|UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,
 D.C. 20549


FORM 10-QSB
|------------------------------------------------------------------------------------

|[X] |  | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
 EXCHANGE ACT OF 1934For the quarterly period ended December 31, 2003
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------

|[ ] |  | TRANSITION REPORT UNDER SECTION 12 OR 15(d) OF THE
 EXCHANGE ACTFor the transition period from ________ to ________
|--- |  | -------------------------------------------------------------------------------------------------------------------

|Commission File Number 000-05391


METWOOD, INC.(Exact name of registrant as specified
 in its charter)
|-------------------------------------------------------------------------------------------------------

|NEVADA(State or other jurisdictionof incorporation) |  | 83-0210365(IRS EmployerIdentification No.)
|--------------------------------------------------- |  | ------------------------------------------

|819 Naff Road, Boones Mill, VA 24065(Address of
 principal executive offices)


(540) 334-4294(Issuers telephone number)
|-------------------------------------------------------------------------------------------------------------------------

| | Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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______
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Number of shares of common stock outstanding
 as of February 16, 2004: 12,057,549


Transitional Small Business Disclosure Format
 (Check one) Yes [ ] No [X]


METWOOD, INC. AND SUBSIDIARYTABLE OF CONTENTS -
 FORM 10-QSB
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|PART I - FINANCIAL INFORMATION                                 |  |  |  | Page(s) | 
|-------------------------------------------------------------- |  |  |  | ------- | 
|Item 1    Financial Statements                                 |  |  | 
|Consolidated Balance Sheet As of December 31, 2003             |  |  |  | 1-2     | 
|Consolidated Statements of Income for the Three and Six Months |  |  |  | 3       | 
|Ended December 31, 2003 and 2002                               | 
|Consolidated Statements of Cash Flows for the Six Months       |  |  |  | 4       | 
|Ended December 31, 2003 and 2002                               | 
|Notes to Consolidated Financial Statements                     |  |  |  | 5-10   
|Item 2   Management's Discussion and Analysis                  |  |  |  | 11-16   | 
|Item 3   Controls and Procedures                               |  |  |  | 16      | 
|PART II - OTHER INFORMATION                                    | 
|Item 6   Exhibits and Reports on Form 8-K                      |  |  |  | 17      | 
|Signatures                                                     |  |  |  | 17      | 
|Index to Exhibits                                              |  |  |  | 18      | 

|ii


METWOOD, INC. AND SUBSIDIARYCONSOLIDATED BALANCE
 SHEETAS OF DECEMBER 31, 2003(UNAUDITED)
|----------------------------------------------------------------------------------------------

|ASSETS                                      | 
|------------------------------------------- | 
|Current Assets                              | 
|Cash                                        | 
|Accounts receivable                         | 
|Inventory                                   | 
|Prepaid expenses                            | 
|                                            | 
|Total current assets                        | 
|Property and Equipment                      | 
|Furniture, fixtures and equipment           | 
|Computer hardware, software and peripherals | 
|Machinery and shop equipment                | 
|Vehicles                                    | 
|Buildings and improvements                  | 
|Land and land improvements                  | 
|                                            | 
|                                            | 
|Less accumulated depreciation               | 
|                                            | 
|Net property and equipment                  | 
|Goodwill                                    | 
|                                            | 
|TOTAL ASSETS                                | 
|                                            | 

|See accompanying notes to consolidated financial statements.


1


METWOOD, INC. AND SUBSIDIARYCONSOLIDATED BALANCE
 SHEETAS OF DECEMBER 31, 2003(UNAUDITED)
|------------------------------------------------------------------------------------------------------------------------------------------------------------

|LIABILITIES AND STOCKHOLDERS' EQUITY                    | 
|------------------------------------------------------- | 
|Current Liabilities                                     | 
|Accounts payable and accrued expenses                   | 
|Bank line of credit                                     | 
|                                                        | 
|Total current liabilities                               | 
|Long-term Liabilities                                   | 
|Note payable                                            | 
|Deferred income tax                                     | 
|                                                        | 
|Total liabilities                                       | 
|                                                        | 
|Stockholders' Equity                                    | 
|Common stock, $.001 par, 100,000,000 shares authorized; | 
|12,057,549 shares issued and outstanding                | 
|Common stock not yet issued ($.001 par, 4,950 shares)   | 
|Additional paid-in capital                              | 
|Retained earnings                                       | 
|                                                        | 
|Total stockholders' equity                              | 
|                                                        | 
|TOTAL LIABILITIES                                       | 
|AND STOCKHOLDERS' EQUITY                                | 
|                                                        | 

|See accompanying notes to consolidated financial statements.


