SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q

(Mark One)

    X           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
 ------         OF THE SECURITIES EXCHANGE ACT OF 1934.

                For the quarterly period ending September 30, 2003
                                                -------------------

                                       OR

 -------        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                OF THE SECURITIES EXCHANGE ACT OF 1934.

                For the transition period from _________ to_________

                          Commission file number 1-4719

                             THE DELTONA CORPORATION
             -------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            DELAWARE                                   59-0997584
--------------------------------------------------------------------------------
(State of other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                   Identification Number)

 8014 SW 135 STREET ROAD, OCALA, FLORIDA                 34473
--------------------------------------------------------------------------------
(Address of principal executive office)               (Zip Code)

Registrant's telephone number, including area code   (352)307-8100
                                                   -----------------------------

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of  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
                                      ----    ----

     Indicate the number of shares outstanding of the issuer's classes of common
stock, as of the latest practicable date:  13,544,277 shares of common stock, $1
par value, excluding treasury stock, as of October 15, 2003.



<PAGE>



                          PART I- FINANCIAL INFORMATION
                          =============================

ITEM 1.         FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
                      CONSOLIDATED CONDENSED BALANCE SHEETS
                      -------------------------------------
                    SEPTEMBER 30, 2003 AND DECEMBER 31, 2002
                    ----------------------------------------
                                 ($000 Omitted)
                                 --------------

                                                   September 30,    December 31,
                                                       2003             2002
                                                   -------------    ------------
                                                    (Unaudited)
<S>                                                <C>              <C>
                                     ASSETS
                                     ------

Cash and cash equivalents, including escrow
 deposits and restricted cash of $1,017 in 2003
 and $820 in 2002  .............................   $  1,491         $  1,039
                                                   --------         --------
Contracts receivable for land sales - net ......        353              930
                                                   --------         --------
Mortgages and other receivables - net ..........        185              139
                                                   --------         --------

Inventories:
 Land and land improvements ....................      6,480            7,237
 Housing .......................................      2,196            1,754
                                                   --------         --------
        Total inventories ......................      8,676            8,991
                                                   --------         --------

Property, plant, and equipment - net ...........        617              608
Investment in venture ..........................          9               70
Prepaid expenses and other .....................      1,002              967
                                                   --------         --------
        Total ..................................   $ 12,333         $ 12,744
                                                   ========         ========


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

Mortgages and similar debt:
 Mortgage notes payable - related parties ......   $  2,100         $  3,000
 Other loans - related parties .................      8,637            8,282
 Other loans ...................................         53               95
                                                   --------         --------
   Total mortgages and similar debt ............     10,790           11,377

Accounts payable - trade .......................        621              332
Accrued interest payable - related parties .....      1,722            2,466
Obligation under recourse provisions ...........      2,542            3,088
Accrued expenses and other .....................      1,081              334
Customers' deposits ............................      1,769            1,161
Deferred revenue ...............................      3,543            3,818
                                                   --------         --------
   Total liabilities ...........................     22,068           22,576
                                                   --------         --------
Commitments and contingencies:

Stockholders' equity (deficit):

  Preferred stock, $1 par value - authorized
  5,000,000 shares; no shares are issued and
  outstanding, preferences will be determined
  prior to issuance ............................        -0-              -0-

  Common stock, $1 par value - authorized
  15,000,000 shares; outstanding: 13,544,277
  shares (excluding 12,228 shares held in
  treasury).....................................     13,544           13,544

Additional paid-in capital .....................     52,603           52,518
                                                   --------         --------
Accumulated deficit ............................    (75,882)         (75,894)
                                                   --------         --------
        Total stockholders' equity (deficit) ...    ( 9,735)          (9,832)
                                                   --------         --------
                Total ..........................   $ 12,333         $ 12,744
                                                   ========         ========

See accompanying notes.

</TABLE>
                                        2

<PAGE>


<TABLE>
<CAPTION>

                   THE DELTONA CORPORATION AND SUBSIDIARIES
                   ----------------------------------------
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
            ---------------------------------------------------------
                            FOR THE PERIODS INDICATED
                            -------------------------
                     ($000 Omitted, Except Per Share Amounts)



                                           Nine Months Ended              Three Months Ended
                                     ----------------------------    ----------------------------
                                     September 30,  September 30,    September 30,  September 30,
                                         2003           2002             2003           2002
                                     -------------  -------------    -------------  -------------
<S>                                  <C>            <C>              <C>            <C>

Revenues:
 Net land sales ..................   $    4,860     $     4,068      $    1,975     $       956
 Sales - Housing .................        6,166           4,092           2,728           1,757
 Recognized improvement revenue-
  prior period sales .............          115             232              16             103
 Gain on termination of recourse
  obligation .....................          872               0               0               0
 Interest income .................          183             298              52              73
 Other ...........................          568             593             238             175
                                     ------------   -----------     -----------    ------------
     Total                               12,764           9,283           5,009           3,064
                                     ------------   -----------     -----------    ------------

Costs and expenses :
 Cost of sales and improvements ..        6,597           4,711           2,856           1,867
 Selling, general, administrative
  and other expenses .............        5,419           4,311           1,934           1,316
 Loss in Joint Venture ...........           62              16              27              12
 Loss on transfer of contracts
  receivable......................          299             103              83              29
 Interest expense ................          374             350             117             133
                                     ------------   -----------     -----------    ------------
     Total .......................       12,751           9,491           5,017           3,357
                                     ------------   -----------     -----------    ------------

Income (loss) from operations
 before income taxes

Provision for income taxes .......            -0-           -0-             -0-             -0-
                                     ------------   -----------     -----------    ------------

Net income (loss) ................   $         13   $      (208)    $        (8)   $       (293)
                                     ============   ===========     ===========    ============

Net income (loss)per common share    $        .00   $      (.01)    $      (.00)   $       (.02)
                                     ============   ===========     ===========    ============

