FORM 10-Q

                        SECURITIES & EXCHANGE COMMISSION

                            Washington, D.C. 20549
(Mark One)

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

For the quarterly period ended            March 31, 2001

        OR

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

For the transition period from                   to

Commission file number               0-20680

                                  Concepts Direct, Inc.
               (Exact name of registrant as specified in its charter)

                Delaware                               52-1781893
      (State or other jurisdiction                  (I.R.S. employer
    of incorporation or organization)              identification No.)

                      2950 Colorful Avenue, Longmont, CO 80504
                 (Address of principal executive offices, Zip Code)

                                  (303) 772-9171
                (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

Yes  X    No
As of May 8, 2001, 4,991,748 shares of Common Stock, $.10 par value,
were outstanding.


                             CONCEPTS DIRECT, INC.

                                   FORM 10-Q

                                     INDEX


PART I.    FINANCIAL INFORMATION

  Item 1.  Financial Statements:                                PAGE NO.

              Balance Sheets as of December 31, 2000
              March 31, 2001 (unaudited)..............................3

              Statements of Operations for the three months ended
              March 31, 2001 and 2000 (unaudited).....................4

              Statements of Cash Flows for the three months ended
              March 31, 2001 and 2000 (unaudited).....................5

              Notes to Financial Statements...........................6

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

PART II.   OTHER INFORMATION

  Item 6.  Exhibits and reports on Form 8-K..........................13


                           CONCEPTS DIRECT, INC.
                               BALANCE SHEETS

                                            March 31,          December 31,
                                              2001                 2000
                                           (unaudited)
ASSETS
Current assets:
  Cash and cash equivalents               $ 1,891,000         $ 2,289,000
  Restricted cash                             500,000             500,000
  Accounts receivable, less allowances        525,000             404,000
  Deferred advertising costs                3,108,000           3,747,000
  Inventories, less allowances              4,688,000           4,841,000
  Prepaid expenses and other                  287,000             306,000

       Total current assets                10,999,000          12,087,000

Property and equipment, net                 9,417,000           9,607,000

Capitalized software costs, net             1,838,000           1,938,000

Trademark and other intangibles, net        1,101,000           1,130,000

Other assets                                2,847,000           2,870,000


       TOTAL ASSETS                       $26,202,000         $27,632,000


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                        $ 4,092,000         $ 4,481,000
  Current maturities of debt and
    capital lease obligations                   -                  35,000
  Accrued employee compensation               724,000             537,000
  Customer liabilities                        550,000             513,000

       Total current liabilities            5,366,000           5,566,000

Debt and capital lease obligations         10,941,000          10,910,000


Stockholders' equity:
  Common stock, $.10 par value,
    authorized 7,500,000 shares,
    issued and outstanding
    5,015,448 shares                          502,000             502,000
  Additional paid-in capital               14,396,000          14,396,000
  Accumulated deficit                      (4,908,000)         (3,742,000)
  Treasury stock at cost,
    23,700 shares in 2001                     (95,000)               -


       Total stockholders' equity           9,895,000          11,156,000


       TOTAL LIABILITIES AND
       STOCKHOLDERS' EQUITY               $26,202,000         $27,632,000



See notes to financial statements.



                            CONCEPTS DIRECT, INC.
                              INCOME STATEMENTS
                                 (unaudited)

                                             Three Months Ended March 31,
                                                  2001            2000

Net sales                                     $12,092,000     $12,743,000

Operating costs and expenses
   Cost of product and delivery                 6,989,000       7,792,000
   Selling, general and administrative          6,065,000       5,138,000

Total operating costs and expenses             13,054,000      12,930,000

Operating loss from continuing operations        (962,000)       (187,000)

Other expense, net                               (204,000)        (72,000)

Loss from continuing operations before
   income taxes                                (1,166,000)       (259,000)

Discontinued operations, net of taxes:
   Operating loss                                   -          (1,496,000)

Total loss from discontinued operations             -          (1,496,000)


Net loss                                      $(1,166,000)    $(1,755,000)


Basic and diluted loss per share
   Continuing operations                      $     (0.23)    $     (0.05)
   Discontinued operations                    $       -       $     (0.30)

   Net loss                                   $     (0.23)    $     (0.35)

Weighted average number of common shares
   used in computing basic and diluted
   loss per share                               4,998,379       4,985,618


See notes to financial statements.