2


METWOOD, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS
 OF INCOMEFOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2003 AND 2002(UNAUDITED)
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                     | Three Months EndedDecember 31, | Six Months EndedDecember 31,
|------------------------------------ | ------------------------------ | ----------------------------
|
|REVENUES                             |                                |                             
|Construction sales                   |                                |                             
|Engineering sales                    |                                |                             
|                                     |                                |                             
|Gross sales                          |                                |                             
|Cost of construction sales           |                                |                             
|Cost of engineering sales            |                                |                             
|                                     |                                |                             
|Gross cost of sales                  |                                |                             
|                                     |                                |                             
|Gross profit                         |                                |                             
|ADMINISTRATIVE EXPENSES              |                                |                             
|Advertising                          |                                |                             
|Depreciation                         |                                |                             
|Insurance                            |                                |                             
|Payroll and property taxes           |                                |                             
|Professional fees                    |                                |                             
|Research and development             |                                |                             
|Salaries and wages                   |                                |                             
|Telephone                            |                                |                             
|Vehicle                              |                                |                             
|Other                                |                                |                             
|                                     |                                |                             
|Total administrative expenses        |                                |                             
|                                     |                                |                             
|Operating income (loss)              |                                |                             
|Other income (expense)               |                                |                             
|                                     |                                |                             
|Income (loss) before income taxes    |                                |                             
|Income taxes                         |                                |                             
|                                     |                                |                             
|Net income (loss)                    |                                |                             
|                                     |                                |                             
|Basic and diluted earnings per share |                                |                             
|Weighted average number of shares    |                                |                             
|**Less than $.01                     |                                |                             

|See accompanying notes to consolidated financial statements.


3


METWOOD, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS
 OF CASH FLOWSFOR THE SIX MONTHS ENDED DECEMBER 31, 2003 AND 2002 (UNAUDITED)
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                               | 2003 | 2002
|-------------------------------------------------------------- | ---- | ----
|CASH FLOWS FROM OPERATING ACTIVITIES                           |      |     
|Net income (loss)                                              |      |     
|Adjustments to reconcile net income to net cash from operating |      |     
|activities                                                     |      |     
|Depreciation                                                   |      |     
|Common stock issued for services                               |      |     
|Changes in operating assets and liabilities                    |      |     
|Decrease (increase) in accounts receivable                     |      |     
|Increase in inventory                                          |      |     
|Increase in prepaid expenses                                   |      |     
|Decrease in accounts payable and accrued expenses              |      |     
|Increase (decrease) in current income taxes payable            |      |     
|Increase in deferred income taxes                              |      |     
|                                                               |      |     
|Net cash from (used for) operating activities                  |      |     
|CASH FLOWS USED FOR INVESTING ACTIVITIES                       |      |     
|Expenditures for fixed assets                                  |      |     
|                                                               |      |     
|Net cash used for investing activities                         |      |     
|CASH FLOWS FROM FINANCING ACTIVITIES                           |      |     
|Increase in bank overdrafts                                    |      |     
|Common stock retired                                           |      |     
|Net borrowings from related party                              |      |     
|Net borrowings (repayment) of note payable                     |      |     
|Net borrowings under line-of-credit agreement                  |      |     
|                                                               |      |     
|Net cash from financing activities                             |      |     
|                                                               |      |     
|Net increase (decrease) in cash                                |      |     
|Cash, beginning of the year                                    |      |     
|                                                               |      |     
|Cash, end of the period                                        |      |     
|                                                               |      |     

|See accompanying notes to consolidated financial statements.


4


METWOOD, INC. AND SUBSIDIARYNOTES TO CONSOLIDATED
 FINANCIAL STATEMENTSDECEMBER 31, 2003(UNAUDITED)


NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Business
 Activity  Metwood, Inc. (Metwood) was organized under the laws of the Commonwealth of Virginia
 on April 7, 1993. On June 30, 2000, Metwood entered into an Agreement and Plan of Reorganization in
 which the majority of its outstanding common stock was acquired by a publicly held Nevada shell corporation.
 The acquisition was a tax-free exchange for federal and state income tax purposes and was accounted
 for as a reverse merger in accordance with Accounting Principles Board (APB) Opinion No. 16. Upon
 acquisition, the name of the shell corporation was changed to Metwood, Inc., and Metwood, Inc., the
 Virginia corporation, became a wholly owned subsidiary of Metwood, Inc., the Nevada corporation. The
 publicly traded shell corporation had not had a material operating history for several years prior to
 the merger.



