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 March 31, 2000
                                 --------------

                                       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 March 31, 2000.


<PAGE>

                         INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Directors and Stockholders
of The Deltona Corporation:

We have reviewed the accompanying balance sheet of The Deltona Corporation as of
March 31, 2000, and the related statements of operations, and cash flows for the
three-month  period then ended, in accordance with standards  established by the
American Institute of Certified Public Accountants.  These financial  statements
are the representation of the Company's management.

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

Based  on  information  furnished  to  us  by  management,  we  believe  certain
disclosures  required under generally accepted  accounting  principles have been
omitted as permitted under Rule 10-01(a) of Regulation S-X of the Securities and
Exchange  Commission  for  financial  statements  filed with Form 10-QSB.  These
regulations  presume  the users of interim  financial  statements  have read the
latest Form 10-KSB which include all disclosures  required by generally accepted
accounting  principles.  The accompanying  interim financial statements disclose
only  material  transactions,   uncertainties,   commitments,  contingencies  or
subsequent events.

The Company  has  omitted the  statement  of  stockholders'  equity,  which is a
required  statement  under  generally  accepted  accounting   principles.   This
statement  is  not  required  under  Rule  10-01(a)  of  Regulation  S-X  of the
Securities and Exchange Commission.

Based  on our  review,  with  the  exception  of the  matters  described  in the
preceding paragraphs, we are not aware of any material modifications that should
be made to the  accompanying  financial  statements  in order  for them to be in
conformity with generally accepted accounting principles.

The balance  sheet as of December 31, 1999 was audited by us and we expressed an
unqualified opinion on it in our report dated February 18, 2000, and we have not
performed any auditing procedures since that date.

The  accompanying  statements  of  operations,  and cash  flows  of The  Deltona
Corporation  for the  three-months  ended  March 31, 1999 were not audited by us
and, accordingly, we do not express an opinion on them.

The accompanying  consolidated  financial statements have been prepared assuming
the Company  will  continue as a going  concern.  As  discussed in Note a to the
consolidated  financial  statements,  the Company incurred substantial operating
losses and has continued to  experience  problems  with  liquidity,  causing the
Company  to  be  unable  to  meet  certain  contractual  obligations  and  has a
stockholders'  deficiency at March 31, 2000.  These  matters  raise  substantial
doubt about the Company's  ability to continue as a going concern.  Management's
plans  concerning  these  matters  are  described  in Note a.  The  consolidated
financial  statements do not include any adjustments  that might result from the
outcome of this uncertainty.

JAMES MOORE & CO.  P.L.
Certified Public Accountants
Gainesville, Florida

March 5, 2000


                                        2


<PAGE>



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

ITEM 1. FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
                 UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
                 -----------------------------------------------
                      MARCH 31, 2000 AND DECEMBER 31, 1999
                      ------------------------------------
                                 ($000 Omitted)
                                                              March 31,         December 31,
                                                                2000               1999
                                                              ---------         ------------
<S>                                                           <C>               <C>
                             ASSETS
                             ------

Cash and cash equivalents, including escrow deposits
 and restricted cash of $406 in 2000 and $396 in 1999...      $     551         $     548
                                                              ---------         ---------
Contracts receivable for land sales - net...............          1,166             1,549
                                                              ---------         ---------
Mortgages and other receivables - net...................             72               109
                                                              ---------         ---------

Inventories (b):
 Land and land improvements.............................          8,270             8,237
 Houses completed or under construction.................            895                 0
 Other..................................................             70                70
                                                              ---------         ---------
            Total inventories...........................          9,235             8,307
                                                              ---------         ---------

Property, plant, and equipment at cost - net............            477               489
Prepaid expenses and other..............................            858               911
                                                              ---------         ---------
       Total............................................      $  12,359         $  11,913
                                                              =========         =========



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


Mortgages and similar debt(c):
 Mortgage notes payable.................................      $   6,300         $   6,600
 Other loans ...........................................          6,338             5,114
                                                              ---------         ---------
   Total mortgages and similar debt.....................         12,638            11,714

Accounts payable, accrued expenses,
 customers' deposits....................................          5,903             6,024
Deferred revenue........................................          2,314             2,379
                                                              ---------         ---------
Total liabilities.......................................         20,855            20,117
                                                              ---------         ---------

Commitments and contingencies (d):