                            CONCEPTS DIRECT, INC.
                          STATEMENTS OF CASH FLOWS
                                 (unaudited)

                                                 Three Months Ended March 31,
                                                      2001            2000
OPERATING ACTIVITIES
  Loss from continuing operations                 $(1,166,000)   $ (259,000)
  Adjustments to reconcile loss from
        continuing operations to net cash
        provided by (used in) continuing
        operating activities:
    Decrease (increase) for losses on accounts
      receivable                                        1,000       (29,000)
    Decrease (increase) for losses in inventory
      values                                          177,000       (11,000)
    Depreciation                                      367,000       344,000
    Amortization                                       29,000        56,000
    Gain on disposals of property and equipment           -           1,000
    Loss  on disposal of other assets                     -         (43,000)
    Changes in operating assets and liabilities:
      Accounts receivable                            (122,000)      283,000
      Deferred advertising costs                      639,000      (687,000)
      Inventories                                     (24,000)     (432,000)
      Prepaid expenses and other                       19,000        (5,000)
      Accounts payable                               (389,000)    1,143,000
      Accrued employee compensation                   187,000       232,000
      Customer liabilities                             37,000      (101,000)

  NET CASH PROVIDED BY (USED IN) CONTINUING
      OPERATING ACTIVITIES                           (245,000)      492,000

INVESTING ACTIVITIES
  Capital expenditures                                (77,000)     (328,000)
  Purchase of treasury stock                          (95,000)          -
  Sales of property and equipment                         -          53,000
  Sales of other assets                                   -          75,000
  Other investing activities, net                      23,000        51,000

  NET CASH USED IN CONTINUING INVESTING ACTIVITIES   (149,000)     (149,000)

FINANCING ACTIVITIES
  Advances on revolving line of credit                    -         950,000
  Repayments on revolving line of credit                  -        (750,000)
  Principal payment on debt and capital
    lease obligations                                  (4,000)     (296,000)

  NET CASH USED IN CONTINUING FINANCING ACTIVITIES     (4,000)      (96,000)

  INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    FROM CONTINUING OPERATIONS                       (398,000)      247,000

  NET CASH USED IN DISCONTINUED OPERATIONS                -      (1,478,000)

  DECREASE IN CASH AND CASH EQUIVALENTS              (398,000)   (1,231,000)

Cash and cash equivalents at beginning of period    2,289,000     1,231,000

Cash and cash equivalents at end of period         $1,891,000   $       -


See notes to financial statements.







                             CONCEPTS DIRECT, INC.

                         Notes to Financial Statements
                                  (Unaudited)


Note 1 - Accounting Policies

The unaudited interim financial statements have been prepared by the
Company in accordance with accounting principles generally accepted in
the United States for interim financial reporting and the regulations of
the Securities and Exchange Commission in regard to quarterly reporting.
Accordingly, they do not include all information and footnotes required
by accounting principles generally accepted in the United States for
complete financial statements.  In the opinion of the Company, the
statements include all adjustments, consisting only of normal recurring
adjustments, which are necessary for a fair presentation of the
financial position, results of operations and cash flows for the interim
periods.  Operating results for the three-month period ended March 31,
2001 are not necessarily indicative of the results that may be expected
for the year ending December 31, 2001.  Seasonal fluctuations in sales
of the Company's products result primarily from the purchasing patterns
of the individual consumer during the Christmas holiday season.  These
patterns tend to moderately concentrate sales in the latter half of the
year, particularly in the fourth quarter.  For further information refer
to the financial statements and footnotes thereto included in the
Company's annual report on Form 10-K for the year ended December 31,
2000.

Certain amounts in the 2000 financial statements have been reclassified
to conform to the 2001 presentation.

NOTE 2 - Discontinued Operations

During the third quarter of 2000, the Company discontinued the
operations of the BOTWEB business segment.  Specifically, all
employees of BOTWEB were terminated, the BOTWEB.com  website was shut
down and the related software costs were fully written off.  Future
expenses related to completing the dissolution of BOTWEB are expected to
be minimal.

Operating results of the discontinued operations of BOTWEB were as follows:

                                                        March 31,
                                                   2001            2000

Net external sales                               $    -       $    64,000


Net loss                                         $    -       $(1,496,000)


The net assets of Botweb, Inc. were $0 as of March 31, 2001 and December
31, 2000.

NOTE 3 - Sale and Subsequent Leaseback of Real Estate

In November 2000, the Company refinanced its corporate headquarters and
fulfillment center in Longmont, Colorado through the sale and
subsequent leaseback of the facility to a real estate investment limited
partnership (the Limited Partnership) for $11,000,000.  The Company
will continue to occupy the facility under the terms of a twenty-year
lease, which has an initial monthly rental amount of $103,000 and
which escalates 3% per year.  In accordance with Statement of Financial
Accounting Standards No. 98 "Accounting for Leases" (Statement No.
98) the lease is recorded as a financing transaction due to the
Company's continuing involvement in the Limited Partnership.  The
Company effectively retained a 25% ownership interest in the building
via the purchase of a 25% ownership interest in the Limited Partnership
for $625,000.  The Company's performance under the lease is secured by
the Company's investment in the Limited Partnership as well as a
security deposit of $1.0 million at December 31, 2000.  The Company
accounts for its investment in the Limited Partnership under the equity
method.