Effective
 January 1, 2002, Metwood acquired certain assets of Providence Engineering, P.C. (Providence), a professional
 engineering firm with customers in the same proximity as Metwood. The total purchase price of $350,000
 was paid with $60,000 in cash and with 290,000 shares of the Companys common stock to the two Providence
 shareholders. These shares were valued at the closing active quoted market price of the stock at the
 effective date of the purchase, which was $1.00 per share. One of the shareholders of Providence was
 also an officer and existing shareholder of Metwood prior to the acquisition. The transaction was accounted
 for under the purchase method of accounting. The purchase price was allocated as follows:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                    | 
|------------------- | 
|Accounts receivable | 
|Fixed assets        | 
|Goodwill            | 
|                    | 
|Total               | 
|                    | 

|The
 consolidated company (the Company) provides construction-related products and engineering services
 to residential customers and contractors, commercial contractors, developers and retail enterprises,
 primarily in southwestern Virginia.



Basis
 of Presentation  The financial statements include the accounts of Metwood, Inc. (a Nevada corporation)
 and its wholly owned subsidiary, Metwood Inc. (a Virginia corporation) prepared in accordance with accounting
 principles generally accepted in the United States of America and pursuant to the rules and regulations
 of the Securities and Exchange Commission. All significant intercompany balances and transactions have
 been eliminated.



In
 the opinion of management, the unaudited condensed consolidated financial statements contain all the
 adjustments necessary in order to make the financial statements not misleading. The results for the
 period ended December 31, 2003 are not necessarily indicative of the results to be expected for the
 entire fiscal year ending June 30, 2004.


4


Fair
 Value of Financial Instruments  For certain of the Companys financial instruments, none of which
 are held for trading, including cash, accounts receivable, accounts payable and accrued expenses, and
 the bank lines of credit, the carrying amounts approximate fair value due to their short maturities.



Managements
 Use of Estimates  The preparation of consolidated financial statements in conformity with accounting
 principles generally accepted in the United States of America requires management to make estimates
 and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent
 assets and liabilities at the date of consolidated financial statements, and the reported amounts of
 revenues and expenses during the reporting period. Actual results could differ from those estimates.



Accounts
 Receivable  The Company grants credit in the form of unsecured accounts receivable to its customers
 based on an evaluation of their financial condition. The Company performs ongoing credit evaluations
 of its customers. The estimate of the allowance for doubtful accounts, which is charged off to bad debt
 expense, is based on managements assessment of current economic conditions and historical collection
 experience with each customer. At December 31, 2003, the allowance for doubtful accounts was $0. Specific
 customer receivables are considered past due when they are outstanding beyond their contractual terms
 and are charged off to the allowance for doubtful accounts when determined uncollectible. For both the
 three and six months ended December 31, 2003 and 2002, the bad debt expense was $0.



Inventory
  Inventory, consisting of metal and wood raw materials, is located on the Companys premises and is
 stated at the lower of cost or market using the first-in, first-out method.



Property
 and equipment  Property and equipment are recorded at cost and include expenditures for improvements
 when they substantially increase the productive lives of existing assets. Maintenance and repair costs
 are expensed to operations as incurred. Depreciation is computed using the straight-line method over
 the assets estimated useful lives, which range from three to forty years.



When
 a fixed asset is disposed of, its cost and related accumulated depreciation are removed from the accounts.
 The difference between undepreciated cost and the proceeds from disposition is recorded as a gain or
 loss.



Goodwill
  In June 2001 the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting
 Standards (SFAS) No. 142, Goodwill and Other Intangible Assets. This statement requires that goodwill
 and intangible assets deemed to have an indefinite life not be amortized. Instead, such assets are to
 be tested for impairment annually or immediately if conditions indicate that such an impairment could
 exist. Transition to the new rules of SFAS 142 requires the completion of a transitional impairment
 test of goodwill within the first year of adoption. The Company adopted the provisions of SFAS 142 beginning
 July 1, 2002 and completed the transitional impairment test of goodwill as of July 1, 2002 and again
 as of June 30, 2003 using discounted cash flow estimates and found no goodwill impairment.


6


Patents
  The Company has been assigned several key product patents developed by certain Company officers. No
 value has been recorded in the Companys financial statements because the fair value of the patents
 was not determinable within reasonable limits at the date of assignment.



Impairment
 of Long-Lived Assets  In August 2001, the FASB issued SFAS No. 144, Accounting for the Impairment
 or Disposal of Long-Lived Assets. SFAS No. 144 generally establishes a standard framework within which
 to measure impairment of long-lived assets and expands APB Opinion No. 30, Reporting the Results of
 Operations  Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual
 and Infrequently Occurring Events and Transactions, to include a component of the entity rather than
 a segment of the business. SFAS No. 144 is effective for financial statements issued for fiscal years
 beginning after December 15, 2001. The adoption of SFAS No. 144 has had no material effect on the Companys
 consolidated financial condition and consolidated cash flows.



