SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB

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

For the Quarter ended September 30, 2003

( )  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. 0-15862

                           GVC VENTURE CORP.
--------------------------------------------------------------------
                  (Exact name of registrant as specified in its charter)

         Delaware                                         13-3018466
--------------------------------                     --------------------
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                        Identification No.)

200 East 66th Street, Suite B603, New York, NY              10021
-------------------------------------------          --------------------
(Address of principal executive offices)                  (Zip Code)

Registrant's telephone number including area code: 212-446-6725

         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 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                                No  X /1/
                           ----------                         ----------

/1/ The Registrant has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934, except that this Report has not
been reviewed in accordance with statement on Auditing Standards No. 100

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

         The number of shares outstanding of the registrant's Common Stock as of
September 30, 2003 was 5,294,516.


<PAGE>

Item 1.                  Consolidated Financial Statements

                       GVC VENTURE CORP. AND SUBSIDIARIES
                     CONSOLIDATED BALANCE SHEETS (UNAUDITED)


                                                 US Dollars (000's)
                                              ---------------------
                                           September 30,    June 30,
                                               2003           2003
                                              -------       -------


Assets
------

Current Assets
Cash and cash equivalents                     $     3       $    15
                                              -------       -------

Total Current Assets                          $     3       $    15

                                              -------       -------
Total Assets                                  $     3       $    15

                                              =======       =======
Liabilities and Stockholders' Equity

Current Liabilities
Accounts payable and accrued expenses         $    60       $    66
                                              -------       -------
Total Current Liabilities                     $    60       $    66

Long-Term Debt                                $   100       $   100

Stockholders' Equity
Common Stock - $.10 par value;
50,000,000 shares authorized,
5,294,516 shares and 5,294,516
shares issued and outstanding
in Fiscal 2004 and 2003, respectively             529           529

Paid-in Capital                                 1,688         1,688
Accumulated Deficit                            (2,374)       (2,368)
                                              -------       -------
Total Stockholders' Equity                       (157)         (151)
                                              -------       -------

Total Liabilities & Stockholders' Equity      $     3       $    15
                                              =======       =======

The accompanying notes to these Consolidated Financial Statements are an
integral part of these Financial Statements.


                                       2
<PAGE>

                       GVC VENTURE CORP. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

                                             Three Months Ended
                                                September 30,
                                       -----------------------------
                                           2002              2002
                                       -----------       -----------
(In thousands except per share data)

Corporate Office Expenses              $         4       $         5
 Interest Long-Term Debt               $         2       $         1
                                       -----------       -----------
NET LOSS                               $        (6)      $        (6)
                                       ===========       ===========


NET LOSS PER SHARE                              --                --
                                       ===========       ===========

Weighted Average Number of Common

         Shares Outstanding              5,294,516         5,294,516
                                       ===========       ===========


The accompanying notes to these Consolidated Financial Statements are an
integral part of these Financial Statements.

                                       3
<PAGE>

                       GVC VENTURE CORP. AND SUBSIDIARIES
                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                           Three Months Ended
                                                              September 30,
                                                             ---------------
                                                             2003       2002
                                                             ----       ----
                                                              (In thousands)

OPERATING ACTIVITIES:
Net (Loss)                                                   $ (6)      $ (6)
Adjustment to reconcile net loss to net
         cash provided (used) by operating activities:
Changes in operating assets and
         liabilities - net:
Increase/(decreases) in accounts payable,
         accrued expenses and other current liabilities        (6)         4
                                                             ----       ----
NET CASH PROVIDED (USED) BY OPERATING
         ACTIVITIES                                           (12)        (2)

INVESTING ACTIVITIES

NET CASH PROVIDED (USED) BY INVESTING
         ACTIVITIES                                            --         --

FINANCING ACTIVITIES
Loan from outside investor                                     --         25
                                                             ----       ----
NET CASH PROVIDED (USED) BY FINANCING
         ACTIVITIES                                            --         25

                                                             ----       ----
INCREASE (DECREASE) IN CASH AND CASH
         EQUIVALENTS                                          (12)        23

CASH AND CASH EQUIVALENTS AT BEGINNING
         OF YEAR                                               15          3
                                                             ----       ----
CASH AND CASH EQUIVALENTS AT END OF YEAR                     $  3       $ 26
                                                             ====       ====
Note 1: Interest and Income Taxes paid were as follows:

                  Interest                                     --         --
                                                             ====       ====

                  Franchise Income Taxes                     $  1       $  6
                                                             ====       ====

The accompanying notes to these Consolidated Financial Statements Are an
integral part of these Financial Statements.

