UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q


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

                For the quarterly period ended March 2, 2002

                                       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 number 1-11479

                                 E-Z-EM, Inc.
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

              Delaware                                       11-1999504
  -------------------------------                        -------------------
  (State or other jurisdiction of                         (I.R.S. Employer
   incorporation or organization)                        Identification No.)


  717 Main Street, Westbury, New York                          11590
----------------------------------------                    ----------
(Address of principal executive offices)                    (Zip Code)


                                (516) 333-8230
              --------------------------------------------------
              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 April 9, 2002,  there were 4,001,958 shares of the issuer's Class A Common
Stock  outstanding  and  5,844,809  shares of the issuer's  Class B Common Stock
outstanding.


                                       -1-

<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                                      INDEX
                                      -----


Part I:  Financial Information                                            Page
-------  ---------------------                                            ----

   Item 1.  Financial Statements

     Consolidated Balance Sheets - March 2, 2002 and
       June 2, 2001                                                       3 - 4

     Consolidated Statements of Operations - thirteen and
       thirty-nine weeks ended March 2, 2002 and
       March 3, 2001                                                        5

     Consolidated Statement of Stockholders' Equity and
       Comprehensive Loss - thirty-nine weeks ended
       March 2, 2002                                                        6

     Consolidated Statements of Cash Flows - thirty-nine weeks
       ended March 2, 2002 and March 3, 2001                              7 - 8

     Notes to Consolidated Financial Statements                           9 - 15

   Item 2.  Management's Discussion and Analysis of Financial
              Condition and Results of Operations                        16 - 21

   Item 3.  Quantitative and Qualitative Disclosures About
              Market Risk                                                  21

Part II:  Other Information
--------  -----------------

   Item 6.  Exhibits and Reports on Form 8-K                               23


                                       -2-

<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

                           CONSOLIDATED BALANCE SHEETS
                                 (in thousands)

                                                        March 2,     June 2,
              ASSETS                                      2002        2001
                                                         ------      ------
                                                      (unaudited)   (audited)

CURRENT ASSETS
   Cash and cash equivalents                            $ 3,268     $ 4,391
   Debt and equity securities                            16,063      13,748
   Accounts receivable, principally
     trade, net                                          20,257      23,371
   Inventories                                           25,690      22,021
   Other current assets                                   4,221       5,901
                                                        -------     -------

       Total current assets                              69,499      69,432

PROPERTY, PLANT AND EQUIPMENT - AT COST,
   less accumulated depreciation and
   amortization                                          18,675      19,750

COST IN EXCESS OF FAIR VALUE OF NET ASSETS
   ACQUIRED, less accumulated amortization                  362         376

INTANGIBLE ASSETS, less accumulated
   amortization                                           1,588       1,329

DEBT AND EQUITY SECURITIES                                1,472         846

INVESTMENT AT COST                                          600

OTHER ASSETS                                              6,303       5,722
                                                        -------     -------

                                                        $98,499     $97,455
                                                        =======     =======

The accompanying notes are an integral part of these statements.


                                       -3-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                           CONSOLIDATED BALANCE SHEETS
                 (in thousands, except share and per share data)


                                                            March 2,    June 2,
    LIABILITIES AND STOCKHOLDERS' EQUITY                     2002        2001
                                                            ------      ------
                                                          (unaudited)  (audited)

CURRENT LIABILITIES
   Notes payable                                           $   862     $   854
   Current maturities of long-term debt                        168         156
   Accounts payable                                          6,838       4,798
   Accrued liabilities                                       7,057       7,329
   Accrued income taxes                                        270         111
                                                           -------     -------

       Total current liabilities                            15,195      13,248

LONG-TERM DEBT, less current maturities                        355         408

OTHER NONCURRENT LIABILITIES                                 2,725       2,795
                                                           -------     -------

       Total liabilities                                    18,275      16,451
                                                           -------     -------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
   Preferred stock, par value $.10 per
     share - authorized, 1,000,000 shares;
     issued, none
   Common stock
     Class A (voting), par value $.10
       per share - authorized, 6,000,000
       shares; issued and outstanding 4,001,958
       shares at March 2, 2002 and 4,011,396
       shares at June 2, 2001 (excluding 51,298
       and 41,860 shares held in treasury at
       March 2, 2002 and June 2, 2001, respectively)           400         401
     Class B (non-voting), par value $.10
       per share - authorized, 10,000,000
       shares; issued and outstanding 5,821,757
       shares at March 2, 2002 and 5,843,426
       shares at June 2, 2001 (excluding 424,653
       and 395,251 shares held in treasury at
       March 2, 2002 and June 2, 2001, respectively)           582         584
   Additional paid-in capital                               19,849      20,066
   Retained earnings                                        63,016      63,138
   Accumulated other comprehensive loss                     (3,623)     (3,185)
                                                           -------     -------

       Total stockholders' equity                           80,224      81,004
                                                           -------     -------

                                                           $98,499     $97,455
                                                           =======     =======

The accompanying notes are an integral part of these statements.


