First quarter venture capital statistics are due for release this weekend from the two major sources for such news. And one insider says his early analysis of his firm’s data is bad. Very bad.

“First quarter Moneytree figures aren’t being released until this weekend, but here’s a sneak peak of what our headline will read: Oh, The Horror,” on Thursday morning.

Moneytree is the data gathered by PE Hub parent Thomson Reuters along with PricewaterHouseCoopers. Statistics are embargoed for release at 12:01 a.m. Saturday.

VentureSource, the Dow Jones-owned private equity operation, will release its data at the same time.

According to Primack, the Moneytree figures will likely show that “U.S. venture capitalists disbursed fewer dollars in Q1 2008 than in any other quarter since at least 2003. It might actually be a bit worse than that, but I’m building in a few hundred million dollars worth of last-minute data entry. If the numbers were to remain completely static (which they won’t), then you’d have to reach all the way back to 1997.”

Primack said he offered a sneak peak of the data because “I figured you’d want to know that it’s gonna be ugly. Real ugly.”