Revenue
 Recognition  Revenue is recognized when goods are shipped and earned or when services are performed,
 provided collection of the resulting receivable is probable. If any material contingencies are present,
 revenue recognition is delayed until all material contingencies are eliminated. Further, no revenue
 is recognized unless collection of the applicable consideration is probable.



Income
 Taxes  Income taxes are accounted for in accordance with SFAS No. 109, Accounting for Income Taxes.
 A deferred tax asset or liability is recorded for all temporary differences between financial and tax
 reporting and for net operating loss carryforwards, where applicable. Deferred tax assets are reduced
 by a valuation allowance when, in the opinion of management, it is more likely than not that some portion
 or the entire deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted
 for the effect of changes in tax laws and rates on the date of enactment.



Research
 and Development  The Company performs research and development on its metal/wood products, new
 product lines, and new patents. Costs, if any, are expensed as they are incurred. For the three months
 ended December 31, 2003 and 2002, the expenses relating to research and development were $8,700 and
 $7,511, respectively. For the six months ended December 31, 2003 and 2002, research and development
 expenses were $15,903 and $14,982, respectively.



Earnings
 Per Common Share  Basic earnings per share amounts are based on the weighted average shares of
 common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise
 or issuance of all potential common stock instruments such as options, warrants and convertible securities,
 unless the effect is to reduce a loss or increase earnings per share. This presentation has been adopted
 for the quarters presented. There were no adjustments required to net income for the years presented
 in the computation of diluted earnings per share.



Reclassifications
  Certain items in the financial statements for the three and six months ended December 31, 2002 have
 been reclassified to conform to the December 31, 2003 financial statement presentation.


7


Recent Accounting Pronouncements  In October
 2001, the FASB issued SFAS No. 143, Accounting for Asset Retirement Obligations, which requires companies
 to record a liability for asset retirement obligations in the period in which they are incurred if a
 reasonable estimate of their fair value can be made. The statement applies to a companys legal obligations
 associated with the retirement of a tangible long-lived asset that results from the acquisition, construction,
 or development and (or) the normal operation of a long-lived asset. When a liability for an asset retirement
 obligation is initially recognized, a company capitalizes the asset retirement cost by increasing the
 carrying amount of the related long-lived asset by the same amount as the liability. The capitalized
 asset retirement cost is depreciated over the life of the respective asset, while the liability is accreted
 to its present value. Upon settlement of the liability, the obligation is settled at its recorded amount,
 or the company incurs a gain or loss. The statement is effective for fiscal years beginning after June
 30, 2002. The adoption of this statement has had no material impact on the Companys consolidated financial
 condition or results of operations.



In
 April 2002, the FASB issued Statement No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment
 of FASB Statement No. 13, and Technical Corrections.  This statement rescinds FASB Statement No.
 4, Reporting Gains and Losses from Extinguishment of Debt; an amendment of that statement, FASB Statement
 No. 64, Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements; and FASB Statement No.
 44, Accounting for Intangible Assets of Motor Carriers. This statement also amends FASB Statement
 No. 13, Accounting for Leases, to eliminate an inconsistency between the required accounting for sale-leaseback
 transactions and the required accounting for certain lease modifications that have economic effects
 that are similar to sale-leaseback transactions.  The adoption of this statement has had no material
 impact on the Companys consolidated financial condition or results of operations.



In
 June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities.
  This statement nullifies Emerging Issues Task Force Issue No. 94-3, Liability Recognition for
 Certain Employee Termination Benefits and Other Costs to Exit an Activity (including Certain Costs Incurred
 in a Restructuring).  This statement requires that a liability for costs associated with an exit
 or disposal activity be recognized when the liability is incurred instead of at the date an entity commits
 to an exit plan. The statement is effective for exit and disposal activities entered into after December
 31, 2002. The adoption of this statement has had no material impact on the Companys consolidated financial
 condition or results of operations.



In
 December 2002, the FASB issued SFAS No. 148, Accounting for Stock-Based Compensation Transition and
 Disclosurean Amendment of FASB Statement No. 123. This statement amends SFAS 123, Accounting for
 Stock-Based Compensation, to allow for alternative methods of transition for a voluntary change to
 the fair-value-based method of accounting for stock-based employee compensation. This statement also
 amends FASB No. 123 to require disclosure of the accounting method used for valuation in both annual
 and interim financial statements.  It permits an entity to recognize compensation expense under
 the prospective method, modified prospective method, or the retroactive restatement method. If an entity
 elects to adopt this statement, financial statements for fiscal years beginning after December 15, 2003
 must include this change in accounting for stock-based employee compensation.