Stockholders' equity (deficiency):
  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
 Capital surplus........................................         51,973            51,863
 Accumulated deficit....................................        (74,013)          (73,611)
                                                              ---------         ---------
            Total stockholders' (deficiency)............         (8,496)           (8,204)
                                                              ---------         ---------
                        Total...........................      $  12,359         $  11,913
                                                              =========         =========
<FN>

See accompanying notes and independent accountants' report.
</FN>
</TABLE>

                                        3


<PAGE>

<TABLE>
<CAPTION>


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

                                                            Three Months Ended
                                                          -----------------------
                                                          March 31,    March 31,
                                                            2000         1999
                                                          ---------    ----------
<S>                                                       <C>          <C>
Revenues (a):
 Net land sales.........................................  $   1,168    $      613
 House and apartment sales..............................        593         1,253
 Recognized improvement revenue /
  prior period sales....................................         49           101
 Interest income........................................         85           109
 Other revenues.........................................        192           108
                                                          ---------    ----------
     Total..............................................      2,087         2,184
                                                          ----------   ----------

Costs and expenses (a):
 Cost of sales and improvements.........................        882         1,246
 Selling, general and administrative
  and other expenses....................................      1,353         1,119
 Interest expense (c)(e)................................        254           116
                                                         ----------    ----------
     Total..............................................      2,489         2,481
                                                         ----------    ----------

Net Income (Loss)....................................... $     (402)   $     (297)
                                                         ==========    ==========
Net Income (Loss) per common share...................... $     (.03)   $     (.02)
                                                         ==========    ==========

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

<FN>
See accompanying notes and independent accountants' report.
</FN>
</TABLE>

                                        4


<PAGE>
<TABLE>
<CAPTION>



                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
            ---------------------------------------------------------
                           FOR THE THREE MONTHS ENDED
                           --------------------------
                        MARCH 31, 2000 AND MARCH 31, 1999
                        ---------------------------------
                                 ($000 Omitted)
                                                            Three Months Ended
                                                          -----------------------
                                                          March 31,    March 31,
                                                            2000         1999
                                                          ---------    ----------
<S>                                                       <C>          <C>
Cash flows from operating activities....................  $  (1,705)   $   (3,984)
                                                          ---------    ----------

Cash flows from investing activities:

 Payment for acquisition of equipment...................          0           (18)
                                                          ---------    ----------
Net cash provided by (used in) investing activities.....          0           (18)
                                                          ---------    ----------

Cash flows from financing activities:

  New borrowings........................................      1,708         4,925
                                                          ---------    ----------

Net cash provided by (used in) financing activities.....      1,708         4,925
                                                          ---------    ----------

Net increase (decrease) in cash and cash equivalents
 (including escrow deposits and restricted cash)........          3           923

Cash and cash equivalents beginning of period...........        548           721
                                                          ---------    ----------

Cash and cash equivalents end of period.................  $     551    $    1,644
                                                          =========    ==========

<FN>
See accompanying notes and independent accountants' report.
</FN>
</TABLE>

                                        5


<PAGE>

<TABLE>
<CAPTION>


                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
            UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
            ---------------------------------------------------------
                           FOR THE THREE MONTHS ENDED
                           --------------------------
                        MARCH 31, 2000 AND MARCH 31, 1999
                        ---------------------------------
                                 ($000 Omitted)

                                                             Three Months Ended
                                                          -----------------------
                                                          March 31,    March 31,
                                                            2000         1999
                                                          ---------    ----------
<S>                                                       <C>          <C>

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

  Net income (loss).................................      $    (402)   $     (297)
                                                          ---------    ----------

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

  Depreciation and amortization.....................             12            13
  Provision for estimated uncollectible sales-net...            306           231
  Contract valuation discount, net of amortization..             38            62
  Imputed interest on debt with related party.......            110             0
  Net change in assets and liabilities..............         (1,769)       (3,993)
                                                          ---------    ----------
            Total adjustments.......................      $  (1,303)   $   (3,687)
                                                          ---------    ----------

  Net cash provided by (used in) operating
            activities..............................      $  (1,705)   $   (3,984)
                                                          =========    ==========

  Supplemental disclosure of non cash investing
            and financing activities:

  Reduction of debt as a result of the conveyance
            of contracts receivable.................      $     784    $    1,012
                                                          =========    ==========

<FN>
See accompanying notes and independent accountants' report.
</FN>
</TABLE>

                                        6


<PAGE>



                    THE DELTONA CORPORATION AND SUBSIDIARIES
                    ----------------------------------------
         NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
         --------------------------------------------------------------
                                  MARCH 31, 2000
                                  --------------

THE INFORMATION  PRESENTED  HEREIN AS OF MARCH 31, 2000 AND FOR THE THREE MONTHS
ENDED MARCH 31, 2000 AND 1999 IS UNAUDITED.

