For quarter ended November 30, 2003

Commission File Number 2-15966

|TAYCO DEVELOPMENTS,
      INC.                              
|------------------------------------------------------------
|(EXACT NAME OF REGISTRANT AS
      SPECIFIED IN ITS CHARTER)

|NEW YORK                                                             |  | 16-0835557                                   
|-------------------------------------------------------------------- |  | ---------------------------------------------
|(State or other Jurisdiction of
      incorporation or organization) |  | (I.R.S. Employer Identification
      Number)

|100 TAYLOR DRIVE, NORTH TONAWANDA, NEW
      YORK |  | 14120-0748
|------------------------------------------------- |  | ----------
|Address of Principal Executive
      Offices      |  | Zip
Code  

|Registrant's telephone number, including area code -
      716-694-0877
|-----------------------------------------------------------------------

Indicate by check mark whether the registrant
(1) has filed all annual, quarterly, and other reports required to be filed with
all the Commission and (2) has been subject to the filing requirements for at
least the past 90 days.



|Yes | X |  | No | 
|--- | - |  | -- | 



Indicate the number of shares outstanding, of
each of the Issuer's classes of common stock as of the close of the period
covered by this report.

|CLASS                                  |  | Outstanding at
      November 30, 2003
|-------------------------------------- |  | --------------------------------------
|Common Stock
      (5 cents par value) |  | 990,213                               



|TAYCO DEVELOPMENTS, INC.   
|---------------------------
|                           
|**Index****to Form 10-QSB**
|                           

|PART I -                         | FINANCIAL
      INFORMATION |                                                                                                   | PAGE
|-------------------------------- | --------------------------- | ------------------------------------------------------------------------------------------------- | ----
|                                 |                             |                                                                                                  
|                                 | Item 1.                     | Financial
      Statements                                                                       
|                                 |                             |                                                                                                  
|                                 |                             | Condensed
      Balance SheetsNovember 30,
      2003and May 31, 2003                             | 3   
|                                 |                             |                                                                                                  
|                                 |                             | Condensed
      Statements of Income for the three and six months endedNovember 30, 2003 and 2002 | 4   
|                                 |                             |                                                                                                  
|                                 |                             | Condensed Statements of Cash Flows for the six
      months ended November 30, 2003 and 2002      | 5   
|                                 |                             |                                                                                                  
|                                 |                             | Notes to Condensed Financial Statements                                                           | 6   
|                                 |                             |                                                                                                  
|                                 | Item 2.                     | Management's
      Discussion and Analysis or Plan of Operation                                   | 7   
|                                 | Item 3.                     | Controls and
    Procedures                                                                       | 10  
|                                 |                             |                                                                                                  
|                                 |                             |                                                                                                  
|PART II                          | OTHER
      INFORMATION    
|                                 | Item 1.                     | Legal
      Proceedings                                                                           | 11  
|                                 | Item 2.                     | Changes in
      Securities                                                                       | 11  
|                                 | Item 3.                     | Defaults Upon Senior
      Securities                                                             | 11  
|                                 | Item 4.                     | Submission of Matters
      to a Vote of Security Holders                                         | 11  
|                                 | Item 5.                     | Other
      Information                                                                           | 11  
|                                 | Item 6.                     | Exhibits and Reports
      on Form 8-K                                                            | 11  
|                                 |                            
|ACCOUNTANTS' REVIEW
      REPORT | 12                         
|                                 |                            
|SIGNATURES                       |                             | 13                                                                                               
|                                 |                             |                                                                                                  

|TAYCO DEVELOPMENTS,
      INC.                  
|------------------------------------------------
|                                                
|**Part I - Item 1. Financial
      Statements** 
|                                                
|                                                
|                                                
|Condensed Balance Sheets                        
|                                                
|                                                
|                                                
|******Assets**********                          
|******Current assets:**********                 
|                                                
|                                                
|                                                
|                                                
|                                                
|******I**nvestments in affiliates, at
    equity
|Receivable -
      affiliate, net               
|Cash value of life
      insurance              
|Patents,
      net                              
|                                                
|                                                
|                                                
|**Liabilities and
      Stockholders' Equity**  
|                                                
|Current liabilities                             
|                                                
|**********Stockholders'
      Equity****:**     
|                                                
|                                                
|                                                
|                                                
|                                                
|                                                
|                                                
|                                                
|                                                

See notes to condensed financial statements.