Number of common and common
 equivalent shares ...............     13,544,277    13,544,277      13,544,277      13,544,277
                                     ============   ===========     ===========    ============



See accompanying notes.
</TABLE>


                                        3

<PAGE>

<TABLE>
<CAPTION>


                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
            ---------------------------------------------------------
                            FOR THE NINE MONTHS ENDED
                            -------------------------
                    SEPTEMBER 30, 2003 AND SEPTEMBER 30, 2002
                    -----------------------------------------
                                 ($000 Omitted)

                                                        Nine Months Ended
                                                 -------------------------------
                                                 September 30,     September 30,
                                                     2003              2002
                                                 -------------     -------------
<S>                                              <C>               <C>
Cash flows from operating activities ........    $(1,416)          $(1,779)
                                                 -------           -------

Cash flows from investing activities:
  Payment for acquisition of equipment ......    $   (90)          $   (44)
                                                 -------           -------

Cash flows from financing activities:
  New borrowings ............................      2,000             1,640
  Repayment of borrowings ...................        (42)              (41)
                                                 -------           -------
       Net cash provided by (used in)
        financing activities ................      1,958             1,599
                                                 -------           -------

Net increase (decrease) in cash and
 cash equivalents ...........................        452              (224)

Cash and cash equivalents, beginning of
 period .....................................      1,039               923
                                                 -------           -------

Cash and cash equivalents, end of period ....    $ 1,491           $   699
                                                 =======           =======



See accompanying notes.
</TABLE>


                                        4

<PAGE>
<TABLE>
<CAPTION>


                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
            ---------------------------------------------------------
                            FOR THE NINE MONTHS ENDED
                            -------------------------
                    SEPTEMBER 30, 2003 AND SEPTEMBER 30, 2002
                    -----------------------------------------
                                 ($000 Omitted)

                                                        Nine Months Ended
                                                 -------------------------------
                                                 September 30,     September 30,
                                                     2003              2002
                                                 -------------     -------------
<S>                                              <C>               <C>

Reconciliation of net income (loss) to net cash
 provided by (used in) operating activities:

  Net income(loss)...........................    $     13          $   (208)
                                                 --------          --------

Adjustments to reconcile net income (loss)
 to net cash provided by (used in) operating
 activities:

  Depreciation and amortization .............          81                68
  Provision for estimated uncollectible
   sales-net ................................         546               (54)
  Contract valuation discount, net of
   amortization .............................         103               (31)
  Imputed Interest on debt with related
   party ....................................          84                70
  Equity in loss in joint venture ...........          62                16
  Loss on transfer of contracts receivable...         299               104
  Net change in assets and liabilities ......      (2,604)           (1,744)
                                                 --------          --------
        Total adjustments ...................    $ (1,429)         $ (1,571)
                                                 --------          --------

Net cash provided by (used in) operating
 activities .................................    $ (1,416)         $ (1,779)
                                                 ========          ========

Supplemental disclosure of non cash
 investing and financing activities:
  Interest expense treated as contribution
   to capital ...............................    $     84          $     70
                                                 ========          ========

  Transfer of contracts receivable for debt
   and interest repayment ...................    $  3,892          $  1,935
                                                 ========          ========



See accompanying notes.
</TABLE>


                                        5

<PAGE>



                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
         --------------------------------------------------------------
                               SEPTEMBER 30, 2003
                               ------------------

THE INFORMATION  PRESENTED  HEREIN AS OF SEPTEMBER 30, 2003 FOR THE THREE MONTHS
AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 IS UNAUDITED.

(a)  BASIS OF PRESENTATION

     The condensed unaudited financial statements of The Deltona Corporation and
subsidiaries  ("the  Company")  have  been  prepared  pursuant  to the rules and
regulations  of the  Securities  and  Exchange  Commission  (the  "Commission").
Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with accounting  principles generally accepted
in the United  States of America  have been  condensed  or omitted  pursuant  to
Commission rules and regulations.  The information  furnished  reflects,  in the
opinion of management,  all  adjustments  (consisting  only of normal  recurring
adjustments)  necessary  for a fair  statement  of the  results  for the interim
periods  presented.  Operating  results  for the  three  and nine  months  ended
September  30, 2003 are not  necessarily  indicative  of the results that may be
expected for the year ending  December 31, 2003.  These  condensed  consolidated
financial statements should be read in conjunction with the financial statements
and the notes  thereto  included in the  Company's  latest Annual Report on Form
10-K/A.

     Certain amounts have been reclassified for comparative purposes.

     The accompanying  financial statements of the Company have been prepared on
a going  concern  basis,  which  contemplates  the  realization  of  assets  and
satisfaction of liabilities in the normal course of business.  The  consolidated
financial   statements   do  not  include  any   adjustments   relating  to  the
recoverability of asset amounts or the amounts of liabilities should the Company
be unable to continue as a going concern.

     The Company has been dependent on its ability to sell or otherwise  finance
contracts  receivable  and/or  secure other  financing  sources to meet its cash
requirements.  Additional  financing  in the amount of  $2,000,000  was required
during  the  nine  months  ending  September  30,  2003 and was  funded  through
additional loans from Swan. Additional financing will be required in the future.
Although  Swan has  loaned  the  Company  additional  funds to be paid back with
contracts receivable at the rate of 90% of face value, with recourse since 1999,
there can be no guarantee  that the Company will be able to generate  sufficient
receivables  to obtain  sufficient  financing  in the future or that the Company
will be able to  obtain  financing  from  Yasawa,  Scafholding,  Swan and  other
related parties, or from unrelated parties.

