FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
    ACT OF 1934.

For the Quarterly Period Ended June 30, 2001

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to _______________

                           COMMISSION FILE NO. 0-7843

                            4KIDS ENTERTAINMENT, INC.
             (Exact name of registrant as specified in its Charter)

                                    NEW YORK
                            (State of Incorporation)

                                   13-2691380
                     (I.R.S. Employer Identification Number)

                 1414 Avenue of the Americas, New York, New York
                    (Address of Principal Executive Offices)

                                      10019
                                   (Zip Code)

                                 (212) 758-7666
              (Registrant's Telephone Number, Including Area Code)

                                 NOT APPLICABLE
              (Former Name, Former Address and Former Fiscal Year
                         if changed since last report)

Indicate by a check mark whether the registrant: (1) has filed all annual,
quarterly and other reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or 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 Registrant's classes of
common stock, as of the close of the latest practicable date.

            Class                              Outstanding at August 14, 2001
Common Stock, $.01 Par Value                             12,147,993


<PAGE>

                            4KIDS ENTERTAINMENT, INC.
                                AND SUBSIDIARIES
                                      INDEX

                                                                     PAGE NUMBER
PART I: FINANCIAL INFORMATION

    Item 1: Financial Statements

    Consolidated Balance Sheets                                           1
    June 30, 2001(Unaudited) and December 31, 2000

    Consolidated Statements of Income for the Three and                   2
    Six Months Ended June 30, 2001 and 2000(Unaudited)

    Consolidated Statements of Cash Flows                                 3
    Six Months Ended June 30, 2001 and 2000(Unaudited)

    Notes to Consolidated Financial                                       4
    Statements (Unaudited)

    Item 2:   Management's Discussion and Analysis                        8
    of Financial Condition and Results of Operations

PART II: OTHER INFORMATION                                               11


<PAGE>

4KIDS ENTERTAINMENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

                                                       JUNE 30,    DECEMBER 31,
                                                         2001          2000
                                                    ------------   ------------
                                                     (UNAUDITED)
ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                         $111,632,491   $117,749,331
  Investments                                         10,390,231     31,011,401
  Accounts receivable - net                            9,354,439     14,927,485
  Film inventory - net                                 3,333,806      2,260,129
  Prepaid/refundable income taxes                             --      4,524,131
  Prepaid expenses and other current assets            2,897,957      2,166,578
                                                    ------------   ------------
       Total current assets                          137,608,924    172,639,055
                                                    ------------   ------------

FURNITURE, EQUIPMENT AND LEASEHOLD
  IMPROVEMENTS -
  Net of accumulated depreciation and
    amortization of $928,976 and $712,352
    in 2001 and 2000, respectively                     1,558,376      1,302,548
                                                    ------------   ------------

OTHER ASSETS:
  Accounts receivable - noncurrent, net                  970,678      1,265,159
  Film inventory - noncurrent, net                       168,278        168,278
  Other assets, net                                    1,088,912        769,299
                                                    ------------   ------------
       Total other assets                              2,227,868      2,202,736
                                                    ------------   ------------
TOTAL ASSETS                                        $141,395,168   $176,144,339
                                                    ============   ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Due to licensors                                  $ 20,528,259   $ 56,795,577
  Media payable                                        1,267,492      2,999,603
  Accounts payable and accrued expenses                6,412,900      9,217,532
  Income taxes payable                                 1,287,663      1,977,000
  Deferred revenue                                       112,587      2,544,610
  Deferred tax liabilities                               493,806        493,806
                                                    ------------   ------------
       Total current liabilities                      30,102,707     74,028,128

DEFERRED INCOME TAXES - Noncurrent                       208,447        208,447
                                                    ------------   ------------
       Total liabilities                              30,311,154     74,236,575
                                                    ------------   ------------
STOCKHOLDERS' EQUITY
  Preferred stock, $.01 par value - authorized,
    3,000,000 shares; none issued
  Common stock, $.01 par value - authorized,
    40,000,000 shares; issued, 12,147,993 and
    12,080,493 shares in 2001 and 2000                   121,480        120,805
  Additional paid-in capital                          29,590,122     28,963,499
  Retained earnings                                   81,372,412     72,823,460
                                                    ------------   ------------
       Total stockholders' equity                    111,084,014    101,907,764
                                                    ------------   ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY          $141,395,168   $176,144,339
                                                    ============   ============

See notes to consolidated financial statements.


