United States
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark one)
   X     QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
   --    EXCHANGE  ACT OF 1934

                  For the quarterly period ended March 31, 2001
                                       or
   --    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                For the transition period from ------ to -------

                         Commission File Number 0-13316

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

           Utah                                              87-0395567
    ------------------------                             --------------------
    (State of Incorporation)                               (I.R.S. Employer
                                                          Identification No.)

     2417 South 3850 West
      Salt Lake City, UT                                      84120
     -----------------------                           ----------------------
     (Address of principal                                  (Zip Code)
     executive office)


                                 (801) 972-1311
                 -----------------------------------------------
                (Issuer's telephone number, including area code)

                                 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 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
                 -----       -----

State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practical date.

Common Stock, .05 Par Value --   1,630,107  shares as of March 31, 2001


<PAGE>




                                      INDEX

                       LASER CORPORATION AND SUBSIDIARIES


PART I.  FINANCIAL INFORMATION
------------------------------

Item 1.  Financial Statements (Unaudited)

         Consolidated Balance Sheets - March 31, 2001 and December 31, 2000.

         Consolidated  Statements  of  Operations - Three months ended March 31,
         2001 and 2000.

         Consolidated  Statements  of Cash Flows - Three  months ended March 31,
         2001 and 2000.

         Notes to Consolidated Financial Statements - March 31, 2001.

Item 2.  Management's Discussion and Analysis.



PART II. OTHER INFORMATION
-------- -----------------





SIGNATURES
----------



                                   Page 2 of 9

<PAGE>



PART I. FINANCIAL INFORMATION
Item 1.
                       LASER CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                                   March 31,        December 31,
ASSETS                                              2001               2000
------                                           (Unaudited)
                                                  -----------      -------------

CURRENT ASSETS
  Cash and cash equivalents                      $     51,747      $     38,600
  Receivables, net                                    472,040           705,527
  Inventories                                         777,727           628,064
  Other current assets                                 46,492            40,681
                                                 ------------      -------------
        Total Current Assets                        1,348,006         1,412,872
                                                 ------------      -------------

NON-CURRENT ASSETS
  Equipment and leasehold improvements, net           236,414           242,260
  Other assets                                         37,656            37,656
                                                 ------------      -------------

                                                 $  1,622,076      $   1,692,788
                                                 ============      =============

LIABILITIES AND
---------------
STOCKHOLDERS' EQUITY (DEFICIT)
------------------------------

CURRENT LIABILITIES
  Accounts payable                               $  1,000,430      $    912,101
  Accrued expenses                                    273,435           274,846
  Accrued warranty expense                            175,000           140,000
  Current portion capital leases                       13,784            13,262
                                                 ------------      -------------

         Total Current Liabilities                  1,462,649         1,340,209
                                                 ------------      -------------

LONG-TERM DEBT                                        515,169           518,788
                                                 ------------      -------------

      Total Liabilities                          $  1,977,818      $  1,858,997
                                                 ------------      -------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIT)
  Common Stock, $.05 par value, 10,000,000 shares
   authorized; 1,630,107 and 1,624,859 shares
   issued, respectively                                81,505            81,243
  Additional paid-in capital                        1,963,599         1,943,861
  Retained deficit                                 (2,400,846)       (2,191,313)
                                                 ------------      -------------
       Total Stockholders' Equity (Deficit)          (355,742)         (166,209)
                                                 ------------      -------------

                                                 $  1,622,076      $  1,692,788
                                                 ============      =============


           See accompanying notes to consolidated financial statements

                                   Page 3 of 9

<PAGE>




                       LASER CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                      Three months ended
                                                      ------------------
                                                  March 31,          March 31,
                                                    2001               2000
                                                 ------------      -------------

 REVENUES:
  Net sales                                      $    850,936      $    630,140
  Interest and other income                               952             1,409
                                                 ------------      -------------

                                                      851,888           631,549

COSTS AND EXPENSES:
  Cost of products sold                               735,722           557,379
  Selling, general and administrative                 226,505           199,393
  Research and development                             72,301            53,565
  Royalties                                            10,300             8,250
  Interest                                             16,593             1,272
                                                 ------------      -------------

                                                    1,061,421           819,859
                                                 ------------      -------------

LOSS FROM OPERATIONS BEFORE INCOME TAXES             (209,533)         (188,310)