(b)  INVENTORIES

     Information  with  respect to the  classification  of inventory of land and
improvements  including  land  held  for  sale or  transfer  is as  follows  (in
thousands):

                              Land and Improvements

                                            September  30,     December  31,
                                                2003               2002
                                            --------------     -------------
        Unimproved land...................  $    420           $    420
        Land in various stages of
         development......................     2,734              2,622
        Fully improved land...............     3,326              4,195
                                            --------           --------
                Total.....................  $  6,480           $  7,237
                                            ========           ========

(c)  MORTGAGES AND SIMILAR DEBT

     As of September  30, 2003,  the  Company's  outstanding  debt to Yasawa was
$2,100,000  secured by a first lien on the Company's  receivables and a mortgage
on all of the  Company's  properties.  The terms of repayment of the Yasawa loan
provide for  $100,000  of monthly  payments of  principal  in cash or  contracts
receivable at 100% of face value,  with recourse.  Interest accrues at the prime
rate adjusted  semi-annually  to the then current rate of 4.75% for 2002,  4.25%
for  January  1 through  June 30,  2003 and 4.0%  effective  July 1,  2003.  For
advances after September 1, 2003, the minimum annual  percentage rate charged is
6% per annum  notwithstanding  a lower prime rate.  The  Company  satisfied  its
principal  obligation  to  Scafholding  as of  December  31,  1999.  Yasawa  and
Scafholding  have not  required  the  Company to make  interest  payments  since
September  1, 1998.  As of  September  30,  2003,  the total  amount of interest
accrued  on  the   Yasawa   and   Scafholding   obligations   is   approximately
$1,722,000, which is included in accrued interest.

                                        6

<PAGE>



     During the nine months ended September 30, 2003, Swan loaned the Company an
additional  $2,000,000 to meet the Company's working capital  requirements.  The
Company's  debt to Swan as of September  30, 2003, of $8,637,000 is secured by a
second lien on the Company's  receivables.  Swan has agreed to accept  contracts
receivable  at 90% of face value,  with  recourse,  in payment of the  Company's
obligation to Swan.  The Company  recognizes a loss on the transfer of contracts
at less than face value.  The amount of each  monthly  payment will be dependent
upon the amount of contracts receivable in the Company's portfolio.  Each month,
the Company is required  to  transfer to Swan , as debt  repayment,  all current
contracts receivable in the Company's portfolio in excess of $500,000, including
contracts  that have not yet met the  Company's  revenue  recognition  criteria.
Interest  accrues at the prime rate adjusted  semi-annually  to the then current
rate of 4.75% for  2002,  4.25% for  January  1 through  June 30,  2003 and 4.0%
effective July 1, 2003.  Effective September 1, 2003, a minimum interest rate of
6% will apply to all new  advances  notwithstanding  a lower prime  rate.  As of
September 30, 2003, the Company paid the accrued and unpaid interest on the Swan
notes through the transfer of contracts receivable at 90% of their face value.

     The Company  records  interest  expense for all  borrowing at the Company's
incremental  borrowing  rate,  which  is  currently  the  prime  rate.  Prior to
September 1, 2003,  the interest did not accrue for the first six months of each
loan advance from Swan, and the interest calculated was expensed and recorded as
additional paid-in capital.  This amount was approximately  $85,000 for the nine
months ended September 30, 2003.

     In the future,  if the Company elects to do so, Yasawa and Scafholding have
agreed to purchase contracts receivable at 65% of face value, with recourse. The
Company has an agreement with Swan whereby Swan may loan the Company funds to be
repaid with contracts receivable at 90% of face value, with recourse.

     Indebtedness  under various purchase money mortgages and loan agreements is
collateralized by substantially all of the Company's assets,  including stock of
wholly-owned subsidiaries.

     The  Company  has an  agreement  with  Scafholding  and Citony  Development
Corporation  for the  servicing  of their  receivable  portfolios.  The  Company
received  approximately  $54,000 and $55,000, in the nine months ended September
30, 2003 and 2002,  respectively,  in revenue pursuant to these agreements.  The
Company also services the Swan  receivable  portfolio,  which consisted of 1,137
contracts  (approximately  $13,264,000) as of September 30, 2003;  however,  the
Swan  portfolio  is serviced at no charge to Swan under the Trust and  Servicing
Agreement.

(d)  COMMITMENTS AND CONTINGENCIES

     Homesite  sales  contracts  provide  for the return of all  monies  paid in
(including   paid-in  interest)  should  the  Company  be  unable  to  meet  its
contractual  obligations after the use of reasonable  diligence.  If a refund is
made, the Company will recover the related homesite and any improvement thereto.

(e)  CAPITALIZED INTEREST

     The  Company   capitalizes   interest  cost  incurred  during  a  project's
construction  period.  Interest  incurred was $391,000 and $385,000 for the nine
months ended  September  30, 2003 and 2002,  respectively,  of which $16,000 and
$36,000 was  capitalized  for the nine months ended September 30, 2003 and 2002,
respectively.

(f)  EARNINGS OR LOSS PER SHARE

     Basic earnings (loss) per common and common  equivalent share were computed
by dividing net income (loss) by the weighted average number of shares of Common
Stock and common stock equivalents outstanding during each period.

(g)  CAPITAL TRANSACTION

     In 2002, the Company filed a Form 13E(3) and a preliminary  proxy statement
related to a proposed going private  transaction.  These documents are currently
being reviewed by the SEC staff.  These filings were done pursuant to actions by
the Board of Directors.  On December 13, 2001, the Board of Directors  approved,
subject to stockholder  approval, a 1 for 500,000 reverse split of the Company's
common stock and a related amendment to the Company's  Articles of Incorporation
reducing  the number of  authorized  shares to 30.  Based on the current  common
stockholdings, if voted and approved by the stockholders, the reverse split will
reduce the  number of the  Company's  stockholders  to two  stockholders:  Selex
International,  B.V., a Netherlands  corporation  ("Selex") and Yasawa Holdings,
N.V., a Netherlands Antilles corporation ("Yasawa").  The date of the meeting of
stockholders  to consider both matters will be determined upon the conclusion of
the review and subsequent  amendments to the  disclosures  in preliminary  proxy
statement and Form 13E(3) filings.

