<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 the Quarter ended September 30, 2001      Commission File Number  0-1227
                      ------------------                             --------


                           CHICAGO RIVET & MACHINE CO.
             (Exact name of registrant as specified in its charter)


ILLINOIS                                                              36-0904920
---------                                                          -------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

P.O. Box 3061
90l Frontenac Road
Naperville, Illinois                                                       60566
--------------------                                                       -----
(Address of principal executive office)                               (Zip Code)



Registrant's telephone number, including area code (630) 357-8500
                                                   --------------


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
        -----                        -----


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

Class                                       Outstanding at September 30, 2001
-----                                       ---------------------------------

COMMON STOCK, $1.00 PAR VALUE                          967,132 SHARES
-----------------------------                          --------------


<PAGE>
                           CHICAGO RIVET & MACHINE CO.

                                      INDEX

PART I.            FINANCIAL INFORMATION                                Page

     Consolidated Balance Sheets at September 30, 2001
            and December 31, 2000                                        2-3

     Consolidated Statements of Operations for the Three
            and Nine Months Ended September 30, 2001 and 2000              4

     Consolidated Statements of Retained Earnings for the
            Nine Months Ended September 30, 2001 and 2000                  5

     Consolidated Statements of Cash Flows for the Nine Months
            Ended September 30, 2001 and 2000                              6

     Notes to the Consolidated Financial Statements                      7-9

     Management's Discussion and Analysis of Financial
            Condition and Results of Operations                           10

     Quantitative and Qualitative Information About Market Risk           11


PART II.           OTHER INFORMATION                                   12-17






                                       1
<PAGE>
                           CHICAGO RIVET & MACHINE CO.
                           Consolidated Balance Sheets
                    September 30, 2001 and December 31, 2000


                                                    September 30,   December 31,
                                                        2001           2000
                                                    -----------     -----------
                                                    (Unaudited)
                           Assets

Current Assets:
  Cash and cash equivalents                         $ 2,188,577     $ 2,265,442
  Certificates of deposit                             1,677,882       1,429,886
  Accounts receivable - net of allowances             5,676,025       5,037,231
  Inventories:
    Raw materials                                     1,715,919       2,010,984
    Work in process                                   1,885,087       2,156,092
    Finished goods                                    2,725,164       3,037,108
                                                    -----------     -----------
  Total inventories                                   6,326,170       7,204,184
                                                    -----------     -----------

  Deferred income taxes                                 665,191         705,191
  Other current assets                                  407,716         191,668
                                                    -----------     -----------

Total current assets                                 16,941,561      16,833,602
                                                    -----------     -----------

Property, Plant and Equipment:
    Land and improvements                             1,010,595       1,010,595
    Buildings and improvements                        5,686,030       5,677,680
    Production equipment, leased
      machines and other                             27,907,894      26,686,705
                                                    -----------     -----------
                                                     34,604,519      33,374,980
Less accumulated depreciation                        20,391,286      19,051,463
                                                    -----------     -----------
Net property, plant and equipment                    14,213,233      14,323,517
                                                    -----------     -----------

Total assets                                        $31,154,794     $31,157,119
                                                    ===========     ===========

See Notes to the Consolidated Financial Statements


                                       2
<PAGE>
                          CHICAGO RIVET & MACHINE CO.
                          Consolidated Balance Sheets
                    September 30, 2001 and December 31, 2000




                                                  September 30, December 31,
                                                      2001         2000
                                                   -----------  -----------
                                                   (Unaudited)
      Liabilities and Shareholders' Equity

Current Liabilities:
  Current portion of note payable                  $ 1,800,000  $ 1,800,000
  Accounts payable                                   1,497,022    1,065,561
  Accrued wages and salaries                         1,189,235      753,577
  Contributions due profit sharing plan                257,986      437,076
  Other accrued expenses                               545,195      774,974
  Federal and state income taxes payable               150,908        1,123
                                                   -----------  -----------
Total current liabilities                            5,440,346    4,832,311

Note payable                                         2,082,760    3,432,760
Deferred income taxes                                1,373,275    1,373,275
                                                   -----------  -----------
Total liabilities                                    8,896,381    9,638,346
                                                   -----------  -----------
Commitments and contingencies (Note 4)

