<PAGE>
                             SECURITIES AND EXCHANGE
                                   COMMISSION

                             Washington, D.C. 20549

                                   ----------

                                    FORM 10-Q

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

                                   ----------


For Quarter Ended December 31, 2001                Commission File Number 1-5341
                  -----------------                                       ------


                                ELCOR CORPORATION
             ------------------------------------------------------
             (Exact name of Registrant as specified in its charter)


           DELAWARE                                               75-1217920
-------------------------------                              -------------------
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)


          14643 DALLAS PARKWAY
SUITE 1000, WELLINGTON CENTRE, DALLAS, TEXAS                          75254-8890
--------------------------------------------                          ----------
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code                (972) 851-0500
                                                                  --------------

         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   .
                                             ---    ---

         As of close of business on February 4, 2002, Registrant had outstanding
19,362,956 shares of Common Stock, Par Value $1 per Share.

<PAGE>


                       Elcor Corporation and Subsidiaries

                                 Form 10-Q Index

<Table>
<Caption>
                                                                                            Page
                                                                                            ----
<S>            <C>                                                                          <C>
Part I.  FINANCIAL INFORMATION (unaudited)

     Item 1.  Financial Statements

               Consolidated Balance Sheets as of
               December 31, 2001 and June 30, 2001                                             1
               Consolidated Statements of Operations for the Three Months and
               Six Months Ended December 31, 2001 and 2000                                     2
               Consolidated Statements of Cash Flows for the Six Months Ended
               December 31, 2001 and 2000                                                      3
               Notes to Consolidated Financial Statements                                    4-7

     Item 2.   Management's Discussion and Analysis of Financial Condition
               and Results of Operations                                                    8-14

     Item 3.   Quantitative and Qualitative Disclosures About Market Risk                     14

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                                               16

SIGNATURES                                                                                    17
</Table>



<PAGE>


PART I.  FINANCIAL INFORMATION

ITEM 1.  Financial Statements

                                ELCOR CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                           (Unaudited, $ in thousands)

<Table>
<Caption>
                                                                       December 31,     June 30,
ASSETS                                                                     2001           2001
                                                                       ------------    ---------
<S>                                                                    <C>             <C>
CURRENT ASSETS
Cash and cash equivalents                                              $        179    $     128
Trade receivables, less allowance of $719 and $985                           59,168       73,660
Inventories -
         Finished goods                                                      36,870       39,783
         Work-in-process                                                        539          411
         Raw materials                                                       10,036       10,822
                                                                       ------------    ---------
                  Total inventories                                          47,445       51,016
                                                                       ------------    ---------

Prepaid expenses and other                                                    9,367        8,487
Deferred income taxes                                                         4,070        3,977
                                                                       ------------    ---------
                  Total current assets                                      120,229      137,268
                                                                       ------------    ---------

PROPERTY, PLANT AND EQUIPMENT, AT COST                                      321,854      316,865
         Less - accumulated depreciation                                   (105,767)     (96,829)
                                                                       ------------    ---------
                  Property, plant and equipment, net                        216,087      220,036
                                                                       ------------    ---------

OTHER ASSETS                                                                  2,418        2,744
                                                                       ------------    ---------
                                                                       $    338,734    $ 360,048
                                                                       ============    =========

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable                                                       $     39,828    $  37,159
Accrued liabilities                                                          11,763       10,875
                                                                       ------------    ---------
                  Total current liabilities                                  51,591       48,034
                                                                       ------------    ---------

LONG-TERM DEBT                                                               84,000      123,300
DEFERRED INCOME TAXES                                                        32,878       26,612

SHAREHOLDERS' EQUITY -
         Common stock, $1 par                                                19,988       19,988
         Paid-in-capital                                                     58,284       58,368
         Retained earnings                                                  103,345       95,552
                                                                       ------------    ---------
                                                                            181,617      173,908
         Less - Treasury stock (728,529 and 758,609 shares, at cost)        (11,352)     (11,806)
                                                                       ------------    ---------
                  Total shareholders' equity                                170,265      162,102
                                                                       ------------    ---------
                                                                       $    338,734    $ 360,048
                                                                       ============    =========
</Table>


See accompanying notes to consolidated financial statements.


                                       1
<PAGE>


                                ELCOR CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                           (Unaudited, $ in thousands
                             except per share data)

<Table>
<Caption>
                                                   Three Months Ended      Six Months Ended
                                                      December 31,           December 31,
                                                   -------------------   -------------------
                                                     2001       2000       2001       2000
                                                   --------   --------   --------   --------
<S>                                                <C>        <C>        <C>        <C>
SALES                                              $113,128   $ 81,073   $256,347   $182,288
                                                   --------   --------   --------   --------

COST AND EXPENSES
        Cost of sales                                90,107     66,278    206,611    147,711
        Selling, general and administrative          15,421     12,548     30,461     23,987
                                                   --------   --------   --------   --------
INCOME FROM OPERATIONS                                7,600      2,247     19,275     10,590
                                                   --------   --------   --------   --------

