SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 10 - Q


Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934



For the quarter ended March 31, 2002
Commission File No 0-2892


THE DEWEY ELECTRONICS CORPORATION


A New York Corporation
I.R.S. Employer Identification
No. 13-1803974

27 Muller Road
Oakland, New Jersey 07436
(201) 337-4700


Indicate by check mark 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  X   No    .


The number of shares outstanding of the registrant's common stock,
$.01 par value was 1,339,531 at March 31, 2002.





THE DEWEY ELECTRONICS CORPORATION


INDEX



                                                     Page No.

Part I  Financial Information

Item 1  Condensed Consolidated Financial Statements      1

Condensed consolidated balance sheets -
March 31, 2002 and June 30, 2001                         2

Condensed consolidated statements of operations -
three and nine months ended March 31, 2002
and March 31, 2001                                       3

Condensed consolidated statements of cash flows for the
nine months ended March 31, 2002 and 2001                4

Notes to condensed consolidated financial statements     5

Item 2  Management's Discussion and Analysis of
Financial Condition and Results of Operations            9


Part II  Other Information

Item 4.  Submission of Matters to a Vote of Security
         Holders                                         15

Item 6.  Exhibits and Reports on Form 8-K                15




PART I:  FINANCIAL INFORMATION


ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


The following unaudited condensed, consolidated balance sheets,
statements of operations, and statements of cash flows are of
The Dewey Electronics Corporation.  These condensed consolidated
financial statements reflect all adjustments of a normal recurring
nature, which are, in the opinion of management, necessary for a
fair presentation of the financial condition, results of operations
and cash flows for the interim periods reflected herein.  The
results reflected in the unaudited statements of operations for
the period ended March 31, 2002 are not necessarily indicative
of the results to be expected for the entire year.  The following
unaudited condensed consolidated financial statements should be
read in conjunction with the notes thereto, and Management's
Discussion and Analysis of Financial Condition and Results
of Operations set forth in Item 2 of Part I of this report, as
well as the audited financial statements and related notes
thereto contained in the Form 10-K filed for the fiscal year
ended June 30, 2001.

1



THE DEWEY ELECTRONICS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS


                                     MARCH 31,      JUNE 30,
                                      2002           2001
                                   (UNAUDITED)      (AUDITED)*
ASSETS:
CURRENT ASSETS:
  CASH AND CASH EQUIVALENTS        $3,552,319       $2,090,251
  ACCOUNTS RECEIVABLE               1,164,557        1,226,604
  INVENTORIES                         621,516          501,680
  CONTRACT COSTS AND RELATED
    ESTIMATED PROFITS IN EXCESS
    OF APPLICABLE BILLINGS            277,968        1,790,451
  DEFERRED TAX ASSET                   35,105           35,105
  PREPAID EXPENSES AND OTHER
    CURRENT ASSETS                     88,818           54,528

      TOTAL CURRENT ASSETS          5,740,283        5,698,619

PLANT, PROPERTY AND EQUIPMENT
     - (NET)                          885,994          793,037

OTHER NON CURRENT ASSETS              123,180          126,330

TOTAL ASSETS                       $6,749,457       $6,617,986


LIABILITIES AND STOCKHOLDERS'
  EQUITY:
CURRENT LIABILITIES:
  TRADE ACCOUNTS PAYABLE             $374,143         $318,058
  ACCRUED LIABILITIES                 178,311          188,093
  ACCRUED CORPORATE INCOME TAXES      183,440          196,221
  ACCRUED PENSION COSTS               129,543          159,043
  CURRENT PORTION OF LONG-TERM DEBT    60,938          109,853

    TOTAL CURRENT LIABILITIES         926,375          971,268

LONG-TERM PORTION OF LONG-TERM DEBT   903,906        1,458,742
OTHER LONG-TERM LIABILITY              61,172           61,172
DEFERRED TAX LIABILITY                549,270          549,270
DUE TO RELATED PARTY                  200,000          200,000


STOCKHOLDERS' EQUITY:

  PREFERRED STOCK, par value $1.00;
   authorized 250,000 shares,
   issued and outstanding, none
  COMMON STOCK, par value $.01;
   authorized 3,000,000   shares;
   issued and outstanding 1,693,397    16,934           16,934
  PAID IN CAPITAL                   2,835,307        2,835,307
  RETAINED EARNINGS                 1,776,590        1,045,390
                                    4,628,831        3,897,631
LESS TREASURY STOCK 353,866
  SHARES AT COST                     (520,097)        (520,097)

  TOTAL STOCKHOLDERS' EQUITY        4,108,734        3,377,534
TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY             $6,749,457       $6,617,986

*CONDENSED FROM AUDITED FINANCIAL STATEMENTS
SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED FINANCIAL
 STATEMENTS

2


THE DEWEY ELECTRONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


                       THREE MONTHS ENDED     NINE MONTHS ENDED
                            MARCH 31,            MARCH 31,
                       2002       2001        2002       2001

REVENUES            $1,922,849  $3,440,125  $6,737,614 $8,073,009

   COST OF REVENUES  1,213,457   2,726,293   4,496,901  5,999,794

GROSS PROFIT           709,392     713,832   2,240,713  2,073,215

  SELLING & ADMIN
   EXPENSES            297,586     275,585     950,508    772,337

OPERATING INCOME       411,806     438,247   1,290,205  1,300,878

   INTEREST EXPENSE     19,355      37,931      77,994    116,235

   OTHER (INCOME)/
      EXPENSE (NET)     (1,581)     (3,326)     (6,456)       401

INCOME BEFORE INCOME
  TAXES                394,032     403,642   1,218,667  1,184,242

INCOME TAXES          (157,613)   (161,460)   (487,467)  (473,700)

NET INCOME            $236,419    $242,182    $731,200   $710,542


NET INCOME PER SHARE:
   BASIC                $0.18       $0.18       $0.55     $0.53
   DILUTED              $0.17       $0.18       $0.53     $0.52


WEIGHTED AVERAGE NUMBER OF
  SHARES OUTSTANDING
   BASIC               1,339,531  1,339,531  1,339,531  1,339,531
   DILUTED             1,380,031  1,380,031  1,380,031  1,376,420


SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS


3



THE DEWEY ELECTRONICS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


                                  NINE MONTHS ENDED MARCH 31,
                                   2002             2001

NET INCOME                     $   731,200        $  710,542

ADJUSTMENTS TO RECONCILE NET
 INCOME TO NET CASH PROVIDED
 BY OPERATING ACTIVITIES:

   DEPRECIATION                     81,675            96,623
   AMORTIZATION                      3,150             3,150
   DECREASE IN ACCOUNTS
     RECEIVABLE                     62,047         1,101,157
   (INCREASE)/DECREASE IN
     INVENTORIES                  (119,836)            3,807
   DECREASE/(INCREASE) IN
     CONTRACT COSTS AND RELATED
     ESTIMATED PROFITS IN EXCESS
     OF APPLICABLE BILLINGS      1,512,483          (532,877)
   (INCREASE) IN PREPAID EXPENSES
     AND OTHER CURRENT ASSETS      (34,290)          (50,974)
   INCREASE IN ACCOUNTS PAYABLE     56,085           192,367
   (DECREASE)/INCREASE IN ACCRUED
     LIABILITIES                    (9,782)           12,498
   (DECREASE)/INCREASE IN ACCRUED
     CORPORATE INCOME TAXES        (12,781)          297,949
   (DECREASE) IN ACCRUED PENSION
     COSTS                         (29,500)            4,771

   TOTAL ADJUSTMENTS             1,509,251         1,128,471

NET CASH PROVIDED BY OPERATING
  ACTIVITIES                     2,240,451         1,839,013

CASH FLOWS FROM INVESTING
  ACTIVITIES:
   EXPENDITURES FOR PLANT,
     PROPERTY AND EQUIPMENT       (174,632)         (57,481)

NET CASH (USED IN) INVESTING
   ACTIVITIES                     (174,632)         (57,481)