8


In
 April 2003, the FASB issued SFAS No. 149 Amendment of Statement 133 on Derivative Instruments and Hedging
 Activities. This statement amends and clarifies financial accounting and reporting for derivative instruments,
 including certain derivative instruments embedded in other contracts (collectively referred to as derivatives)
 and for hedging activities under FASB Statement No. 133, Accounting for Derivative Instruments and
 Hedging Activities. The effective date for implementation of this statement is for contracts entered
 into or modified after June 30, 2003. The adoption of this statement has had no material impact on the
 Companys consolidated financial condition or results of operations.



In
 May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial Instruments with Characteristics
 of both Liabilities and Equity. This statement establishes standards for how an issuer classifies and
 measures certain financial instruments with characteristics of both liabilities and equity. It requires
 that an issuer classify a financial instrument that is within its scope as a liability (or an asset
 in some circumstances). The remaining provisions of this statement are consistent with the Boards proposal
 to revise the definition of liabilities to encompass certain obligations that a reporting entity can
 or must settle by issuing its own equity shares, depending on the nature of the relationship established
 between the holder and the issuer. This statement is effective for financial instruments entered into
 or modified after May 31, 2003, and is effective at the beginning of the first interim period beginning
 after June 15, 2003. The adoption of this statement has had no material impact on the Companys consolidated
 financial condition or results of operations.


NOTE 2  EARNINGS PER SHARE



Net
 income and earnings per share for the three and six months ending December 31, 2003 and 2002 are as
 follows:
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                           | For the Three Months EndedDecember 31, | For the Six Months EndedDecember 31,
|------------------------------------------ | -------------------------------------- | ------------------------------------
|
|Net income (loss)                          |                                        |                                     
|Income per share - basic and fully diluted |                                        |                                     
|Weighted average number of shares          |                                        |                                     

|**Less than $.01


NOTE 3  SUPPLEMENTAL CASH FLOW INFORMATION



Supplemental
 disclosures of cash flow information for the three and six months ended December 31, 2003 and 2002 are
 summarized as follows:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                           | For the Three Months EndedDecember 31, | For the Six Months EndedDecember 31,
|-------------------------- | -------------------------------------- | ------------------------------------
|
|Cash paid for income taxes |                                        |                                     
|Cash paid for interest     |                                        |                                     

|9


NOTE 4  RELATED-PARTY TRANSACTIONS



From
 time to time, the Company contracts with a construction company related through common ownership and
 from whom the Company earns equipment rental fees. There were no fees earned for the three and six months
 ended December 31, 2003 or 2002. The Company did, however, enter into certain agreements with the related
 party in which the related party transferred ownership of two vehicles to the Company in exchange for
 the Companys note. The net amount payable to the related party was $10,154 at December 31, 2003 and
 $0 at December 31, 2002. Also, for the three and six months ended December 31, 2003, the Company had
 sales of $2,643 and $12,169, respectively, to its shareholder and CEO, Robert M. Callahan. As of December
 31, 2003, the related receivable was still outstanding.


NOTE 5  BANK CREDIT LINE



The
 Company has available a $600,000 revolving line of credit with a local bank. Interest is payable monthly
 on the outstanding balance at the prime lending rate, which was 4.0% as of December 31, 2003. The note
 is secured by accounts receivable, equipment, general intangibles, inventory, and fixtures and furniture.
 The note is personally guaranteed by the Companys CEO. The balance outstanding as of December 31, 2003
 was $535,000.


NOTE 6  SEGMENT INFORMATION



The
 Company operates in two principal business segments: (1) construction-related products and (2) engineering
 services. Performance of each segment is evaluated based on profit or loss from operations before income
 taxes. These reportable segments are strategic business units that offer different products and services.
 Summarized revenue and expense information by segment for the three and six months ended December 31,
 2003 and 2002, as excerpted from internal management reports, is as follows:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                             | For the Three Months EndedDecember 31, | For the Six Months EndedDecember 31,
|---------------------------- | -------------------------------------- | ------------------------------------
|
|Construction:                |                                        |                                     
|Sales                        |                                        |                                     
|Intersegment expenses        |                                        |                                     
|Cost of sales                |                                        |                                     
|Corporate and other expenses |                                        |                                     
|                             |                                        |                                     
|Segment income (loss)        |                                        |                                     
|Engineering:                 |                                        |                                     
|Sales                        |                                        |                                     
|Intersegment revenues        |                                        |                                     
|Cost of sales                |                                        |                                     
|Corporate and other expenses |                                        |                                     
|                             |                                        |                                     
|Segment income (loss)        |                                        |                                     

|10


ITEM 2  MANAGEMENTS DISCUSSION AND ANALYSIS



With
 the exception of historical facts stated herein, the matters discussed in this report are forward-looking
 statements that involve risks and uncertainties that could cause actual results to differ materially
 from projected results. Such forward-looking statements include, but are not necessarily limited to,
 statements regarding anticipated levels of future revenues and earnings from operations of the Company.
 Readers of this report are cautioned not to put undue reliance on forward-looking statements, which
 are by their nature, uncertain as reliable indicators of future performance.