INCOME TAX BENEFIT (EXPENSE) - CURRENT                    ---               ---
                                                 ------------      -------------

NET LOSS                                         $   (209,533)     $   (188,310)
                                                 ============      =============

NET LOSS PER SHARE                               $       (.13)     $       (.12)
                                                 ============      =============

  Average number of shares of
    Common Stock outstanding                        1,630,000         1,596,000
                                                 ============      =============






           See accompanying notes to consolidated financial statements

                                   Page 4 of 9

<PAGE>



                       LASER CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (Unaudited)

                                                     2001               2000
                                                 ------------      -------------
CASH FLOWS FROM OPERATING ACTIVITIES

  Net loss                                       $   (209,533)     $   (188,310)

  Adjustments to reconcile net loss
    to net cash provided from (used in)
    operating activities:
      Depreciation and amortization                    16,055            20,006
      Provision for losses on accounts
        receivable                                      4,995            24,647
  (Increase) decrease in assets:
      Receivables                                     228,492            32,111
      Inventories                                    (149,663)           43,609
      Other assets                                     (5,811)           (8,451)
  Increase (decrease) in liabilities:
      Trade accounts payable and
        accrued expenses                              136,918          (162,843)
                                                 ------------      -------------
      Net Cash Provided from (Used in)
       Operating Activities                            21,453          (239,231)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment                 (10,209)               ---

CASH FLOWS FROM FINANCING ACTIVITIES -
  Payments on Capital Leases                           (3,097)           (2,158)
  Proceeds from Notes Payable                             ---           250,000
  Proceeds from Sale of Stock                           5,000            73,230
                                                 ------------      -------------
     Net Cash Provided from Financing Activities        1,903           321,072

INCREASE IN CASH AND CASH EQUIVALENTS                  13,147            81,841

CASH AND CASH EQUIVALENTS, BEG. OF PERIOD              38,600           113,337
                                                 ------------      -------------

CASH AND CASH EQUIVALENTS, END OF PERIOD         $     51,747      $    195,178
                                                 ============      =============





           See accompanying notes to consolidated financial statements

                                   Page 5 of 9

<PAGE>



                       LASER CORPORATION AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

                                 March 31, 2001

NOTE A - BASIS OF PRESENTATION

         The accompanying  unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information  and  the  instructions  to Form 10-QSB  and  Rule 310 of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management,  all adjustments (consisting
only of normal recurring accruals)  considered necessary for a fair presentation
have been included.  Operating results for the three months ended March 31, 2001
are not necessarily  indicative of the results that may be expected for the year
ending  December 31, 2001. For further  information,  refer to the  consolidated
financial  statements and footnotes thereto for the year ended December 31, 2000
included in the Company's Annual Report on Form 10-KSB (file number 0-13316).

NOTE B - RECLASSIFICATIONS

         Certain 2000  financial  statement  amounts have been  reclassified  to
conform to 2001 presentations.

NOTE C - WEIGHTED AVERAGE SHARES

         Loss per common share is computed using the weighted  average number of
common shares  outstanding.  Common  equivalent  shares consist of the Company's
stock options and are considered to be  antidilutive  common stock  equivalents,
determined using the treasury stock method.

NOTE D - SUPPLEMENTAL CASH FLOW INFORMATION

         During the quarter ended March 31, 2001 the Company issued 1,998 shares
of common  stock to two  board  members  in  exchange  for  $15,000  of  accrued
director's fees.

         Actual cash paid for interest and income taxes are as follows:

                                                         Three Months
                                                        Ended March 31,
                                                      2001              2000
                                                 ------------      -------------

        Interest                                        1,135             1,272
                                                 ------------      -------------

        Income Taxes                                      ---               ---
                                                 ------------      -------------



                                   Page 6 of 9

<PAGE>




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

         This report contains certain forward-looking statements and information
relating to the Company that are based on the beliefs of  management  as well as
assumptions  made by, and information  currently  available to management.  Such
statements  reflect the current view of the Company respecting future events and
are subject to certain  risks,  uncertainties,  and  assumptions,  including the
risks and uncertainties noted throughout the document.  Although the Company has
attempted to identify  important  factors that could cause the actual results to
differ  materially,  there may be other  factors that cause the  forward-looking
statements not to come true as anticipated,  believed,  projected,  expected, or
intended.  Should one or more of these risks or  uncertainties  materialize,  or
should  underlying  assumptions  prove  incorrect,  actual  results  may  differ
materially from those  described  herein as  anticipated,  believed,  projected,
estimated, expected, or intended.