                                      -1-

<PAGE>

4KIDS ENTERTAINMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

<TABLE>
<CAPTION>
                                                 THREE MONTHS ENDED           SIX MONTHS ENDED

                                                JUNE 30,      JUNE 30,      JUNE 30,     JUNE 30,
                                                 2001          2000          2001         2000
                                              -----------   -----------   -----------   -----------
<S>                                           <C>           <C>           <C>           <C>
NET REVENUES                                  $ 9,148,269   $23,398,277   $21,411,977   $44,097,796

COSTS AND EXPENSES:
  Selling, general and administrative costs     4,822,719     6,649,105     9,288,752    12,167,074
  Amortization of capitalized film costs           34,171       833,694       430,730       834,452
                                              -----------   -----------   -----------   -----------
         TOTAL COSTS AND EXPENSES               4,856,890     7,482,799     9,719,482    13,001,526
                                              -----------   -----------   -----------   -----------
INCOME FROM OPERATIONS                          4,291,379    15,915,478    11,692,495    31,096,270

INTEREST INCOME                                 1,260,080     1,746,113     2,903,457     2,787,320
                                              -----------   -----------   -----------   -----------
INCOME BEFORE INCOME
TAX PROVISION                                   5,551,459    17,661,591    14,595,952    33,883,590

INCOME TAX PROVISION                            2,292,000     7,484,000     6,047,000    14,376,000
                                              -----------   -----------   -----------   -----------
NET INCOME                                    $ 3,259,459   $10,177,591   $ 8,548,952   $19,507,590
                                              ===========   ===========   ===========   ===========
PER SHARE AMOUNTS
Basic Earnings per share                      $      0.27   $      0.86   $      0.71   $      1.64
                                              ===========   ===========   ===========   ===========
Diluted Earnings per share                    $      0.24   $      0.78   $      0.64   $      1.49
                                              ===========   ===========   ===========   ===========
Weighted average common shares
    outstanding - basic                        12,104,694    11,877,860    12,092,594    11,867,808
                                              ===========   ===========   ===========   ===========
Weighted average common share
    outstanding - diluted                      13,326,392    13,071,556    13,279,593    13,079,634
                                              ===========   ===========   ===========   ===========
</TABLE>

See notes to consolidated financial statements.


                                      -2-

<PAGE>
4KIDS ENTERTAINMENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

                                                     SIX              SIX
                                                MONTHS ENDED     MONTHS ENDED
                                                   JUNE 30,         JUNE 30,
                                                    2001             2000
                                                -------------    -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income                                      $  8,548,952     $ 19,507,590
  Adjustments to reconcile net income to net
   cash (used in) provided by operating
     activities:
    Depreciation and amortization                     257,848          132,114
    Amortization of capitalized film costs            430,730          834,452

    Changes in operating assets and
      liabilities:
      Accounts receivable - net                     5,867,527       25,088,988
      Film inventory - net                         (1,504,407)      (1,467,666)
      Prepaid/refundable income taxes               4,524,131        1,815,434
      Prepaid expenses and other current
        assets                                       (731,379)      (1,347,644)
      Other assets                                   (323,844)          22,500
      Due to licensors                            (36,267,318)       7,647,465
      Media payable                                (1,732,111)        (359,666)
      Accounts payable and accrued expenses        (2,804,632)         707,982
      Income taxes payable                           (689,337)       3,374,268
      Deferred revenue                             (2,432,023)      10,791,454
                                                 ------------     ------------

