,108 of equipment compared to $20,279 purchased during the three months
ended March 31, 2002.  Depreciation and amortization expense decreased
$17,977 for the three months ended March 31, 2003, as a result of assets
being fully depreciated. Depreciation and amortization accounted for 10%
of total operating expenses for the three months ended March 31, 2003,
compared to 14% for the 2002 period.

     As of March 31, 2003, TelVue was serving approximately 22.1 million
full-time cable subscribers and 1.2 million part-time cable subscribers,
compared to approximately 20.0 million full-time and 1.5 million part-time
cable subscribers served as of March 31, 2002.  The part-time subscribers
did not significantly contribute to the revenue or service expenses for
the three months ended March 31, 2003 and 2002. During the three months
ended March 31, 2003 TelVue added approximately 583,000 subscribers to its
ANI Service and had approximately 437,000 subscribers cancel the ANI
service.  Of the customer additions for the three months ended March 31,
2003, 500,000 of the subscribers were from the Dish Network.  The cable
operators cancelled the ANI service primarily as a result of moving their
subscribers onto two-way digital service (see below).  Also, Dish Network
has informed TelVue that it intends to begin ANI order processing
internally.  Although that would deplete the total number of subscribers
TelVue serves by approximately 8.5 million, it would not seriously impact
revenue since the Dish Network does not contribute a significant amount to
TelVue's revenue.

      There was a decrease in total liabilities of $222,127 for the three
months  ended March 31, 2003.  This is a net result of increases and
decreases in various liability accounts with the largest being a decrease
in accrued interest majority stockholder of $134,756 as a result of
accrued interest payments.  Total assets decreased $130,046 for the three
months ended March 31, 2003, which is partially a result of a decrease in
deferred tax asset of $125,657.  TelVue's days for sales in average
accounts receivable was 68 days at March 31, 2003, compared to 55 days at
March 31, 2002.  The increase of 13 days is predominately a result of
outstanding accounts receivable of approximately $239,000 from two MSOs
with past due accounts that were paid in full in April 2003.  TelVue does
not offer incentives or discounts to its customers, nor has it changed its
credit terms with its customers.  During the fourth quarter of 2002 TelVue
established a bad debt reserve of $86,302.  The majority of the reserve,
$78,605, represents 50% of the outstanding balance due from Adelphia as of
the bankruptcy filing date on June 25, 2002 (see Note 8 to TelVue's
financial statements).  It is not known when TelVue will receive payment
for the Adelphia pre-bankruptcy billings or if the billings will be paid
in their entirety.  The 50% bad debt reserve is management's estimate of
the potentially uncollectable portion.

     TelVue had positive cash flow from operating activities of $12,522
and $176,756 for the three months ended March 31, 2003 and 2002,
respectively.  Ignoring changes in operating assets and liabilities that
result from timing issues, and considering only adjustments to reconcile
net income to net cash provided by operating activities, TelVue would have
positive cash flow from operating activities of $377,047 for the three
months ended March 31, 2003, compared to positive cash flow from operating
activities of $212,295 for the three months ended March 31, 2002 . This
increase in cash flow is predominately a result of the increase in ANI
service revenue as a result of the feature price increase (see above) and
also as a result of a decrease in ANI service costs due to reduced rates
from MCIWorldcom (see above).

     Since November 2, 1989, TelVue has funded its expansion and operating
deficit from the proceeds from the sale of shares of TelVue's Common Stock
and Preferred Stock to Mr. H.F. Lenfest, TelVue's majority stockholder
("Mr. Lenfest") and from borrowings from Mr. Lenfest. From November 1989
to February 1996, TelVue borrowed an aggregate of $6,128,712 from Mr.
Lenfest. In addition to these borrowings, during January 1995, Mr. Lenfest
purchased from Science Dynamics Corporation TelVue's non-interest bearing
note in the amount of $541,000. On March 5, 2001, TelVue borrowed $650,000
from Mr. Lenfest to fund a portion of the Source acquisition, at an
interest rate of prime plus one percent (1%) compounded and due on or
before January 1, 2004 (see below).  This loan was repaid in its entirety
in 2001. During the three months ended March 31, 2003, TelVue made total
payments to Mr. Lenfest of $150,000.  The aggregate outstanding loan
balance due to Mr. Lenfest as of March 31, 2003, is $541,000 in loan
principal for the non-interest bearing Science note and $1,071,472 in
accrued interest which bears interest at the floating prime interest rate
plus 1%.