OTHER EXPENSE
        Interest expense, net                         1,337        623      3,617      1,128
                                                   --------   --------   --------   --------

INCOME BEFORE INCOME TAXES                            6,263      1,624     15,658      9,462
        Provision for income taxes                    2,374        619      5,935      3,513
                                                   --------   --------   --------   --------
NET INCOME                                         $  3,889   $  1,005   $  9,723   $  5,949
                                                   ========   ========   ========   ========

NET INCOME PER SHARE-BASIC                         $    .20   $    .05   $    .51   $    .31
                                                   ========   ========   ========   ========

NET INCOME PER SHARE-DILUTED                       $    .20   $    .05   $    .50   $    .30
                                                   ========   ========   ========   ========

DIVIDENDS PER COMMON SHARE                         $    .05   $    .05   $    .10   $    .10
                                                   ========   ========   ========   ========
</Table>

See accompanying notes to consolidated financial statements.


                                       2
<PAGE>


                                ELCOR CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Unaudited, $ in thousands)

<Table>
<Caption>
                                                                             Six Months Ended
                                                                               December 31,
                                                                         ------------------------
                                                                            2001          2000
                                                                         ----------    ----------
<S>                                                                      <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES

         Net income                                                      $    9,723    $    5,949
         Adjustments to reconcile net income
            to net cash provided by operating activities:

                  Depreciation and amortization                               8,977         6,699
                  Deferred income taxes                                       6,173         1,276
                  Changes in assets and liabilities:
                     Trade receivables                                       14,492        23,283
                     Inventories                                              3,571       (17,239)
                     Prepaid expenses and other                                (880)          185
                     Accounts payable and accrued liabilities                 3,557        (5,059)
                                                                         ----------    ----------

                  Net cash provided by operating activities                  45,613        15,094
                                                                         ----------    ----------

CASH FLOWS FROM INVESTING ACTIVITIES

         Additions to property, plant and equipment                          (4,989)      (26,048)
         Other                                                                  287           147
                                                                         ----------    ----------

                  Net cash used for investing activities                     (4,702)      (25,901)
                                                                         ----------    ----------

CASH FLOWS FROM FINANCING ACTIVITIES

         Long-term borrowings (repayments), net                             (39,300)       16,700
         Dividends on common stock                                           (1,931)       (1,936)
         Treasury stock transactions and other, net                             371        (5,198)
                                                                         ----------    ----------

                  Net cash provided by (used for) financing activities      (40,860)        9,566
                                                                         ----------    ----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                             51        (1,241)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                  128         4,702
                                                                         ----------    ----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                               $      179    $    3,461
                                                                         ==========    ==========
</Table>

See accompanying notes to consolidated financial statements.


                                       3
<PAGE>


                                ELCOR CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1.       The attached condensed consolidated financial statements have been
         prepared pursuant to the rules and regulations of the Securities and
         Exchange Commission. As a result, certain information and footnote
         disclosures normally included in financial statements prepared in
         accordance with accounting principles generally accepted in the United
         States have been condensed or omitted. The company believes that the
         disclosures included herein are adequate to make the information
         presented not misleading. These condensed consolidated financial
         statements should be read in conjunction with the consolidated
         financial statements and related notes included in the company's 2001
         Annual Report on Form 10-K. The unaudited financial information
         contained herein has been prepared in conformity with accounting
         principles generally accepted in the United States on a consistent
         basis and does reflect all adjustments which are, in the opinion of
         management, necessary for a fair presentation of the results of
         operations for the three-month and six-month periods ending December
         31, 2001 and 2000, but are, however, subject to year-end audit by the
         company's independent auditors. Because of seasonal, weather-related
         conditions in some of the company's market areas, sales can vary at
         times, and results of any one quarter or other interim reporting period
         should not necessarily be considered as indicative of results for a
         full fiscal year.

2.       In accordance with the requirements of FASB SFAS No. 131, the company
         is segregated into the following segments: Building Products,
         Electronics Manufacturing Services and Industrial Products. The
         Building Products segment consists of the various operating
         subsidiaries of Elk Corporation of Dallas (collectively Elk). These
         companies manufacture and sell premium laminated fiberglass asphalt
         shingles and accessory roofing products, together with coated and
         non-coated performance nonwoven fabrics used in manufacturing asphalt
         roofing products and various industrial applications. This segment was
         previously identified as Roofing Products. The name change to Building
         Products reflects the anticipated increase in importance of performance
         nonwoven fabrics to future operations as the company exploits market
         opportunities for such products outside its traditional roofing market.

         The Electronics Manufacturing Services segment consists of the various
         operating subsidiaries of Cybershield, Inc. (collectively Cybershield).
         These companies provide shielding solutions to the digital wireless
         telecommunications industry, serving both the handset and
         infrastructure segments of the industry. Cybershield is also an
         important supplier of shielding solutions to the computer, bar coding
         and medical electronics industries.