                                        7

<PAGE>



(h)  REPURCHASE OF CONTRACTS AND REDUCTION OF RECOURSE OBLIGATION LIABILITY

     On March 7, 2003,  the Company  closed on an  agreement to  repurchase  200
"non-performing" contracts receivable from an unrelated third party. The Company
had sold the contracts in 1990 and 1992 subject to a repurchase obligation.  The
contract portfolio had been subsequently  conveyed to other unrelated investors.
The Company did not service this contract portfolio.

     The   repurchased    contracts   had   uncollected   balances   aggregating
approximately  $1 million  and were  beyond  their  original  term.  The Company
entered into the agreement principally to reacquire underlying  collateral,  the
developed  residential  lots , under terms favorable for the Company because the
organization  selling  the  contracts  back  to the  Company  was in  bankruptcy
proceedings and desired to quickly  liquidate  these contracts  receivable for a
one-time cash payment.

     Based  upon  its  analysis  of  recent  payment  history,   management  has
determined approximately 25 contracts aggregating approximately $50,000 might be
collectable.   Management   exercised   its  right  to  cancel   the   remaining
nonperforming  contracts  and recover the  underlying  collateral  of  developed
residential  lots. The  reacquired  lots will be added to its land inventory and
sold in the normal course of business.

     The  acquired  assets  were  recorded at their fair  value,  the  aggregate
repurchase  cost incurred of  approximately  $215,000,  including costs of title
searches,  legal fees, transfer fees, taxes and other direct costs. The cost was
first assigned to the net realizable value of contracts expected to be collected
in the normal course of business of $50,000,  and the remaining cost of $165,000
was assigned to land inventory to be recovered.  The management believes,  based
on the  sale  of  similar  developed  lots,  that  the  Company's  expected  net
realizable value of the recoverable developed lots exceeds its cost basis.

     Prior to the repurchase of these contracts,  the Company had a net recourse
obligation  of  $872,000  for  this  portfolio  of  sold  contracts.  Management
periodically  analyzes and adjusts its recourse  obligation  liability  based on
reports  of the  non-performing  status  of the  contracts  receivable  and  its
obligation  to replace the  contracts  (perpetuating  the recourse  obligation).
Management  also considered  other factors  including the negative impact of the
bankruptcy of the owner of the portfolio.  Management believes the liability was
equal to the expected  obligation to replace the  non-performing  contracts with
performing contracts in the normal course of business.  The Company recognized a
one-time gain of  approximately  $872,000 as a direct result of the reduction of
the recourse  obligation  liability when the recourse obligation was eliminated.
The Company was able to receive very favorable terms in this  transaction due to
the one-time cash  repurchase of the remaining  contracts  from an  organization
going through bankruptcy proceedings.  Incidental to the transaction,  lots that
were designated as additional  collateral for the recourse  obligation and owned
by an  affiliated  company,  Citony  Development  Corporation,  were released to
Citony.

(i)  INCOME TAXES

     For the nine month period ending  September 30, 2003, the Company  reported
income for financial reporting purposes, and a net loss for tax purposes through
the  utilization  of the benefit of net operating loss  carry-forwards.  For the
nine month period ending September 30, 2002, the Company reported a net loss for
both  financial  reporting  and tax  purposes.  Although the Company  expects to
utilize the tax benefit  carry-forwards to offset any taxable income,  there can
be no assurance  that the Company will generate  taxable  income for the year or
utilize any of the carry-forward benefits.

(j)  OTHER EVENTS

     On September 12, 2003, Marion County acquired the utility assets of Florida
Water Services  within Marion Oaks  subdivision  through a condemnation  action.
Marion County replaced Florida Water as the provider of water and sewer services
within the Marion Oaks  subdivision.  The Company does not expect this change to
have a material impact upon the operations of the Company.



                                        8

<PAGE>



ITEM 2.         MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                AND RESULTS OF OPERATIONS

     This report on Form 10-Q of the Company for the three and nine months ended
September  30,  2003  contains  certain  forward-looking  statements  within the
meaning of Section 27A of the  Securities  Act of 1933, as amended,  and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby.  To the extent that such statements
are  not   recitations   of  historical   fact,   such   statements   constitute
forward-looking   statements   which,   by   definition,   involve   risks   and
uncertainties.   In  particular,   statements  under  Items  1  and  2,  contain
forward-looking statements. Where, in any forward-looking statement, the Company
expresses  an  expectation  or belief  as to  future  results  or  events,  such
expectation or belief is expressed in good faith and believed to have reasonable
basis, but there can be no assurance that the statement of expectation or belief
will result or be achieved or accomplished.

     All of the above  estimates  are based on the current  expectations  of our
management  team,  which  may  change  in the  future  due to a large  number of
potential events, including unanticipated future developments.

     The following factors are factors that could cause actual results or events
to differ materially from those  anticipated,  and include,  but are not limited
to: the  availability  of operating  capital;  general  economic,  financial and
business  conditions;   competition  for  customers  in  the  single-family  and
multi-family  home  market;  the  costs  of  construction;  and  changes  in and
compliance with governmental regulations.

RESULTS OF OPERATIONS

     For the nine months ended September 30, 2003 and September 30, 2002.

Revenues
--------

     Total  revenues were  $12,764,000  for the nine months ended  September 30,
2003  ($5,009,000  for  the  quarter  ended  September  30,  2003)  compared  to
$9,283,000 for the  comparable  2002 period  ($3,064,000  for the quarter ending
September 30, 2002).

     New retail land sales contracts  entered into,  including  deposit sales on
which  the  Company  has  received  less  than 20% of the  sales  price,  net of
cancellations,  for the nine  months  ended  September  30,  2003 and 2002  were
$5,966,000  ($2,054,000  for the three  months  ended  September  30,  2003) and
$4,820,000 ($1,433,000 for the quarter ending September 30, 2002), respectively.
The Company had a backlog of approximately  $2,347,000 in unrecognized  sales as
of September  30, 2003.  Such  contracts are not included in retail land revenue
until the applicable  rescission period has expired and the Company has received
payments totaling 20% of the contract sales price.