     Net cash (used in) provided by
       operating activities                       (26,855,863)      66,747,271
                                                 ------------     ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from maturities of commercial paper     46,756,096               --
  Purchases of commercial paper                   (26,134,926)              --
  Purchases of property and equipment                (509,445)        (967,946)
                                                 ------------     ------------

     Net cash provided by (used in)
       investing activities                        20,111,725         (967,946)
                                                 ------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from exercise of stock options
    and related tax benefit                           627,298        1,215,446
                                                 ------------     ------------

    Net cash provided by financing activities         627,298        1,215,446
                                                 ------------     ------------

NET (DECREASE) INCREASE IN CASH AND
  CASH EQUIVALENTS                                 (6,116,840)      66,994,771

CASH AND CASH EQUIVALENTS, BEGINNING
  OF PERIOD                                       117,749,331       74,427,126
                                                 ------------     ------------

CASH AND CASH EQUIVALENTS, END OF PERIOD         $111,632,491     $141,421,897
                                                 ============     ============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
  INFORMATION:

CASH PAID DURING THE PERIOD FOR:
  Income Taxes                                   $  1,105,033     $  8,729,125
                                                 ============     ============

See notes to consolidated financial statements


                                      -3-

<PAGE>

4KIDS ENTERTAINMENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
June 30, 2001

Note 1

BASIS OF PRESENTATION:

The accompanying unaudited consolidated financial statements have been prepared
in accordance with accounting principles generally accepted in the United States
of America for interim financial information and with the instructions to Form
10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes as required by accounting principles generally
accepted in the United States of America for complete financial statements. In
the opinion of management, all adjustments (consisting only of normal recurring
adjustments) considered necessary for a fair presentation of the interim
financial information have been included. Operating results for six months ended
June 30, 2001 are not necessarily indicative of the results that may be expected
for the year ending December 31, 2001. For further information, refer to the
consolidated financial statements and footnotes thereto included in 4Kids
Entertainment, Inc.'s (the "Company") Form 10-K for the year ended December 31,
2000.

Note 2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

For a summary of significant accounting policies reference is made to the
Company's report on Form 10-K previously filed for the year ended December 31,
2000.

Recent Accounting Pronouncements

In June 2001, the Financial Accounting Standards Board issued SFAS No. 141,
"Business Combinations" (effective July 1, 2001) and SFAS No. 142, "Goodwill and
Other Intangible Assets". SFAS No. 141 prohibits pooling-of-interests accounting
for acquisitions. SFAS No. 142 specifies that goodwill and some intangible
assets will no longer be amortized but instead will be subject to periodic
impairment testing. The Company believes that the adoption of SFAS No. 141 and
SFAS No. 142 will not have a significant impact on its financial statements.


                                      -4-

<PAGE>

Note 3

COMMITMENTS AND CONTINGENCIES:

A.    CREDIT FACILITY: The Company's line of credit ("the Credit Facility") from
      JP Morgan Chase would have expired on June 30, 2001. Under the terms of
      the Credit Facility, the Company could have borrowed from time to time for
      general working capital purposes up to $5 million. The Company terminated
      this Credit Facility in March 2001 as it considered its current working
      capital sufficient for its anticipated liquidity requirements.