(a)       BASIS OF PRESENTATION

          The condensed unaudited financial  statements of 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 generally accepted  accounting  principles
          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  months
          ended March 31,  2000 are not  necessarily  indicative  of the results
          that may be expected  for the year ending  December  31,  2000.  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.

          Certain amounts have been reclassified for comparative purposes.

          The accompanying  financial  statements of The Deltona Corporation and
          subsidiaries  ("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  Company has
          incurred   losses  from   operations   resulting  in  a  stockholders'
          deficiency as of March 31, 2000. The Company has been dependant on its
          ability to obtain  financing  from related  companies to meet its cash
          requirements.  There can be no guarantee that the Company will be able
          to obtain  sufficient  financing in the future or that related parties
          will continue to make loans to the Company. The consolidated financial
          statements   do  not   include   any   adjustments   relating  to  the
          recoverability  of asset amounts or the amount of  liabilities  should
          the Company be unable to continue as a going concern.

(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

                                                        March 31,   December 31,
                                                         2000           1999
                                                        ---------   ------------
            Unimproved land.........................    $    420    $    420
            Land in various stages of development...       3,002       2,633
            Fully improved land.....................       4,848       5,184
                                                        --------    --------
                   Total............................    $  8,270    $  8,237
                                                        ========    ========

          Other inventories  consists  primarily of completed vacation ownership
          units.

(c)       MORTGAGES AND SIMILAR DEBT

          The following table presents information with respect to mortgages and
          similar debt (in thousands):


                                                        March 31,   December 31,
                                                         2000           1999
                                                        ---------   ------------
            Mortgage Notes Payable .................    $  6,300    $  6,600
            Other Loans.............................       6,338       5,114
                                                        --------    --------
                   Total mortgages and similar debt.    $ 12,638    $ 11,714
                                                        ========    ========



                                        7


<PAGE>



          Included in Mortgage  Notes Payable is the Yasawa loan  ($6,300,000 at
          March 31, 2000);  included in Other Loans is the Swan loan ($6,338,000
          as of March 31, 2000).

          Indebtedness   under  various   purchase  money   mortgages  and  loan
          agreements is  collateralized  by  substantially  all of the Company's
          assets,  including  stock of certain  wholly-owned  subsidiaries.  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.   The  Company  satisfied  its  debt
          obligation to Scafholding.

          The terms of repayment of the Yasawa debt provide for monthly payments
          of principal in the amount of $100,000 payable monthly in cash or with
          contracts  receivable  at 100% of face value,  plus  interest  payable
          monthly on the declining  balance at the rate of 6% per annum (reduced
          from  9.6%  effective  January  1,  1999)  in cash  or with  contracts
          receivable  at 65% of face value.  Yasawa has not required the Company
          to make monthly interest  payments for the period September 1, 1998 to
          March 31,  2000.  As of March 31,  2000,  the total amount of interest
          accrued is approximately $790,000.

          From  October 9, 1998  through  the  present,  Swan has  advanced  the
          Company funds to meet its working capital requirements.  The Company's
          outstanding  debt to Swan,  which is secured  by a second  lien on the
          Company's  receivables,   is  approximately   $6,337,000  and  accrued
          interest  of  $99,000  as of March  31,  2000.  The  Company  signed a
          promissory  note to Swan in  March  1999  which  provides  that  funds
          advanced by Swan will be paid back by the Company monthly in contracts
          receivables  at 90% of face  value,  with  recourse.  There will be no
          interest  for the  first  six  months  after  an  advance  of money is
          received from Swan by the Company; thereafter the interest shall be 6%
          per annum on the  outstanding  balance  of the  advance.  Each time an
          advance is made,  a  supplemental  note is signed.  The amount of each
          monthly  payment  will vary and will be  dependent  upon the amount of
          contracts receivable in the Company's  portfolio,  excluding contracts
          receivable held as collateral for prior receivable sales.  Pursuant to
          the terms of the promissory  note, the Company is required to transfer
          to Swan monthly as debt repayment all current contracts  receivable in
          the  Company's  portfolio in excess of the  aggregate sum of $500,000.
          Funds  advanced  by Swan were used by the  Company to pay  outstanding
          real estate taxes for unsold  properties  with the balance to meet the
          Company's working capital requirements.