         The Industrial Products segment is comprised of: (1) Chromium
         Corporation (Chromium), which provides surface finishes and
         remanufactured diesel engine cylinder liners and pistons for the
         railroad and marine transportation industries; and (2) Ortloff
         Engineers, LTD (OEL), which provides technology licensing and
         consulting services for the natural gas processing industry.


                                       4
<PAGE>


Financial information by company segment is summarized as follows:

<Table>
<Caption>
                                             (In thousands)              (In thousands)
                                            Three Months Ended          Six Months Ended
                                               December 31,                December 31,
                                         ------------------------    ------------------------
                                            2001          2000          2001          2000
                                         ----------    ----------    ----------    ----------
<S>                                      <C>           <C>           <C>           <C>
SALES
Building products                        $   96,964    $   69,076    $  227,989    $  159,308
Electronics manufacturing services           12,626         8,347        21,212        16,736
Industrial products                           3,538         3,621         7,146         6,185
Corporate and eliminations                       --            29            --            59
                                         ----------    ----------    ----------    ----------
                                         $  113,128    $   81,073    $  256,347    $  182,288
                                         ==========    ==========    ==========    ==========

OPERATING PROFIT (LOSS)
Building products                        $    9,672    $    3,363    $   24,297    $   14,362
Electronics manufacturing services              504           919            55         1,616
Industrial products                             569           297         1,111          (948)
Corporate and other                          (3,145)       (2,332)       (6,188)       (4,440)
                                         ----------    ----------    ----------    ----------
                                              7,600         2,247        19,275        10,590
Interest expense, net                        (1,337)         (623)       (3,617)       (1,128)
                                         ----------    ----------    ----------    ----------
Income before income taxes               $    6,263    $    1,624    $   15,658    $    9,462
                                         ==========    ==========    ==========    ==========

IDENTIFIABLE ASSETS
Building products                        $  277,478    $  273,872    $  277,478    $  273,872
Electronics manufacturing services           30,507        31,303        30,507        31,303
Industrial products                           9,995         9,742         9,995         9,742
Corporate                                    20,754        19,504        20,754        19,504
                                         ----------    ----------    ----------    ----------
                                         $  338,734    $  334,421    $  338,734    $  334,421
                                         ==========    ==========    ==========    ==========
DEPRECIATION AND AMORTIZATION
Building products                        $    3,193    $    2,203    $    6,573    $    4,396
Electronics manufacturing services              384           330           770           790
Industrial products                             150            65           295           150
Corporate                                       670           682         1,339         1,363
                                         ----------    ----------    ----------    ----------
                                         $    4,397    $    3,280    $    8,977    $    6,699
                                         ==========    ==========    ==========    ==========
CAPITAL EXPENDITURES
Building products                        $    1,649    $    8,490    $    3,942    $   22,232
Electronics manufacturing services               73         1,109            84         3,339
Industrial products                             389           118           836           370
Corporate                                        56            33           127           107
                                         ----------    ----------    ----------    ----------
                                         $    2,167    $    9,750    $    4,989    $   26,048
                                         ==========    ==========    ==========    ==========
</Table>


                                       5
<PAGE>


3.       Basic earnings per share is computed based on the average number of
         common shares outstanding. Diluted earnings per share includes
         outstanding stock options. The following table sets forth the
         computation of basic and diluted earnings per share:

<Table>
<Caption>
                                           (In thousands)        (In thousands)
                                         Three Months Ended     Six Months Ended
                                             December 31,          December 31,
                                         -------------------   -------------------
                                           2001       2000       2001       2000
                                         --------   --------   --------   --------
<S>                                      <C>        <C>        <C>        <C>
Net income                               $  3,889   $  1,005   $  9,723   $  5,949
                                         ========   ========   ========   ========

Denominator for basic earnings
per share - weighted average
shares outstanding                         19,245     19,317     19,237     19,420

Effect of dilutive securities:
Employee stock options                        404        121        319        177
                                         --------   --------   --------   --------

Denominator for dilutive earnings
per share - adjusted weighted
average shares and assumed
issuance of shares purchased
under incentive stock option plan
using the treasury stock method            19,649     19,438     19,556     19,597
                                         ========   ========   ========   ========

Basic earnings per share                 $    .20   $    .05   $    .51   $    .31
                                         ========   ========   ========   ========

Diluted earnings per share               $    .20   $    .05   $    .50   $    .30
                                         ========   ========   ========   ========
</Table>

4.       According to the terms of the company's $175,000,000 revolving credit
         facility, the company is required to pledge as collateral certain trade
         receivables and inventories if the company's leverage ratio, as
         defined, exceeds an applicable threshold at each quarter end. At June
         30, 2001, the company's leverage ratio exceeded the applicable
         threshold and the lien was triggered. The lien on trade receivables and
         inventory is released if the leverage ratio is less than the applicable
         threshold for two consecutive quarters end. At both September 30, 2001
         and December 31, 2001, the company's leverage ratio was below the
         applicable threshold. Therefore, the company's lenders are required to
         release their lien.