B.    LITIGATION:

      (i) Imber v. Nintendo, et al. In September 1999, the Company was named as
      a defendant in a lawsuit filed in the United States District Court for the
      Southern District of California. Also named as defendants in this lawsuit
      are Nintendo of America Inc. and Wizards of the Coast, Inc. The lawsuit
      purportedly brought on behalf of a class of all persons who purchased a
      package of Pokemon trading cards, seeks to challenge longstanding
      practices in the trading card industry, including the practice of randomly
      inserting premium cards in packages of Pokemon cards. The lawsuit claims
      that these practices constitute illegal gambling activity in violation of
      California and federal law, including the Federal Racketeer Influenced and
      Corrupt Organization Act, and seeks an award of treble damages. The
      lawsuit has not specified the amount of damages sought. On April 18, 2000,
      the District Court issued an Order to Show Cause in the lawsuit(and in a
      number of other lawsuits making similar allegations concerning other types
      of trading cards) requiring the plaintiffs in all of the cases to show
      cause why the cases should not be dismissed for lack of standing. On June
      21, 2000, the court dismissed the RICO claims with prejudice and all other
      claims without prejudice. Plantiffs have filed a notice of appeal from the
      District Court's June 21, 2000 dismissal, and the appeal is pending.

      (ii) Morrison v. Nintendo, et al. On March 29, 2000, Morrison
      Entertainment Group, Inc., filed suit in the United States District Court
      for the Central District of California against Nintendo of America Inc., 4
      Kids Entertainment, Inc., and Leisure Concepts, Inc. The suit alleges that
      the Pokemon trademark infringes upon the Plaintiff's "Monster in my
      Pocket" trademark. The complaint also alleges trademark dilution, unfair
      competition, and a breach of implied contract. The complaint seeks
      injunctive relief as well as monetary damages. On August 6, 2001, the
      court granted summary judgement dismissing the suit.


                                      -5-

<PAGE>

      (iii) EM.TV & Merchandising AG v. Nintendo, et al. On October 31, 2000,
      EM.TV ("EM") & Merchandising AG filed suit against Nintendo of America,
      Inc. Leisure Concepts, Inc., and Lacey Entertainment, Inc., in the United
      States District Court for the Southern District of New York. EM has
      claimed that the defendants breached an alleged agreement with EM with
      respect to EM's services as subagent for the "Pokemon" property in the
      territories of Germany, Austria and Switzerland. EM has further claimed
      that the defendants breached the alleged agreement with EM for the license
      to EM of television broadcast rights to the 3rd and 4th seasons of
      "Pokemon" television episodes for broadcast in Germany, Austria and
      Switzerland. EM has sought a declaratory judgment as well as damages for
      breach of contract. Leisure Concepts, Incorporated has answered the
      complaint, denying all of the material allegations contained therein, and
      has asserted counterclaims for declaratory relief and damages for breach
      of contract against EM.

      While it is impossible to predict the eventual outcome of these
      litigations, the Company believes these litigations will not have a
      material adverse effect on the Company's financial condition and results
      of operations.

Note 4

DEFERRED REVENUE

Master Toy Licensee - Leisure Concepts, Incorporated, a wholly owned subsidiary
of the Company, is the exclusive Merchandise Licensing Agent for the "Pokemon"
property outside Asia. The master toy licensee ("Licensee") for the "Pokemon"
property and The Pokemon Company LLC, (the assignee of certain rights and
obligations of Nintendo of America Inc. with respect to the "Pokemon" property)
have entered into a new agreement (the "Agreement") effective January 1, 2001.
The Agreement supersedes the original Merchandise License Agreement, dated as of
May 14, 1998 as amended in September, 1999.

Under the revised terms of the Agreement, the parties have agreed, inter alia,
that Licensee will pay a minimum royalty for the period starting January 1, 2001
and ending December 31, 2003. If all of the conditions under the Agreement are
met and the full amount of the minimum guaranteed royalties are paid by
Licensee, the Company's share would be not less than $7,500,000 over the period
of the Agreement. Additionally, Licensee has agreed that any amounts paid by the
Licensee under the original Merchandise License Agreement including the advance
paid in April, 2000 are non-refundable and non-recoupable against any future
royalties. Accordingly, approximately $2,300,000 of deferred revenue at December
31, 2000 related to the original Merchandise License Agreement was recognized as
revenue in the quarter ended March 31, 2001.