     Housing  revenues were  $6,166,000 for the first nine months of 2003 versus
$4,092,000 for the  comparable  2002 period.  Revenues are not  recognized  from
housing sales until the completion of construction and passage of title. Housing
revenues  increased  as a result of more homes being  closed in the period.  The
backlog of houses under contract was  $14,139,000 and $8,034,000 as of September
30, 2003 and 2002, respectively.

     The following  table reflects the Company's real estate product mix for the
periods indicated (in thousands):

                           Nine Months Ended            Three Months Ended
                      September 30,  September 30,  September 30,  September 30,
                          2003           2002           2003           2002
                      -------------  -------------  -------------  -------------

  Gross Land Sales:.. $  5,508       $   5,093      $  2,090       $  1,300
                      --------       ---------      --------       --------
  Housing Sales:.....    6,166           4,092         2,728          1,757
                      --------       ---------      --------       --------
    Total Real
     Estate:......... $ 11,674       $   9,185      $  4,818       $  3,057
                      ========       =========      ========       ========

     Improvement  revenues  result from  recognition  of revenues  deferred from
prior period  sales.  Recognition  occurs as  development  work  proceeds on the
previously  sold  property  or  customers  are  exchanged  to a  developed  lot.
Improvement revenues totaled $115,000 for the first nine months of 2003 ($16,000
for the  three  months  ending  September  30,  2003)  versus  $232,000  for the
comparable  2002 period  ($103,000  for the three months  ending  September  30,
2002).


                                        9

<PAGE>



     Interest income was $183,000 for the first nine months of 2003 ($52,000 for
the three months ending  September 30, 2003) versus  $298,000 for the comparable
period in 2002 ($73,000 for the three months ending September 30, 2002).

     Other  revenues were  $568,000 for the first nine months of 2003  ($238,000
for the  three  months  ending  September  30,  2003)  versus  $593,000  for the
comparable  period in 2002  ($175,000 for the three months ending  September 30,
2002). Other revenues are principally generated by the Company's title insurance
and real estate brokerage subsidiaries.


Costs and Expenses
------------------

     Costs and  expenses  were  $12,751,000  for the first  nine  months of 2003
($5,017,000  for the three months ending  September 30, 2003) versus  $9,491,000
for the  comparable  period  in 2002  ($3,357,000  for the three  months  ending
September 30, 2002).

     Cost of sales  increased  to  $6,597,000  for the first nine months of 2003
($2,856,000  for the three months ending  September 30, 2003) versus  $4,711,000
for the  comparable  period  in 2002  ($1,867,000  for the three  months  ending
September 30, 2002) due to increased housing sales.

     Commissions,  advertising and other selling expenses totaled $3,642,000 for
the nine months of 2003  ($1,296,000  for the three months ending  September 30,
2003) versus  $2,620,000  for the  comparable  period in 2002  ($790,000 for the
three months ending  September 30, 2002).  General and  administrative  expenses
were $1,027,000 for the first nine months of 2003 ($355,000 for the three months
ending September 30, 2003) versus  $1,163,000 for the comparable  period in 2002
($348,000  for the  three  months  ending  September  30,  2002) as a result  of
decreased  overhead  expenses.  Real estate tax expenses  were  $750,000 for the
first nine months of 2003  ($283,000 for the three months  ending  September 30,
2003) versus $431,000 for the comparable  period in 2002 ($144,000 for the three
months ending September 30, 2002).

     Interest  expense was $374,000 for the first nine months of 2003  ($117,000
for the three months  ending  September  30, 2003)  compared to $350,000 for the
first nine months of 2002  ($133,000 for the three months  ending  September 30,
2002). The interest expense increased due to less interest being capitalized for
development  costs and increased due to increased  outstanding debt for the nine
month period ended  September 30, 2003 when compared to the same period in 2002.
For an expanded  discussion of the Company's debt agreements,  see the following
section, "Liquidity and Capital Resources".

Net Income
----------

     The  Company  reported  net income of $13,000  for the first nine months of
2003 (a net loss of ($8,000) for the three  months  ending  September  30, 2003)
versus a net loss of ($208,000) for the  comparable  period in 2002 ( a net loss
of  ($293,000)  for the three months ending  September  30, 2002).  The 2003 net
income is due to a non-cash gain of $872,000 on the termination of the remaining
repurchase obligation on contracts that had been sold in 1990 and 1992.

Regulatory Developments which may affect Future Operations
----------------------------------------------------------

     In Florida, as in many growth areas, local governments have sought to limit
or control population growth in their communities  through  restrictive  zoning,
density reduction,  the imposition of impact fees and more stringent development
requirements.  Although the Company has taken such factors into consideration in
its master  plans by  agreeing,  for example,  to make  improvements,  construct
public  facilities and dedicate  certain  property for public use, the increased
regulation  has  lengthened  the  development  process and added to  development
costs.

     The implementation of the Florida Growth Management Act of 1985 (the "Act")
precludes  the issuance of  development  orders or permits if public  facilities
such  as  transportation,  water  and  sewer  services  will  not  be  available
concurrent  with  development.  Development  orders have been  issued  for,  and
development  has  commenced  in,  the  Company's   existing   communities  (with
development  being  completed  in  certain  of  these  communities).  Thus,  the
Company's  communities  are  less  likely  to be  affected  by  the  new  growth
management policies than future communities. Any future communities developed by
the Company will be strongly impacted by new growth management  policies.  Since
the Act and its implications  are consistently  being re- examined by the State,
together  with  local  governments  and  various  state and  local  governmental
agencies,  the Company  cannot  further  predict the timing or the effect of new
growth management policies,  but anticipates that such policies may increase the
Company's permitting and development costs.