                                       4
<PAGE>

                       GVC VENTURE CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   ----------

A. The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Regulation S-X
relating to the preparation of interim financial statements. Accordingly, they
do not include all of the information and footnotes required by generally
accepted accounting principles for complete financial statements. In the opinion
of management, the accompanying unaudited consolidated financial statements
contain all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation. Operating results for the three months ended
September 30, 2003 are not necessarily indicative of the results that may be
expected for the full year ending June 30, 2004. For further information refer
to the consolidated financial statements and footnotes thereto included in the
Company's Annual Report on Form 10-K for the year ended June 30, 2003.

B. The Registrant has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934, except that this Report has not
been reviewed in accordance with statement on Auditing Standards No. 100

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


Results of Operations - Three months ended September 30, 2003 compared with
Three months ended September 30, 2002.


Corporate expenses of $ 4,000 decreased by $ 1,000 compared to the prior year as
a result of lower expenses relating to corporate reporting requirements and
outside warehouse rent. Accrued interest expense increased by $ 1,000 due to the
additional $ 50,000 from Palisades Investors LLC.

Liquidity and Capital Resources
-------------------------------

         During the first quarter of fiscal 2004, the Company had a negative
cash flow of $ 12,000 as a result of funding the first quarter loss of $ 6,000
and reducing Accounts Payables by $ 6,000..

         At September 30, 2003, the Company had cash and cash equivalents of $
3,000.

         Mr. Russell Banks, Chairman of the Board of Directors of the Company,
and Palisade Investors LLC now known as Palisade Investors LLC have previously
funded the expenses of the Company. Mr. Banks and Palisade Investors LLC have
advised the Company that they are reviewing whether or not they will continue to
provide further funding for the Company. At September 30, 2003, the Company's
liabilities of $160,000 exceeded the Company's cash and cash equivalents (the
Company's only assets) of $3,000. Accordingly, the Company is considering
various alternatives to a merger, acquisition or sale, including the cessation
of its activities and/or its liquidation and dissolution.

         The Company currently engages in no operating activities.

                                       5
<PAGE>

         The Company does not have sufficient current assets to pay its debts as
they come due. No arrangements have been made with respect to any such
additional investments, and the Company makes no assurances that any such
arrangements will be made. If such arrangements for additional financing are not
made, the Company may be forced to liquidate and dissolve.


                                       6
<PAGE>


ITEM 4.  CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures
------------------------------------------------

         The Company maintains disclosure controls and procedures that are
designed to ensure that information required to be disclosed in the reports that
the Company is required to file under the Securities Exchange Act of 1934 is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms, and that such
information is accumulated and communicated to the Company's management,
including its principal executive officer and its principal financial officer,
as appropriate, to allow timely decisions regarding required disclosure.
Management necessarily applied its judgment in assessing the costs and benefits
of such controls and procedures which, by their nature, can provide only
reasonable assurance regarding management's control objectives.

         Within 90 days prior to the date of this report, the Company carried
out an evaluation, under the supervision and with the participation of the
Company's management, including its President, its Vice President of Finance and
Treasurer, of the effectiveness of the design and operation of its disclosure
controls and procedures pursuant to Exchange Act Rule 13a-14. Based upon the
foregoing, the Company's President, its Vice President of Finance and Treasurer
concluded that the Company's disclosure controls and procedures are effective in
timely alerting them to material information relating to the Company required to
be included in its Exchange Act Reports.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits:

Exhibit
Number   Description

99.1     Certificate of the Principal Executive Officer pursuant to 18 U.S.C.
         Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley
         Act of 2002, and filed herewith.

99.2     Certificate of the Principal Financial Officer pursuant to 18 U.S.C.
         Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley
         Act of 2002, and filed herewith.

         The exhibits appear immediately following the signature page.

         (b)      Reports on Form 8-K filed during the quarter ended September
                  30, 2003:

         None.


                                       7
<PAGE>

                                   Signatures
                                   ----------

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this Report has been signed below on its behalf by the undersigned thereunto
duly authorized.

                                     GVC VENTURE CORP.



Date:    December 8, 2003            By: /s/ Gordon Banks
                                         ---------------------
                                         Gordon Banks, President
                                         (Principal Executive
                                         Officer) and Director

Date:    December 8, 2003            By: /s/ Marc J. Hanover
                                         ---------------------
                                         Marc J. Hanover, Vice-
                                         President Finance and Treasurer
                                         (Principal Chief Financial Officer)
                                         and Accounting Officer


                                       8
<PAGE>

                                 Exhibit Index
                                 -------------


Exhibit
Number   Description
------   -----------

31.1      Certification of principal executive officer pursuant to Section 302
          of the Sarbanes-Oxley Act of 2002.

31.2      Certification of principal financial officer pursuant to Section 302
          of the Sarbanes-Oxley Act of 2002.

32.1      Certification of Principal Executive Officer pursuant to Section 906
          of the Sarbanes-Oxley Act of 2002.

32.2      Certification of Principal Financial Officer pursuant to Section 906
          of the Sarbanes-Oxley Act of 2002.



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