Shareholders' Equity:
  Preferred stock, no par value, 500,000 shares
    authorized: none outstanding                           -            -
  Common stock, $1.00 par value, 4,000,000 shares
    authorized: 1,138,096 shares issued              1,138,096    1,138,096
  Additional paid-in capital                           447,134      447,134
  Retained earnings                                 24,568,305   23,828,665
  Treasury stock, 170,964 shares at cost            (3,895,122)  (3,895,122)
                                                   -----------  -----------
Total shareholders' equity                          22,258,413   21,518,773
                                                   -----------  -----------

Total liabilities and shareholders' equity         $31,154,794  $31,157,119
                                                   ===========  ===========





See Notes to the Consolidated Financial Statements



                                       3

<PAGE>
                           CHICAGO RIVET & MACHINE CO.
                     Consolidated Statements of Operations
         For the Three and Nine Months Ended September 30, 2001 and 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                              Three Months Ended                 Nine Months Ended
                                                 September 30,                      September 30,
                                        ------------------------------      ----------------------------
                                            2001               2000              2001            2000
                                            ----               ----              ----            ----
<S>                                     <C>               <C>               <C>             <C>
Net sales                               $ 9,342,407       $ 10,284,719      $ 31,070,990    $ 34,958,334
Lease revenue                                56,165             60,851           171,662         189,060
                                        -----------       ------------      ------------    ------------
                                          9,398,572         10,345,570        31,242,652      35,147,394
Cost of goods sold and costs
  related to lease revenue                7,068,030          8,082,881        23,842,571      25,694,467
                                        -----------       ------------      ------------    ------------
Gross profit                              2,330,542          2,262,689         7,400,081       9,452,927
Selling and administrative expenses       1,697,704          1,794,694         5,073,298       6,175,680
                                        -----------       ------------      ------------    ------------
                                            632,838            467,995         2,326,783       3,277,247
Other income and expenses:
Interest income                              34,732             55,348           117,946         147,657
Interest expense                            (52,174)          (113,080)         (219,548)       (274,661)
Gain from disposal of equipment              23,844                224            42,436             253
Other income, net of other expense            3,756              5,096            12,058          13,235
                                        -----------       ------------      ------------    ------------
Income before income taxes                  642,996            415,583         2,279,675       3,163,731
Provision for income taxes                  216,000            141,000           776,000       1,073,000
                                        -----------       ------------      ------------    ------------
Net income                              $   426,996       $    274,583      $  1,503,675    $  2,090,731
                                        ===========       ============      ============    ============
Average common shares outstanding           967,132            978,532           967,132       1,039,679
                                        ===========       ============      ============    ============

Per share data:
Net income per share                    $      0.44       $       0.28      $       1.55    $       2.01
                                        ===========       ============      ============    ============

Cash dividends declared per share       $      0.18       $       0.18      $       0.79    $       0.89
                                        ===========       ============      ============    ============

</TABLE>




See Notes to the Consolidated Financial Statements





                                       4
<PAGE>
                           CHICAGO RIVET & MACHINE CO.
                  Consolidated Statements of Retained Earnings
              For the Nine Months Ended September 30, 2001 and 2000
                                  (Unaudited)


<TABLE>
<CAPTION>

                                                            2001            2000
                                                            ----            ----
<S>                                                    <C>             <C>
Retained earnings at beginning of period               $ 23,828,665    $ 22,302,048

Net income for the nine months ended                      1,503,675       2,090,731

Cash dividends declared in the period,
$.79 and $.89 per share in 2001 and 2000, respectively     (764,035)       (955,456)
                                                       ------------    ------------
Retained earnings at end of period                     $ 24,568,305    $ 23,437,323
                                                       ============    ============
</TABLE>







See Notes to the Consolidated Financial Statements




                                       5
<PAGE>

                          CHICAGO RIVET & MACHINE CO.
                     Consolidated Statements of Cash Flows
             For the Nine Months Ended September 30, 2001 and 2000
                                  (Unaudited)

                                                        2001            2000
                                                     ----------      ----------
Cash flows from operating activities:
Net income                                           $1,503,675      $2,090,731
Adjustments to reconcile net income to net cash
 provided by operating activities:
 Depreciation                                         1,418,608       1,400,418
 Net gain on the sale of properties                     (42,436)           (253)
 Deferred income taxes                                   40,000          50,000
 Changes in operating assets and liabilities:
  Accounts receivable                                  (638,794)        330,243
  Inventories                                           878,014         (18,957)
  Other current assets                                 (216,048)        (15,537)
  Accounts payable                                      431,461        (335,847)
  Accrued expenses                                      261,569          97,204
  Unearned revenue                                     (234,780)        225,105
  Income taxes payable                                  149,785        (693,695)
                                                     ----------      ----------
  Net cash provided by operating activities           3,551,054       3,129,412
                                                     ----------      ----------