                                       10

<PAGE>



     The Company's land sales activities are further subject to the jurisdiction
of the laws of various states in which the Company's  properties are offered for
sale.  In  addition,  Florida  and other  jurisdictions  in which the  Company's
properties  are offered for sale have  strengthened,  or may  strengthen,  their
regulation  of  subdividers  and  subdivided  lands in order to provide  further
assurances to the public. The Company has attempted to take appropriate steps to
modify its marketing programs and registration  applications in the face of such
increased  regulation,  but has  incurred  additional  costs  and  delays in the
marketing of certain of its  properties  in certain  states and  countries.  For
example,  the Company has complied with the  regulations of certain states which
require  that the Company  sell its  properties  to  residents  of those  states
pursuant to a deed and  mortgage  transaction,  regardless  of the amount of the
down payment. The Company intends to continue to monitor any changes in statutes
or regulations  affecting,  or anticipated to affect, the sale of its properties
and  intends to take all  necessary  and  reasonable  action to assure  that its
properties  and its  proposed  marketing  programs are in  compliance  with such
regulations,  but there can be no  assurance  that the  Company  will be able to
timely  comply with all  regulatory  changes in all  jurisdictions  in which the
Company's properties are presently offered for sale to the public.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

     Mortgages and Similar Debt

     As of September  30, 2003,  the  Company's  outstanding  debt to Yasawa was
$2,100,000  secured by a first lien on the Company's  receivables and a mortgage
on all of the  Company's  properties.  The terms of repayment of the Yasawa loan
provide for  $100,000  of monthly  payments of  principal  in cash or  contracts
receivable at 100% of face value,  with recourse.  Interest accrues at the prime
rate adjusted  semi-annually  to the then current rate of 4.75% for 2002,  4.25%
for  January  1 through  June 30,  2003 and 4.0%  effective  July 1,  2003.  For
advances after September 1, 2003, the minimum annual  percentage rate charged is
6% per annum  notwithstanding  a lower prime rate.  The  Company  satisfied  its
principle  obligation  to  Scafholding  as of  December  31,  1999.  Yasawa  and
Scafholding  have not  required  the  Company to make  interest  payments  since
September  1, 1998.  As of  September  30,  2003,  the total  amount of interest
accrued  on  the   Yasawa   and   Scafholding   obligations   is   approximately
$1,722,000, which is included in accrued interest.

     During the nine months ended September 30, 2003, Swan loaned the Company an
additional  $2,000,000 to meet the Company's working capital  requirements.  The
Company's  debt to Swan as of September  30, 2003, of $8,637,000 is secured by a
second lien on the Company's  receivables.  Swan has agreed to accept  contracts
receivable  at 90% of face value,  with  recourse,  in payment of the  Company's
obligation to Swan.  The Company  recognizes a loss on the transfer of contracts
at less than face value.  The amount of each  monthly  payment will be dependent
upon the amount of contracts receivable in the Company's portfolio.  Each month,
the Company is required  to  transfer to Swan , as debt  repayment,  all current
contracts receivable in the Company's portfolio in excess of $500,000, including
contracts  that have not yet met the  Company's  revenue  recognition  criteria.
Interest  accrues at the prime rate adjusted  semi-annually  to the then current
rate of 4.75% for  2002,  4.25% for  January  1 through  June 30,  2003 and 4.0%
effective July 1, 2003.  Effective September 1, 2003, a minimum interest rate of
6% will apply to all new  advances  notwithstanding  a lower prime  rate.  As of
September 30, 2003, the Company paid the accrued and unpaid interest on the Swan
notes through the transfer of contracts receivable at 90% of their face value.

     The Company  recognizes  the  preferential  cost of borrowing from Swan and
other  related  parties  by  recording  the  difference  between  the  Company's
incremental  borrowing rate and the contractual  obligation rate as (i) interest
expense  and  (ii) a  capital  contribution.  The  Company  recorded  a  capital
contribution  of  $78,000,  $170,000  and  $407,000  in  2002,  2001  and  2000,
respectively, due to the preferential cost of funds from affiliated companies.

     Substantially all of the Company's assets are pledged as collateral for its
various  obligations.  The Company's  outstanding debt to Yasawa is secured by a
first lien on the Company's  receivables  and a mortgage on all of the Company's
property; and the Company's outstanding debt to Swan is secured by a second lien
on the Company's receivables.

     Contracts and Mortgages Receivable Sales and Transfers

     Approximately $20 million of outstanding contracts receivable had been sold
or  transferred by the Company  subject to recourse  obligations as of September
30, 2003.  There are no funds on deposit with  purchasers of the  receivables as
collateral for the recourse  obligations.  A provision has been  established for
the Company's  obligation under the recourse  provisions of which  approximately
$2,542,000 remains at September 30, 2003.


                                       11

<PAGE>



The Company has an agreement with Scafholding and Citony Development Corporation
for  the  servicing  of  their  receivable  portfolios.   The  Company  received
approximately  $54,000 and $55,000 , in the nine months ended September 30, 2003
and 2002,  respectively,  in revenue pursuant to these  agreements.  The Company
also has an agreement with Swan for the servicing of its  receivable  portfolio;
however, the Company does not receive servicing fees from Swan.

     In the future,  if the Company elects to do so, Yasawa and Scafholding have
agreed to purchase contracts receivable at 65% of face value, with recourse. The
Company has an agreement with Swan whereby Swan may loan the Company funds to be
repaid with contracts receivable at 90% of face value, with recourse.

     Other Obligations

     Currently,  the Company has an  obligation  to complete  land  improvements
prior to sale.  Prior to 1991,  the Company had an  obligation  to complete land
improvements upon deeding which, depending on contractual provisions,  typically
occurred within 90 to 120 days after the completion of payments by the customer.
The estimated cost to complete  improvements to lots and tracts from which sales
have been made is included in deferred revenue.

