UNITED STATES
                       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 AND
      EXCHANGE ACT OF 1934

                  For the quarterly period ended June 30, 2003

[ ]   TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
      EXCHANGE ACT OF 1934

For the transition period from ______________  to  ________________

Commission file number - 0-2642

                            TRIDENT ROWAN GROUP, INC
                            -------------------------
             (Exact name of registrant as specified in its charter)


            Maryland                                       52-0466460
 ------------------------------                       ----------------------
(State or other jurisdiction of                         (I.R.S. Employer
 incorporation or organization)                         Identification No.)

              299 Park Avenue, 16th Floor, New York, New York 10171
              -----------------------------------------------------
              (Address of principal executive offices - Zip code)

Registrant's telephone number, including area code:  (212) 644-4441

Former name, former address and former fiscal year, if changed since last
report.

Indicate by checkmark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
                            Yes          No  X
                               ------      -------

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by checkmark whether the registrant has filed all documents and reports
required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act
of 1934 subsequent to the distribution of securities under a plan confirmed by a
court.
                              Yes          No  X
                                 ------      ----

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding
of each of the issuer's classes of common stock, as of the latest practicable
date.

Common stock, par value $.01 per share, 4,064,900 shares outstanding as of Marzo
31, 2004.

<PAGE>

                            TRIDENT ROWAN GROUP, INC.
                                      INDEX


                                                                            Page
                                                                            ----

  Part I Financial Information................................................3
  Item 1 Financial Statements.................................................3
      Consolidated Balance Sheets at June 30, 2003 - Assets...................3
      Consolidated Balance Sheets at June 30, 2003 - Liabilities and
      Shareholders' Equity....................................................4
      Consolidated Statements of Operations for the three months
      to June 30, 2003........................................................5
      Consolidated Statements of Operations for the six months to
      June 30, 2003...........................................................6
      Consolidated Statements of Changes in Shareholders' Equity..............7
      Consolidated Statements of Cash Flows...................................8
      Notes to Consolidated Financial Statements..............................9

  Item 2 Management's Discussion and Analysis of Financial Condition and
         Results of Operations...............................................14
  Item 3 Quantitative and Qualitative Disclosures About Market Risk..........16
  Item 4 Controls and Procedures.............................................16
  PART II-- OTHER INFORMATION................................................16
  Item 1 Legal Proceedings...................................................16
  Item 2 Changes in Securities, Use Of Proceeds and Issuer Purchases
         of Equity Securities................................................18
  Item 3 Defaults Upon Senior Securities.....................................18
  Item 4 Submission of Matters to a Vote of Securities Holders...............18
  Item 5 Other Information...................................................18
  Item 6 Exhibits and Reports On Form 8-K....................................18
  Signatures.................................................................19



                                       2

<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
June 30, 2003 and December 2002


<TABLE>
<CAPTION>

                                                     Jun.30            Jun.30       Dec. 31
                                                      2003              2003         2002
                                                     US$'000         (euro)'000   (euro)'000
ASSETS
<S>                                                 <C>               <C>             <C>
Cash................................................$ 3,047  (euro)   2,650  (euro)   3,256
Receivables ........................................     28              24               0
Prepaid expenses ...................................     13              11              59

                                                    -------          ------         -------

TOTAL CURRENT ASSETS ...............................  3,088           2,685           3,315

                                                     -------         ------         -------

Property, plant and equipment ......................      8               7              14

  At cost ..........................................     18              16              29
  Less allowances for depreciation .................    (10)             (9)            (15)

Other receivables ..................................    261             227             289

                                                    -------          ------         -------

TOTAL ASSETS .......................................$ 3,357  (euro)   2,919  (euro)   3,618

                                                    =======          ======         =======
</TABLE>

Note: The balance sheet as at December 31, 2002 has been derived from the
audited financial statements at that date but does not include all of the
information and footnotes required by generally accepted accounting principles.



                 See Notes to Consolidated Financial Statements


                                       3

<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
June 30, 2003 and December 2002


<TABLE>
<CAPTION>

                                                              Jun. 30            Jun. 30          Dec. 31
                                                                2003              2003              2002
                                                              US$'000            '000               '000
<S>                                                       <C>                       <C>               <C>
LIABILITIES
Accounts payable .........................................$       166 (euro)        144 (euro)        486
Accrued expenses and other payables ......................        950               826               525

                                                              -------           -------           -------

TOTAL CURRENT LIABILITIES ................................      1,116               970             1,011

                                                              -------           -------           -------

Provision for claims .....................................        506               440               440

Minority interests .......................................         77                67                76

SHAREHOLDERS' EQUITY .....................................      1,658             1,442             2,091

Common stock, par value $0.01 per share:
Authorised 50,000,000 shares;
  4,064,900 shares outstanding; ..........................         63                55                55
Additional paid-in capital ...............................     63,392            55,114            55,114
Treasury stock, at cost ..................................    (28,463)          (24,746)          (24,746)
Cumulative translation adjustment ........................     (1,657)           (1,441)           (1,219)
Accumulated deficit ......................................    (31,677)          (27,540)          (27,113)
                                                            ---------            -------           -------

LIABILITIES AND SHAREHOLDERS' EQUITY ..................... $    3,357 (euro)      2,919 (euro)      3,618

                                                           ==========            =======           =======
</TABLE>


Note: The balance sheet as at December 31, 2002 has been derived from the
audited financial statements at that date but does not include all of the
information and footnotes required by generally accepted accounting principles.