NOTE 4.  Treasury Stock

In January 2001, the Board of Directors authorized the repurchase of up
to $250,000 of the Company's common stock in the open market or in
privately negotiated transactions in accordance with applicable
securities laws.  As of May 8, 2001,  23,700 shares have been purchased




Item 2.

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

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

General
Concepts Direct, Inc. ("the Company") is a direct retailing company
focused on building and managing customer relationships through its five
catalog brands and associated websites.  The Company's core business
strategy is to attract millions of customers to its database, utilizing
the Colorful Images brand as a primary name generation vehicle.  Then,
using the selectivity of the Company's database, the Company can
identify appropriate "follow-on" marketing offers.  The Company sells
personalized paper products, such as address labels, stationery, and
calling cards.  It also sells a diverse line of merchandise, including
home decorative items, gift items, collectibles and casual apparel.  The
Company houses all of its operations in Longmont, Colorado. During the
first half of 2000, the Company engaged in significant development
efforts, with  significant costs, related to various Internet
initiatives. Additional employees, equipment and services were added to
promote these new business initiatives.  The costs associated with these
efforts contributed substantially to the losses in 2000.  In early 2000,
the Company moved certain of its Internet assets and activities to two
subsidiary corporations, iConcepts, Inc. ("iConcepts") and BOTWEB, Inc.
("BOTWEB") to provide the best opportunity for investors to understand
its Internet strategy and benefit from assets that were created to
support its Internet initiatives. During the third quarter of 2000, as a
result of greater than anticipated losses and lack of available third
party capital to support continued expansion of the two Internet
companies, the Company discontinued BOTWEB and significantly scaled back
the operations of iConcepts to support only the on-going operations of
the catalog brands of Concepts Direct, Inc. The remaining assets and
employees of iConcepts, Inc. were incorporated back into the parent
company, Concepts Direct, Inc., in the fourth quarter of 2000. The
results of operations of the iConcepts subsidiary are included in
reported financial performance of the continuing operations.

Net Sales

Net sales were $12.1 million during the first three months of 2001,
compared to $12.7 million during the same period of 2000.  Management
planned some of these decreases to achieve its objective of reducing
prospecting losses per mail cycle. Personalized paper products increased
as a percentage of total sales from 45% in the first three months of
2000 to 54% in the same period of 2001.  The increase for personalized
paper products occurred primarily because of a reduction in circulation
of catalogs that primarily sold gift, home decor and other merchandise.
Circulation of the Colorful Images catalog, which advertises a wide
variety of high-margin personalized paper products, increased during the
first three months of 2001, as did associated sales from the catalog.

The business of the Company is seasonal.  In 2000 the Company recognized
about 36% of total revenue in the fourth quarter of the year.

Management also believes that some portion of the decline in sales can be
attributed to the softening of the United States economy during the
first quarter of 2001.

Cost of Product and Delivery and Gross Profit

Cost of product and delivery as a percentage of sales was 58% in the
first three months of 2001, compared to 61% in the same period of 2000.
Gross profit increased slightly from $5.0 million, or 39% of sales, in
the first three months of 2000 to $5.1 million, or 42% of sales, in the
same period of 2001. The higher gross profit percentage in the first
three months of 2001 compared to 2000 resulted primarily from the
increase in personalized paper products as a percent of sales and the
reduction in staff of the Company's information technology department in
connection with the scaling back of iConcepts and the discontinuance of
BOTWEB.  In the first three months of 2001 and 2000, personalized paper
product costs were generally less than 15% of sales price compared to
gift and merchandise products whose costs were generally in excess of
30% of sales price.  Management anticipates that personalized paper
products will continue to make up a greater percentage of sales during
the balance of 2001 than such products did in 2000.

Selling, General and Administrative Expense

Selling, general and administrative expenses increased $1.0 million, or
18%, to $6.1 million in the first three months of 2001 from $5.1 million
in the same period in 2000.