                                       -4-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)
                      (in thousands, except per share data)


                                   Thirteen weeks ended  Thirty-nine weeks ended
                                   --------------------  -----------------------
                                   March 2,    March 3,   March 2,    March 3,
                                     2002        2001       2002        2001
                                   --------    --------   --------    --------


Net sales                          $ 30,646    $ 27,809   $ 88,916    $ 82,200

Cost of goods sold                   17,791      17,714     52,337      49,322
                                   --------    --------   --------    --------

      Gross profit                   12,855      10,095     36,579      32,878
                                   --------    --------   --------    --------

Operating expenses
  Selling and administrative          9,665       8,771     29,919      26,210
  Loss on sale of subsidiary
    and related assets                                                     872
  Asset impairment and facility
    closing costs                       (40)                 1,492
  Research and development            1,542       1,349      4,682       4,010
                                   --------    --------   --------    --------

    Total operating expenses         11,167      10,120     36,093      31,092
                                   --------    --------   --------    --------

      Operating profit (loss)         1,688         (25)       486       1,786

Other income (expense)
  Interest income                        73         215        344         671
  Interest expense                      (67)        (75)      (202)       (213)
  Other, net                             87          82        288         107
                                   --------    --------   --------    --------

      Earnings before income
        taxes                         1,781         197        916       2,351

Income tax provision (benefit)          624          91      1,038        (458)
                                   --------    --------   --------    --------

      NET EARNINGS (LOSS)          $  1,157    $    106   $   (122)   $  2,809
                                   ========    ========   ========    ========

Earnings (loss) per common share
  Basic                            $    .12    $    .01   $   (.01)   $    .28
                                   ========    ========   ========    ========

  Diluted                          $    .11    $    .01   $   (.01)   $    .28
                                   ========    ========   ========    ========

Weighted average common shares
  Basic                               9,824       9,875      9,831       9,889
                                   ========    ========   ========    ========

  Diluted                            10,230      10,119      9,831      10,185
                                   ========    ========   ========    ========


The accompanying notes are an integral part of these statements.


                                       -5-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

      CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE LOSS

                      Thirty-nine weeks ended March 2, 2002
                                   (unaudited)
                        (in thousands, except share data)


<TABLE>
<CAPTION>
                                        Class A             Class B                              Accumulated
                                      common stock        common stock    Additional                other               Compre-
                                   -----------------   -----------------   paid-in    Retained  comprehensive           hensive
                                     Shares   Amount     Shares   Amount   capital    earnings  income (loss)   Total    loss
                                   ---------  ------   ---------  ------  ----------  --------  -------------  -------  -------

<S>                                <C>         <C>     <C>        <C>      <C>        <C>         <C>         <C>        <C>
Balance at June 2, 2001            4,011,396   $ 401   5,843,426  $ 584    $ 20,066   $ 63,138    $(3,185)    $81,004

Exercise of stock options                                    613                  3                                 3
Income tax benefits on
  stock options exercised                                                         1                                 1
Compensation related to
  stock option plans                                                              4                                 4
Issuance of stock                                          7,120      1          50                                51
Purchase of treasury stock            (9,438)     (1)    (29,402)    (3)       (275)                             (279)
Net loss                                                                                  (122)                  (122)   $(122)
Unrealized holding gain on debt
  and equity securities                                                                                90          90       90
Foreign currency translation
  adjustments                                                                                        (528)       (528)    (528)
                                  ----------   -----  ----------  -----    --------   --------    -------     -------    -----

Comprehensive loss                                                                                                       $(560)
                                                                                                                         =====

Balance at March 2, 2002           4,001,958   $ 400   5,821,757  $ 582    $ 19,849   $ 63,016    $(3,623)    $80,224
                                  ==========   =====  ==========  =====    ========   ========    =======     =======
</TABLE>


The accompanying notes are an integral part of this statement.