5.       In the fourth quarter of fiscal 2001, the company conformed its
         shipping and handling costs to Emerging Issues Task Force Issue 00-10,
         "Accounting for Shipping and Handling Fees and Costs." Accordingly,
         freight costs for prior reporting periods have been reclassified to
         cost of goods sold. Previously, freight costs were classified as a
         reduction of sales.

6.       In January 2002, the company reached a settlement relating to a dispute
         with a vendor. The company will record pretax income of approximately
         $5,900,000 (which primarily represents reimbursement of costs
         previously incurred by the company) in the third quarter of fiscal
         2002.


                                       6
<PAGE>


7.       In January 2002, the company's Cybershield subsidiary announced the
         consolidation of its operations. Accordingly, the Canton, Georgia
         facility will be closed, and certain employees and manufacturing
         equipment transferred to Cybershield's Lufkin, Texas facility. The
         estimated costs of consolidation is currently projected to be between
         $5,000,000 and $6,000,000, including approximately $1,800,000 of cash
         costs. Most of the consolidation costs will be recorded to expense
         during the third quarter of fiscal 2002.

8.       In November 2001, the company adopted an Energy Risk Management Policy
         and an Energy Committee was appointed to develop strategies to manage
         the company's risks of adverse changes in the energy markets. The
         company has entered into hedge transactions to set the price relating
         to approximately 50% of its anticipated use of natural gas not subject
         to fixed rate contracts through October 2002. This hedge will be
         accounted for under the provisions of Financial Accounting Standards
         (SFAS) No. 138, an amendment to SFAS No. 133, "Accounting for
         Derivative Instruments and Hedging Activities" beginning in the third
         quarter of fiscal 2002.


                                       7
<PAGE>


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

RESULTS OF OPERATIONS

CHANGES IN THE THREE-MONTH PERIOD ENDED DECEMBER 31, 2001 COMPARED TO THE
THREE-MONTH PERIOD ENDED DECEMBER 31, 2000.

     During the three-month period ended December 31, 2001, sales increased 40%
to $113,128,000 compared to $81,073,000 in the same period in the prior fiscal
year. Net income increased 287% to $3,889,000 in the current year quarter
compared to $1,005,000 in the second quarter of fiscal 2001. Most of the
increase in both sales and income in the current year period is attributable to
Building Products segment.

     Consolidated operating income of $7,600,000 in the three months ended
December 31, 2001 was 238% higher than $2,247,000 in the same three-month period
last year. As a percentage of sales, operating income was 6.7% during the
seasonally slower second quarter of fiscal 2002 compared to 2.8% during the
second quarter in the prior year. Selling, general and administrative (SG&A)
costs in the quarter ended December 31, 2001 were significantly higher than in
the same prior year quarter, due primarily to overall higher sales levels and
increased selling expenses related to new products. As a percentage of sales,
SG&A costs were 13.6% in the second quarter of fiscal 2002 compared to 15.5% in
the same quarter last year.

     Interest expense was $1,337,000 in the second quarter of fiscal 2002
compared to $623,000 in the same prior year period. However, in the first
quarter of fiscal 2001, the company capitalized $1,419,000 of interest related
to the construction of the Myerstown, Pennsylvania shingle plant and other major
projects. No interest costs were capitalized in the current year period. The
average interest rate paid on indebtedness for the three months ended December
31, 2001 was 5.1%, compared to 7.4% in the same three-month period in the prior
year.

Results of Business Segments

     Sales in the Building Products segment increased 40% to $96,964,000 for the
three months ended December 31, 2001 compared to $69,076,000 in the same prior
year period. Sales growth in the second quarter of fiscal 2002 was primarily the
result of overall strong demand in the premium laminated asphalt shingle market,
continued enthusiastic customer response to the product enhancements of Elk's "A
Whole Different Animal(TM)" campaign, and Elk's success in penetrating markets
served by its new Myerstown, Pennsylvania roofing plant. Relatively mild weather
across much of the United States during the current year quarter further
benefited year-over-year unit shipment comparisons. In the second quarter last
year, early severe winter weather adversely affected shipments.

     Operating income for the Building Products segment nearly tripled to
$9,672,000 in the three months ended December 31, 2001 from $3,363,000 for the
three months ended December 31, 2000. Increased shipments in the current year
quarter was the primary reason for much higher operating income. Profitability
was further enhanced by an approximate 4% year-over-year increase in product
prices in the second quarter of fiscal 2002 compared to the same prior year
quarter. Continuing excellent performance from the new Myerstown, Pennsylvania
roofing plant permitted Elk to take full advantage of increased demand.
Significantly improved manufacturing efficiency at the Myerstown plant, together
with higher product prices and lower unit raw material costs, permitted
operating profit growth to significantly exceed sales growth during the quarter
ended December 31, 2001 compared to


                                       8
<PAGE>


the same quarter in fiscal 2001. During the second quarter of fiscal 2002,
asphalt costs averaged about $29 per ton less than in the same quarter last
year. Management believes that if industry demand is not adversely effected by
the current economic recession, Elk is well positioned to leverage its expanded
manufacturing capacity and declining raw material costs into continuing strong
earnings momentum for the remainder of fiscal 2002.