     Liquidity

     Retail land sales have  traditionally  produced  negative  cash flow at the
point of sale.  This is a result of (i)  regulatory  requirements  to sell fully
developed lots,  (ii) the payment of marketing and selling  expenses prior to or
shortly  after the point of sale,  and (iii) the  collection of payments on sold
lots  over  2-10  years.  In an effort to  offset  these  cash flow  effects  of
installment  land  sales,  the  Company is  directing  a greater  portion of its
marketing  efforts to the sale of lots with homes.  The Company is now  offering
lots for sale in compulsory  building  areas where a lot purchaser must complete
payments for the lot and construct a home within a limited period of time.

     The Company is dependent  on its ability to sell or  otherwise  finance its
contracts   receivable   and/or   secure  other   financing  to  meet  its  cash
requirements.  Since 1992,  the Company has been  largely  dependent  on Yasawa,
Scafholding  and Swan and related  parties for the financing of its  operations.
Although  Scafholding has purchased contracts  receivables at the rate of 65% of
face value, with recourse,  and Swan has loaned the Company  additional funds to
be paid back with  contracts  receivable at the rate of 90% of face value,  with
recourse,  there can be no  guarantee  that the Company will be able to generate
sufficient  receivables to obtain  sufficient  financing in the future,  nor can
there be any guarantee that Yasawa, Scafholding, Swan and other related parties,
or unrelated third party lenders will continue to make loans to the Company.


                                       12

<PAGE>



ITEM 3.         QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

     The estimated fair values of financial  instruments have been determined by
the  Company  using  available  market  information  and  appropriate  valuation
methods.  Considerable  judgment  is  required  in  interpreting  market data to
develop the estimates of fair value. Accordingly, the estimates presented herein
are not necessarily indicative of the amounts the Company could realize or incur
in a current market transaction.  The use of different market assumptions and/or
estimation  methods  may have a  material  effect on the  estimated  fair  value
amounts.   The  Company's  financial   instruments  consist  of  cash  and  cash
equivalents,  contracts and mortgages  receivable  and similar debt.  The stated
amount of cash and cash equivalents is a reasonable  estimate of fair value. The
fair value of  contracts  and  mortgages  receivable  and similar  debt has been
estimated using interest rates currently available for similar terms. The stated
value of the  contracts and mortgages  receivable  and similar debt  approximate
fair value.

     Management  does not use  derivatives  to  manage  its  exposure  to market
interest rate risk.

     The  Company's  exposure  to market  interest  rate  risk on its  contracts
receivable has been minimized by the terms of its credit facilities  agreements.
Under the credit  agreements,  all excess  contracts are transferred to pay down
the debt obligation.  Therefore,  it is expected that the Company will have less
than  $500,000 of current  contracts  receivable  in the  portfolio at any time.
Prior to March  2003,  the  Company  was also  required  to  maintain  contracts
receivable  adequate to cover the third party recourse  obligation for contracts
sold in 1990 and 1992. This recourse obligation was settled in March 2003.

     Contracts  receivable consists of fixed interest rate paper with an initial
collection term generally of ten years. The stated interest rate is below market
interest rates for similar paper.  The Company  periodically  adjusts the stated
rate on new  contracts  in response to changes in the market  interest  rate and
other  competitive  sales  factors.  The Company  discounts the contracts  notes
receivable to current  market rates.  At September 30, 2003,  the average stated
rate for contracts  receivable  was 8.6%,  and the discount rate used was 13.5%.
Under its credit  agreement,  the Company is  required  to  transfer  all excess
contracts receivable as defined to a creditor for debt reduction.  The Company's
outstanding  contracts  receivable,  net of allowance for  cancellations  before
valuation  adjustment  was  $396,000 at  September  30,  2003.  The  unamortized
valuation  adjustment  at September 30, 2003 was $43,000.  Management  estimates
that a 1% increase  in the market  interest  rate  equals a  valuation  discount
increase of approximately $8,000, which would reduce net income.

     The Company also has exposure to market  interest rate risk on  outstanding
debt.  As  of  September  30,  2003,  the  Company  has   outstanding   debt  of
approximately  $ 10.8  million.  The stated  interest  rate,  which is  adjusted
semi-annually, is the prime rate, which was 4.0% at September 30, 2003. Advances
after  September 1, 2003 have a minimum annual  percentage rate of 6% per annum.
The  outstanding  debt has no standard  repayment  term:  it is dependant on the
Company's sales and future contracts receivable. The Company estimates that a 1%
increase in the market  interest rate equals an increase in interest  expense of
approximately $108,000 per annum, which would reduce net income.

                                       13

<PAGE>



ITEM 4.         CONTROLS AND PROCEDURES


     (a) Evaluation of disclosure controls and procedures.

     As required by Rule 13a-15 under the Exchange Act, within the 90 days prior
to the filing date of this report,  the Company carried out an evaluation of the
effectiveness of the design and operation of the Company's  disclosure  controls
and  procedures.  This evaluation was carried out under the supervision and with
the  participation  of the Company's  management,  including the Company's Chief
Executive Officer and Chief Financial Officer.  The evaluation  conducted by the
Company's Chief Executive  Officer and Chief Financial Officer has provided them
with  reasonable  assurance  that  as  of  September  30,  2003,  the  Company's
disclosure  controls and  procedures  are effective in alerting them in a timely
manner to material information required to be included in periodic SEC filings.

     Disclosure  controls and  procedures  and other  procedures are designed to
insure that  information  required to be disclosed in Company  reports  filed or
submitted  and reported,  within the time periods  specified in the Security and
Exchange Commission's rules and forms.

     Disclosure  controls and procedures include,  without limitation,  controls
and procedures designed to ensure that the information  required to be disclosed
in Company reports filed under the Exchange Act is accumulated and  communicated
to  management,  including  the  Company's  Chief  Executive  Officer  and Chief
Financial Officer, as appropriate,  to allow timely decisions regarding required
disclosures.