CASH FLOWS FROM FINANCING
 ACTIVITIES:
   PRINCIPAL PAYMENTS OF LONG-
   TERM DEBT                      (603,751)         (71,011)

NET CASH (USED IN) FINANCING
  ACTIVITIES                      (603,751)         (71,011)

NET INCREASE IN CASH AND CASH
  EQUIVALENTS                    1,462,068        1,710,521

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD            2,090,251        1,176,479

CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                 $3,552,319       $2,887,000


SEE ACCOMPANYING NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

4


THE DEWEY ELECTRONICS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2002

NOTE 1:  REVENUE RECOGNITION

Revenues and estimated earnings under defense contracts are recorded
using the percentage-of-completion method of accounting, measured
as the percentage of costs incurred to estimated total costs for
each contract.  Provisions for estimated losses on uncompleted
contracts are made in the period in which such losses are determined.
Changes in job performance, job conditions, and estimated profitability
may result in revisions to costs and income and are recognized in the
period in which the revisions are determined.

Since substantially all of the Company's electronics business comes
from contracts with various agencies of the United States Government
or subcontracts with prime Government contractors, the loss of
Government business would have a material adverse effect on this
segment of business.

In the Leisure and Recreation segment, revenues and earnings are
recorded when deliveries are made.

NOTE 2:  CASH AND CASH EQUIVALENTS

The Company considers all highly liquid debt instruments with a
maturity of three months or less at the date of purchase to be
cash equivalents.

NOTE 3:  FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair values of the Company's long-term debt and line of credit
borrowings are estimated based upon interest rates currently
available for borrowings with similar terms and maturities
and approximate the carrying values.

Due to the short-term nature of cash, accounts receivable,
accounts payable, accrued expenses and other current liabilities,
their carrying value is a reasonable estimate of fair value.

NOTE 4:  INVENTORIES

Inventories are valued at lower of cost (first-in, first-out method)
or market.  Components of cost include materials, direct labor and
plant overhead.  Cost is determined by the first-in, first-out
(FIFO) method.

As there is no segregation of inventories as to raw materials,
work in progress and finished goods for interim reporting periods
(this information is available at year-end when physical
inventories are taken and recorded), estimates have been made
for the interim period.  These estimates are consistent with
those made in prior periods.

5


THE DEWEY ELECTRONICS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2002

                        March 31, 2002       June 30, 2001
Finished Goods          $146,765             $  32,199
Work In Process          310,157               150,667
Raw Materials            164,594               318,814
Total                   $621,516              $501,680
                         =======               =======

NOTE 5:  USE OF ESTIMATES

The preparation of financial statements in conformity with
accounting principles generally accepted in the United States
of America require management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and
reported amounts of revenues and expenses during the
reporting period.  Actual results could differ from those
estimates.

NOTE 6:  PLANT, PROPERTY AND EQUIPMENT

Plant, property and equipment are stated at cost.  Allowance
for depreciation is provided on a straight-line basis over
estimated useful lives of three to ten years for machinery and
equipment, ten years for furniture and fixtures, and twenty years
for building and improvements.

NOTE 7:  LOAN FEES

Loan fees are capitalized by the Company and amortized utilizing
the straight-line basis over the term of the loan.

NOTE 8:  LONG-LIVED ASSETS

Whenever events indicate that the carrying values of long-lived
assets may not be recoverable, the Company evaluates the
carrying values of such assets using future undiscounted cash
flows.  Management believes that, as of March 31, 2002, the
carrying values of such assets are appropriate.

NOTE 9:  BUSINESS COMBINATIONS

On June 29, 2001, Statement of Financial Accounting Standards (SFAS)
No. 141, "Business Combinations" was approved by the FASB.
SFAS No. 141 requires the purchase method of accounting be used
for all business combinations initiated after June 30, 2001.
The Company implemented SFAS No. 141 on July 1, 2001 and
determined that this statement had no material impact on its
financial position or results of operations.