     Sales for the Electronics Manufacturing Services segment increased 51% to
$12,626,000 in the three-month period ended December 31, 2001 compared to
$8,347,000 in the same prior year quarter. Sales during the current year period
contained a significantly higher proportion of purchased parts than the same
quarter last year. Excluding purchased parts, value-added sales increased 20%.
Despite increased sales, operating income of $504,000 in the quarter ended
December 31, 2001 was below $919,000 operating profit in the same quarter last
year. Cybershield experienced inefficient manufacturing and excess material
scrap as a result of its continuing ramp of new handset components. Higher
manufacturing costs and a relatively less profitable product mix resulted in
lower operating profit. During the current year quarter, many cellular handset
customers sharply reduced their previously targeted order levels. As further
described in the "Nonrecurring Items" section on page 11 of this Form 10-Q,
Cybershield will close its manufacturing facility located in Canton, Georgia and
consolidate all activities of the Canton plant into its Lufkin, Texas
manufacturing facility in the third quarter of fiscal 2002.

     Sales for the Industrial Products segment of $3,538,000 in the quarter
ended December 31, 2001 were 2% lower than $3,621,000 in the same prior year
quarter. Chromium experienced lower comparative unit volumes during the current
year quarter as railroads deferred maintenance expenditures in a weakened
economic environment. Ortloff's sales in the current year quarter exceeded sales
in the same prior year quarter as a result of a higher level of licensing and
consulting fees generated from international gas processing projects. Operating
income of $569,000 in the three-month period ended December 31, 2001 compared to
$297,000 in the same three-month period last year. Despite lower sales, cost
reductions resulting from Chromium's consolidation last year enabled it to
remain profitable in the current year quarter. Sales levels at Chromium are
currently expected to remain under pressure until such time as the railroads
resume normal maintenance spending in response to an improving economy. However,
Chromium's lower expense structure and improved manufacturing efficiency should
permit it to remain profitable through this period of economic slowness.
Ortloff's improved profitability was primarily the result of the aforementioned
higher sales level. Ortloff is expected to continue to register a relatively
strong performance for the remainder of fiscal 2002.

CHANGES IN THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2001 COMPARED TO THE
SIX-MONTH PERIOD ENDED DECEMBER 31, 2000.

Overall Performances

     During the six-month period ended December 31, 2001, sales increased 41% to
$256,347,000 compared to $182,288,000 for the same period in the prior fiscal
year. Net income increased 63% to $9,723,000 in the first six months of fiscal
2002 compared to $5,949,000 in the same period last year. Each of the three
business segments achieved higher sales in the current year period compared to
the same period last year. The Building Products and Industrial segments each
reported increased operating income for the six months ended December 31, 2001
compared to the same period last year. Despite higher sales, the Electronics
Manufacturing Services segment recorded lower operating income in the first half
of fiscal 2002 compared to the same prior year period.


                                       9
<PAGE>


     Consolidated operating income of $19,275,000 in the first six months of
fiscal 2002 was 82% higher than $10,590,000 in the same period last year. As a
percentage of sales, operating income was 7.5% during the six-month period ended
December 31, 2001 compared to 5.8% in the same six-month period last year.
Selling, general and administrative costs in the first half of fiscal 2002 were
significantly higher than in the first half of fiscal 2001. The SG&A increase
was primarily due to higher selling expenses related to new product
introductions and overall higher sales levels. However, as a percentage of
sales, SG&A costs were only 11.9% in the first half of fiscal 2002 compared to
13.2% in the same period last year.

     Interest expense was $3,617,000 in the first half of fiscal 2002 compared
to $1,128,000 in the same prior year period. However, in the first half of the
prior fiscal year, the company capitalized $2,667,000 of interest related to the
construction of the Myerstown, Pennsylvania shingle plant and other major
projects. No interest costs have been capitalized in the current fiscal year.
The average interest rate paid on indebtedness for the six months ended December
31, 2001 was 5.3% compared to 7.3% in the same six-month period in the prior
year.

Results of Business Segments

     Sales in the Building Products segment increased 43% to $227,989,000 for
the six months ended December 31, 2001 compared to $159,308,000 in the same
prior year period. The significant increase in sales reflected a sharp rebound
in shipments of premium laminated asphalt shingles that began in the fourth
quarter of the prior fiscal year and continued throughout the first half of
fiscal 2002. Highly successful new products and warranty initiatives and a
favorable inventory position, combined with relatively mild weather this year
contributed to sharply higher sales for this business segment. Building Products
sales further benefited from Elk's success in penetrating markets served by its
new Myerstown, Pennsylvania roofing plant, which met its performance test level
of operations in the fourth quarter of fiscal 2001. In the first half of the
prior year, shipments of laminated shingles were adversely affected by weak
economic conditions and unusually harsh winter weather conditions.