     TelVue remains dependent upon the deferral of a lump sum repayment of
principal and interest due to Mr. Lenfest to fund operations and capital
expenditures from operating cash flow. On March 26, 2003, TelVue obtained
from Mr. Lenfest a written agreement stating he will not demand repayment
of his loans or the cash payment of accrued interest on the loans through
January 1, 2005.  On January 1, 1999, TelVue began to pay current monthly
interest payments to Mr. Lenfest from its monthly loan payment and applied
the balance from the monthly payment to either principal or accrued
interest.  TelVue has decided to voluntarily make, and Mr. Lenfest has
agreed to accept, monthly payments of $50,000.  TelVue may make monthly
payments in excess of $50,000 when, in the opinion of management, TelVue
has excess cash that is not needed to fund operations. The monthly payment
amount may vary depending on the availability of cash.  TelVue intends to
continue to invest cash in the Source segment during 2003 in an effort to
grow the business.

     On March 9, 2001, TelVue acquired substantially all of the assets of
J.D. Kraengel and Associates, Inc. f/k/a Dacon Corporation d/b/a Source
Communications Group ("Source") for $1.3 million. The assets, which
consisted primarily of material contracts with equipment, software and
communication service providers, were purchased for $1,000,000 in cash and
$300,000 pursuant to a promissory note (the "Source Note") (see Note 7 of
TelVue's financial statements). The Source Note has a term of three years.
Interest only is payable monthly during year one at the rate of 8% per
annum. Beginning in year two, both principal and interest are payable
monthly at the rate of 5.06% per annum.  During the three months ended
March 31, 2003, TelVue made total payments of $39,508 on the Source Note.
The aggregate outstanding loan balance due on the Source Note at March 31,
2003, is $153,786.  The acquisition of Source is part of TelVue's long-
term business strategy to expand and diversify its operations.  TelVue is
cross-training its technical personnel to work within the Source business
and has also hired sales representatives to promote the Source products.

     TelVue's ability to fund its operating expenses primarily depends on
three factors:  (i) retaining its current subscriber base level, (ii) the
growth in net income of the Source segment, and(iii) the continued
deferral by Mr. Lenfest of a lump sum cash repayment of his loan and
accrued interest to TelVue.  Management believes that its present
marketing strategies will maintain the ANI segment customer base, although
there can be no assurances that TelVue will be able to attract any further
customers or that it will retain its current customers.  During the three
months ended March 31, 2003, TelVue added 583,000 subscribers to its
service and had 437,000 subscribers cancel service.  The cable operators
cancelled the ANI service primarily as a result of moving their
subscribers onto two-way digital service (see below).  Also, Dish Network
has informed TelVue that it intends to begin ANI order processing
internally (see above).  Although that would deplete the total number of
subscribers TelVue serves, it would not seriously impact monthly revenue
(see above).  In addition, revenues are affected by the buy rates of
subscribers connected to the Service.  TelVue has no control over the buy
rates and therefore cannot assure that buy rates will increase or will
remain at their current level.  As noted above, TelVue experienced a
decrease in the average monthly buy rate from 5.6% to 4.2% for the three
months ended March 31, 2002 and 2003, respectively.

	The movement of cable operators to impulse ordering on digital cable
systems is part of the reason for the buy rate decrease noted above.
Cable operators are deploying digital services to their customers.  These
digital services allow cable operators to offer additional channels and to
offer additional pay-per-view channels.  Where cable operators have
activated two-way cable plant (i.e. the operator is able to send a signal
to and receive a signal from its customer), the digital service can also
allow the cable operator to process ordering of pay-per-view movies and
events directly from its customers, without using TelVue's service.  The
long-term effect of deployment of digital two-way service on TelVue is not
clear.  Some cable operators with digital service, but only one-way cable
plant, have chosen to use TelVue's single number ordering technology for
pay-per-view ordering.  Currently, there are 455 cable operators using ANI
ordering technology for their digital pay-per-view offerings.  TelVue
intends to monitor developments in the rollout of digital services by its
cable operator customers and to attempt to position TelVue to continue to
be the cable operator's provider of choice for processing pay-per-view
orders.  However, there can be no assurances that TelVue will be
successful in this effort.