6


THE DEWEY ELECTRONICS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2002


NOTE 10:  EARNINGS PER SHARE

Net Income per share has been presented pursuant to the Financial
Accounting Standards Board Statement of Financial Accounting
Standards ("SFAS") No. 128, Earnings per Share".  Basic net
income per share is computed by dividing reported net income
available to common shareholders by weighted average shares
outstanding for the period.  Diluted net income per share is
computed by dividing reported net income available to common
shareholders by weighted average shares outstanding for the
period, adjusted for the dilutive effect of common stock
equivalents, which consist of stock options, using the treasury
stock method.

The table below sets forth the reconciliation of the numerators
and denominators of the basic and diluted net income per
common share computations.


                        Three Months Ended March 31,
                        2002                  2001
                               Per                       Per
            Income  Shares    Share   Income  Shares   Share
                              Amount                   Amount

Basic Net
 Income
 per
 Common
 Share    $236,419  1,339,531  $.18  $242,182  1,339,531 $.18


Effect
of
dilutive
Securities     --      40,500    --       --     40,500    --

Diluted
 Net
 income
 per
 common
 share    $236,419  1,380,031  $.17  $242,182  1,380,031 $.18



                        Nine Months Ended March 31,
                        2002                   2001
                              Per                      Per
           Income  Shares    Share   Income  Shares  Share
                             Amount                  Amount

Basic Net
 Income
 per
 common
 share    $731,200  1,339,531  $.55  $710,542  1,339,531 $.53


Effect
Of
dilutive
securities     --      40,500    --       --     36,889    --


Diluted
 Net
 income
 per
 common
 share    $731,200  1,380,031  $.53  $710,542  1,376,420 $.52

7


THE DEWEY ELECTRONICS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2002


NOTE 11:  RECENT PRONOUNCEMENTS

On June 29, 2001, SFAS No. 142, "Goodwill and Other Intangible
Assets" was approved by the FASB.  SFAS No. 142 changes its
accounting for goodwill from an amortization method to
an impairment-only approach.  Amortization of goodwill,
including goodwill recorded in past business combinations,
will cease upon adoption of this statement.  The Company
is required to implement SFAS No. 142 on July 1, 2002 and it
has determined that this statement will have no material impact
on its financial position or results of operations.

On June 29, 2001, SFAS No. 143 "Accounting for Asset Retirement
Obligations" was approved by the FASB.  SFAS No. 143 requires
that the fair value of a liability for an asset retirement
obligation be recognized in the period in which it is incurred
if a reasonable estimate of fair value can be made.  The
associated asset retirement costs are capitalized as part of
the carrying amount of the long-lived asset.  The Company is
required to implement SFAS No. 143 on July 1, 2002 and it has
determined that this statement will have no material
impact on its financial position or results of operations.

In October 2001, the FASB issued SFAS No. 144 "Accounting for the
Impairment or Disposal of Long-Lived Assets".  SFAS No. 144
replaces SFAS No. 121 "Accounting for the Impairment of Long-
Lived Assets and for Long-Lived Assets to be Disposed of" and
establishes accounting and reporting standards for long-lived
assets to be disposed of by sale.  This standard applies to
all long-lived assets, including discontinued operations.
SFAS No. 144 requires that those assets be measured at the
lower of carrying amount or fair value less cost to sell.
SFAS No. 144 also broadens the reporting of discontinued
operations to include all components of an entity with
operations that can be distinguished from the rest of the
entity that will be eliminated from the ongoing operations
of the entity in a disposal transaction.  The Company is
required to implement SFAS No. 144 on July 1, 2002, and
management believes that the impact that this statement
will have on its results of operations or financial position
will not be significant.