Description of Business


Background



As
 discussed in detail in Note 1, the Company was incorporated under the laws of the Commonwealth of Virginia
 on April 7, 1993 and, on June 30, 2000, entered into a reverse merger in which it became the wholly
 owned subsidiary of a public Nevada shell corporation, renamed Metwood, Inc. Effective January 1, 2002,
 Metwood acquired certain assets of Providence Engineering, PC in a transaction accounted for under the
 purchase method of accounting.


Principal Products/Services and Markets


Metwood



Residential
 builders are aware of the superiority of steel framing vs. wood framing, insofar as steel framing is
 lighter; stronger; termite, pest, rot and fire resistant; and dimensionally more stable in withstanding
 induced loads. Although use of steel framing in residential construction has generally increased each
 year since 1980, many residential builders have been hesitant to utilize steel due to the need to retrain
 framers and subcontractors who are accustomed to a stick-built construction method where components
 are laid out and assembled with nails and screws. The Companys founders, Robert (Mike) Callahan and
 Ronald Shiflett, saw the need to combine the strength and durability of steel with the convenience and
 familiarity of wood and wood fasteners.



Metwood
 manufactures light-gage steel construction materials, usually combined with wood or wood fasteners,
 for use in residential and commercial applications in place of more conventional wood products, which
 are inferior in terms of strength and durability. The steel and steel/wood products allow structures
 to be built with increased load strength and structural integrity and fewer support beams or support
 configurations, thereby allowing for structural designs that are not possible with wood-only products.



Metwoods primary products and services are:
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|· Girders and headers· Floor joists· Floor joist reinforcers· Roof and floor trusses | · Garage, deck and porch concrete pour-over systems· Garage and post-and-beam buildings ·· Engineering, design and custom building services
|------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------

|11


Providence



Providence
 is extensively involved in ongoing product research and development for Metwood. Additionally, Providence
 offers its customers civil engineering capabilities which include rezoning and special use submissions;
 erosion and sediment control and storm-water management design; residential, commercial, and religious
 facility site development design; and utility design, including water, sewer and onsite treatment systems.
 Providences staff is familiar with construction practices and has been actively involved in construction
 administration and inspection on multiple projects.



Providence
 also performs a variety of structural design and analysis work, successfully providing solutions for
 many projects, including retaining walls, residential framing, commercial building framing, light-gage
 steel fabrication drawings, metal building retrofits and additions, mezzanines, and seismic anchors
 and restraints.



Providence
 has designed numerous foundations for a variety of structures. Its foundation design expertise includes
 metal building foundations, traditional building construction foundations, atypical foundations for
 residential structures, tower foundations, and sign foundations for a variety of uses and applications.



Providence
 has also designed and drafted full building plans for several applications. When subcontracting with
 local professional firms, Providence has the ability to provide basic architectural, mechanical, electrical,
 and detailed civil and structural design services for these facilities.



Providence
 has reviewed designs by manufacturers for a variety of structures and structural components, including
 retaining walls, radio towers, tower foundations, sign foundations, timber trusses, light-gage steel
 trusses, and light-gage steel beams. This service enables clients to take generic designs and have them
 certified and approved for construction in the desired locality.


Distribution Methods of Products and Services



The
 Companys sales are primarily retail, directly to contractors and do-it-yourself homeowners in Virginia
 and North Carolina. Approximately 20% of the Companys sales are wholesale to lumberyards, home improvement
 stores, hardware stores, and plumbing and electrical suppliers in Virginia and North Carolina. Metwood
 relies primarily on its own sales force to generate sales; additionally, however, the Company has distributors
 in Virginia, New York, Oklahoma, Arizona and Colorado and also utilizes the salespeople of wholesale
 yards stocking the Companys products as an additional sales force. The Company is in discussions with
 national engineered I-joist manufacturers who are interested in marketing the Companys products and
 expects to announce affiliations with these companies in the near future. Metwood intends to continue
 expanding the wholesale marketing of its unique products to retailers and to license the Companys technology
 and products to increase its distribution outside of Virginia, North Carolina and the South.