    TelVue is actively trying to grow the Source segment business by
offering new product lines and services.  Prior to TelVue acquiring Source
on March 9, 2001, Source subcontracted all labor for installation and
repair service of the products it sold.  TelVue has trained and is
utilizing its existing ANI technical staff to perform these installation
and service repairs.  Generally the installation sales provide higher
gross profit margins than the hardware sales, and therefore the Source
segment is focusing on growing this line of business in an attempt to
provide a greater increase in net income.  Source also offers service
contracts on the equipment it sells.  Source has expanded its business
lines by reselling bandwidth to customers for internet access, for which
it charges a monthly access fee, and selling through agents, DSL, ISDN and
point to point data circuits to customers for which it receives a one-time
commission from the telephone carrier or agent.  Source has been marketing
its products and services and trying to create customer awareness by
advertising in local business journals and on the radio and by exhibiting
its service and installation products along with various suppliers
products at regional technical, education and business exhibitions in the
Southeast Pennsylvania and New Jersey areas as well as using billboard
advertising in high-traffic areas.  Although Source has experienced growth
in sales from $397,968 for the three months ended March 31, 2002 to
$472,137 for the three months ended March 31, 2003, there can be no
assurance that sales will continue to grow or remain at their current
level or that sales will grow to the point of making the Source segment
profitable.  The current recession related to the IT product economy,
whereby businesses have decreased their capital purchasing of IT
equipment, has affected Source by reducing its sales volume and also
lowering its profit margins on hardware sales.  It is unknown how long the
IT recession will continue or what its continued effect on the Source
business will be.

ITEM 3.  DISCLOSURE CONTROLS AND PROCEDURES

(a)  Evaluation of Disclosure Controls and Procedures.  TelVue's Chief
Executive Officer and its Treasurer (Controller), after evaluating the
effectiveness of TelVue's disclosure controls and procedures (as defined
in the Securities Exchange Act of 1934 Rules 13a-14(c) and 15d-14(c) as of
a date within 90 days of the filing date of this quarterly report on Form
10-QSB (the "Evaluation Date")), have concluded that as of the Evaluation
Date, TelVue's disclosure controls and procedures were adequate and
effective to ensure that material information relating to TelVue would be
made known to them by others within the company, particularly during the
period in which this quarterly report on Form 10-QSB was being prepared.

(b)  Changes in Internal Controls.  There were no significant changes in
TelVue's internal controls or in other factors that could significantly
affect TelVue's disclosure controls and procedures subsequent to the
Evaluation Date, nor any significant deficiencies or material weaknesses
in such disclosure controls and procedures requiring corrective actions.
As a result, no corrective actions were taken.

      PART II.  OTHER INFORMATION

ITEM 6.   Exhibits and Reports on Form 8-K.

(a)    Exhibits

3.1    Certificate of Incorporation of TelVue (incorporated by
       reference to TelVue's Registration Statement on Form S-8, dated
       March 30, 1989 (the "Registration Statement")).

3.2    Bylaws of TelVue (incorporated by reference to TelVue's
       Registration Statement).

3.3    Certificate of Amendment of Certificate of Incorporation of the
       Company, dated April 11, 1990 (incorporated by reference to the
       Company's Annual Report on Form 10-K for the year ended December
       31, 1991, (the "1991 Form 10-K")).

3.4    Certificate of Amendment of Certificate of Incorporation of the
       Company, dated March 15, 1991 (incorporated by reference to the
       1991 Form 10-K).

3.5    Form of copy of Amendment of Certificate of Incorporation of the
       Company, filed September 25, 1995 (incorporated by reference to the
       Company's Form 10-QSB for the period ended September 30, 1995, (the
       September 30, 1995 Form 10-QSB)).

4.1    The TelVue Corporation 1999 Stock Option Plan (incorporated by
       reference to Exhibit 99 of TelVue's Registration Statement on
       Form S-8, dated September 23, 1999), (the "1999 Stock Option
       Plan")).