                 See Notes to Consolidated Financial Statements


                                       4

<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
3 Months ended June 30, 2003 and 2002


<TABLE>
<CAPTION>

                                                             Jun.30           Jun.30           Jun.30
                                                              2003             2003             2002
                                                            US $'000           Euro             Euro

<S>                                                             <C>              <C>              <C>
Selling, general and administrative expenses ............       (224)            (203)            (311)
                                                          ----------       ----------       ----------

Operating loss ..........................................       (224)            (203)            (311)

Interest expense ........................................       --               --                (10)
Interest income .........................................          9                8             --
Other (expense)/income, net .............................         10                9               84

                                                          ----------       ----------       ----------
Loss before income taxes and minority interests .........       (206)            (186)            (237)
Income taxes
Minority interests ......................................          8                7             --

                                                          ----------       ----------       ----------

Net loss ................................................       (198)            (179)            (237)

                                                          ==========       ==========       ==========

PROFIT/(LOSS) PER SHARE: ................................  $              (euro)            (euro)
BASIC
                                                               (0.05)           (0.04)           (0.06)
                                                          ----------       ----------       ----------
                                                               (0.05)           (0.04)           (0.06)
                                                          ----------       ----------       ----------
Weighted average number of common shares
  outstanding during the period                               No               No.              No.
Basic ...................................................  4,064,900        4,064,900        4,064,900

                                                          ==========       ==========       ==========
</TABLE>


                 See Notes to Consolidated Financial Statements


                                       5

<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
3 Months ended June 30, 2003 and 2002


<TABLE>
<CAPTION>

                                                             Jun.30          Jun.30           Jun.30
                                                              2003            2003             2002
                                                            US $'000          Euro             Euro

<S>                                                             <C>              <C>              <C>
Selling, general and administrative expenses .............      (439)            (397)            (683)
                                                          ----------       ----------       ----------

Operating loss ...........................................      (439)            (397)            (683)

Interest expense .........................................      --               --                (20)
Interest income ..........................................        23               21                2
Other (expense)/income, net ..............................       (66)             (60)           1,128

                                                          ----------       ----------       ----------
Profit/(loss) before income taxes and minority interests .      (482)            (436)             427
Income taxes .............................................      --               --               (100)
Minority interests .......................................        10                9               (6)

                                                          ----------       ----------       ----------

Net profit/(loss) ........................................      (472)            (427)             321

                                                          ==========       ==========       ==========

PROFIT/(LOSS) PER SHARE: .................................  $            (euro)            (euro)
BASIC
                                                               (0.12)           (0.11)            0.08
                                                          ----------       ----------       ----------
                                                               (0.12)           (0.11)            0.08
                                                          ----------       ----------       ----------
Weighted average number of common shares
  outstanding during the period
                                                              No.              No.              No.
Basic .................................................... 4,064,900        4,064,900        4,064,900

                                                          ==========       ==========       ==========

Diluted .................................................. 4,064,900        4,064,900        4,064,900

                                                          ==========       ==========       ==========
</TABLE>


                 See Notes to Consolidated Financial Statements


                                       6

<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Condensed Statements of Changes in Shareholders' Equity
June 30, 2003


<TABLE>
<CAPTION>

                                                        Additional               Other                      TOTAL     Comprehensive
                                                Common   paid-in    Treasury  comprehensive  Accumulated SHAREHOLDERS'   income/
               Euro '000                        stock    capital     stock      income         deficit      EQUITY       (loss)
                                              --------  ---------- ---------  -------------  -----------  ------------ ------------

<S>                               <C>         <C>      <C>        <C>         <C>           <C>           <C>          <C>
At December 31, 2002 ..............(euro)'000     55     55,114     (24,746)    (1,219)      (27,113)       2,091

Net Profit (Loss) .................               --         --          --         --          (248)        (248)        (248)
Translation adjustment ............               --         --          --       (187)           --         (187)        (187)

                                              ------    -------     -------    -------       -------      -------      -------

At March 31, 2003 .................(euro)'000     55     55,114     (24,746)    (1,406)      (27,361)       1,656         (435)

Net Profit (Loss) .................               --         --          --         --          (179)        (179)        (179)
Translation adjustment ............               --         --          --        (35)           --          (35)         (35)

                                              -------    -------    -------    -------       -------      -------      -------

At June 30, 2003 ..................(euro)'000     55     55,114     (24,746)    (1,441)      (27,540)       1,442         (649)


At June 30, 2003 ..................  $'000        63     63,392     (28,463)    (1,657)      (31,677)       1,658         (746)
</TABLE>


Accumulated other comprehensive income is represented by differences from the
change in exchange rates from period to period on translation of the financial
statements of non Italian subsidiaries.