                                      -6-

<PAGE>

Note 5

SEGMENT AND RELATED INFORMATION

The Company applies Statement of Financial Accounting Standards No. 131 ("SFAS
No. 131"), "Disclosures About Segments of an Enterprise and Related
Information". The Company has three reportable segments; Licensing, Media Buying
Planning and Television Distribution and Television and Film Production.

The accounting policies of the segments are the same as those described in the
summary of significant accounting policies. The Company does not have any
inter-segment sales or transfers.

The Company's reportable segments are strategic business units which, while
managed separately, work together as a vertically integrated Entertainment
Company.

                                         MEDIA & TV     TV & FILM
                           LICENSING    DISTRIBUTION    PRODUCTION      TOTAL
                           ---------    ------------    ----------    ---------
Six Months Ended
June 30,

2001
  Revenues               $ 15,783,545  $  1,197,869   $  4,430,563  $ 21,411,977
  Segment Profit (Loss)    12,249,520        43,022      2,303,410    14,595,952
  Segment Assets          129,852,420     7,718,582      3,824,166   141,395,168

2000
  Revenues               $ 35,514,345  $    903,590   $  7,679,861  $ 44,097,796
  Segment Profit (Loss)    28,156,585      (271,240)     5,998,245    33,883,590
  Segment Assets          160,319,349     3,280,536      6,388,301   169,988,186


                                      -7-

<PAGE>

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

RESULTS OF OPERATIONS:

The Company receives revenues from a number of sources, principally licensing,
media buying and television distribution. The Company typically derives a
substantial portion of its licensing revenues from a small number of properties,
which properties usually generate revenues only for a limited period of time.
Because the Company's licensing revenues are highly subject to changing fashion
in the toy and entertainment business, its licensing revenues from year to year
from particular sources are subject to dramatic increases and decreases. It is
not possible to precisely anticipate the length of time a project will be
commercially successful, if at all. Popularity of properties can vary from
months to years. As a result, the Company's revenues and net income may
fluctuate significantly between comparable periods. The Company's revenues have
historically been primarily derived from the license of toy and game concepts.
Thus a substantial portion of the Company's revenues and net income are subject
to the seasonal variations of the toy and game industry. Typically, a majority
of toy orders are shipped in the third and fourth calendar quarters. In
addition, the Company's media buying subsidiary concentrates its activities on
the youth oriented market. As a result, most of its revenue is earned in the
fourth quarter when the majority of toy and video game advertising occurs. In
the Company's usual experience, its net income during the second half of the
year has generally been greater than during the first half of the year. However,
the Company's revenues in fiscal 2000 were influenced more by popularity trends
and movie and home video release dates of "Pokemon" than the historical seasonal
trends of toy and game sales. Further, the Company has little control over the
timing of guarantee and minimum royalty payments, some of which are made upon
the execution and delivery of license agreements.

Three and Six Months Ended June 30, 2001 Compared to the Three and Six Months
Ended June 30, 2000

Consolidated net revenues decreased 61% or $14,250,008 to $9,148,269 for the
three month period ended June 30, 2001 as compared to the same period in 2000.
Consolidated net revenues for the six month period decreased 51% or $22,685,819
to $21,411,977 as compared to the six month period ended June 30, 2000. The
decrease in net revenues for the three and six month periods were primarily due
to decreased revenues related to merchandise licensing activities for the
Pokemon property and decreased film revenues.


                                      -8-

<PAGE>

Selling, general and administrative expenses decreased 27% or $1,826,386 to
$4,822,719 and 24% or $2,878,322 to $12,167,074 for the three and six month
periods ended June 30, 2001 when compared to the year ago periods. These
decreases were primarily due to reduced bonus accruals. Partially offsetting the
decreases in selling, general and administrative expenses were higher costs
incurred from increased payroll and marketing costs related to the Company's
expanded licensing activities.