                                       -6-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)
                                 (in thousands)


                                                 Thirty-nine weeks ended
                                                 -----------------------
                                                  March 2,    March 3,
                                                    2002        2001
                                                  --------    --------


Cash flows from operating activities:
  Net earnings (loss)                             $   (122)   $  2,809
  Adjustments to reconcile net earnings
    (loss) to net cash provided by operating
    activities
      Depreciation and amortization                  2,143       2,080
      Impairment of long-lived assets                1,322         450
      Provision for doubtful accounts                   29          88
      Loss on sale of subsidiary and
        related assets                                             872
      Deferred income tax provision (benefit)            8      (1,712)
      Other non-cash items                              50          45
      Changes in operating assets and
        liabilities, net of sale
          Accounts receivable                        3,085        (297)
          Inventories                               (3,669)        799
          Other current assets                       1,673      (1,344)
          Other assets                                (629)       (420)
          Accounts payable                           2,040         983
          Accrued liabilities                         (272)     (1,048)
          Accrued income taxes                         158        (356)
          Other noncurrent liabilities                 (22)        147
                                                  --------    --------

            Net cash provided by operating
              activities                             5,794       3,096
                                                  --------    --------

Cash flows from investing activities:
  Additions to property, plant and
    equipment, net                                  (2,540)     (2,117)
  Proceeds from sale of subsidiary and
    related assets                                               3,250
  Purchase of intangible assets                       (400)
  Investment at cost                                  (600)
  Available-for-sale securities
    Purchases                                      (64,780)    (69,823)
    Proceeds from sale                              61,965      64,160
                                                  --------    --------

      Net cash used in investing activities         (6,355)     (4,530)
                                                  --------    --------

Cash flows from financing activities:
  Proceeds from issuance of debt                     3,430         216
  Repayments of debt                                (3,322)       (196)
  Proceeds from exercise of stock options,
    including related income tax benefits                4          42
  Purchase of treasury stock                          (279)       (512)
  Proceeds from issuance of stock in connection
    with the stock purchase plan                         5           5
                                                  --------    --------

      Net cash used in financing activities           (162)       (445)
                                                  --------    --------


                                       -7-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
                                   (unaudited)
                                 (in thousands)


                                                Thirty-nine weeks ended
                                                -----------------------
                                                  March 2,   March 3,
                                                    2002      2001
                                                  -------    -------

Effect of exchange rate changes on
  cash and cash equivalents                       $  (400)   $  (433)
                                                  -------    -------

      DECREASE IN CASH AND CASH
        EQUIVALENTS                                (1,123)    (2,312)

Cash and cash equivalents
  Beginning of period                               4,391      5,583
                                                  -------    -------

  End of period                                   $ 3,268    $ 3,271
                                                  =======    =======

Supplemental  disclosures of cash
  flow information:
    Cash paid during the period for:
      Interest                                    $    56    $    79
                                                  =======    =======

      Income taxes (net of payments of $599 and
        refunds of $7 in 2002 and 2001,
        respectively)                             $  (346)   $ 2,395
                                                  =======    =======

The accompanying notes are an integral part of these statements.


                                       -8-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                         March 2, 2002 and March 3, 2001
                                   (unaudited)


NOTE A - CONSOLIDATED FINANCIAL STATEMENTS

     The  consolidated  balance  sheet  as of March 2,  2002,  the  consolidated
     statement of  stockholders'  equity and  comprehensive  loss for the period
     ended March 2, 2002, and the consolidated statements of operations and cash
     flows for the  periods  ended  March 2, 2002 and March 3,  2001,  have been
     prepared by the Company without audit. The consolidated balance sheet as of
     June 2, 2001 was derived from audited consolidated financial statements. In
     the opinion of  management,  all  adjustments  (which include only normally
     recurring  adjustments) necessary to present fairly the financial position,
     changes  in  stockholders'   equity  and  comprehensive  loss,  results  of
     operations and cash flows at March 2, 2002 (and for all periods  presented)
     have been made.

     Certain  information  and  footnote   disclosures,   normally  included  in
     financial  statements  prepared in accordance  with  accounting  principles
     generally accepted in the United States of America,  have been condensed or
     omitted.  It is suggested that these consolidated  financial  statements be
     read in  conjunction  with  the  financial  statements  and  notes  thereto
     included in the fiscal 2001 Annual Report on Form 10-K filed by the Company
     on August 30, 2001.  The results of operations  for the periods ended March
     2, 2002 and March 3, 2001 are not  necessarily  indicative of the operating
     results for the respective full years.