          The Company recorded interest expense on all outstanding debt balances
          to Yasawa and Swan at 8%, the Company's  incremental  borrowing  rate.
          The  difference  between  interest  calculated  at 8% and  the  amount
          accrued  under  the terms of the  respective  notes  was  recorded  as
          capital contribution increase to capital surplus.

(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.

          As a result  of the  delays in  completing  the land  improvements  to
          certain  property  sold in certain of its  Central  and North  Florida
          communities,  the  Company  fell  behind in  meeting  its  contractual
          obligations to its customers. In connection with these delays, in 1980
          the  Company  entered  into a Consent  Order with the  Division  which
          provided a program for notifying affected  customers.  Since 1980, the
          Consent Order was restated and amended  several times,  culminating in
          the 1992 Deltona Consent Order.

          As  of  March  31,  2000,   the  Company  had  estimated   development
          obligations of  approximately  $25,000 on sold property,  an estimated
          liability to provide title insurance and deeding costs of $228,000 and
          an estimated cost of street  maintenance,  prior to assumption of such
          obligations  by  local  governments  of  $621,000,  all of  which  are
          included in deferred revenue. The total cost to complete  improvements
          as of March 31, 2000, including the previously mentioned  obligations,
          was estimated to be approximately $875,000 .

                                        8

<PAGE>


          In  addition  to the  matters  discussed  above  and in  Item 3 of the
          Company's  Annual Report on Form 10-K for the year ended  December 31,
          1999,  the  Company  is a party to other  litigation  relating  to the
          conduct of its business which is routine in nature and, in the opinion
          of the  management,  should have no material effect upon the Company's
          operation.

(e)       CAPITALIZED INTEREST

          The Company  capitalizes  interest  cost  incurred  during a project's
          construction  period.  Of the total interest cost incurred of $254,000
          and $116,000,  none was  capitalized  for the three months ended March
          31, 2000 and March 31, 1999, 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)       RELATED PARTY TRANSACTION

          In  January  2000,  the  Company  purchased  16 lots and  homes  under
          construction from Scafholding for approximately  $862,000. This amount
          represents  Scafholding's  lot cost and  payments  to date to the home
          builder. This transaction was 100% financed by Swan under its existing
          note payable arrangement.

                                        9


<PAGE>



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

Since December,  1992, the Company has been dependent on loans and advances from
Selex  International  B.V., a Netherlands  corporation  ("Selex"),  Scafholding,
B.V.,  a  Netherlands  corporation  ("Scafholding"),  Yasawa  Holdings,  N.V., a
Netherlands Antilles Corporation  ("Yasawa"),  Swan Development  Corporation,  a
Florida  corporation  ("Swan"),  and related  parties in order to implement  its
marketing program and assist in meeting its working capital requirements.

The Company had satisfied its  outstanding  debt to Selex and  Scafholding;  the
Company's  outstanding  debt to Yasawa is $6,300,000  secured by a first lien on
the Company's  receivables and a mortgage on all of the Company's property.  The
terms of  repayment of this debt have been  restructured  to provide for monthly
payments of principal in the amount of $100,000  payable monthly in cash or with
contracts receivable at 100% of face value, plus interest payable monthly on the
declining  balance  at the rate of 6% per  annum  (reduced  from  9.6% per annum
effective  January 1, 1999) in cash or with contracts  receivable at 65% of face
value.  Yasawa did not  require the Company to make  interest  payments  for the
period  September  1, 1998 to March 31, 2000.  As of March 31,  2000,  the total
amount of interest accrued is approximately $790,000.