4.2    Form of ISO Option Agreement issued pursuant to the 1999 Stock
       Option Plan (incorporated by reference to TelVue's Annual
       Report on Form 10-KSB for the year ended December 31, 1999, (the
       "1999 Form 10-KSB"))

4.3    Warrant Agreement, dated March 15, 1991, between TelVue and
       H.F. Lenfest (incorporated by reference to TelVue's Annual
       Report on Form 10-K for the year ended December 31, 1990, (the
       "1990 Form 10-K")).

4.4    Certificate of Designation of Class A Preferred Stock (incorporated
       by reference to the September 30, 1990 Form 10-Q).

4.5    Form of NQSO Option Agreement issued pursuant to the 1999 Stock
       Option Plan (incorporated by reference to the 1999 Form 10-KSB).

10.1   Distributorship Agreement, dated November 2, 1989, between the
       Company and Science (incorporated by reference to the 1989 Form
       10-K).

10.2   Stock Purchase Agreement, dated November 2, 1989, between the
       Company and H.F. Lenfest (incorporated by reference to the
       Company's Report on Form 8-K, dated November 15, 1989, (the "1989
       Form 8-K")).

10.3   Shareholders' Agreement, dated November 2, 1989, among TelVue
       and certain of its stockholders (incorporated by reference to the
       Company's 1989 Form 8-K).

10.4   Option Agreement, dated November 2, 1989, among TelVue and
       certain of its stockholders (incorporated by reference to the 1989
       Form 8-K).

10.5   Form of Credit Agreement between TelVue and H.F. Lenfest
       (incorporated by reference to the 1990 Form 10-K).

10.6   Form of Line of Credit Agreement between TelVue and H.F.
       Lenfest (incorporated by reference to the 1990 Form 10-K).

10.7   Subordinated Promissory Note, dated November 15, 1994 the principal
       amount of $541,000 payable to Science Dynamics Corporation
       (incorporated by reference to the 1994 Form 10-KSB).

10.8   Letter Agreement dated November 8, 1990 between Science Dynamics
       Corporation and H.F. Lenfest (incorporated by reference to the
       Company's Report on Form 8-K for November 16, 1990).

10.9   Loan Agreement dated December 24, 1991, between TelVue and H.F.
       Lenfest (incorporated by reference to the 1991 Form 10-K).

10.10  Lease Agreement for office space and the First Amendment to Lease
       dated March 30, 1994 ("Office Lease Agreement"), between TelVue
       and Bloom Associates (incorporated by reference to the 1994 Form
       10-KSB).

10.11  Letter dated March 23, 2003, from H.F. Lenfest, waiving
       the repayment of loans and accrued interest until January 1,
       2004(incorporated by reference to the December 31, 2002 Form 10-KSB
       (the "2002 Form 10-KSB")).

10.12  Second Amendment to Office Lease Agreement Dated May 5, 1999,
       between TelVue and Bloom Associates(incorporated by reference
       to the 1999 Form 10-KSB).

10.13  Asset Purchase Agreement by and among TelVue Corporation, J.D.
       Kraengel and Associates, Inc. f/k/a Dacon Corporation d/b/a Source
       Communications Group and Jeffrey Kraengel, dated February 14, 2001
       (incorporated by reference to the March 26, 2001 Form 8-K).

11.    Statement re:  Computation of Per Share Earnings (see TelVue's
       March 31, 2003 Financial Statements included herein).

23.	 Consent of Pressman Ciocca Smith LLP, Certified Public Accountants
       (incorporated by reference to the 2002 Form 10-KSB).

99.1	 Certification of Chief Executive Officer pursuant to 18 U.S.C. &
       1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
       of 2002 (included herein).

99.2	 Certification of Controller pursuant to 18 U.S.C. & 1350 as
       adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
       (included herein).

(b)    Reports on Form 8-K

		None




                             SIGNATURES

     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.