12


Status of Publicly Announced New Products or Services



The
 Company has acquired four new patents through assignment from Robert M. Callahan and Ronald B. Shiflett,
 the patent holders. All four patents reflect various modifications to the Companys Joist Reinforcing
 Bracket which will make it even easier for tradesmen to insert utility conduits through wood joists.


Seasonality of Market



The
 Companys sales are subject to seasonal impacts, as its products are used in residential and commercial
 construction projects which tend to be at peak levels in Virginia and North Carolina between the months
 of March and October. Accordingly, the Companys sales are greater in its fourth and first fiscal quarters.
 The Company builds an inventory of its products throughout the winter and spring to support its sales
 season.


Competition



Nationally,
 there are over one hundred manufacturers of the types of products produced by the Company. However,
 the majority of these manufacturers are using wood-only products or products without metal reinforcement.
 Metwood has identified only one other manufacturer in the United States that manufactures a wood-metal
 floor truss similar to that of the Company. However, Metwood has often found that its products are the
 only ones that will work within many customers design specs.



Sources and Availability of Raw Materials and the
 Names of Principal Suppliers



All
 of the raw materials used by the Company are readily available on the market from numerous suppliers.
 The light-gage metal used by the Company is supplied primarily by Dietrich Industries, Marino-Ware,
 and Consolidated Systems, Inc. The Companys main sources of lumber are Lowes, 84 Lumber Company and
 Smith Mountain Building Supply. Gerdau Amersteel, Descosteel and Adelphia Metals provide the majority
 of the Companys rebar. Because of the number of suppliers available to the Company, its decisions in
 purchasing materials are dictated primarily by price and secondarily by availability. The Company does
 not anticipate a lack of supply to affect its production; however, a shortage might cause the Company
 to pass on higher materials prices to its buyers.


Dependence on One or a Few Major Customers



Presently
 the Company does not have any one customer whose loss would have a substantial impact on the Companys
 operations.


13


Patents



The Companys eight U.S. Patents are:



U.S. Patent No. 5,519,977,
 Joist Reinforcing Bracket, a bracket that reinforces wooden joists with a hole for the passage of
 a utility conduit. The Company refers to this as its Floor Joist Patch Kit.



U.S. Patent No. 5,625,997,
 Composite Beam, a composite beam that includes an elongated metal shell and a pierceable insert for
 receiving nails, screws or other penetrating fasteners.



U.S. Patent No. 5,832,691,
 Composite Beam, a composite beam that includes an elongated metal shell and a pierceable insert for
 receiving nails, screws or other penetrating fasteners. This is a continuation-in-part of U.S. Patent
 No. 5,625,997.



U.S. Patent No. 5,921,053,
 Internally Reinforced Girder with Pierceable Nonmetal Components, a girder that includes a pair of
 c-shaped members secured together so as to form a hollow box, which permits the girder to be secured
 within a building structure with conventional fasteners such as nails, screws and staples.



U.S. Patent Nos. D472,791S;
 D472,792S; D472,793S; and D477,210S, all modifications of Metwoods Joist Reinforcing Bracket, which
 will be used for repairs of wood I-joists.



Each
 of these patents was originally issued to the inventors and Company founders, Robert Callahan and Ronald
 B. Shiflett, who licensed these patents to the Company.


Need for Government Approval of Principal Products



The
 Companys products must either be sold with an engineers seal or applicable building code approval.
 Once that approval is obtained, the products can be used in all fifty states. The Companys Floor Joist
 Reinforcer received Bureau Officials Code Association (BOCA) approval in April 2001. Currently, the
 Companys chief engineer has obtained professional licensure in several states which permit products
 not building code approved to be sold and used with his seal. The Company expects his licensure in a
 growing number of states to greatly assist in the uniform acceptability of its products as it expands
 to new markets.


Time Spent During the Last Two Fiscal Years on Research
 and DevelopmentActivities



Approximately
 fifteen percent of the Companys time and resources have been spent during the last two fiscal years
 researching and developing its metal/wood products, new product lines, and new patents.


Costs and Effects of Compliance with Environmental
 Laws



The
 Company does not incur any costs to comply with environmental laws. It is an environmentally friendly
 business in that its products are fabricated from recycled steel.


14


Number of Total Employees and Number of Full-Time
 Employees



The
 Company had twenty-seven employees at December 31, 2003, all of whom were full time.