                 See Notes to Consolidated Financial Statements


                                       7

<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Consolidated Statements of Cash Flows
June 30, 2003 and 2002


<TABLE>
<CAPTION>

                                                                    Jun.30          Jun.30         Jun.30
                                                                     2003            2003           2002

<S>                                                                 <C>              <C>               <C>
Net income (loss)                                                   (472)            (427)             321

Adjustments to reconcile net loss to net cash:
Depreciation and amortization                                         10                9                4
Minority interests                                                     7                6                6
Gain/(Loss) on disposals of subsidiaries                              --               --           (1,489)
Write off of investments                                              --               --            1,188
Other operating activities                                            --               --                5
Changes in operating assets and liabilities:
Trade and other receivables                                           44               38               84
Prepaid expenses                                                      55               48               56
Accounts payable, accrued expenses and claims                        (47)             (41)             139
                                                                 -------          -------          -------
Net cash(used)/provided by operating activities                     (403)            (367)             314
                                                                 -------          -------          -------
Investing activities:
Purchase of minority interest in Bion, net of cash                    --               --           (9,543)
Proceeds from disposal of subsidiaries, net of cash disposed          --               --            6,484
Proceeds from disposal of other assets, net                           --               --               (4)
                                                                 -------          -------          -------
Net cash (used)/provided by investing activities                       0                0           (3,063)
                                                                 -------          -------          -------

Increase/(decrease) in cash                                         (403)            (367)          (2,749)

Exchange movement on opening cash                                   (295)            (239)          (6,047)

Cash, beginning of period                                          3,745            3,256           12,934

                                                                 -------          -------          -------

Cash, end of period                                                3,047            2,650            4,138

                                                                 =======          =======          =======
</TABLE>


                 See Notes to Consolidated Financial Statements


                                       8

<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2003

NOTE 1  - BASIS OF PRESENTATION

The accompanying unaudited consolidated condensed financial statements have been
prepared in accordance with the instructions to Form 10-Q. Certain information
and footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted. For a summary of the Registrant's accounting principles, and other
footnote information, reference is made to the Registrant's 2002 Annual Report
on Form 10-K. All adjustments necessary for the fair presentation of the results
of operations for the interim periods covered by this report have been included.
All of such adjustments are of a normal and recurring nature. The results of
operations for the three and six months ended June 30, 2003 are not necessarily
indicative of the operating results for the full year.

The consolidated financial statements were shown in Euro ("(euro)") because all
of the Company's material operating subsidiaries were based in and operated
entirely in Italy. Thereafter, from January 1, 2002, the reporting currency of
the Company was changed to Euro. Pending evaluation of its alternatives,
following the disposals of its operations, the Company invested the major part
of its assets in Euro-denominated cash, and then moved these amounts to
US$-denominated bank accounts. The translation of Euro amounts into U.S. dollar
amounts in the financial statements, unless otherwise indicated, is included
solely for the convenience of the readers of the financial statements and has
been calculated at the rate of US$ 1.1502 to (euro)1, the approximate exchange
rate at June 30, 2003. It should not be construed that the assets and
liabilities, expressed in U.S. dollar equivalents, can actually be realized in
or extinguished in U.S. dollars at that or any other rate. All currency amounts
in these financial statements are in Euro unless specifically designated in
other currencies.

            When the actual currency of the transaction is denominated in US
Dollars, then the US Dollar amount has been shown in the relevant note and/or
table and indicated as "US Dollar, actual transaction currency".


NOTE 2 - DISCONTINUED OPERATIONS

Sale of Subsidiaries

Sale of  Motorcycle Operations

            Centerpoint Corporation ("Centerpoint"); formerly Moto Guzzi
Corporation) sold all its operating subsidiaries to Aprilia S.p.A. ("Aprilia")
in 2000. In connection with the sale, Centerpoint placed (euro) 4,842,000 in
escrow to satisfy potential claims by Aprilia related to any breach of
representations and warranties.

            Aprilia asserted in 2000 various claims against Centerpoint relating
to Centerpoint's representations and warranties under the Share Purchase
Agreement (the "Alleged Claims"). In 2001, Banca di Intermediazione Mobiliare
IMI S.p.A. ("IMI"), the escrow agent under the Escrow Agreement, paid (euro)
3,931,000 from the escrow account to Aprilia in respect of the Alleged Claims.
Centerpoint disputed the Alleged Claims and requested an arbitration.

            In October 2003, Centerpoint and OAM entered into a settlement
agreement with Aprilia, with the latter paying (euro) 1,420,000 to Centerpoint,
including (euro)207,000 of legal fees. The right to 65% of the net proceeds of
this settlement is owned by OAM, and the remaining 35% by Centerpoint.