         The  following  discussion  should  be read  in  conjunction  with  the
consolidated  financial  statements and notes thereto appearing in the Company's
Annual Report on Form 10-KSB (file number 0-13316).

RESULTS OF OPERATIONS
---------------------

Three months ended March 31, 2001.

         Net sales for the three  months  ended March 31, 2001 were  $850,936 as
compared  to $630,140  for the same  period in 2000,  an increase of $220,796 or
35%.  This  increase  was  primarily  the result of  increased  sales of medical
products  which  increased to $185,027  for the period  ending March 31, 2001 as
compared to $10,728 for the same period in 2000. Laser product and service sales
also  increased  for the same period from $619,  412 in 2000 to $665,909 for the
period ended March 31, 2001.

         Cost of products  sold for the three  months  ended March 31, 2001 were
$735,722 as compared  to  $557,379  for the same period in 2000,  an increase of
$178,343  or 32%,  which  was  primarily  due to the  increase  in  sales.  As a
percentage  of net sales,  cost of  products  sold was 86% for the three  months
ended  March 31,  2001 as  compared  to 88% for the same  period  in 2000.  This
percentage  decrease in the cost of products  sold was primarily the result of a
decreased percentage in labor and overhead costs associated with the increase in
sales.

         Selling,  general,  and  administrative  expenses  for the three months
ended March 31, 2001 were  $226,505 as compared to $199,393  for the same period
in 2000, an increase of $27,112 or 14%. This increase in selling,  general,  and
administrative  expenses was  primarily  the result of increased  marketing  and
sales activities associated with medical products.

         Research and development  expenditures for the three months ended March
31, 2001 were  $72,301 as  compared  to $53,565 for the same period in 2000,  an
increase of $18,736 or 35%.

         Royalty expenses for the three months ended March 31, 2001 were $10,300
as compared to $8,250 for the same period in 2000, an increase of $2,050 or 25%.

                                   Page 7 of 9

<PAGE>



         Interest  income and other revenue for the three months ended March 31,
2001 was $952 as compared  to $1,409 for the same period in 2000,  a decrease of
$457 or 32%.  Interest  expenses for the three month period ended March 31, 2001
were $16,593 as compared to $1,272 of interest expense during the same period of
2000. This increase in interest  expense was primarily the result of the accrual
of interest on two convertible notes payable.

         The Company  recognized a net loss for the three months ended March 31,
2001 of  $209,533  or $.13 per share  compared to a net loss of $188,310 or $.12
per share for the same  period in 2000,  an  increase  in net loss of $21,223 or
11%.  This  increase  in the  amount  of net loss is  primarily  the  result  of
increased  marketing and sales expenses,  and to the increased  interest expense
accrued.


LIQUIDITY AND CAPITAL RESOURCES

         On March 31,  2001,  the  Company  had a deficit in working  capital of
$114,643 as  compared to working  capital of $72,663 at  December  31,  2000,  a
decrease of $187,306.  This decrease in working capital was primarily the result
of the Company's net loss for the three month period ended March 31, 2001.

         Cash  equivalents at March 31, 2001 were $51,747 compared to $38,600 on
December  31,  2000,  an  increase  of $13,147  or 34%.  This  increase  in cash
equivalents  was  primarily a result of a decrease in  accounts  receivable  and
increases in accounts  payable which offset the Company's net loss for the three
month's ended March 31, 2001. The Company is continuing to explore other sources
for  additional  capital but has not entered into any  agreements for additional
sources of borrowing or capital  other than that which has already been received
through the sale of common stock.


PART II.  OTHER INFORMATION
          -----------------

      None




                                   Page 8 of 9

<PAGE>



                                   SIGNATURES


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




                                LASER CORPORATION


Date:   May 10, 2001                          /s/ B. Joyce Wickham
        ------------                          ----------------------------------
                                              B. Joyce Wickham
                                              President, Chief Executive Officer
                                              Treasurer and Director

Date:   May 10, 2001                          /s/ Reo K Larsen
        ------------                          ----------------------------------
                                              Reo K Larsen
                                              General Accounting Manager




                                   Page 9 of 9


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