     Operating income for the Building Products segment increased 69% to
$24,297,000 in the six months ended December 31, 2001 compared to $14,362,000
for the six months ended December 31, 2000. The increase in operating income is
primarily the result of a significant increase in shipments of premium laminated
fiberglass shingles and performance nonwoven fabrics. Increased product sales
more than offset higher marketing costs and depreciation relating to the new
Myerstown, Pennsylvania roofing plant. The Myerstown roofing plant has been
profitable in each month of the current fiscal year. Average selling prices in
the first half of fiscal 2002 were slightly higher than in the same period last
year. Current year operating profit further benefited from lower raw material
costs, primarily asphalt.

     Sales for the Electronics Manufacturing Services segment increased 27% to
$21,212,000 in the first half of fiscal 2002 compared to $16,736,000 in the same
period in the prior fiscal year. Cybershield's unit volumes declined, but
average unit selling prices were much higher, primarily as a result of an
increased sales mix of units containing purchased plastic parts. Excluding
purchased parts, value-added sales were about the same in the first half of
fiscal 2002 and in the first half of fiscal 2001. Despite increased sales, the
Electronics Manufacturing Services segment reported $55,000 of operating income
in the six-month period ended December 31, 2001 compared to $1,616,000 in the
same six-month period last year. The deterioration in operating results reflects
lower unit volumes and related margins, costs associated with the ramp of
several new handset components and production start-up inefficiencies during the
first half of fiscal 2002.


                                       10
<PAGE>


     Sales for the Industrial Products segment increased 16% in the first half
of fiscal 2002 to $7,146,000 from $6,185,000 in the same period last year.
Operating income of $1,111,000 in the six-month period ended December 31, 2001
compared to a $948,000 operating loss in the first half last year. Most of the
prior year operating loss was the result of consolidation of manufacturing
operations and initial production of products new to Chromium's Cleveland, Ohio
plant. Sales for Chromium were lower in the first six months of fiscal 2002
compared to the prior year due to lower unit volumes as the railroads deferred
maintenance expenditures in a weakening economy. Nevertheless, Chromium was able
to maintain profitability in the first half of fiscal 2002 due to cost
reductions. Ortloff sales and operating income were both higher in the first six
months of fiscal 2002 compared to the prior year period due primarily to a
higher level of licensing and consulting fees from international gas processing
projects, including projects in Argentina, Indonesia and Thailand.

NONRECURRING ITEMS

     In January 2002, the company reached a settlement relating to a dispute
with a vendor. The Building Products segment will reflect pretax income of
approximately $5,900,000 (which primarily represents reimbursement of costs
previously incurred by the company) in the third quarter of fiscal 2002.

     In January 2002, the company's Cybershield subsidiary announced the
consolidation of its operations. Accordingly, the Canton, Georgia facility will
be closed, and certain employees and manufacturing equipment transferred to
Cybershield's Lufkin, Texas facility. The estimated costs of consolidation is
currently projected to be between $5,000,000 and $6,000,000 including
approximately $1,800,000 of cash costs. Most of the consolidation costs will be
recorded to expense during the third quarter of fiscal 2002. The closure of the
Canton manufacturing facility is expected to reduce Cybershield's fixed costs by
approximately $2.4 million per year.

FINANCIAL CONDITION

     Cash flows from operating activities are generally the result of net
income, deferred taxes, depreciation and amortization, and changes in working
capital. During the first six months of fiscal 2002, the company generated
operating cash flows of $45,613,000 compared to $15,094,000 for the first six
months in the prior fiscal year. Cash flows from higher net income, deferred
taxes, depreciation and amortization were enhanced by a $20,647,000 decrease in
working capital (excluding cash and cash equivalents) since June 30, 2001. The
increase in depreciation and amortization was primarily attributable to the
Myerstown, Pennsylvania roofing being in service in the current fiscal year.

     The decrease in working capital requirements primarily related to seasonal
reductions in trade receivables and finished goods inventories of premium
laminated fiberglass shingles, combined with higher current liabilities. The
current ratio at December 31, 2001 was 2.3 to 1 compared to 2.9 to 1 at the end
of fiscal 2001.

     Historically, working capital requirements fluctuate during the year
because of seasonality in some market areas. Generally, working capital
requirements and related borrowings are higher in the spring and summer months,
and lower in the fall and winter months. The second fiscal quarter typically
represents the seasonal low point of the company's borrowings. Borrowings are
expected to increase by $30,000,000 to $35,000,000 during the third quarter of
fiscal 2002 as a result of normal seasonal increases in working capital.