From  October 9, 1998 through the  present,  Swan  continued to loan the Company
funds to meet its working capital  requirements.  The Company's outstanding debt
to Swan,  which is secured by a second lien on the  Company's  receivables,  was
$6,338,000 as of March 31, 2000. The Company signed a promissory note to Swan in
March 1999 which  provides that funds  advanced by Swan will be paid back by the
Company  monthly in contracts  receivables at 90% of face value,  with recourse.
There will be no interest  for the first six months after an advance of money is
received from Swan by the Company; thereafter the interest shall be 6% per annum
on the  outstanding  balance of the  advance.  Each time an  advance is made,  a
supplemental  note is signed.  The amount of each monthly  payment will vary and
will be  dependent  upon the amount of  contracts  receivable  in the  Company's
portfolio,   excluding  contracts   receivable  held  as  collateral  for  prior
receivable  sales.  Pursuant to the terms of the promissory note, the Company is
required to transfer to Swan  monthly as debt  repayment  all current  contracts
receivable  in  the  Company's  portfolio  in  excess  of the  aggregate  sum of
$500,000.  Funds  advanced by Swan were used by the  Company to pay  outstanding
real estate taxes for unsold  properties  with the balance to meet the Company's
working capital requirements.

Since  January  1,  1999,  the  Company  has  recorded  interest  expense on all
outstanding  debt balances to Yasawa,  Scafholding and Swan at 8%, the Company's
incremental borrowing rate. The difference between interest calculated at 8% and
the amount  accrued  under the terms of the  respective  notes was recorded as a
capital contribution  increase to capital surplus. The Company recorded interest
expense and a capital  contribution in the amount of approximately  $110,000 for
the three months ended March 31, 2000.

During 1998,  the Company  transferred  14 lots and 4 tracts of land to Swan. In
return,  Swan built an office complex on part of the land for use by the Company
for a period of 54 months,  renewable  thereafter.  The Company  valued the land
transferred at approximately  $440,000 and recorded the net present value of the
use of the office  complex  of  approximately  $375,000  as  prepaid  rent.  The
difference between the net present value of the rent and the cost of the land of
approximately $290,000 is recorded as deferred profit.

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

For the three months ended March 31, 2000 and March 31, 1999.

Revenues
--------

Total  revenues were  $2,087,000  for the first three months of 2000 compared to
$2,184,000 for the comparable 1999 period.

Gross land sales  were  $1,532,000  for the first  three  months of 2000  versus
$925,000 for the comparable  1999 period.  Net land sales (gross land sales less
estimated  uncollectible  installment  sales and  contract  valuation  discount)
increased to

                                       10


<PAGE>



$1,168,000  the first  three  months of 2000 from  $613,000  for the first three
months of 1999.  The increase in sales  reflects  higher sales by the  Company's
independent dealers.

Housing  revenues  were  $593,000  for the first  three  months  of 2000  versus
$1,253,000 for the  comparable  1999 period.  Revenues are not  recognized  from
housing sales until the completion of construction and passage of title. Housing
revenues  decreased  as of result of lower  sales by the  Company's  independent
dealer network. The backlog of houses under contract was $981,000 and $1,276,000
as of March 31, 2000 and March 31, 1999, respectively.

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

                                                         Three Months Ended
                                                       -------------------------
                                                       March 31,       March 31,
                                                         2000            1999
                                                       ---------       ---------
            Gross Land Sales:
            Retail Sales*                              $  1,532        $    925
                                                       --------        --------
            Housing Sales:                                  593           1,253
                                                       --------        --------
                Total Real Estate                      $  2,125        $  2,178
                                                       ========        ========
---------------------
*  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 three months ended March 31, 2000  and  March 31, 1999
   were $1,499,000  and  $1,327,000, respectively.  The Company had a backlog of
   approximately  $1,970,000  in unrecognized  sales as of March 31, 2000.  Such
   contracts  are  not  included  in  retail  land  sales  until  the applicable
   rescission  period has expired and the Company has received payments totaling
   20% of the contract sales price.

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 $49,000 for the first three months of 2000 versus $101,000 for
the comparable 1999 period.

Interest  income was $85,000 for the first three months of 2000 versus  $109,000
for the  comparable  period in 1999. The decrease is the result of a decrease in
the Company's  contracts  receivable,  resulting from the sale and assignment of
contracts receivable to the Company's lenders.

Other  revenues were  $192,000 for the three months of 2000 versus  $108,000 for
the comparable  period in 1999. Other revenues are principally  generated by the
Company's title insurance and real estate brokerage subsidiaries.

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

Costs and  expenses  were  $2,489,000  for the first three months of 2000 versus
$2,481,000 for the comparable period in 1999.

Cost of  sales  were  $882,000  for the  first  three  months  of  2000,  versus
$1,246,000 for the comparable period in 1999.