Cash flows from investing activities:
 Capital expenditures                                (1,322,612)     (1,564,332)
 Proceeds from the sale of properties                    56,724          15,425
 Proceeds from held-to-maturity securities            2,235,989       1,906,327
 Purchases of held-to-maturity securities            (2,483,985)     (2,183,619)
                                                     ----------      ----------
 Net cash used in investing activities               (1,513,884)     (1,826,199)
                                                     ----------      ----------

Cash flows from financing activities:
 Borrowings under term loan agreement                       -         3,882,760
 Payments under term loan agreement                  (1,350,000)     (1,350,000)
 Purchase of treasury stock                                 -        (3,669,972)
 Cash dividends paid                                   (764,035)       (955,456)
                                                     ----------      ----------
 Net cash used in financing activities               (2,114,035)     (2,092,668)
                                                     ----------      ----------

Net decrease in cash and cash equivalents               (76,865)       (789,455)
Cash and cash equivalents at beginning of period      2,265,442       3,414,460
                                                     ----------      ----------
Cash and cash equivalents at end of period           $2,188,577      $2,625,005
                                                     ==========      ==========

See Notes to the Consolidated Financial Statements



                                       6
<PAGE>

                           CHICAGO RIVET & MACHINE CO.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1. In the opinion of the Company, the accompanying unaudited interim financial
statements contain all adjustments necessary to present fairly the financial
position of the Company as of September 30, 2001 and the results of operations
and changes in cash flows for the indicated periods.

The Company uses estimated gross profit rates to determine the cost of goods
sold during interim periods on a portion of its operations. Actual results could
differ from those estimates and will be adjusted, as necessary, following the
Company's annual physical inventory in the fourth quarter.

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

2. The results of operations for the three and nine-month period ending
September 30, 2001 are not necessarily indicative of the results to be expected
for the year.

3. The Company extends credit primarily on the basis of 30-day terms to various
companies doing business primarily in the automotive and appliance industries.
The Company has a concentration of credit risk primarily within the automotive
industry and in the Midwestern United States.

4. The Company is, from time to time, involved in litigation, including
environmental claims, in the normal course of business. While it is not possible
at this time to establish the ultimate amount of liability with respect to
contingent liabilities, including those related to legal proceedings, management
is of the opinion that the aggregate amount of any such liabilities, for which
provision has not been made, will not have a material adverse effect on the
Company's financial position.







                                       7
<PAGE>

                          CHICAGO RIVET & MACHINE CO.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)

5. Segment Information--The Company operates in two business segments as
determined by its products. The fastener segment includes rivets, cold-formed
fasteners and screw-machine products. The assembly equipment segment includes
automatic rivet setting machines, parts and tools for such machines and the
leasing of automatic rivet setting machines. Information by segment is as
follows:


<TABLE>
<CAPTION>
                                                       Assembly
                                        Fastener      Equipment        Other     Consolidated
                                        --------      ---------        -----     ------------
<S>                                    <C>           <C>            <C>          <C>
Three Months Ended September 30, 2001:
Net sales and lease revenue            $ 7,748,260   $ 1,650,312    $      -     $ 9,398,572

Depreciation                               359,590        60,699        57,422       477,711

Segment profit                           1,099,633       397,111           -       1,496,744
Selling and administrative expenses                                    836,306       836,306
Interest expense                                                        52,174        52,174
Interest income                                                        (34,732)      (34,732)
                                                                                ------------
Income before income taxes                                                           642,996
                                                                                ------------

Capital expenditures                       592,232            -            -         592,232

Segment assets:
 Inventory                               3,698,180     2,627,990           -       6,326,170
 Property, plant and equipment, net     11,039,833     1,794,312     1,379,088    14,213,233
 Other assets                                  -             -      10,615,391    10,615,391
                                                                                ------------
                                                                                  31,154,794
                                                                                ------------

Three Months Ended September 30, 2000:
Net sales and lease revenue            $ 8,022,136   $ 2,323,434    $      -     $10,345,570