                                       11
<PAGE>


     Cash flows from investing activities primarily reflect the company's
capital expenditure strategy. Net cash used for investing activities was
$4,702,000 in the six-month period ended December 31, 2001 compared to
$25,901,000 in the same period in the prior fiscal year. After several years of
aggressive plant capacity expansion, including the Myerstown, Pennsylvania
roofing plant, capital expenditures in fiscal 2002 are currently planned to be
in the range of $10,000,000 to $13,000,000, most of which relates to improving
productivity at existing plants and extending production capacity for new
products.

     Cash flows from financing activities generally reflect changes in the
company's borrowings during the period, together with dividends paid on common
stock, treasury stock transactions and exercises of stock options. Net cash used
for financing activities was $40,860,000 the first six months of fiscal 2002
compared to $9,566,000 provided by financing activities for the same period in
fiscal 2001. The fiscal 2002 amount includes a $39,300,000 reduction in
long-term debt compared to net long-term borrowings of $16,700,000 in the
comparable prior year period. Long-term debt represented 33% of the $254,265,000
of invested capital (long-term debt plus shareholders' equity) at December 31,
2001. The company has no off-balance sheet arrangements or transactions with
unconsolidated, limited purpose entities.

     In September 1998, the company's Board of Directors authorized the purchase
of up to $10,000,000 of common stock from time to time on the open market to be
used for general corporate purposes. On August 28, 2000, the Board of Directors
authorized the aggregate purchase of up to an additional $10,000,000 of common
stock. As of December 31, 2001, 600,590 shares with cumulative cost of
$9,366,000 had been repurchased from time to time under these authorizations.

     The company's operations are subject to extensive federal, state and local
laws and regulations relating to environmental matters. Although the company
does not believe it will be required to expend amounts which will have a
material adverse effect on the company's consolidated financial position or
results of operations by reason of environmental laws and regulations, such laws
and regulations are frequently changed and could result in significantly
increased cost of compliance. Further, certain of the company's manufacturing
operations utilize hazardous materials in their production processes. As a
result, the company incurs costs for remediation activities off-site and at its
facilities from time to time. The company establishes and maintains reserves for
such remediation activities, when appropriate. Current reserves established for
known or probable remediation activities are not material to the company's
financial position or results of operations.

FORWARD-LOOKING STATEMENTS

         In an effort to give investors a well-rounded view of the company's
current condition and future opportunities, management's discussion and analysis
of financial condition and results of operations contain "forward-looking
statements" that involve risks and uncertainties about its prospects for the
future. The statements that are not historical facts are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These statements usually are accompanied by words such as "outlook,"
"believe," "estimate," "plan," "project," "expect," "anticipate," "predict,"
"could," "should," "may," "hope," or similar words that convey the uncertainty
of future events or outcomes. These statements are based on judgments the
company believes are reasonable; however, actual results could differ materially
from those discussed here. Such risks and uncertainties include, but are not
limited to, the following:


                                       12
<PAGE>


         1.       The company's building products business is substantially
                  non-cyclical, but can be affected by weather, the availability
                  of financing and general economic conditions. In addition, the
                  asphalt roofing products manufacturing business is highly
                  competitive. Actions of competitors, including changes in
                  pricing, or slowing demand for asphalt roofing products due to
                  general or industry economic conditions or the amount of
                  inclement weather could result in decreased demand for the
                  company's products, lower prices received or reduced
                  utilization of plant facilities. Further, changes in building
                  and insurance codes and other standards from time to time can
                  cause changes in demand, or increases in costs that may not be
                  passed through to customers.

         2.       In the building products business, the significant raw
                  materials are ceramic-coated granules, asphalt, glass fibers,
                  resins and mineral filler. Increased costs of raw materials
                  can result in reduced margins, as can higher energy, trucking
                  and rail costs. Historically, the company has been able to
                  pass some of the higher raw material, energy and
                  transportation costs through to the customer. Should the
                  company be unable to recover higher raw material, energy
                  and/or transportation costs from price increases of its
                  products, operating results could be adversely affected and/or
                  lower than projected.

         3.       The company has been involved in a significant expansion plan
                  over the past several years, including the construction of new
                  facilities and the expansion of existing facilities. Progress
                  in achieving anticipated operating efficiencies and financial
                  results is difficult to predict for new and expanded plant
                  facilities. If such progress is slower than anticipated, or if
                  demand for products produced at new or expanded plants does
                  not meet current expectations, operating results could be
                  adversely affected.

         4.       Certain facilities of the company's manufacturing subsidiaries
                  must utilize hazardous materials in their production process.
                  As a result, the company could incur costs for remediation
                  activities at its facilities or off-site, and other related
                  exposures from time to time in excess of established reserves
                  for such activities.

         5.       The company's litigation, including Elk's defense of purported
                  class action lawsuits, is subject to inherent and
                  case-specific uncertainty. The outcome of such litigation
                  depends on numerous interrelated factors, many of which cannot
                  be predicted.

         6.       Although the company currently anticipates that most of its
                  needs for new capital in the near future will be met with
                  internally generated funds or borrowings under its available
                  credit facilities, significant increases in interest rates
                  could substantially affect its borrowing costs under its
                  existing loan facility, or its cost of alternative sources of
                  capital.