                                       9
<PAGE>


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June  30, 2003

NOTE 2 - DISCONTINUED OPERATIONS  (continued)


            IMI was paid (euro) 5,888,000 in fees and expenses related to
the foregoing sale of the operating subsidiaries of Centerpoint, which amount is
being disputed by Centerpoint.

Sale of the  Steel Tube Operations

            The Company disposed of L.I.T.A. S.p.A. ("LITA) in July 2000. The
Company also provided a bank guarantee for (euro) 516,000 to secure any
claims the purchaser may have for breaches of representations and warranties
given by the Company through December 31, 2004. The bank guarantee is secured by
an investment of the Company held by the bank that issued the guarantee (see
Note 5 "Subsequent Events").


NOTE 3 -  OAM AND TRIDENT ROWAN SERVIZI S.p.A. MERGER

            OAM, on March 27, 2003, was merged into Trident Rowan Servizi S.p.A.
("Trident Servizi") effective January 1, 2003. The terms of the merger provides
for: (a) cancellation of the entire share capital of OAM owned by Trident
Servizi; (b) issuance of 73 new Trident Servizi shares for every 1,000 OAM
shares to the residual minority owner of OAM; (c) increase in the share capital
of Trident Servizi from 664,000 to 672,856 shares; and (d) change in the name of
Trident Servizi to OAM S.p.A.

NOTE 4 -BION TRANSACTION

Bion Transaction

            Centerpoint, on January 15, 2002, acquired a 35% equity interest in
Bion Environmental Technologies, Inc. ("Bion") consisting of 19,000,000 common
shares. Bion is engaged in waste stream remediation and organic soil and
fertilizer production. Its unrestricted common share was then traded on the
OTC/BB market. The considerations for the foregoing acquisition are cash of
approximately US$8.5 million (actual transaction currency) (substantially all of
Centerpoint's cash), the US $4.2 million (actual transaction currency)
Centerpoint Loan to the Company (including accrued interest), and the assignment
of 65% of Centerpoint's claims with respect to the escrow accounts from the sale
of the subsidiaries of Centerpoint to Aprilia and its claims against IMI.

            Simultaneously with the consummation of this transaction, Bion
purchased the 57.7% majority interest in Centerpoint from OAM. The total
consideration paid by Bion consisted of (i) US$3.7 million (actual transaction
currency) in cash, (ii) the assignment of the US$4.2 million (actual transaction
currency) Centerpoint Loan to the Company (including accrued interest) and
related loan guarantees, (iii) the assignment of the 65% interest in
Centerpoint's claims with respect to the escrow accounts from the sale of Moto
Guzzi to Aprilia and Centerpoint's claims against IMI, (iv) the issuance of
1,000,000 Bion restricted common shares to OAM, and (v) the issuance to OAM of a
warrant to acquire 1,000,000 Bion common shares at a price of US$0.90 (actual
transaction currency), with expiration date of January 10, 2007. David Mitchell
(a director of Centerpoint) was the Chairman, President, Board Member and a
principal stock and warrant holder of Bion at the time of the transaction. As a
consequence of the sale, the Company recorded a gain of (euro)1,489,000.
The Bion shares have been fully written down in 2002, recording a loss of
(euro)841,000.


                                       10
<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2003

NOTE 4 -BION TRANSACTION - continued

            In April 2003, Bion determined that the anti-dilution provisions in
its agreements with Centerpoint and OAM were preventing it from being able to
raise outside financing. In order to remedy this situation, and in anticipation
of receiving up to US$1,925,000 (actual transaction currency) in new financing,
on April 23, 2003, Bion entered into an agreement with Centerpoint providing,
among other things, that Centerpoint cancel all antidilution and penalty
provisions in existing agreements between Bion and Centerpoint. On May 23, 2003,
OAM and Bion entered into an agreement providing among other things: (i) that
OAM waive the anti-dilution provisions contained in its original agreement with
Bion, (ii) for clarification of certain reimbursements required to be made by
Bion under the original agreement relating to certain claims being handled by
OAM on behalf of Centerpoint and OAM, and (iii) the payment by Bion to OAM of
$80,000 (actual transaction currency) plus $10,000 (actual transaction currency)
in legal expenses. The payment received by OAM, amounting to (euro)74,000 was
included in "Other/Income and Expense".

            NOTE 5 -SUBSEQUENT EVENTS



Settlement of Wilson/Travelers Litigation
-----------------------------------------

            The Company sued Travelers Casualty and Surety Company
("Travelers"), its insurer, when Travelers disclaimed coverage and defense of a
personal injury litigation ("Wilson Litigation"). The dispute was settled in
December 2003 with Travelers paying the Company $1,450,000 (actual transaction
currency) ((euro)1,285,000). This amount was paid in December 2003 and
recorded in "other income" also in 2003.