Depreciation                               343,956        63,861        58,983       466,800

Segment profit                             599,860       721,841           -       1,321,701
Selling and administrative expenses                                    848,386       848,386
Interest expense                                                       113,080       113,080
Interest income                                                        (55,348)      (55,348)
                                                                                ------------
Income before income taxes                                                           415,583
                                                                                ------------

Capital expenditures                        63,635       118,244        12,408       194,287

Segment assets:
 Inventory                               3,957,677     2,985,001           -       6,942,678
 Property, plant and equipment, net     10,869,966     1,887,612     1,499,128    14,256,706
 Other assets                                  -            -       10,763,031    10,763,031
                                                                                ------------
                                                                                  31,962,415
                                                                                ------------
</TABLE>


                                       8
<PAGE>

                          CHICAGO RIVET & MACHINE CO.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)

<TABLE>
<CAPTION>

                                                       Assembly
                                        Fastener      Equipment         Other      Consolidated
                                        --------      ---------         -----      ------------
<S>                                    <C>           <C>            <C>             <C>
Nine Months Ended September 30, 2001:
Net sales and lease revenue            $25,042,640   $ 6,200,012     $      -      $31,242,652

Depreciation                             1,059,653       182,097        176,858      1,418,608

Segment profit                           2,967,047     1,786,999            -        4,754,046
Selling and administrative expenses                                    2,372,769     2,372,769
Interest expense                                                         219,548       219,548
Interest income                                                         (117,946)     (117,946)
                                                                                   -----------
Income before income taxes                                                           2,279,675
                                                                                   -----------

Capital expenditures                     1,194,605        13,209         114,798     1,322,612

Nine Months Ended September 30, 2000:
Net sales and lease revenue           $ 27,759,283   $ 7,388,111     $       -     $35,147,394

Depreciation                             1,028,718       194,631         177,069     1,400,418

Segment profit                           3,885,525     2,440,349             -       6,325,874
Selling and administrative expenses                                    3,035,139     3,035,139
Interest expense                                                         274,661       274,661
Interest income                                                         (147,657)     (147,657)
                                                                                   -----------
Income before income taxes                                                           3,163,731
                                                                                   -----------

Capital expenditures                     1,382,526       161,456          20,350     1,564,332
</TABLE>



                                       9
<PAGE>

                           CHICAGO RIVET & MACHINE CO.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

     Net sales and lease revenues for the third quarter of 2001 amounted to
$9,398,572, which is a decline of 9.2% compared to the same period of 2000.
Revenues continue to reflect the weakness in the manufacturing sector of the
economy and the related lack of spending for capital equipment. Also, third
quarter revenues are traditionally softer than other quarters due to the impact
of vacation schedules at our facilities as well as at those of our customers,
and this also impacted our revenues during the third quarter. For the third
quarter of 2001, revenues from the fastener segment totaled $7,748,260, a
decrease of 3.4% compared to the third quarter of 2000. Revenues within the
assembly equipment segment declined 29% compared to the third quarter of 2000
and amounted to $1,650,312 during the third quarter of 2001. On a year-to-date
basis, 2001 revenues within the fastener segment totaled $25,042,640, a decline
of 9.8% compared with the first nine months of 2000, while revenues within the
assembly equipment segment amounted to $6,200,012, which is a decline of 16.1%
compared to the year earlier period.

     Despite the lower sales revenues, the company was able to report an
improvement in net income for the third quarter of 2001, compared with the third
quarter of 2000. Within the fastener segment, a variety of factors allowed us to
post quarterly results that were significantly better than those of the third
quarter of 2000. These factors include the impact of negotiated reductions in
the cost of certain raw material and supplies, reductions in indirect labor and
salary expense, and lower repair and maintenance expenses. The quarter to
quarter comparison is also more favorable because the third quarter of 2000
included certain unfavorable inventory valuation adjustments which reduced
margins in that period. While cost control measures contributed reductions in
costs for both segments of our operations, those achieved within the assembly
equipment segment were not sufficient to offset the effects of lower volume, and
margins fell short of those recorded in the prior year in both the current
quarter and on a year-to-date basis. As has been the case throughout the current
year, selling and administrative expenses during the third quarter were
appreciably below levels of the prior year, mostly due to lower legal and
professional fees, as well as reductions in salaries and commissions.
Unfortunately, the bankruptcy filing of a large customer generated an increase
in bad debt expense of $150,000, which offset much of the savings in
administrative expenses during the third quarter of 2001. Overall, net income
during the quarter amounted to $426,996, or $.44 per share on 967,132 average
shares outstanding during the quarter, compared with $274,583, or $.28 per share
on 978,532 average shares outstanding during the third quarter of 2000. For the
first nine months, reduced volumes, and the resulting reductions in operating
efficiencies, had the effect of reducing gross margins, while significant year
to year reductions in selling and administrative expenses partially offset the
reduction in gross margins.