         7.       Each of the company's businesses, especially Cybershield's
                  business, is subject to the risks of technological changes
                  that could affect the demand for or the relative cost of the
                  company's technology, products and services, or the method and
                  profitability of the method of distribution or delivery of
                  such technology, products and services. In addition, the
                  company's businesses each could suffer significant setbacks in
                  revenues and operating income if it lost one or more of its
                  largest customers, or if its customers' plans and/or markets
                  should change significantly.


                                       13
<PAGE>


         8.       Although the company insures itself against physical loss to
                  its manufacturing facilities, including business interruption
                  losses, natural or other disasters and accidents, including
                  but not limited to fire, earthquake, damaging winds or
                  explosions, operating results could be adversely affected if
                  any of its manufacturing facilities became inoperable for an
                  extended period of time due to such events.

         9.       Each of the company's businesses is actively involved in the
                  development of new products, processes and services which are
                  expected to contribute to the company's ongoing long-term
                  growth and earnings. If such development activities are not
                  successful, market demand is less than expected, or the
                  company cannot provide the requisite financial and other
                  resources to successfully commercialize such developments, the
                  growth of future sales and earnings may be adversely affected.

Parties are cautioned not to rely on any such forward-looking beliefs or
judgments in making investment decisions.


ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk

         The company is subject to market risk from changes in interest rates on
its outstanding debt, which has a variable interest rate. Based on the company's
outstanding debt at December 31, 2001, the company's interest costs would
increase or decrease $840,000 for each theoretical 1% increase or decrease in
the company's borrowing rates. The company's exposure to market risk from
changes in foreign currency risk is not material.

         In November 2001, the company adopted an Energy Risk Management Policy
and an Energy Committee was appointed to develop strategies to manage the
company's risks of adverse changes in the energy markets. The company has
entered into hedge transactions to set the price relating to approximately 50%
of its anticipated use of natural gas not subject to fixed rate contracts
through October 2002. This hedge will be accounted for under the provision of
Financial Accounting Standards (SFAS) No. 138, an amendment to SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities" beginning in the
third quarter of fiscal 2002.


                                       14
<PAGE>


PART II.  OTHER INFORMATION

ITEM 4:  Submission of Matters to a Vote of Security Holders

         (a)      The company's Annual Meeting of Shareholders was held on
                  October 23, 2001 for the purpose of electing three directors
                  and ratifying the appointment of the company's independent
                  auditors.

         (b)      Directors Elected
<Table>
<Caption>
                                                               NUMBER OF VOTES
                                                               ----------------
                                                              FOR        AGAINST
                                                              ---        -------
<S>                                                       <C>          <C>
                 Harold K. Work                           15,875,836   1,880,149
                 James E. Hall                            17,748,607       7,378
                 Michael L. McMahan                       17,746,857       9,128
</Table>

                 Other Directors Whose Term Continued After the Meeting:

                 Thomas D. Karol
                 Dale V. Kesler
                 David W. Quinn

                 Effective October 23, 2001, Mr. Richard J. Rosebery retired
                 from the Board of Directors. In December 2001, Mr. Richard A.
                 Nowak, Executive Vice President of Elcor Corporation, was
                 proposed by the newly created Corporate Governance Committee
                 and elected to a position on the Board by the company's Board
                 of Directors.

        (c)      Other matters voted upon at the meeting and the number of
                 affirmative votes, negative votes and abstentions.

<Table>
<Caption>
                                                                 NUMBER OF VOTES
                                                  --------------------------------------------
                                                  AFFIRMATIVE       AGAINST        ABSTENTIONS
                                                  -----------       -------        -----------
<S>                                               <C>               <C>            <C>
                 Ratification of Arthur            17,740,853        47,412            276,374
                 Andersen LLP as
                 independent auditors of
                 the company for the fiscal
                 year ending June 30, 2002
</Table>


                                       15
<PAGE>


ITEM 6:  Exhibits and Reports on Form 8-K

         (a)      Exhibits:

                  None

         (b)      The registrant filed two reports on Form 8-K during the
                  quarter ended December 31, 2001. The registrant filed a Form
                  8-K on September 21, 2001 relating to press releases
                  containing "forward-looking statements" about its prospects
                  for the future and certain other information concerning the
                  company's disclosures under Regulation F-D, and a Form 8-K on
                  September 27, 2001 announcing certain management changes.


                                       16
<PAGE>


                                   SIGNATURES




Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                     ELCOR CORPORATION



DATE:  February 13, 2002             /s/ Harold R. Beattie, Jr.
       ------------------------      -------------------------------------------
                                     Harold R. Beattie, Jr.
                                     Vice President, Chief Financial Officer
                                     and Treasurer

                                     /s/ Leonard R. Harral
                                     -------------------------------------------

                                     Leonard R. Harral
                                     Vice President and Chief
                                     Accounting Officer




                                       17