Commissions,  advertising and other selling  expenses  totaled  $845,000 for the
three months of 2000 versus $612,000 for the comparable  period in 1999.  Higher
retail land sales  resulted  in  increased  commission  expense.  Other  selling
expenses  decreased  to  $258,000  for the first  three  months  of 2000  versus
$269,000  for the  comparable  period  in  1999 as a  result  of  lower  jobsite
expenses.  Advertising  and promotional  expenses  increased to $120,000 for the
first three months of 2000 versus $9,000 for the comparable period in 1999.

General and administrative  expenses were $363,000 for the first three months of
2000  versus   $315,000  for  the  comparable   period  in  1999.   General  and
administrative expenses increased primarily due to increased overhead expenses.


                                       11


<PAGE>

Real estate tax expenses were $144,000 for the first three months of 2000 versus
$193,000 for the comparable period in 1999.  Included in real estate tax expense
for 1999 was interest and administrative fees on delinquent taxes, which accrued
interest at 18% per annum.

Interest expense was $254,000 for the first three months of 2000 versus $116,000
for the comparable  period in 1999. The increase in interest expense is a result
of higher debt balances accruing interest.

Net Income (Loss)
-----------------

The Company  reported a net loss of $402,000  for the first three months of 2000
versus a loss of $297,000 for the comparable period in 1999.

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.

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  are  considering
strengthening,  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

The Company has  satisfied its  outstanding  debt to  Scafholding.  The terms of
repayment  of the Yasawa  debt have been  restructured  to provide  for  monthly
payments of principal in the amount of $100,000  payable monthly in cash or with
contracts receivable at 100% of face value, plus interest payable monthly on the
declining  balance  at the  rate of 9.6%  per  annum  in cash or with  contracts
receivable  at 65% of face value.  Effective  January 1, 1999,  Yasawa agreed to
reduce the annual  percentage  rate on their  existing loans to the Company from
9.6% to 6% per annum.  Yasawa and  Scafholding  have


                                       12


<PAGE>




not  required  the  Company to make  monthly  interest  payments  for the period
September 1, 1998 to March 31, 2000.  As of March 31, 2000,  the total amount of
interest accrued is approximately $790,000.

From October 9, 1998 through the present, Swan has advanced the Company funds to
meet its working capital  requirements.  The Company's outstanding debt to Swan,
which is secured by a second lien on the Company's receivables, is approximately
$6,337,000  and accrued  interest of $99,000 as of March 31,  2000.  The Company
signed a  promissory  note to Swan in  March  1999  which  provides  that  funds
advanced  by  Swan  will  be  paid  back by the  Company  monthly  in  contracts
receivables at 90% of face value,  with recourse.  There will be no interest for
the first six  months  after an advance  of money is  received  from Swan by the
Company;  thereafter  the  interest  shall be 6% per  annum  on the  outstanding
balance of the  advance.  Each time an advance is made, a  supplemental  note is
signed.  The amount of each monthly payment will vary and will be dependent upon
the  amount  of  contracts  receivable  in the  Company's  portfolio,  excluding
contracts receivable held as collateral for prior receivable sales.  Pursuant to
the terms of the  promissory  note,  the Company is required to transfer to Swan
monthly as debt  repayment  all current  contracts  receivable  in the Company's
portfolio in excess of the  aggregate  sum of $500,000.  Funds  advanced by Swan
were used by the  Company  to pay  outstanding  real  estate  taxes  for  unsold
properties with the balance to meet the Company's working capital requirements.

The following table presents  information  with respect to mortgages and similar
debt (in thousands):


                                              Three Months Ended    Year Ended
                                                   March 31,        December 31,
                                                      2000             1999
                                              ------------------    ------------
       Mortgage Notes Payable .............    $  6,300              $  6,600
       Other Loans.........................       6,338                 5,114
                                               --------              --------
          Total mortgages and similar debt.    $ 12,638              $ 11,714
                                               ========              ========
------
* Included in Mortgage  Notes Payable is the Yasawa loan $6,300,000 at March 31,
  2000); included in  Other  Loans is  the Swan loan ($6,338,000 as of March 31,
  2000).