Aprilia Claims under the Share Purchase Agreement; Payment by IMI; Request for
Arbitration; Settlement
-------------------------------------------------------------------------------

            Aprilia asserted in 2000 various claims against Centerpoint relating
to Centerpoint's representations and warranties under the Share Purchase
Agreement (the "Alleged Claims"). In 2001, Banca di Intermediazione Mobiliare
IMI S.p.a. ("IMI"), the escrow agent under the Escrow Agreement, paid (euro)
3,931,000 from the escrow account (see Note 2) to Aprilia in respect of the
Alleged Claims. Centerpoint disputed the Alleged Claims and requested an
arbitration. Centerpoint and OAM, in October 2003, entered into a settlement
agreement with Aprilia, with the latter paying (euro) 1,420,256 to Centerpoint,
including (euro) 207,000 of legal fees. OAM recorded in "other income" an
equivalent to 65% of the net proceeds of this settlement . The remaining 35% of
the proceeds was owed to Centerpoint (no longer a related party of the Company
as of December 31, 2003).

            The residual balance of approximately (euro) 600,000 remaining in
the escrow account relates to eventual claims regarding taxes and social
security contributions and such balance, if any, after eventual successful
claims by Aprilia, will be released in September 2007. OAM is entitled to 65% of
amounts eventually released; this claim (a contingent asset) is not recorded in
the consolidated balance sheet.


                                       11

<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2003

NOTE 5 - SUBSEQUENT EVENTS (continued)

Bion transaction
----------------

            In January 2004 Bion closed its New York office, and all remaining
employees and consultants are working from their homes. Bion needs additional
funds to continue its operations which it has severely limited. There can be no
assurance that Bion will be able to obtain such additional funds. On January 14,
2004, Bion filed a Certification and Notice of Termination of Registration with
the SEC, and as a result is no longer a publicly held Company.

            In January 2004 Centerpoint distributed all Bion shares owned by it
pro-rata to the holders of it's Common Stock. As a result, the Company received
an additional 44,240 Bion shares, which are considered to be of no value.

Release of LITA S.p.A. Guarantee
--------------------------------

            On March 31, 2004 the purchasers of LITA S.p.A. agreed to release
the Company from any other further obligations under its escrow pertaining to
potential tax liabilities, which had been due to expire on December 31, 2004.
For this release, the Company paid (euro) 30,000 in 2004 and will record a gain
of (euro)486,000 in 2004.

Comtech Deal
------------

            Following a non-binding term sheet dated December 30, 2003 between
the Company and Comtech Group, Inc., a Cayman Islands corporation, in May 2004,
the Company and Comtech reached an agreement in principle pursuant to which,
Comtech may transfer all of its equity to the Company and the Company, in turn,
may issue to Comtech's shareholders 42,000,000 shares of the Company's stock.
Following the transaction, Comtech's shareholders may control approximately
91.2% of the Company's common stock (87.5% including options and warrants
outstanding). Comtech is in the business of distributing electronic components,
providing value added design services and developing and manufacturing
electronic components for the telecommunications and electronic market and has a
majority of its operating subsidiaries located in China.

NOTE 6 - LITIGATION PENDING

Dispute with IMI concerning its fees
------------------------------------
            In relation to the sale of the subsidiaries of Centerpoint (a former
subsidiary of the Company) to Aprilia S.p.A, IMI was paid (euro) 5,888,000
in fees and expenses it claimed under its engagement letter with the Company and
OAM. The Company disputed the calculation of IMI's fees and has brought a suit
in Italy seeking reimbursement of (euro) 4,527,000 (approximately US$ 4.25
million). The judge handling the lawsuit has heard the case several times in
2002 and 2003. As of March 31, 2004, the lawsuit is still pending; however, the
Company is in discussion with IMI for an eventual out-of-court settlement.


                                       12
<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Notes to Financial Statements June 30, 2003


CDS Srl
-------
            In 1999 CDS S.r.l. ("CDS") caused a leasing company to purchase from
OAM real estate in via Baronia, Rome and entered into a leasing arrangement with
the leasing company. Subsequently, on October 9, 1999, CDS brought a claim
against OAM in the Rome Civil Court alleging that the commercial designation of
the property in 1998 was not properly disclosed and consequently its lease
payments were excessive and sought reimbursement of the lease payments that it
considered excessive from OAM in an aggregate amount of approximately
(euro)800,000.

            The proceedings have continued intermittently over the years. On
March 25, 2004, the Court requested that the parties present their conclusions
in order for it to render a final verdict, presumably within 80 days. It is
management's opinion that the risk of a negative judgement is low and the
potential liability remote.




                                       13
<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES

Item 2 Management's Discussion and Analysis of Financial Condition and Results
of Operations

            Portions of the discussion and analysis below contain certain
"forward looking" statements which involve risks and uncertainties. The
Company's actual results may differ significantly from the results discussed in
the forward looking statements. Factors that might cause such a difference
include, but are not limited to, lack of adequate capital to continue
operations, changes in currency exchange rates, other factors discussed in the
report as well as factors discussed in other filings made with the Securities
and Exchange Commission. Although the Company believes that the assumptions
underlying the forward looking statements contained herein are reasonable, any
of the assumptions could prove inaccurate, and therefore, there can be no
assurance that the forward looking statements included herein will prove to be
accurate.