The increase in 2001 resulted primarily from higher advertising costs as
a percentage of sales.  Advertising costs as a percentage of sales rose
from about 27% in the first quarter of 2000 to about 35% in the first
quarter of 2001.  The most significant factors in the increase in
advertising costs as a percentage of sales were the increases in paper
and postage costs incurred for catalog production and delivery compared
to such costs in 2000.  Such costs may be partially offset during the
balance of 2001 by carefully managing the size and distribution of
future catalogs and through intelligent forward purchasing of paper on
the spot market. Nonetheless management believes it is likely that
marketing costs will continue to be above 2000 levels for the balance of
2001.  Management also believes that if the United States economy
continues to experience the same or greater levels of slowing as was
experienced in the first quarter of 2001, marketing cost may continue to
increase as a percent of sales.

Operating loss from continuing operations

The Company's loss from continuing operations was $1.2 million in the
first three months of 2001, compared to $0.3 million in the same period
of 2000.  The primary reason for the increased loss is the sales decline
and increased selling, general and administrative costs as discussed
above.

Other income (expense)

Other income (expense), consisting primarily of interest expense and
interest income was expense of $204,000 in the first three months of
2001 compared to expense of $72,000 for the same period of 2000.  The
Company also realized gains from the equity investment in a real estate
limited partnership as described more fully below.

Interest expense was $342,000 for the first three months of 2001
compared to $134,000 for the same period in 2000. The increase in
interest expense in 2001 resulted primarily from increased interest
costs associated with the sale and subsequent leaseback of the Company's
corporate headquarters and fulfillment center as described more fully
below.

In November, 2000, the Company refinanced its corporate headquarters and
fulfillment center in Longmont, Colorado through the sale and subsequent
leaseback of the facility to a real estate investment limited
partnership (the Limited Partnership) for $11,000,000.  The Company will
continue to occupy the facility under the terms of a twenty-year lease,
which has an initial monthly rental amount of $103,000 and which
escalates 3% per year.  In accordance with Statement of Financial
Accounting Standards No. 98, "Accounting for Leases," the lease has been
recorded as a financing transaction due to the Company's continuing
involvement in the Limited Partnership.  The Company effectively
retained a 25% ownership interest in the building via the purchase of a
25% ownership interest in the Limited Partnership for $625,000.  The
investment in the Limited Partnership is accounted for using the equity
method.  The Company's equity in the net income of the Limited
Partnership was about $50,000 during the first three months of 2001. The
financing transaction, which carries an imputed interest rate of 12.48%,
will cause interest expense to increase throughout 2001 over 2000
levels.

Income taxes

The Company had no income tax provision or benefit in the first three
months of 2001 and 2000.  The income tax rate of 0% was because of the
reduction of the deferred tax asset attributable to net operating losses
generated during those periods to a value anticipated by management to
be realizable in the near future.  Management anticipates the income tax
rate in 2001 will be 0%, principally because of the net operating loss
carryforwards available but not utilized.

Discontinued Operations

As mentioned above, the Company discontinued the operations of its
BOTWEB subsidiary.  For accounting purposes, most of the revenues and
costs attributable to the BOTWEB business segment have been classified
as discontinued operations.

The total loss from discontinued operations for the first three months
of 2001 was $0 compared to an operating loss of $1.5 million for the
same period in 2000.

Management anticipates that on-going expenses related to BOTWEB will be
nominal.

Outlook

During 2001, the Company will continue to operate its catalog brands and
their associated Internet sites. It will focus on attempting to provide
profitability with, at best, modest growth in sales. A major objective
will be to produce improved brand contribution and performance and
continue certain controls such as prospecting loss limits on the quality
of catalog performance.  This may restrict the development of new
catalogs until earnings are consistent with levels management believes
are appropriate to support development costs. During 2001, the Company
may extend its microniche marketing program and may test narrowly niched
catalogs under its existing brands. Further, the Company may consider
appropriate acquisition opportunities which management and the Board of
Directors feel may complement the existing brands and/or provide
economies of scale by utilizing the Company's existing infrastructure.

LIQUIDITY AND CAPITAL RESOURCES

Cash and cash equivalents decreased by $188,000 during the first three
months of 2001 to $1,891,000.  Activity in several significant areas had
the greatest impact on cash and cash equivalents as described below.

The net loss of $1,166,000 experienced during the first quarter of 2001 did
not significantly affect available cash balances because of:

* Non-cash expenses for losses on accounts receivable, losses in
    inventory values, depreciation and amortization totaling $574,000 during
    the period.

* Deferred advertising costs decreased during the period by $639,000
    resulting in expense during the period of advertising costs incurred and
    either paid for or in accounts payable as of December 31, 2000.  The
    balance of deferred advertising costs increased by $687,000 during the
    same period in 2000.