     (b) Changes in internal controls.

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



                                       14

<PAGE>



                             PART II - OTHER INFORMATION
                             ===========================

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

     (a)  Exhibits

     See attached Exhibit 31.1 for Certification  pursuant to Section 302 of the
Sarbanes - Oxley Act of 2002 (CEO Certification by Antony Gram)

     See attached Exhibit 31.2 for Certification  pursuant to Section 302 of the
Sarbanes - Oxley Act of 2002 (CFO Certification by Robert O. Moore)

     See attached Exhibit 32 for Certification under Section 906 of the Sarbanes
- Oxley Act of 2002.

     (b)  Reports on Form 8-K

     None.





                                    SIGNATURE
                                    ---------


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.



                                         THE DELTONA CORPORATION


Date: October 15, 2003                   By: /s/ Robert O. Moore
                                             -------------------
                                             Robert O. Moore,
                                             Treasurer & Chief Financial Officer

                                       15

<PAGE>

                                                                   Exhibit 31.1

                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER


I, Antony Gram, certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-Q for the period ended
     September 30, 2003 of The Deltona Corporation;

2.   Based on my knowledge, this 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
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  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 report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the registrant and have:

               a) Designed such disclosure  controls and  procedures,  or caused
          such  disclosure  controls  and  procedures  to be designed  under our
          supervision,  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 report is being prepared;

               b) Designed such internal  control over financial  reporting,  or
          caused such internal  control over financial  reporting to be designed
          under our supervision,  to provide reasonable  assurance regarding the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

               c) Evaluated the  effectiveness  of the  registrant's  disclosure
          controls and procedures  and presented in this report our  conclusions
          about the effectiveness of the disclosure controls and procedures,  as
          of the end of the period  covered by this report  (September 30, 2003)
          based upon such evaluation; and

               d)  Disclosed  in this  report  any  change  in the  registrant's
          internal  control over financial  reporting  that occurred  during the
          registrant's  most recent  fiscal  quarter (the third fiscal  quarter)
          that has materially  affected,  or is reasonably  likely to materially
          affect,  the registrant's  internal control over financial  reporting;
          and

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent function):

               a) All significant  deficiencies  and material  weaknesses in the
          design or operation of internal control over financial reporting which
          are reasonably likely to adversely affect the registrant's  ability to
          record, process, summarize and report financial information; and

               b) Any fraud,  whether or not material,  that involves management
          or other  employees  who have a significant  role in the  registrant's
          internal control over financial reporting.

Date: October 15, 2003                         /s/   Antony Gram
                                              -------------------------------
                                              Antony Gram, Chairman, President,
                                              and Chief Executive Officer


                                       16

<PAGE>



                                                                    Exhibit 31.2

                    CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Robert O Moore, certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-Q for the period ended
     September 30, 2003 of The Deltona Corporation;

2.   Based on my knowledge, this 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
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  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 report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the registrant and have:

               a) Designed such disclosure  controls and  procedures,  or caused
          such  disclosure  controls  and  procedures  to be designed  under our
          supervision,  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 report is being prepared;

               b) Designed such internal  control over financial  reporting,  or
          caused such internal  control over financial  reporting to be designed
          under our supervision,  to provide reasonable  assurance regarding the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

               c) Evaluated the  effectiveness  of the  registrant's  disclosure
          controls and procedures  and presented in this report our  conclusions
          about the effectiveness of the disclosure controls and procedures,  as
          of the end of the period  covered by this report  (September 30, 2003)
          based upon such evaluation; and

               d)  Disclosed  in this  report  any  change  in the  registrant's
          internal  control over financial  reporting  that occurred  during the
          registrant's  most recent  fiscal  quarter (the third fiscal  quarter)
          that has materially  affected,  or is reasonably  likely to materially
          affect,  the registrant's  internal control over financial  reporting;
          and

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's  auditors and the audit committee of registrant's board of
     directors (or persons performing the equivalent function):

               a) All significant  deficiencies  and material  weaknesses in the
          design or operation of internal control over financial reporting which
          are reasonably likely to adversely affect the registrant's  ability to
          record, process, summarize and report financial information; and

               b) Any fraud,  whether or not material,  that involves management
          or other  employees  who have a significant  role in the  registrant's
          internal control over financial reporting.

Date: October 15, 2003                        /s/ Robert O. Moore
                                              ---------------------------------
                                              Robert O. Moore, Treasurer and
                                              Chief Financial Officer


                                       17

<PAGE>


                                                                      Exhibit 32


                         CERTIFICATION UNDER SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002


Pursuant  to  Section  906  of  the  Sarbanes-Oxley  Act of  2002,  each  of the
undersigned   certifies  that  the  periodic  report  fully  complies  with  the
requirements  of Section 13(a) or 15(d) of the  Securities  Exchange Act of 1934
and that information  contained in this periodic report fairly presents,  in all
material  respects,  the  financial  condition  and result of  operations of The
Deltona Corporation as of September 30, 2003.


/S/ Antony Gram
-----------------------------
Antony Gram
Chairman of the Board, President and Chief Executive Officer
October 15, 2003



/S/ Robert O. Moore
-----------------------------
Robert O. Moore
Chief Financial Officer
October 15, 2003


     A signed  original of this  written  statement  required by Section 906, or
other  document  authenticating,  acknowledging  ,  or  otherwise  adopting  the
signature  that  appears in typed form  within  the  electronic  version of this
written  statement  required by Section  906,  has been  provided to The Deltona
Corporation and will be retained by The Deltona Corporation and furnished to the
Securities and Exchange Commission or its staff upon request.

     The foregoing  certification  accompanies the issuer's  quarterly report on
Form 10-Q for the period ending  September 30, 2003 and is not filed as provided
in SEC Release Nos. 33-8238, 33-8212, 34-4751 and IC-25967.

                                       18

<PAGE>