     The consolidated  financial statements include the accounts of E-Z-EM, Inc.
     and  all  100%-owned   subsidiaries   (the   "Company").   All  significant
     intercompany balances and transactions have been eliminated.


NOTE B - EARNINGS PER COMMON SHARE

     Basic earnings per share are based on the weighted average number of common
     shares outstanding without consideration of potential common stock. Diluted
     earnings per share are based on the weighted  average  number of common and
     potential common shares outstanding. The calculation takes into account the
     shares that may be issued upon  exercise of stock  options,  reduced by the
     shares that may be  repurchased  with the funds received from the exercise,
     based on the average price during the period.  Potential common shares were
     excluded from the diluted calculation for the thirty-nine weeks ended March
     2, 2002, as their effects were anti-dilutive.

     The following table sets forth the  reconciliation  of the weighted average
     number of common shares:

                                  Thirteen weeks ended   Thirty-nine weeks ended
                                  --------------------   -----------------------
                                   March 2,    March 3,      March 2,   March 3,
                                    2002         2001         2002        2001
                                   ------       ------        -----      ------
                                                   (in thousands)

     Basic                          9,824        9,875        9,831       9,889
     Effect of dilutive
       securities (stock
       options)                       406          244                      296
                                   ------       ------        -----      ------

     Diluted                       10,230       10,119        9,831      10,185
                                   ======       ======        =====      ======


                                       -9-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                         March 2, 2002 and March 3, 2001
                                   (unaudited)


NOTE B - EARNINGS PER COMMON SHARE (continued)

     Excluded from the calculation of earnings per common share,  are options to
     purchase  461,272 and 1,554,935 shares of common stock for the thirteen and
     thirty-nine  weeks  ended  March 2,  2002,  respectively,  and  options  to
     purchase  474,512 and 444,815  shares of common  stock for the thirteen and
     thirty-nine  weeks ended March 3, 2001,  respectively,  as their  inclusion
     would be anti- dilutive.


NOTE C - EFFECTS OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

     In August 2001, the Financial  Accounting  Standards Board issued Statement
     of Financial  Accounting  Standards  ("SFAS") No. 144,  "Accounting for the
     Impairment or Disposal of Long-Lived  Assets".  This statement is effective
     for  fiscal  years  beginning  after  December  15,  2001.  This  statement
     supercedes SFAS No. 121, while  retaining many of the  requirements of such
     statement.  The Company is currently  evaluating  the impact this statement
     may have.


NOTE D - RECLASSIFICATIONS

     Pursuant to the Financial  Accounting  Standards Board Emerging Issues Task
     Force Issue No.  00-10,  "Accounting  for Shipping  and  Handling  Fees and
     Costs", which was adopted in the fourth quarter of fiscal 2001, the Company
     has   reclassified   freight   billed  to   customers   from   selling  and
     administrative  expenses to net sales, and has reclassified related freight
     costs from selling and administrative expenses to cost of goods sold. Prior
     period  amounts have been  restated to conform to this  presentation.  This
     change had no effect on the dollar amount of the Company's operating profit
     or net earnings.


NOTE E - ACCOUNTING FOR BUSINESS COMBINATIONS, GOODWILL AND INTANGIBLE ASSETS

     As  of  June  3,  2001,  the  Company  adopted  SFAS  No.  141,   "Business
     Combinations"  and SFAS No. 142,  "Goodwill and Other  Intangible  Assets".
     These standards require that all business combinations initiated after June
     30, 2001 be accounted  for under the  purchase  method.  In  addition,  all
     intangible  assets acquired that are obtained through  contractual or legal
     right,  or are capable of being  separately  sold,  transferred,  licensed,
     rented or exchanged  shall be recognized  as an asset apart from  goodwill.
     Goodwill and  intangibles  with  indefinite  lives are no longer subject to
     amortization,  but  are  subject  to at  least  an  annual  assessment  for
     impairment by applying a fair value based test. The Company has performed a
     transitional   fair  value  based  impairment  test  on  its  goodwill  and
     determined that the fair value exceeded the recorded value at June 3, 2001.
     Therefore,  no impairment loss was recorded during the thirteen weeks ended
     September 1, 2001.  Net earnings  for the  thirteen and  thirty-nine  weeks
     ended March 3, 2001 would have changed by approximately  $3,000 and $8,000,
     net of tax,  respectively,  if the recorded goodwill amortization was added
     back.  Basic and diluted  earnings per share in such period would have been
     unchanged. Annual amortization of intangibles will approximate $122,000 for
     each of the next five years.