Three months ended June 30, 2003 compared to three months ended June 30, 2002
-----------------------------------------------------------------------------

Selling, general and administrative expenses of (euro) 203,000 were 34.7%
lower than the same period of last year.

Other costs include rent and office expenses for the Company's offices in Milan,
Italy, tax, accounting and compliance costs in the U.S. and Italy, public
company costs in the U.S., Directors & Officers ("D&O") insurance costs and
certain statutory costs in Italy.

As a result of the above items the second quarter ending June 30, 2003 reflected
a net loss of (euro) 179,000 compared to that of (euro) 237,000 for the second
quarter of 2002.


Six months ended June 30, 2003 compared to six months ended June 30, 2002
-----------------------------------------------------------------------------

Selling, general and administrative expenses of (euro) 397,000 were 41.9%
lower than the same period of last year.

Other costs include rent and office expenses for the Company's offices in Milan,
Italy, tax, accounting and compliance costs in the U.S. and Italy, public
company costs in the U.S., D&O insurance costs and certain statutory costs in
Italy.

Other income and (expense), (net), of (euro)60,000 in 2003 includes an income
from a fee from the release of Bion anti-dilution provision of (euro)74,000 and
the difference of (euro)134,000 is chiefly due to exchange differences whereas
other income and expense, (net), of (euro)1,128,000 in 2002 includes the gain on
the sale of Centerpoint of (euro)1,489,000 and the cost of the write off of
140,000 Centerpoint shares and all Bion shares.

Interest expense in the 6 months to June 30, 2003 was (euro)0 compared to
(euro)20,000 in 2002.

Interest income in 2003 amounted to (euro) 21,000 whereas this was (euro)2,000
in 2002.

As a result of the above items, in the six months ended June 30, 2003 a loss
from continuing operations before taxes and minority interests of (euro)436,000
was recorded compared to a gain of (euro)427,000 in the corresponding period of
2002.


                                       14
<PAGE>

TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES

The Company recorded a net loss of (euro) 427,000 in the six months to June 30,
2003 compared to a net gain of (euro)30,000 in the corresponding period of
2002.

Liquidity and Capital Resources

Significant cash activities in the six months ended June 30, 2003

            There were no significant cash activities in the six months ended
June 30, 2003 to report.



Future liquidity needs

            As of March 31, 2004, the Company has approximately (euro) 4.1
million (US$ 5.0 million at exchange rates prevailing at March 31, 2004) in
cash. Management believes such amounts to be sufficient to fund the Company's
activities which principally reflect litigation which the Company has commenced
against IMI (see Note 6) and to fund corporate costs related to the winding down
of the Company's corporate structure in Italy, which is redundant following the
disposal of its Italian operations. In addition, the Company continues to incur
ongoing corporate overhead costs that include executive salaries for Mark Hauser
and Emanuel Arbib, D & O Insurance, and professional fees to lawyers,
accountants and bankers, principally in connection with the Company's public
filings.




                                       15

<PAGE>

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

The fair value of cash and cash equivalents approximates its carrying value.

Since, at March 31, 2004, 86% of the Company's cash is held in U.S. Dollars and
the functional currency is Euro, the Company is subject to exchange rate
fluctuations.

Fluctuations in the exchange rates between the Euro and the U.S. dollar affect
the Euro equivalents of the Company's reported revenues and earnings. The
Company, which no longer has any operations, believes that its exposure to
foreign currency exchange rate risk is not material and does not currently
engage in hedging activities to reduce its exposure to exchange rate
fluctuations.

The Company does not have any derivative financial instruments and believes its
exposure to interest rate risk and other relevant market risks is not material.

Item 4.  Controls and Procedures

The Company maintains a system of internal controls and procedures designed to
provide reasonable assurance as to the reliability of its published financial
statements and other disclosures included in this report. Based on its
evaluation, as of the end of the period covered by this Quarterly Report on Form
10-Q, its Co-Chief Executive Officers have concluded that its disclosure
controls and procedures (as defined in Rule 13a-14(c) and 15d-14(c) under the
Securities Exchange Act of 1934, as amended) are effective. There have been no
significant changes in internal controls or in other factors that could
significantly affect these controls subsequent to the date of their evaluation.


PART II -- OTHER INFORMATION


Item 1.  Legal Proceedings

      The Company and its subsidiaries are or were involved in the following
litigation:

      Rawlings Litigation - settled in 2002

      An action entitled "Rawlings Sporting Goods Co., Inc. v. Trident Rowan
Group, Inc. et al.," was filed in the United States District Court for the
Northern District of New York by Rawlings Sporting Goods Co ("Rawlings"), the
owner of property located in Salisbury, New York, in August 1998. The action
seeks to hold the Company liable for costs that Rawlings allegedly incurred in
response to the release or threatened release of allegedly hazardous substances
on land allegedly owned by the Company between 1948 and 1970, and used by a
third party. The compliant was amended in December 2000 to further allege that
the Company still owns a portion of the allegedly contaminated land.