During the first quarter of 2001, outstanding accounts payable declined
by $389,000, compared to an increase of $1,143,000 during the same
period in 2000. Management believes that vendor payables have generally
been maintained within vendor terms during the first quarter of 2001.

Capital expenditures during the first three months of 2001 were $77,000,
compared to $328,000 during the same period in 2000.  Management
anticipates that capital expenditures during the balance of 2001 will
continue to be significantly below the levels incurred in 2000.  The
Company invested heavily in computer infrastructure in 2000, but does
not expect to do so again in 2001.

During the first three months of 2001, the Company acquired approximately
24,000 shares of its own common stock for $95,000, in connection with a
stock buy-back program authorized by the Board of Directors in late
2000.  The buy-back program authorized management to spend up to a total
of $250,000 to acquire shares of the Company's common stock during 2001.

During much of 2000, the Company experienced cash flow problems that
disrupted the Company's relationships with a number of suppliers.  With
the completion of the refinancing of the Company's primary facility
through a sale and subsequent leaseback transaction, the sale of excess
land during the fourth quarter of 2000 and the funds generated by
operations during the fourth quarter of 2000, management does not expect
such problems to recur in 2001.

Management believes that results of operations, continued operational
planning and improvements, and current cash balances should produce
funds necessary to meet the operating capital requirements of the
Company for 2001. Further, the Company intends to investigate the
possibility of obtaining a line of credit, although there is no
assurance the Company will be able to successfully obtain a line of
credit.

FORWARD-LOOKING STATEMENTS

The provisions of the Private Securities Litigation Reform Act of 1995
(the "Act") provide companies with a "safe harbor" when making
forward-looking statements.  This "safe harbor" encourages companies to
provide prospective information about their companies without fear of
litigation.  Statements that are not historical facts, including
statements about management's expectations, beliefs, plans and
objectives for fiscal year 2001 and beyond are forward looking
statements (as such term is defined in the Act) and involve various
risks and uncertainties.  Factors that could cause the Company's actual
results to differ materially from management's projections, forecasts,
estimates and expectations include, but are not limited to, the
following:

   * changes in postal rates, similar to significant rate increases
     experienced beginning in January 2001 and including possible additional
     postal rate increases requested by the United States Postal Service;

   * changes in the cost of paper used in the production of the Company's
     advertising material including paper used for catalogs;

   * changes in the general economic conditions of the United States
     leading to  increased competitive activity and changes in consumer
     spending generally or specifically with reference to the types of
     merchandise that Concepts Direct offers in its catalogs;

   * changes in Concepts Direct's merchandise product mix or changes in
     Concepts Direct's customer response to advertising offers;

   * competitive factors including name recognition, the limited
     operating history for several of the Company's specialty brands, and the
     Company's limited e-commerce operating history;

   * lack of availability/access to capital or sources of supply for
     appropriate inventory, forward purchasing of catalog paper, capital
     expenditures, etc.;

   * lack of effective performance of third party suppliers with respect
     to production and distribution of catalogs;

   * issues related to management transitions at the Company;

   * state tax issues relating to the taxation of out of state
     mail-order companies and out of state Internet companies with neither
     sales representatives nor outlets in a particular state seeking to
     impose sales and similar taxes;

   * inability to hire sufficient numbers of employees to maintain
     acceptable levels of customer satisfaction with catalog order
     fulfillment services;

   * inability to recruit and retain management personnel;

   * lack of effective performance of customer service and the
     Company's order fulfillment systems; and

   * changes in strategy and timing related to testing and rollout of
     new catalogs and those catalogs still in the test stage of development.



PART II.  OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K

         (a) Exhibits:

             Documents filed as part of this report:

                 None

             Registrant hereby agrees to furnish the Commission, upon
             request, with instruments defining the rights of holders of
             long-term debt of the registrant.

         (b) Reports on Form 8-K

             A current report on Form 8-K was filed with the Securities
             and Exchange Commission on February 5, 2001 announcing,
             under Item 5, that trading in Concept Direct, Inc.'s common
             stock moved from the Nasdaq National Market to the Nasdaq
             SmallCap Market effective February 5, 2001.




                                  SIGNATURES

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


                                         CONCEPTS DIRECT, INC.
                                         (registrant)

   Date:  May 8, 2001             By:  /s/ J. Michael Wolfe___________
                                      J. Michael Wolfe
                                      President and Chief Executive Officer


   Date:  May 8, 2001             By: /s / David H. Haddon______________
                                      David H. Haddon
                                      Chief Financial Officer
                                      (Principal Financial and Chief
                                      Accounting Officer of the Registrant)