8


THE DEWEY ELECTRONICS CORPORATION


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

Certain statements in this Form 10-Q may be deemed "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934.  All statements, other than statements of
historical fact, that address activities, events or developments
that the Company or management intends, expects, projects, believes
or anticipates will or may occur in the future are forward-looking
statements.  Such statements are based upon certain assumptions
and assessments made by management of the Company in light of its
experience and its perception of historical trends, current
conditions, expected future developments and other factors it
believes to be appropriate.  The forward-looking statements
included in this Form 10-Q are also subject to a number of material
risks and uncertainties, including but not limited to economic,
governmental, competitive and technological factors affecting
the Company's operations, markets, products, services and
prices and, specifically, the factors discussed below under
"Government Defense Business".  Such forward-looking statements
are not guarantees of future performance and actual results,
developments and business decisions may differ from those
envisaged by such forward-looking statements.

The Company's operating cycle is long-term and includes various
types of products and varying delivery schedules.  Accordingly,
results of a particular period or period-to-period comparisons
of recorded revenues and earnings, may not be indicative of
future operating results.  The following comparative analysis
should be viewed in this context.

Operating Segments

The Company is organized into operating segments on the basis
of the type of products offered.

In the electronics segment, the Company is a diversified
producer of sophisticated electronic and electromechanical
systems for the Armed Forces of the United States.  The Company's
Pitometer Log Division is a long-established manufacturer of ship
speed and distance measuring instrumentation.  Currently, the
principal products of this segment of business are manufactured
either as prime contractor or as subcontractor, for the
Department of Defense.

In the leisure and recreation segment, the Company, through
its HEDCO Division, designs, manufactures and markets advanced,
sophisticated snowmaking equipment.

There are no intersegment sales.

Some operating expenses, including general corporate expenses,
have been allocated by specific identification or based on labor
for items which are not specifically identifiable.  In computing
operating profit, none of the following items have been added
or deducted:  interest expense, income taxes, and non-operating
income and expenses.


9
Consolidated Results of Operations

For the third fiscal quarter this year, consolidated revenues were
$1,922,849, which is lower than the same period last year by
$1,517,216.  The electronics segment incurred lower costs
as compared to the same period last year resulting in lower
revenues.  (See below under "Electronics Segment" for a
discussion of how revenues are recorded in the electronics
segment.)  In the leisure and recreation segment, revenues
improved compared to last year.  Results of operations by
segment are discussed below in more detail.

Consolidated revenues for the nine-month period this year were
$6,737,614, which is $1,335,395 lower than the same period
last year.  Revenues for the nine-month period are discussed
below according to business segment.

Operating income for the third fiscal quarter this year remained
level with last year for the same three month period, and nine-
month period.

In addition to its monthly installment payments, the Company
has made voluntary principal reduction payments toward its
mortgage during this fiscal year in the amount of $528,485.  As
of March 31, 2002, the outstanding balance of the Company's
mortgage was $964,844.  These principal payments have reduced
interest expenses.  In addition, the Company had renegotiated
its mortgage note agreement, which, among other factors,
reduced the interest rate from a fixed rate of 8.25%to the
Bank's prime rate plus .5% with a floor of 6%.  As a result,
of the above, interest expense has been reduced.  The Company
and its Bank also agreed to renew the Company's line of credit
facility of $500,000 at the rate of .25% plus the Bank's
prime rate through October 2002.

Information about the Company's operations in its two segments
for the three and nine month periods this year compared to last
year is as follows:


                Three months ended       Nine months ended
                     March 31,                March 31,
                 2002       2001          2002        2001
Electronics
  Segment
  Revenues    $1,906,121  $3,434,930    $6,412,631  $7,976,474
  Operating
   Income       $426,555    $470,012    $1,305,248  $1,344,053


Leisure and
  Recreation
  HEDCO
  Revenues       $16,728      $5,195      $324,983     $96,535
  Operating
    (Loss)      ($14,749)   ($31,765)     ($15,043)   ($43,175)

Electronics Segment

(In the electronics segment, revenues are recorded under defense
contracts using the percentage of completion method of accounting,
measured as the percentage of costs incurred to estimated total
costs at completion of each contract.  Elements of these costs
include material, labor and overhead expenses.)

10
For the three-month period ended March 31, 2002, revenues in the
electronics segment were $1,528,809 lower than the same period
last year.  For the nine-month period ended March 31, 2002,
revenues in the electronics segment were $1,563,843 lower than
the same period last year.