                                      -10-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                         March 2, 2002 and March 3, 2001
                                   (unaudited)


NOTE F - COMPREHENSIVE INCOME (LOSS)

     The components of comprehensive  income (loss),  net of related tax, are as
     follows:

                                                    Thirty-nine weeks ended
                                                    -----------------------
                                                      March 2,    March 3,
                                                        2002        2001
                                                      --------    --------
                                                         (in thousands)

     Net earnings (loss)                              $   (122)   $  2,809
     Unrealized holding gain (loss) on
       debt and equity securities                           90      (2,207)
     Foreign currency translation
       adjustments                                        (528)        370
                                                      --------    --------

         Comprehensive income (loss)                  $   (560)   $    972
                                                      ========    ========

     The components of accumulated other comprehensive loss, net of related tax,
     are as follows:

                                                      March 2,     June 2,
                                                        2002        2001
                                                      --------    --------
                                                         (in thousands)

     Unrealized holding gain on debt and
       equity securities                              $    288    $    198
     Cumulative translation adjustments                 (3,911)     (3,383)
                                                      --------    --------

         Accumulated other comprehensive loss         $ (3,623)   $ (3,185)
                                                      ========    ========


NOTE G - INVESTMENT AT COST

     In August  2001,  the  Company  acquired  240,000  shares  of the  Series B
     Convertible   Preferred  Stock,  or  approximately  5%,  of  PointDx,  Inc.
     ("PointDx")  for  $600,000.   PointDx,  a  Delaware  corporation  based  in
     Winston-Salem,  North Carolina,  is an emerging medical  technology company
     focused on the development of virtual  colonoscopy  software and structured
     reporting  solutions for  radiology.  Virtual  colonoscopy is an innovative
     technology  which  visualizes  the colon using  advanced CT imaging and 3-D
     computer  reconstruction  of that image data.  The Company also  acquired a
     three-year warrant to purchase an additional 120,000 shares of the Series B
     Convertible  Preferred Stock at $2.50 per share, and the right to designate
     one nominee for the PointDx board of directors. The Company's investment in
     PointDx is accounted for by the cost method.


                                      -11-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                         March 2, 2002 and March 3, 2001
                                   (unaudited)


NOTE H - SALE OF SUBSIDIARY AND RELATED ASSETS

     On July  27,  2000,  AngioDynamics,  Inc.  sold  all the  capital  stock of
     AngioDynamics Ltd., a wholly-owned subsidiary,  and certain other assets to
     AngioDynamics  Ltd.'s management.  AngioDynamics  Ltd., located in Ireland,
     manufactured  cardiovascular and  interventional  radiology  products.  The
     aggregate  consideration  paid was  $3,250,000  in  cash.  The sale was the
     culmination of AngioDynamics' strategic decision to exit the cardiovascular
     market and to focus entirely on the interventional  radiology  marketplace.
     As a  result  of this  sale,  the  Company  recognized  a  pre-tax  loss of
     approximately  $872,000  during the thirteen weeks ended September 2, 2000.
     The   aforementioned   pre-tax  loss  includes  the  effect  of  previously
     unrealized losses on foreign currency translation of approximately $994,000
     and the write-off of  approximately  $673,000 in inventory and  intangibles
     related to the  cardiovascular  product  line,  both of which were non-cash
     charges.  Further,  AngioDynamics entered into a manufacturing agreement, a
     distribution  agreement and a royalty  agreement with the buyer.  Under the
     two-year manufacturing  agreement,  the buyer will be manufacturing certain
     interventional radiology products sold by AngioDynamics.


NOTE I - ASSET IMPAIRMENT CHARGES AND FACILITY CLOSING

     In  accordance  with  SFAS  No.  121,  "Accounting  for the  Impairment  of
     Long-Lived  Assets  and for  Long-Lived  Assets  to be  Disposed  Of,"  the
     Company's  Diagnostic  operating  segment  recorded  impairment  charges of
     $50,000 and $450,000  during the thirteen  weeks ended December 1, 2001 and
     September 2, 2000, respectively, relating to certain acquired patent rights
     to  an  oral  magnetic   resonance  imaging  contrast  agent.  The  Company
     determined  that the revenue  potential of this  technology  was  impaired,
     since it believed  that the market for this  technology  was  significantly
     less than  previously  projected.  The impairment  charges  represented the
     difference  between the carrying value of the intangible asset and the fair
     market value of this asset based on estimated future discounted cash flows.
     The  charges  had no impact on the  Company's  cash flow or its  ability to
     generate cash flow in the future.  The  impairment  charges are included in
     the  consolidated  statement of operations  under the caption  "Selling and
     administrative".