|TAYCO DEVELOPMENTS,
  INC.                        
|--------------------------------------------------
|                                                  
|Condensed Statements of Income                    
|                                                  
|                                                  
|                                                  
|                                                  
|Revenues:                                         
|                                                  
|                                                  
|                                                  
|                                                  
|Operating expenses:                               
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|****Other
      income (expense), net             
|                                                  
|                                                  
|                                                  
|                                                  
|********Provision for income
      taxes          
|                                                  
|                                                  
|                                                  
|****Equity in net income (loss) of affiliates     
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|See notes to condensed financial
      statements.
|                                                  

|TAYCO DEVELOPMENTS, INC.                    
|--------------------------------------------
|                                            
|**Condensed Statements of Cash
      Flows**
|                                            
|For the six months ended November
    30,   
|                                            
|Cash flows from operating
      activities: 
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Cash flows from investing
      activities: 
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|****Cash -
      beginning                  
|                                            
|                                            
|                                            



See notes to condensed financial statements.**





|TAYCO DEVELOPMENTS,
    INC.                     
|-------------------------------------------------
|                                                 
|**Notes to Condensed Financial
      Statements**
|                                                 

|1. | The accompanying unaudited condensed
      financial statements have been prepared in accordance with accounting
      principles generally accepted in the United States of America for interim
      financial information and with the instructions to Form 10-QSB and
      Regulation S-B. Accordingly, they do not include all of the information
      and footnotes required by accounting principles generally accepted in the
      United States of America for complete financial statements. In the opinion
      of the Company, the accompanying unaudited condensed financial statements
      contain all adjustments (consisting of only normal recurring accruals)
      necessary to present fairly the financial position as of November 30, 2003
      and May 31, 2003, the results of operations for the three and six months
      ended November 30, 2003 and 2002, and the cash flows for the six months
      ended November 30, 2003 and 2002. These financial statements should be
      read in conjunction with the audited financial statements and notes
      thereto contained in the Company's Annual Report to Shareholders for the
      year ended May 31, 2003.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|2. | The May 31, 2003 condensed balance sheet
      has been reclassified to conform with the condensed balance sheet
      presentation of the Receivable -affiliate, net adopted for
  2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|3. | There is no provision nor shall there be
      any provisions for profit sharing, dividends, or any other benefits of any
      nature at any time for this fiscal year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|4. | To calculate the earnings per share for
      the three and six month periods ended November 30, 2003 and 2002, the net
      income was divided by the outstanding shares of 990,213.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|5. | The results of operations for the six
      month period ended November 30, 2003 are not necessarily indicative of the
      results to be expected for the full year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|6. | Significant Equity Investee: The Company
      owns approximately a 25% equity investment in Taylor Devices, Inc. For the
      six months ended November 30, 2003, Taylor Devices, Inc. had sales of
      $6,344,000, gross profit of $1,462,000, and net loss of $319,000. For the
      six months ended November 30, 2002, Taylor Devices, Inc. had sales of
      $7,062,000, gross profit of $3,209,000, and net income of $587,000. The
      carrying amount of the investment in Taylor Devices, Inc. as of November
      30, 2003 and May 31, 2003 was $1,927,452 and $2,009,694. The Company also
      owns 42% of an affiliate, Tayco Realty Corporation. The carrying amount of
      this investment as of November 30, 2003 and May 31, 2003 was $405,169 and
      $396,929.                                                                                                                                                                                                                                                                                                                                                                                                         

|TAYCO DEVELOPMENTS,
      INC.                                             
|---------------------------------------------------------------------------
|                                                                           
|**Item 2. Management's
      Discussion and Analysis or Plan of Operation**
|                                                                           

**Cautionary Statement**

The Private Securities Litigation
Reform Act of 1995 provides a "safe harbor" for forward-looking statements.
Information in this Item 2, "Management's Discussion and Analysis or Plan of
Operations," and elsewhere in this 10-QSB that does not consist of historical
facts, are "forward-looking statements." Statements accompanied or qualified by,
or containing words such as "may," "will," "should," "believes," "expects,"
"intends," "plans," "projects," "estimates," "predicts," "potential," "outlook,"
"forecast," "anticipates," "presume," and "assume" constitute forward-looking
statements, and as such, are not a guarantee of future performance. The
statements involve factors, risks and uncertainties, the impact or occurrence of
which can cause actual results to differ materially from the expected results
described in such statements. Risks and uncertainties can include, among others,
fluctuations in general business cycles and changing economic conditions;
changing product demand and industry capacity; increased competition and pricing
pressures; advances in technology that can reduce the demand for the Company's
products, as well as other factors, many or all of which may be beyond the
Company's control. Consequently, investors should not place undue reliance on
forward-looking statements as predictive of future results. The Company
disclaims any obligation to update the forward-looking statements in this
report.