Results of Operations


Net Income



The
 Company had net income of $88,154 and $132,062, respectively, for the three and six months ended December
 31, 2003, versus net losses of $75,514 and $73,621, respectively, for the three and six months ended
 December 31, 2002. This represents increases of $163,668 and $205,683, respectively, for the three and
 six months ended December 31, 2003 compared to the same periods in 2002. The increase in income was
 attributable to substantially increased sales, net of their related income tax effect, and a higher
 profit margin achieved primarily from fixed costs which remained generally unchanged from prior periods
 matched against significantly higher sales volume.


Sales



Revenues
 were $775,418 for the three months ended December 31, 2003 compared to $479,767 for the same period
 in 2002, an increase of $295,651, or 62%. Revenues for the six months ended December 31, 2003 were $1,370,976
 versus $950,618 for the same prior-year period, an increase of $420,358, or 44%. Average selling prices
 remained fairly constant.



The
 Companys significant growth in 2003 sales over 2002 resulted from several factors, all of which will
 continue to have a positive impact on sales into the future. Awareness of the Companys products has
 increased as a result of aggressive marketing campaigns, and its patented, innovative products are becoming
 known throughout the country. The Companys customer base continues to grow as a result. Additionally,
 new products using the technology of the Companys four newly issued patents began production at the
 beginning of the current fiscal year and contributed to the growth in revenues for the three and six
 months ending December 31, 2003.


Expenses



Total
 administrative expenses were $233,555 and $427,880 for the three and six months ended December 31, 2003,
 respectively, versus $216,420 and $422,625 for the three and six months ended December 31, 2002, respectively.
 This is an increase in expenses of $17,135 (8%) for the three months ended December 31, 2003 compared
 to the same period in 2002, and an increase of only $5,255 (1%) for the six-month period ended December
 31, 2003 compared to 2002 . Decreases of approximately $20,000 and $36,000, respectively, for the three
 and six months ended December 31, 2003 over 2002 in professional fees were offset by increases in payroll
 and miscellaneous other costs.


15


Liquidity and Capital Reserves



On
 December 31, 2003, the Company had cash of $98,087 and working capital of $212,161. Net cash provided
 by operating activities was $131,219 for the six months ended December 31, 2003 compared to net cash
 used for operating activities of $80,247 for the six months ended December 31, 2002. The greater provision
 of cash in the current year resulted primarily from a higher sales volume and an increase in income
 taxes payable that did not require a current cash outlay.



Net
 cash used in investing activities was $67,452 for the six months ended December 31, 2003 compared to
 net cash used of $90,526 during the same period in the prior year. Cash flows used in investing activities
 for the current period were for building improvements ($9,072), shop equipment ($24,580), vehicles ($16,000)
 and office equipment, computers, software and engineering equipment ($17,800).



Cash
 provided by financing activities totaled $24,838 for the six months ended December 31, 2003 as compared
 with cash used in financing activities of $92,685 for the six months ended December 31, 2002. Cash was
 borrowed from the bank line of credit in both the current period and the prior year for operating capital
 and for the purchase of plant and equipment.


ITEM 3  CONTROLS AND PROCEDURES



The
 Companys management has reviewed the systems of internal controls and disclosures within the specified
 time frame of ninety days. Management believes that the systems in place allow for proper controls and
 disclosures of financial reporting information. There have been no changes in these controls since our
 last evaluation date.


16


PART II  OTHER INFORMATION


ITEM 6  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits                See
 index to exhibits.



(b) Reports on Form 8-K



There
 were no reports on Form 8-K filed during the quarter ended December 31, 2003.


SIGNATURES



In
 accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
 this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|                        |                                                                
|----------------------- | ---------------------------------------------------------------
|Date: February 16, 2004 | /s/ Robert M. CallahanRobert M. CallahanChief Executive Officer
|                        | /s/ Annette G. MarianoAnnette G. MarianoChief Financial Officer

|17


INDEX TO EXHIBITS
|----------------------

|NUMBER  |  |  | DESCRIPTION OF EXHIBIT                                                                                                                                                   |  | 
|------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | 
|3(i)*   |  |  | Articles of Incorporation                                                                                                                                                |  | 
|3(ii)** |  |  | By-Laws                                                                                                                                                                  |  | 
|31.1    |  |  | Certification of Chief Executive Officer Pursuant to Securities Exchange Act Rules 13a-14and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  | 
|        |  | 
|31.2    |  |  | Certification of Chief Financial Officer Pursuant to Securities Exchange Act Rules 13a-14and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  | 
|        |  | 
|32      |  |  | Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18U.S.C. 1350)                                                                                 |  | 

|*Incorporated by reference on Form 8-K, filed
 February 16, 2000



**Incorporated by reference on Form 8-K, filed February
 16, 2000


18
|------------------------------------------------------------------------------------------------------------------------------------------