     During the thirteen  weeks ended  December 1, 2001,  the Company  adopted a
     plan,  which was  approved by the Board of  Directors,  to close a facility
     owned  by its  wholly-owned  Japanese  subsidiary  in  December  2001.  The
     facility  was  principally  used  to  manufacture   liquid  barium  sulfate
     formulations  for sale in the  Japanese  market.  The  facility  lacked the
     necessary  manufacturing  throughput to justify its continued existence. In
     connection  with this plan,  the Company  recorded a  $1,532,000  charge to
     operations  during the thirteen  weeks ended  December 1, 2001.  During the
     thirteen  weeks ended March 2, 2002,  such charge was reduced by $40,000 to
     $1,492,000   as  a  result  of  favorable   changes  in  foreign   currency
     translation.  The  components  of this  $1,492,000  charge  consist of i) a
     $1,272,000  write-down  of property,  plant and  equipment to  management's
     estimate of their fair market value, based upon the anticipated proceeds to
     be received upon sale, ii) severance costs of $125,000,  iii)  refurbishing
     costs of $64,000,  relating  to a leased  warehousing  facility,  and iv) a
     provision for inventory reserves of $31,000.


                                      -12-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                         March 2, 2002 and March 3, 2001
                                   (unaudited)


NOTE J - INVENTORIES

     Inventories consist of the following:

                                                      March 2,     June 2,
                                                        2002        2001
                                                      --------    --------
                                                         (in thousands)

     Finished goods                                   $ 12,922    $ 11,093
     Work in process                                     2,304       1,826
     Raw materials                                      10,464       9,102
                                                      --------    --------

                                                      $ 25,690    $ 22,021
                                                      ========    ========


NOTE K - INCOME TAXES

     During the thirteen weeks ended  September 2, 2000, the Company reduced its
     valuation   allowance   primarily  to  recognize  deferred  tax  assets  of
     approximately  $1,344,000.  Continued and projected future profitability of
     the Company's U.S.  operations,  including those of AngioDynamics,  made it
     more likely than not that  certain  deferred  tax assets  would be realized
     through future taxable earnings.


NOTE L - COMMON STOCK

     Under the 1983 and 1984 Stock Option Plans,  options for 21,000 shares were
     granted at $4.90 per share,  options for 613 shares were exercised at $5.63
     per share,  options for 13,959 shares were forfeited at prices ranging from
     $5.39 to $8.58 per share, and options for 1,194 shares expired at $9.58 per
     share  during the  thirty-nine  weeks ended  March 2, 2002.  Under the 1997
     AngioDynamics  Stock Option  Plan,  options for 3.18 shares were granted at
     $40,000 per share,  options for .06 shares  were  forfeited  at $40,000 per
     share,  and no options  were  exercised or expired  during the  thirty-nine
     weeks ended March 2, 2002.

     In January 1999, the Board of Directors  authorized the repurchase of up to
     500,000  shares  of the  Company's  Class B Common  Stock  at an  aggregate
     purchase price of up to $2,000,000. In October 1999, the Board modified the
     program to include the Company's  Class A Common Stock.  In February  2000,
     the Board further  modified the program to increase the aggregate  purchase
     price of Class A and Class B Common Stock by an additional  $2,000,000.  As
     of March 2, 2002,  the Company  had  repurchased  51,298  shares of Class A
     Common Stock and 424,653  shares of Class B Common Stock for  approximately
     $3,336,000.


                                      -13-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                         March 2, 2002 and March 3, 2001
                                   (unaudited)


NOTE M - OPERATING SEGMENTS

     The  Company is  engaged  in the  manufacture  and  distribution  of a wide
     variety of  products  which are  classified  into two  operating  segments:
     Diagnostic  products  and  AngioDynamics   products.   Diagnostic  products
     encompass both contrast systems,  consisting of barium sulfate formulations
     and related medical devices used in X-ray, CT-scanning,  ultrasound and MRI
     imaging   examinations,    and   non-contrast   systems,    including   the
     electromechanical  injector  line,  radiological  medical  devices,  custom
     contract   pharmaceuticals,   gastrointestinal   cleansing  laxatives,  and
     immunoassay   tests.    AngioDynamics    products   include   angiographic,
     image-guided  vascular  access,  thrombolytic,   angioplasty,  stents,  and
     drainage medical devices used in the interventional radiology marketplace.