A summary of
the period to period changes in the principal items included in the condensed
statements of income is shown below:

|                                                                                                          | Comparisons of the six months ended
      November 30, 2003 and
      2002
|--------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------
|                                                                                                          | Increase
      (Decrease)                                                 
|                                                                                                          |                                                                           
|Royalties                                                                                                 |                                                                           
|Research &
      development revenue                                                                      |                                                                           
|Research &
      development expense                                                                      |                                                                           
|Selling,
      general and administrative expense                                                         |                                                                           
|Other income,
      net                                                                                   |                                                                           
|Income before provision for income taxes and equity
      in net        income (loss) of
      affiliates |                                                                           
|$87,000                                                                                                   |                                                                           
|Equity in net
      income (loss) of affiliates                                                           |                                                                           
|Net
      income                                                                                          |                                                                           



|TAYCO DEVELOPMENTS,
      INC.                                                       
|-------------------------------------------------------------------------------------
|                                                                                     
|**Management's Discussion****and
      Analysis or Plan of Operation****(Continued)**
|                                                                                     

**For the six months ended
November 30, 2003** (All figures being discussed are for the six months
ended November 30, 2003 as compared to the six months ended November 30,
2002.)

The
Company's results of operations showed an approximate 21% increase in net
revenues with a decrease in net income of approximately 80%. The increase in
revenue is attributable to royalties received as a result of the Company's
affiliate, Taylor Devices, Inc. ("Devices"), increased sales of manufactured
products using the Company's patented technology. This patented technology is
used in Devices' Tension / Compression Liquid Spring Isolators, whose sales have
increased by almost $2,100,000 over the same period in the prior year.
Mitigating the increase from royalties was a decrease of research &
development revenue resulting from lower levels of billable engineering hours on
projects for Devices.

Management is focused on continued development
of new applications for existing technology that will lead to high volume
production and increased royalty income. The primary markets targeted are
military and aerospace.

Operating expenses of the company increased by
approximately $21,000 over same period in the prior year.

Other income of $54,000 in the three months
ended August 31, 2003 is primarily the amount of proceeds from the life
insurance policies on the Company's founder, Paul H. Taylor, in excess of the
net of the cash surrender value of the policies and loans against the
policies.

Equity in the net loss of affiliates was $74,000. This
compares to income of $150,000 for the same period in the prior year.

Net income
was $37,000 or $0.04 per share. This is down from the prior year's level of
$186,000 or $0.19 per share. This is a result of the aforementioned
items.

**For the three months ended November 30,
2003** (All figures being discussed are for the three months ended
November 30, 2003 as compared to the three months ended November 30,
2002.)

The Company's results of operations showed an
approximate 31% increase in net revenues with a decrease in net income of
approximately 88%. The increase in revenue is attributable to royalties received
as a result of the Company's affiliate, Taylor Devices, Inc. ("Devices"),
increased sales of manufactured products using the Company's patented
technology. This patented technology is used in Devices' Tension / Compression
Liquid Spring Isolators, whose sales have increased by almost $1,300,000 over
the same period in the prior year. Mitigating the increase from royalties was a
decrease of research & development revenue resulting from lower levels of
billable engineering hours on projects for Devices.

Management is focused on continued development
of new applications for existing technology that will lead to high volume
production and increased royalty income. The primary markets targeted are
military and aerospace.

Operating expenses of the company increased by
approximately $7,000 over same period in the prior year.

Equity in the net loss of affiliates was
$27,000. This compares to income of $58,000 for the same period in the prior
year.

Net income was $8,000 or $0.01 per share. This
is down from the prior year's level of $71,000 or $0.07 per share. This is a
result of the aforementioned items.

In addition
to working on product development and bid projects on behalf of Devices, Tayco's
engineers are working on new military applications for the Seating Isolation
System as well as expanded aerospace applications for the Cargo Isolation
Systems. Management believes that if the U.S. defense department increases
expenditures on new development programs in 2004, royalty revenue may increase
as new applications using the Company's technology are marketed.

The remainder of the balance sheet as of
November 30, 2003 is comparable to that of the prior year-end and management
believes that it is likely to remain so throughout the fiscal year.