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

In June, 1992 and February,  1990, the Company  completed sales of contracts and
mortgages receivable totaling $13,500,000 and $17,000,000,  respectively,  which
generated approximately $8,000,000 and $13,900,000 respectively, in net proceeds
to the  Company.  The  anticipated  costs of the  June,  1992  transaction  were
included in the  extraordinary  loss from debt  restructuring for 1991 since the
restructuring was dependent on the sale. The Company recorded a loss of $600,000
on the February,  1990 sale. In conjunction with these sales the Company granted
the purchaser a security interest in certain additional  contracts receivable of
approximately  $2,700,000 and conveyed all of its rights,  title and interest in
the property  underlying  such contracts to a collateral  trustee.  In addition,
these  transactions,  among other  things  require  that the Company  replace or
repurchase any receivable  that becomes 90 days  delinquent  upon the request of
the  purchaser.  Such  requirement  can be satisfied from contracts in which the
purchaser holds a security  interest  (approximately  $1,743,679 as of March 31,
2000). The purchaser of these receivables  experienced  financial difficulty and
filed in 1994 for protection under Chapter 11 of the Federal Bankruptcy Code. In
November 1995, the purchaser of these  receivables  sold the portfolio to Finova
Capital  Corporation.  The Company has fully  reserved for the estimated  future
cancellations based on the Company's  historical  experience for receivables the
Company  services  and believes  these  reserves to be  adequate.  In 1999,  the
Company  did not replace any  delinquent  receivables.  As of March 31, 2000 and
December 31, 1999  $1,107,000  and $1,244,000 in  receivables  were  delinquent,
respectively.


                                       13


<PAGE>

During 1998,  Scafholding  purchased  approximately  $1,400,000 in contracts and
mortgages  receivable from the Company at sixty-five percent (65%) of face value
with recourse for non-performing contracts.  These sales generated approximately
$900,000 used to meet the Company's working capital requirements.

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 will loan the Company  funds to
be repaid with contracts receivable at 90% of face value, with recourse.

The  Company  was  the  guarantor  of  approximately  $12,842,000  of  contracts
receivable  sold or  transferred  as of March  31,  2000,  for the  transactions
described  above.  There  are  no  funds  on  deposit  with  purchasers  of  the
receivables  as security to assure  collectibility  as of such date. A provision
has been established for the Company's  obligation under the recourse provisions
of  which  $3,409,000  remains  at  March  31,  2000.  The  Company  has been in
compliance  with  all  receivables   transactions   since  the  consummation  of
receivable sales.

The Company has an agreement with Scafholding and Citony Development Corporation
for  the  servicing  of  their  receivable  portfolios.   The  Company  received
approximately $86,700 in 1999 in revenue pursuant to these agreements.

            ACQUISITION OF HOMES UNDER CONSTRUCTION

In January 2000, the Company purchased 16 lots and homes under construction from
Scafholding for approximately $862,000. This amount represents Scafholding's lot
cost  and  payments  to date to the  home  builder.  This  transaction  was 100%
financed by Swan under its existing note payable arrangement.

            OTHER OBLIGATIONS

As of March 31,  2000,  the Company had  estimated  development  obligations  of
approximately  $25,000 on sold property, an estimated liability to provide title
insurance  and  deeding  costs  of  $228,000  and an  estimated  cost of  street
maintenance,  prior to assumption of such  obligations  by local  governments of
$621,000,  all of which are  included  in  deferred  revenue.  The total cost to
complete  improvements as of March 31, 2000,  including the previously mentioned
obligations,  was  estimated  to  be  approximately  $875,000  .  The  Company's
development  obligation was substantially reduced in 1997 by the consummation of
the Agreement  approved by the  stockholders on November 4, 1997.  Approximately
$7,400,000 of the development  obligation at St. Augustine Shores was assumed by
Swan. In addition,  the creation of a Lot Exchange Trust reduced the development
obligation at Marion Oaks and Sunny Hills by approximately $5,800,000.

             LIQUIDITY

Retail land sales have  traditionally  produced  negative  cash flow through the
point of sale as a result of a regulatory  requirement  to sell fully  developed
lots and the additional  requirement to pay marketing and selling expenses prior
to or shortly  after the point of sale. In an effort to offset the negative 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 and 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 has been  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 or that
Yasawa, Scafholding,  Swan and other related parties will continue to make loans
to the Company.

                                       14


<PAGE>


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

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

         (a)  Exhibits

                None.

         (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: May 11, 2000                             By: /s/Donald O. McNelley
      ------------                                 ---------------------
                                                   Donald O. McNelley
                                                   Treasurer
                                                   (Principal Financial Officer)

                                       15


<PAGE>