     The Company's chief operating decision maker utilizes operating segment net
     earnings  (loss)  information in assessing  performance  and making overall
     operating  decisions  and  resource  allocations.   Information  about  the
     Company's segments is as follows:

                                   Thirteen weeks ended  Thirty-nine weeks ended
                                   --------------------  -----------------------
                                   March 2,    March 3,    March 2,    March 3,
                                     2002        2001        2002        2001
                                   --------    --------    --------    --------
                                                  (in thousands)

Net sales to external
customers
  Diagnostic products
    Contrast systems               $ 14,035    $ 14,431    $ 44,793    $ 45,711
    Non-contrast systems              8,858       7,921      22,407      19,986
                                   --------    --------    --------    --------

    Total Diagnostic products        22,893      22,352      67,200      65,697
  AngioDynamics products              7,753       5,457      21,716      16,503
                                   --------    --------    --------    --------

Total net sales to external
customers                          $ 30,646    $ 27,809    $ 88,916    $ 82,200
                                   ========    ========    ========    ========

Intersegment net sales
  Diagnostic products                                                  $      1
  AngioDynamics products           $    381    $    189    $    764         541
                                   --------    --------    --------    --------

Total intersegment net sales       $    381    $    189    $    764    $    542
                                   ========    ========    ========    ========

Operating profit (loss)
  Diagnostic products              $  1,071    $    (57)   $ (1,113)   $  2,057
  AngioDynamics products                650          17       1,631        (217)
  Eliminations                          (33)         15         (32)        (54)
                                   --------    --------    --------    --------

Total operating profit (loss)      $  1,688    $    (25)   $    486    $  1,786
                                   ========    ========    ========    ========

Net earnings (loss)
  Diagnostic products              $    844    $    261    $   (751)   $  2,287
  AngioDynamics products                346        (170)        661         576
  Eliminations                          (33)         15         (32)        (54)
                                   --------    --------    --------    --------

Total net earnings (loss)          $  1,157    $    106    $   (122)   $  2,809
                                   ========    ========    ========    ========


                                      -14-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                         March 2, 2002 and March 3, 2001
                                   (unaudited)


NOTE M - OPERATING SEGMENTS (continued)

                                                      March 2,     June 2,
                                                        2002        2001
                                                      --------    --------
                                                         (in thousands)

     Assets
       Diagnostic products                            $107,364    $108,463
       AngioDynamics products                           19,164      16,782
       Eliminations                                    (28,029)    (27,790)
                                                      --------    --------

     Total assets                                     $ 98,499    $ 97,455
                                                      ========    ========


                                      -15-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

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


Quarters ended March 2, 2002 and March 3, 2001
----------------------------------------------

     The Company's quarters ended March 2, 2002 and March 3, 2001 both represent
thirteen weeks.

Results of Operations
---------------------

     Segment Overview
     ----------------

     The Company  operates in two  industry  segments:  Diagnostic  products and
AngioDynamics  products. The Diagnostic products operating segment includes both
contrast systems and non-contrast systems. The AngioDynamics  products operating
segment  includes  angiographic,  image-guided  vascular  access,  thrombolytic,
angioplasty,  stents,  and drainage  medical devices used in the  interventional
radiology marketplace.

                              Diagnostic  AngioDynamics  Eliminations    Total
                              ----------  -------------  ------------    -----
                                                 (in thousands)

Quarter ended March 2, 2002
---------------------------

 Unaffiliated customer sales    $ 22,893       $  7,753           --   $ 30,646
 Intersegment sales                   --            381     $   (381)        --
 Gross profit (loss)               9,072          3,816          (33)    12,855
 Operating profit (loss)           1,071            650          (33)     1,688

Quarter ended March 3, 2001
---------------------------

 Unaffiliated customer sales    $ 22,352       $  5,457           --   $ 27,809
 Intersegment sales                   --            189     $   (189)        --
 Gross profit                      7,464          2,616           15     10,095
 Operating profit (loss)             (57)            17           15        (25)