Management believes that the Company's
internally generated cash will be sufficient to fund ongoing operations for the
fiscal year ended May 31, 2004.



|TAYCO
      DEVELOPMENTS, INC.           
|-----------------------------------------
|                                         
|**Item 3. Controls and
      Procedures**
|                                         



(a) *Evaluation of disclosure controls and
procedures*.

The
Company's principal executive officer and principal financial officer have
evaluated the Company's disclosure controls and procedures as of a date within
90 days of the filing date of this quarterly report and have concluded that as
of the evaluation date, the disclosure controls and procedures were adequate to
ensure that material information relating to the Company was made known to the
officers by others within the Company.



(b) *Changes in internal controls.*

There
have been no significant changes in the Company's internal controls or in other
factors that could significantly affect such controls subsequent to the date of
their evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.



|TAYCO
      DEVELOPMENTS, INC.       
|-------------------------------------
|                                     
|**Part II - Other
      Information**
|                                     

|       |                                                              
|------ | -------------------------------------------------------------
|      
|ITEM
1 | Legal Proceedings:                                           
|       | The Company is not
      currently engaged in any litigation.
|       |                                                              
|ITEM 2 | Changes in Securities:
      None                            
|       |                                                              
|ITEM 3 | Defaults Upon Senior
      Securities:None                   
|       |                                                              
|ITEM 4 | Submission of Matters to Vote
      of Securities Holders:   

|       | The Annual
      Meeting of Shareholders was held November 14, 2003. The total number of
      shares outstanding on the meeting record date of September 22, 2003 was
      990,213. A total of 864,156 shares were present in person or by proxy at
      the meeting. The following are the election results for the slate of
      directors presented by management.
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                          
|ITEM 5 | Other
      Information: None                                                                                                                                                                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                          
|ITEM 6 | Exhibits and Reports
      on Form 8-K:                                                                                                                                                                                                                                                                                                                                  
|       |                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                          
|20     |                                                                                                                                                                                                                                                                                                                                                                          
|31(i)  |                                                                                                                                                                                                                                                                                                                                                                          
|31(ii) |                                                                                                                                                                                                                                                                                                                                                                          
|32(i)  |                                                                                                                                                                                                                                                                                                                                                                          
|32(ii) |                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                          
|       |                                                                                                                                                                                                                                                                                                                                                                          









|TAYCO DEVELOPMENTS,
      INC.
|------------------------------
|                              
|**Accountants' Review Report**
|                              

The
Board of Directors and StockholdersTayco
Developments, Inc.



We have reviewed the condensed balance sheet of
Tayco Developments, Inc. as ofNovember 30,
2003, and the related condensed statements
of income and cash flows for the three and six months endedNovember 30, 2003and
2002. These financial statements are the responsibility of the Company's
management.

We conducted our review in accordance with
standards established by the American Institute of Certified Public Accountants.
A review of interim financial information consists principally of applying
analytical procedures to financial data and making inquiries of persons
responsible for financial and accounting matters. It is substantially less in
scope than an audit conducted in accordance with auditing standards generally
accepted in the United States of America, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any
material modifications that should be made to the condensed financial statements
referred to above for them to be in conformity with accounting principles
generally accepted in the United States of America.

We have previously audited, in accordance with
auditing standards generally accepted in the United States of America, the
balance sheet as of May 31, 2003, and the related statements of income, changes
in stockholders' equity, and cash flows for the year then ended (not presented
herein); and in our report dated August 8, 2003, we expressed an unqualified
opinion on those financial statements. In our opinion, the information set forth
in the accompanying condensed balance sheet as of May 31, 2003 is fairly stated,
in all material respects, in relation to the balance sheet from which it has
been derived.

Lumsden & McCormick, LLP Buffalo, New York December 19, 2003

|TAYCO DEVELOPMENTS,
      INC.
|------------------------------
|                              
|**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.

|TAYCO DEVELOPMENTS, INC.
|------------------------
|(Registrant)            



|By | s/Douglas P. Taylor                                                                          |  | Date: | January 13, 2004
|-- | -------------------------------------------------------------------------------------------- |  | ----- | ----------------
|   | Douglas P. Taylor President Chairman of the Board of Directors (Principal Executive Officer) |  |       |                 



AND



|By | s/Mark V. McDonough                             |  | Date: | January 13, 2004
|-- | ----------------------------------------------- |  | ----- | ----------------
|   | Mark V. McDonough
      Chief Financial Officer |  |       |                 



************