      The Company settled the matter with Rawlings on February 11, 2002. The
Company, in May 2002, transferred to Rawlings 160,000 Centerpoint Class A Common
Stock pursuant to a term of a settlement agreement with the Company and Rawlings
voluntarily dismissing the action and released each other from all claims
relating to the action.

      Wilson and Travelers Litigation - settled in 2003

      The Company is the subject of an action in the Court of Common Pleas, a
Pennsylvania State Court situated in Philadelphia, entitled "John Wilson et al.
v. Trident Rowan Group, Inc. et al" (the "Wilson Litigation"). The Wilson
Litigation was an action eventually consolidated with a related, companion
action against other parties. The plaintiff (John Wilson) was seeking damages
for serious burn injuries he allegedly sustained in 1996 from working with a
starter unit claimed to have been manufactured in the 1950's by a company once
owned by a predecessor of the Company. The case was settled in 2000 with the
Company and Gould Electronics, Inc. ("Gould"), a co-defendant, each paying 50%
of the US$ 2,050,000 (actual transaction currency) settlement amount, subject to
resolution of certain issues between them.

      In March 1999, the Company separately brought suit against Travelers, the
Company's insurer, who disclaimed coverage and defense of the suit, to compel it
to resume coverage of the underlying claim and to assume the costs of defense of
the Wilson Litigation. In May 2001, the United States District Court granted
summary judgment in favor of the Company, holding that Travelers must indemnify
the Company for liability incurred and attorney's fees paid in connection with
the Wilson Litigation, plus interest.

      Pursuant to the May 2001 judgment, on June 11, 2001, the Company submitted
to the Court a proposed form of judgment requiring Travelers to (i) pay the
Company US$ 2,050,000 (actual transaction currency) plus interest, attributable
to the sums the Company has and will have to spend in settlement of the Wilson
Litigation, (ii) US$ 764,045 (actual transaction currency) plus interest,
representing costs and attorneys fees incurred in defending the Wilson
Litigation, and (iii) US$ 78,975 (actual transaction currency) plus interest,
representing costs and attorneys fees incurred by the Company in prosecuting its
claims against Travelers.

      On June 11, 2001, Travelers filed with the Court a motion for
Reconsideration of Order or in the Alternative For Resolution of Certain
Undecided Issues, seeking reconsideration of the

                                       16

<PAGE>

judgment, or in the alternative asking the Court to confirm that Travelers
liability is limited to US$ 1,000,000 (actual transaction currency) and that
Travelers is entitled to charge the Company a reasonable premium for the
liability coverage

      In January 2002, the judge in the Company's litigation against Travelers
determined that Travelers was liable to the Company for US$ 1,000,000 (actual
transaction currency), plus the Company's legal fees in connection with the
Wilson Litigation, less a reasonable premium. Travelers subsequently challenged
the reasonableness of the legal fees. In July 2002, the judge ruled that the
fees were reasonable provided certain duplications are eliminated. In September
2002, the Court rendered a judgment in favor of the Company in the amount of US$
1,822,979 (actual transaction currency). Travelers appealed the judgment and the
parties entered into a settlement agreement pursuant to which Travelers paid
US$1,450,000 (actual transaction currency) to the Company in December 2003.

      Aprilia  Claims  under the Share  Purchase  Agreement;  Payment  by IMI;
Request for Arbitration; Settlement

      Aprilia asserted in 2000 various claims against Centerpoint relating to
Centerpoint's representations and warranties under the Share Purchase Agreement
(the "Alleged Claims") for the sale of the Moto Guzzi operations. In 2001, IMI,
the escrow agent under the Escrow Agreement, paid (euro) 3,931,000 from the
escrow account (see Note 2) to Aprilia in respect of the Alleged
Claims. Centerpoint disputed the Alleged Claims and requested an arbitration.
Centerpoint and Aprilia, in October 2003, entered into agreement to settle the
matter with Aprilia paying (euro) 1,420,000 including (euro) 207,000 of legal
fees. The right to 35% of the net proceeds of this settlement is owned by
Centerpoint (which is no longer a related party of the Company at the time of
the settlement).

      Pending

      IMI Fees

      In connection with the sale of Moto Guzzi to Aprilia, IMI was paid (euro)
5,888,000 in fees and expenses it claimed under its engagement letter with
the Company. The Company disputed the calculation of IMI's fees and on February
7, 2002 brought a suit in the Milan Court in Italy seeking reimbursement of
(euro) 4,527,000 (approximately US$ 5.7 million at 2003 year-end exchange
rates). The judge handling the lawsuit has heard the case several times in 2002
and 2003. As of March 31, 2004, the lawsuit is still pending. However, the
Company is in discussions with IMI for an eventual out-of-court settlement.

      CDS S.r.l.

