<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 1O-Q
(X) I QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For Quarter Ending December 31, 1998
Commission File No. 33-17774-NY
TEMPORARY TIME CAPITAL CORP.
----------------------------
(Exact name of registrant as specified in its charter)
Colorado 93-0955290
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
317 Madison Avenue, Suite 2315, New York, NY 10017
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(Address of Principal Executive Offices) (Zip Code)
(212) 661-4187
--------------
(Registrant's telephone number, including area code)
--------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (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 [ ]
<PAGE>
PART 1- FINANCIAL INFORMATION
Item 1. Financial Statements
Unaudited condensed balance sheets as of December 31, 1998.
Unaudited condensed statements of income and expenses for nine
months and three months ended December 31, 1998 and
December 31, 1997.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
None.
PART II- OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed by the following persons on behalf of the Company
and in the capacities on the dates indicated.
Date: February 4, 1999 By: /s/ Joseph T. Maloney
---------------------
Joseph T. Maloney
Chairman of the Board, President,
Chief Executive Officer and Director
<PAGE>
TEMPORARY TIME CAPITAL CORP & SUBSIDIARIES
CONDENSED BALANCE SHEET
AS OF DECEMBER 31, 1998
ASSETS
CURRENT ASSETS:
CASH $ 48,681.00
RECEIVABLES 2,891,464.00
LESS: ALLOWANCE FOR BAD DEBTS ( 325,000.00)
-------------
2,615,145.00
FIXED ASSETS:
FIXED ASSETS - NET ACCUM DEPREC 67,590.00
OTHER ASSETS:
OTHER ASSETS 199,400.00
-------------
$ 2,882,135.00
=============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
CURRENT LIABILITIES $ 1,695,590.00
NON-CURRENT LIABILITIES:
NON-CURRENT LIABILITIES 17,960.00
-------------
1,713,550.00
STOCKHOLDERS' EQUITY:
Capital Stock $ 2,343.00
Additional paid in capital 1,121,309.00
Treasury stock (78,814.00)
Retained Earnings (265,538.00)
NET INCOME (LOSS) 389,285.00
-------------
TOTAL STOCKHOLDERS' EQUITY 1,168,585.00
-------------
$ 2,882,135.00
=============
UNAUDITED
<PAGE>
TEMPORARY TIME CAPITAL CORP & SUBSIDIARIES
CONDENSED STATEMENT OF INCOME AND EXPENSES
FOR THE NINE MONTHS ENDED DECEMBER 31, 1998 and 1997
DEC 31, 1998 DEC 31, 1997
------------- ------------
INCOME $ 9,616,626.00 $ 6,524,604.00
DIRECT EXPENSES 6,644,601.00 4,370,312.00
------------- -------------
2,672,025.00 2,154,292.00
GENERAL & ADMINSTRATIVE 2,329,216.00 1,630,041.00
------------- -------------
NET OPERATING INCOME 642,809.00 524,251.00
OTHER EXPENSES 183,524.00 127,100.00
------------- -------------
NET INCOME FROM CONTINUING OPERATIONS 459,285.00 397,151.00
LOSS FROM DISCONTINUED OPERATIONS 70,000.00 .00
------------- -------------
NET INCOME $ 389,285.00 $ 397,151.00
============= =============
UNAUDITED
<PAGE>
TEMPORARY TIME CAPITAL CORP & SUBSIDIARIES
CONDENSED STATEMENT OF INCOME AND EXPENSES
FOR THE THREE MONTHS ENDED DECEMBER 31, 1998 and 1997
DEC 31, 1998 DEC 31, 1997
------------- ------------
INCOME $ 3,290,304.00 $ 2,191,141.00
DIRECT EXPENSES 2,337,200.00 1,388,259.00
------------- -------------
951,104.00 802,882.00
GENERAL & ADMINSTRATIVE 655,038.00 535,089.00
------------- -------------
NET OPERATING INCOME 298,066.00 267,793.00
OTHER EXPENSES 64,836.00 49,911.00
------------- -------------
NET INCOME FROM CONTINUING OPERATIONS 233,230.00 217,882.00
LOSS FROM DISCONTINUED OPERATIONS .00 .00
------------- -------------
NET (LOSS) INCOME $ 233,230.00 $ 217,882.00
============= =============
UNAUDITED
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> DEC-31-1998
<CASH> 48,681
<SECURITIES> 0
<RECEIVABLES> 2,891,464
<ALLOWANCES> 325,000
<INVENTORY> 0
<CURRENT-ASSETS> 2,615,145
<PP&E> 67,590
<DEPRECIATION> 0
<TOTAL-ASSETS> 2,882,135
<CURRENT-LIABILITIES> 1,695,590
<BONDS> 0
0
0
<COMMON> 2,343
<OTHER-SE> 1,042,495
<TOTAL-LIABILITY-AND-EQUITY> 2,882,135
<SALES> 9,616,626
<TOTAL-REVENUES> 9,616,626
<CGS> 6,644,601
<TOTAL-COSTS> 8,973,817
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 183,524
<INCOME-PRETAX> 459,285
<INCOME-TAX> 0
<INCOME-CONTINUING> 459,285
<DISCONTINUED> 70,000
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 389,285
<EPS-PRIMARY> 1.19
<EPS-DILUTED> 1.19
</TABLE>