The Company has been producing 2kW diesel operated tactical
generator sets since 1997 under a contract with the U.S. Army,
which was awarded in 1996.  Since that time, the Company received
orders under this contract of approximately $33 million and made
deliveries to various branches of the Armed Forces of the United
States.  The final production order under this contract was
received in November 2000 and deliveries of this order were
completed in March 2002.  As a result of this contract nearing
completion, lower costs were incurred during the third fiscal
quarter compared to the same period last year.  Using the
percentage of completion method of accounting to determine
revenues, fiscal third quarter revenues were lower than the
same period last year.

In September 2001, the Company was awarded a new contract to
provide the U.S. Army and other Department of Defense Agencies
with this same 2kW diesel operated generator set.  This new
contract is a ten-year indefinite delivery, indefinite quantity
contract which replaces the initial contract described above.
As with the prior contract, this contract allows the Army to
place production orders annually and to place additional interim
orders.  The total amount of orders placed to date is approximately
$6 million.  The Company has begun production under this contract
and deliveries are scheduled to continue through fiscal year
The Company is anticipating the receipt of additional orders,
however, no assurance can be made that the Army will place such
orders or, if additional orders are placed, the timing and
amount of such orders.

The Company's initial contract with the U.S. Army to provide
diesel operated tactical generator sets provided 91% of the
electronics segment revenues this year to date.  Last year,
during this same nine-month period, this contract provided
89% of electronics segment revenues.

The remaining electronics segment revenues were derived from
various orders, more limited in scope and duration, that were
generally for replacement parts for previously supplied
Department of Defense equipment and other projects performed
as a subcontractor.  A large part of such other revenues
continues to be attributable to the Company's Pitometer Log
Division, which manufactures peed and distance measuring
instrumentation for the U.S. Navy.  The Company has also been
developing a small customer base, which utilizes its
sophisticated CNC machining centers.

As of March 31, 2002, the aggregate value of the Company's
backlog of electronics product not previously recorded as
revenues was approximately $3 million.  In addition, the
aggregate amount of generator set orders received during
the month of April 2002 was approximately $3 million.
Total backlog of unrecorded revenues as of April 30,
2002 amounted to approximately $6 million.  It is estimated
that approximately $2 million of this backlog will be recognized
as revenues during this fiscal year.

As of March 31, 2001, the aggregate value of the Company's
backlog of electronics product not previously recorded as
revenues was approximately $8 million.

11

HEDCO Division

In the leisure and recreation segment, revenues were higher
by $11,533 and $228,448 for the three and nine-month periods
ended March 31, 2002, respectively, when compared to the
same periods last year.

Higher snowmaking machine revenues than last year accounted
for this increase as well as a small increase in the sale of
replacement parts.  This year, included in revenues is income
derived from leasing arrangements, which include options to
purchase the leased machines.  In April 2002, these options
have been exercised and will be included in revenues during
the fourth fiscal quarter.

Traditionally, the major portion of revenues in this segment
are recorded during the second fiscal quarter, when snowmaking
machines are delivered.

Liquidity and Capital Resources

The Company's working capital at March 31, 2002 was $4,813,908
compared to $4,727,351 at June 30, 2001.

The ratio of current assets to current liabilities was 6.20 to
 1 at March 31, 2002 and 5.87 to 1 at June 30, 2001.

For the nine-month period ended March 31, 2002, operations
provided net cash of $2,240,451.  Expenditures for plant,
property and equipment used net cash of $174,632 and
financing activities used net cash of $603,751.

The Company does not anticipate any significant capital
expenditures for the remainder of the fiscal year.

Net cash provided by operations resulted primarily from the
billing and collection of "contract costs and related
estimated profits in excess of applicable billings", and
net income from operations.

Net cash used in financing activities includes additional
principal reduction payments of $603,751 made towards the
Company's long term debt.