      In 1999 CDS S.r.l. ("CDS") caused a leasing company to purchase from OAM
real estate in via Baronia, Rome and entered into a leasing arrangement with the
leasing company. Subsequently, on October 9, 1999, CDS brought a claim against
OAM in the Rome Civil Court alleging that the commercial designation of the
property in 1998 was not properly disclosed and consequently its lease payments
were excessive and sought reimbursement of the lease payments that it considered
excessive from OAM in an aggregate amount of approximately (euro)800,000.

      The proceedings have continued intermittently over the years. On March 25,
2004, the Court requested that the parties present their conclusions in order
for it to render a final verdict, presumably within 80 days. It is management's
opinion that the risk of a negative judgment is low and the potential liability
remote.

                                       17
<PAGE>

      The proceedings have continued intermittently over the years. On March 25,
2004, the Court requested that the parties present their conclusions in order
for it to render a final verdict, presumably within 80 days. It is management's
opinion that the risk of a negative judgment is low and the potential liability
remote.

Item 2.  Changes in Securities and Use of Proceeds

      None.

Item 3.  Defaults upon Senior Securities

      None.

Item 4. Submission of Matters to a Vote of Securities Holders

      None.

Item 5.  Other Information

      None.

Item 6. Exhibit and Reports on Form 8-K

         A.    Exhibits required by Item 601 of Regulation S-K:



         31.1. Certification of the Joint Chief Executive Officer Pursuant to
               Section 302 of the Sarbanes-Oxley Act of 2002

         31.2  Certification of the Joint Chief Executive Officer Pursuant to
               Section 302 of the Sarbanes-Oxley Act of 2002

         32.1  Certification of the Joint Chief Executive Officer Pursuant to
               Section 906 of the Sarbanes-Oxley Act of 2002

         32.2  Certification of the Joint Chief Executive Officer Pursuant to
               Section 906 of the Sarbanes-Oxley Act of 2002


         B.    Report on Form 8-k

               None



                                       18

<PAGE>

                                   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.


                                          TRIDENT ROWAN GROUP, INC.




Dated: May 25, 2004                     By: /s/ Mark S. Hauser
                                            ----------------------------
                                            Mark S. Hauser
                                            President / Joint Chief
                                            Executive Officer





Dated: May 25, 2004                      By: /s/ Emanuel M. Arbib
                                             ---------------------------
                                             Emanuel M. Arbib,
                                             Joint Chief Executive Officer




                                       19
<PAGE>

                   Appendix A to Item 601(c) of Regulation S-K
                          (Article 5 of Regulation S-X)
                       Commercial and Industrial Companies

This schedule contains summary financial information extracted from the
unaudited financial statements dated, June 30, 2003 and is qualified in its
entirety by reference to such financial statements.


  Part I Financial Information

  Item 1 Financial Statements


TRIDENT ROWAN GROUP, INC. and SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
June 30, 2003 and December 31, 2002

<TABLE>
<CAPTION>

Item No.             Item Description                                              Amount*
                                                                                     US$
<S>                 <C>                                                         <C>
5-01(1)              Cash and cash items                                          3,047,000
5-02(2)              Marketable securities                                                0
5-02(3)(a)(1)        Notes and accounts receivable - trade                                0
5-02(3)(a)(4)        Notes and accounts receivable -                                 8,000
5-02(4)              Allowances for doubtful accounts                                     0
5-02(6)              Inventory                                                            0
5-02(9)              Total current assets                                         3,088,000
5-02(13)             Property, plant and equipment                                   18,000
5-02(14)             Accumulated depreciation                                      (10,000)
5-02(18)             Total assets                                                 3,357,000
5-02(21)             Total current liabilities                                    1,116,000
5-02(22)             Bonds, mortgages and similar debt                                    0
5-02(28)             Preferred stock - mandatory redemption                               0
5-02(29)             Preferred stock - non-mandatory redemption                           0
5-02(31)             Common stock                                                    63,000
5-02(32)             Other stockholders' equity                                   1,595,000
5-03(b)(1)(a)        Net sales of tangible products                                       0
5-03(b)(1)           Total revenues                                                       0
5-03(b)(2)(a)        Cost of tangible goods sold                                          0
5-03(b)(2)           Total costs and expenses                                       439,000
5-03(b)(3)           Other (income)/expenses                                         66,000
5-03(b)(5)           Provision for doubtful accounts and notes                            0
5-03(b)(8)           Interest and amortization of debt discount                           0
5-03(b)(10)          Income before taxes and other items                           (482,000)
5-03(b)(11)          Income tax expense                                                   0
5-03(b)(14)          Income/(loss) continuing operations                           (472,000)
5-03(b)(15)          Discontinued operations                                              0
5-03(b)(17)          Extraordinary items                                                  0
5-03(b)(18)          Cumulative effect - changes in accounting principles                 0
5-03(b)(19)          Net income or (loss)                                          (472,000)
5-03(b)(20)          Earnings per share - primary                                    (0.12)
5-03(b)(20)          Earnings per share - fully diluted                              (0.12)
</TABLE>


     *    Dollar amounts are based on conversion rate of U.S.$ 1.1502= (euro)1
          which prevailed on June 30, 2003.


                                       19