     Working capital at the end of the third quarter amounted to approximately
$11.5 million. While this is somewhat below the level at the beginning of the
year, it remains adequate for our operations. Inventory levels were further
reduced during the third quarter of this year, and at the end of the quarter
were nearly $.9 million lower than at the beginning of the year. Capital
expenditures amounted to $.6 million during the third quarter and were primarily
related to the purchase of equipment used in the manufacture of fasteners. At
September 30, the balance due on the term note was $3.9 million and the interest
rate was 4.56%. The Company also has a $1.0 million line of credit available
through Bank of America, N.A. There is no charge for this facility until it is
utilized. We believe that current cash, cash equivalents and the available
credit facility will be sufficient to provide adequate working capital to meet
the Company's needs for the foreseeable future.

     The first nine months of 2001 have presented a number of challenges that we
anticipate will persist throughout the fourth quarter. The weakness in the
economy, especially within the manufacturing sector, is expected to continue, at
least in the short term. Accordingly, we plan to continue to emphasize cost
controls, to adjust our level of operations in response to any changes in
business conditions, and to continue soliciting new, profitable business.

     The foregoing discussion contains certain "forward-looking statements"
which are inherently subject to risks and uncertainties that may cause actual
events to differ materially from those discussed herein. Factors which may cause
such differences in events include, among other things, our ability to maintain
our relationships with our significant customers; increases in the prices of, or
limitations on the availability of, our primary raw materials; or a downturn in
the automotive industry, upon which we rely for sales revenue, and which is
cyclical and dependent on, among other things, consumer spending, international
economic conditions and regulations and policies regarding international trade.
Many of these factors are beyond our ability to control or predict. Readers are
cautioned not to place undue reliance on these forward-looking statements. We
undertake no obligation to publish revised forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.


                                       10
<PAGE>
                           CHICAGO RIVET & MACHINE CO.

           QUANTITATIVE AND QUALITATIVE INFORMATION ABOUT MARKET RISK

     Over time, the Company is exposed to market risks arising from changes in
interest rates. The Company has not historically used derivative financial
instruments. As of September 30, 2001, $3.88 million of floating-rate debt was
exposed to changes in interest rates compared to $5.23 million as of December
31, 2000. This exposure was primarily linked to the London Inter-Bank Offering
Rate and the lender's prime rate under the Company's term loan. A hypothetical
10% change in these rates would not have had a material effect on the Company's
quarterly earnings.






                                       11
<PAGE>
                          PART II -- OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

         (a)  Exhibits

                 99.1   Interim Report to Shareholders for the quarter ended
                        September 30, 2001.

         (b)  Reports on Form 8-K

                 No reports on Form 8-K were filed during the current period.
















                                       12
<PAGE>
                                   SIGNATURES

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

                                                  CHICAGO RIVET & MACHINE CO.
                                             -----------------------------------
                                                         (Registrant)

Date:  October 30, 2001
                                             /s/ John A. Morrissey
                                             -----------------------------------
                                             John A. Morrissey
                                             Chairman of the Board of Directors
                                             and Chief Executive Officer


Date:  October 30, 2001
                                             /s/ John C. Osterman
                                             -----------------------------------
                                             John C. Osterman
                                             President, Chief Operating
                                             Officer and Treasurer
                                             (Principal Financial Officer)


Date:  October 30, 2001

                                             /s/ Michael J. Bourg
                                             -----------------------------------
                                             Michael J. Bourg
                                             Controller (Principal Accounting
                                             Officer)








                                       13
<PAGE>

CHICAGO RIVET & MACHINE CO.

EXHIBITS


INDEX TO EXHIBITS


Exhibit
Number                                                                  Page
                                                                        ----

 99.1              Interim Report to Shareholders for the
                     quarter ended September 30, 2001                  15 - 17







                                       14