The Company also has a note payable to an officer in the
amount of $200,000, at an interest rate of 9% per annum,
which has been classified on the Balance Sheet as a long-
term liability.  This note is subordinate to the mortgage
note with the Company's primary lender.

On December 27, 2001, the Company and its primary Bank agreed
to revised terms of its mortgage note agreement.  The renewed
agreement, among other items, revised the interest rate from a
fixed rate of 8.25% to the Bank's prime rate plus .5% with a
floor of 6%.  In addition, the maturity date was extended from
October 2002 to January 2005.


12


The Bank had also agreed to extend the Company's line of credit
of $500,000 through October 2002 at the rate of the Bank's
prime rate plus .25%.  As of March 31, 2002, there were no
outstanding borrowings against this line of credit facility.

The Company's borrowing capacity has remained above its use of
outside financing.  Management believes that the Company's
anticipated cash flow from operations, combined with its line
of credit, will be sufficient to support working capital
requirements and capital expenditures at their current or
expected levels.

Government Defense Business

The electronics segment of business provides most of the
Company's revenues and is comprised of business with the U.S.
Department of Defense or with other government contractors.
It consists of long term contracts and short-term business such
as replacement parts.  Revenues from both sources have remained
relatively stable in recent years.

Long term contracts have been dependent upon single projects
and until 1997, a single program, the ADCAP torpedo program with
the U.S. Navy was the primary source of the Company's revenues.
In 1996, the Company was awarded a contract with the U.S. Army
to provide diesel operated tactical generator sets.  This program
has since become the Company's primary source of revenues.

On September 7, 2001, the Company was awarded a ten-year contract
to provide the U.S. Army and other Department of Defense
Agencies with 2kW diesel operated generator sets.  This ten-year
indefinite delivery, indefinite quantity contract replaces the
initial contract under which the Company has been the sole
producer of this generator for the Army since 1997.  These
generators are currently being fielded by both active and
reserve components of the U.S. Armed Forces.

As with the prior contract, this new contract to supply 2kW diesel
operated generator sets provides for the U.S. Army to place
production orders annually and to place additional interim
orders.  Orders under this new contract have been received as
final deliveries were being made on the prior contract and
production of these orders has begun.  See the discussion
above under "Electronics Segment."

The Company has many years of experience in contracting with the
Department of Defense including the receiving and replacing
of government contracts.  The Company continues to explore
other areas of business which will utilize its technical
expertise and production resources and are capable of providing
continued stability and growth.  A small customer base has been
developing which utilizes the Company's CNC machining centers.

Since substantially all of the Company's electronics business has
been derived from contracts with various agencies of the United
States Government (the "Government") or subcontracts with prime
Government contractors, the loss of substantial Government business
would have a material adverse effect on the business.



13


It should be recognized that Department of Defense business is
subject to changes in military procurement policies and objectives
and to government budgetary constraints and that the Company bids
for Department of Defense business in competition with many defense
contractors, including firms that are larger in size and have
greater financial resources.


Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America require
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements
and reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.  See
the Notes to the Condensed Consolidated Financial Statements.

In the electronics segment, revenues and estimated earnings are
recorded under defense contracts using the percentage of completion
method of accounting, measured as the percentage of costs incurred
to estimated total costs at completion of each contract.  See Note
1 to the Condensed Consolidated Financial Statements.

For interim reporting periods, the Company does not segregate
inventories as to raw materials, work in progress and finished
goods (this information is available at year-end when physical
inventories are taken and recorded).  Estimates are made for
interim reporting periods.  See Note 4 to the Condensed
Consolidated Financial Statements.




14





PART II - OTHER INFORMATION


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

                     None



Item 6.  Exhibits and Reports on Form 8-K
--------------------------------------------------------------

No reports on Form 8-K have been filed during the quarter ended
March 31, 2002.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
l934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.


                           THE DEWEY ELECTRONICS CORPORATION



                                   /s/
Date:  May 14, 2002        Thom A. Velto, Treasurer
                           Principal Accounting Officer



                                   /s/
Date:  May 14, 2002        Edward L. Proskey,
                           Vice President, Operations

15