                                            TELVUE CORPORATION



Dated:   5/09/03                   By: /s/Frank J. Carcione
                                        ---------------------------------
                                        Frank J. Carcione
                                        President(Chief Executive Officer)



Dated:   5/09/03                    By: /s/Irene A. DeZwaan
                                        ---------------------------------
                                        Irene A. DeZwaan
                                        Treasurer (Controller)


CERTIFICATION

I, Frank J. Carcione, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of TelVue
   Corporation;

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

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

4. The registrant's other certifying officer and I are responsible
   for establishing and maintaining disclosure controls and procedures (as
   defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
   have:

   (a) Designed such disclosure controls and procedures to ensure
       that material information relating to the registrant, including its
       consolidated subsidiaries, is made known to us by others within
       those entities, particularly during the period in which this
       quarterly report is being prepared;

   (b) Evaluated the effectiveness of the registrant's disclosure
       controls and procedures as of a date within 90 days prior to the
       filing date of this quarterly report (the "Evaluation Date"); and

   (c) Presented in this quarterly report our conclusions about
       the effectiveness of the disclosure controls and procedures based on
       our evaluation as of the Evaluation Date;

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

   (a) All significant deficiencies in the design or operation
       of internal controls which could adversely affect the registrant's
       ability to record, process, summarize and report financial data and
       have identified for the registrant's auditors any material
       weaknesses in internal controls; and

   (b) Any fraud, whether or not material, that involves
       management or other employees who have a significant role in the
       registrant's internal controls; and

6. The registrant's other certifying officer and I have indicated in
   this quarterly report whether or not there were significant change in
   internal controls or in other factors that could significantly affect
   internal controls subsequent to the date of our most recent evaluation,
   including any corrective actions with regard to significant deficiencies
   and material weaknesses.


Date:  5/09/03                                 /s/Frank J Carcione
                                               ------------------------
                                               Frank J. Carcione,
                                               President
                                               (Chief Executive Officer)

CERTIFICATION

I, Irene A. DeZwaan, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of TelVue
   Corporation;

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

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

4. The registrant's other certifying officer and I are responsible
   for establishing and maintaining disclosure controls and procedures (as
   defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
   have:

   (a) Designed such disclosure controls and procedures to ensure
       that material information relating to the registrant, including its
       consolidated subsidiaries, is made known to us by others within
       those entities, particularly during the period in which this
       quarterly report is being prepared;

   (b) Evaluated the effectiveness of the registrant's disclosure
       controls and procedures as of a date within 90 days prior to the
       filing date of this quarterly report (the "Evaluation Date"); and

   (c) Presented in this quarterly report our conclusions about
       the effectiveness of the disclosure controls and procedures based
       on our evaluation as of the Evaluation Date;

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

   (a) All significant deficiencies in the design or operation of
       internal controls which could adversely affect the registrant's
       ability to record, process, summarize and report financial data and
       have identified for the registrant's auditors any material
       weaknesses in internal controls; and

   (b) Any fraud, whether or not material, that involves
       management or other employees who have a significant role in the
       registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated
   in this quarterly report whether or not there were significant change in
   internal controls or in other factors that could significantly affect
   internal controls subsequent to the date of our most recent evaluation,
   including any corrective actions with regard to significant deficiencies
   and material weaknesses.

                                                /s/Irene A. DeZwaan
Date: 5/09/03        					--------------------------
                                                Irene A. DeZwaan,
                                                Treasurer



                                  EXHIBIT INDEX

99.1	 Certification of Chief Executive Officer pursuant to 18 U.S.C. &
       1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
       of 2002(included herein).

99.2	 Certification of Controller pursuant to 18 U.S.C. & 1350 as
       adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
       (included herein).

EXHIBIT 99.1

TELVUE CORPORATION


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


In connection with the Quarterly Report of TelVue Corporation (the
"Company") on Form 10-QSB for the period ending March 31, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Frank Carcione, Chief Executive Officer of the Company,
certify, pursuant to 18 U.S.C. sec. 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or
    15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all
    material respects, the financial condition and result of operations of
    the Company.



Date:	May 9, 2003  			/s/Frank J. Carcione
                                    --------------------
						Frank J. Carcione
						President (Chief Executive Officer)



EXHIBIT 99.2

TELVUE CORPORATION


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


In connection with the Quarterly Report of TelVue Corporation (the
"Company") on Form 10-QSB for the period ending March 31, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Irene DeZwaan, Controller of the Company, certify, pursuant
to 18 U.S.C. sec. 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or
    15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all
    material respects, the financial condition and result of operations of
    the Company.



Date:	May 9, 2003    			/s/Irene A. DeZwaan
                                    -------------------
						Irene A. DeZwaan
						Treasurer (Controller)