In the three and six month periods ended June 30, 2000, bonus accruals based on
pre-tax income levels were higher than those in the comparable 2001 periods due
to the higher pre-tax income. Additionally, as previously disclosed, for the
fiscal year ending December 31, 2001, the Chairman and CEO of the Company has
voluntarily reduced the amount of bonus compensation he would otherwise be
entitled to and has recommended to the compensation committee that it consider
using the difference between the annual bonus he is entitled to receive for
fiscal 2001 under his employment agreement and the reduced amount he actually
receives in such year to support a general bonus pool from which annual bonuses
to certain executive officers are paid at the discretion of the compensation
committee.

At June 30, 2001, there were $3,502,084 of capitalized film production costs
which primarily relate to the production of the Cubix television series. Cubix
is a new CGI animated television series owned in part by the Company which is
scheduled to be broadcast on The Kids' WB television network beginning August
11, 2001. At June 30, 2001, the percentage of total unamortized film cost
expected to be amortized within the next three years exceeded 70%.

The Company periodically evaluates its anticipated revenue from film production
and, consequently, amortization rates may change as a result of such estimates.

Interest income decreased by $486,033 for the three month period ended June 30,
2001 as compared to the same period in 2000. This decrease is due to
comparatively lower interest rates obtained on the Company's invested cash. For
the six month period ended June 30, 2001, interest income increased by $116,137
over the prior year's six month period due to higher levels of invested cash in
the first three months of 2001 when compared to the first three months of 2000.


                                      -9-

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES:

At June 30, 2001, the Company had working capital of $107,506,217 as compared to
working capital of $98,610,927 at December 31, 2000, an increase in working
capital of $8,895,290. Cash and cash equivalents and investments decreased by
$26,738,011 to $122,022,721 from December 31, 2000. The decrease in cash
equivalents is primarily due to decreased levels of royalty collections on the
Pokemon property and the paydown of royalties collected on behalf of licensors.
Accordingly, there is a corresponding decrease in the current liability "Due to
Licensors" of $36,267,318.

Accounts receivable, net (current and non-current) decreased to $10,325,117 at
June 30, 2001 from $16,192,644 at December 31, 2000. This decrease is primarily
due to lower royalties earned by the Pokemon property during the second quarter
of 2001 compared to the fourth quarter of 2000.

Amounts due to licensors, which represent the owners share of royalties
collected at June 30, 2001, decreased by $36,267,318 to $20,528,259 from
December 31, 2000. The decrease is primarily due to lower royalties collected
during the second quarter of 2001 as compared to the fourth quarter of 2000.

In the opinion of management, the Company will be able to finance its business
as currently conducted from its current working capital. As the Company explores
new and expanded opportunities in the youth oriented entertainment market,
including television production, it may seek additional financing alternatives.

Forward-looking Statements

Sections of this Quarterly Report contain forward-looking statements, including,
without limitation, statements concerning possible or assumed future results of
operations of the Company preceded by, followed by or that include the words
"believes, " "expects, " "anticipates, " "estimates, " "intends, " "plans" or
similar expressions. For those statements, we claim the protection of the safe
harbor for forward-looking statements contained in the U.S. Private Securities
Litigation Reform Act of 1995.

Forward-looking statements are not guarantees of future performance. They
involve risks, uncertainties and assumptions. Due to the fact that the Company
faces competition from toy companies, motion picture studios and other licensing
companies, and the uncertainty of the public's response to the Company's
properties, actual results or outcomes may differ materially from any such
forward-looking statements.


                                      -10-

<PAGE>

PART II - OTHER INFORMATION

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

      None

Item 6. Exhibits and Reports on Form 8-K

      a. Reports on Form 8-K
            None

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.

Dated: August 14, 2001

4KIDS ENTERTAINMENT, INC.

By: /s/ Alfred R. Kahn
   --------------------------
   Alfred R. Kahn
   Chairman of the Board and
   Chief Executive Officer

By: /s/ Joseph P. Garrity
   --------------------------
   Joseph P. Garrity
   Executive Vice President
   Chief Financial Officer


                                      -11-