     Diagnostic Products
     -------------------

     Diagnostic  segment  operating  results for the current quarter improved by
$1,128,000 due primarily to increased sales and improved gross profit, partially
offset by increased operating expenses. Net sales increased 2%, or $541,000, due
to increased sales of non-contrast  systems of $937,000,  primarily  relating to
custom  contracts,  partially  offset by decreased sales of contrast  systems of
$396,000.  Price  increases  had  little  effect on net  sales  for the  current
quarter. Gross profit expressed as a percentage of net sales improved to 40% for
the current  quarter  from 33% for the  comparable  period of the prior year due
primarily  to changes in product mix,  increased  production  throughput  at the
Company's  Montreal,  Canada  facility and lower overhead costs at the Company's
Westbury,  New York facility.  The lower  overhead  costs can be attributed,  in
large part, to severance costs of $315,000  incurred in the comparable period of
the  prior  year.   Increased  operating  expenses  of  $480,000  resulted  from
investment in new product  introductions  and the  establishment  of a dedicated
domestic sales force for the Company's electromechanical injector line.

     AngioDynamics Products
     ----------------------

     AngioDynamics segment operating results for the current quarter improved by
$633,000 due to increased sales and improved gross profit,  partially  offset by
increased  operating  expenses.  Net sales  increased  42%, or  $2,296,000,  due
primarily to increased sales of image-guided vascular access products,


                                      -16-
<PAGE>


angiographic  catheters,   angioplasty  products  and  stents  in  the  domestic
marketplace. Gross profit expressed as a percentage of net sales improved to 47%
for the current  quarter from 46% for the  comparable  quarter of the prior year
due primarily to changes in product mix and increased  production  throughput at
the  Company's  Queensbury,  New York  facility.  Operating  expenses  increased
$567,000 due, in large part, to an expansion of the domestic  sales force during
the second half of last  fiscal  year and  increased  research  and  development
expenses.

     Consolidated Results of Operations
     ----------------------------------

     For the quarter ended March 2, 2002,  the Company  reported net earnings of
$1,157,000,  or $.12 and $.11 per  common  share on a basic and  diluted  basis,
respectively,  compared to net earnings of $106,000, or $.01 per common share on
both a basic and diluted basis, for the comparable period of last year.  Results
for the current quarter were favorably  affected by increased sales and improved
gross profit in both industry segments,  partially offset by increased operating
expenses in both industry segments.

     Net sales of $30,646,000 for the quarter ended March 2, 2002 increased 10%,
or  $2,837,000,  compared  to the quarter  ended March 3, 2001 due to  increased
sales of  AngioDynamics  products  of  $2,296,000  and  non-contrast  systems of
$937,000,  partially  offset by decreased sales of contrast  systems of 396,000,
which resulted from the factors  previously  disclosed in the segment  overview.
Price  increases  had little  effect on net sales for the current  quarter.  Net
sales  in  international  markets,  including  direct  exports  from  the  U.S.,
decreased 3%, or $316,000, for the current quarter from the comparable period of
last year due to  decreased  sales of contrast  systems of  $689,000,  partially
offset  by  increased  sales of  non-contrast  systems  of  $337,000,  primarily
relating to custom contracts.

     Gross profit  expressed as a percentage  of net sales  increased to 42% for
the current quarter from 36% for the comparable quarter of the prior year due to
improved gross profit in both the AngioDynamics and Diagnostic  segments,  which
resulted  from the factors  previously  disclosed in the segment  overview.  The
Company's third fiscal quarters  traditionally  have fewer  production days than
the other fiscal quarters,  resulting in somewhat lower gross profit percentages
in such quarters.

     Selling and administrative ("S&A") expenses were $9,665,000 for the quarter
ended March 2, 2002 compared to $8,771,000  for the quarter ended March 3, 2001.
This increase of $894,000,  or 10%, for the current quarter was due to increased
Diagnostic S&A expenses of $486,000 and increased  AngioDynamics S&A expenses of
$408,000.  Increased  Diagnostic  S&A expenses  resulted from  investment in new
product  introductions and the establishment of a dedicated domestic sales force
for the Company's  electromechanical  injector line. Increased AngioDynamics S&A
expenses was due, in large part,  to an  expansion  of the domestic  sales force
during the second half of last fiscal year.

     Research and development ("R&D") expenditures increased 14% for the current
quarter to $1,542,000,  or 5% of net sales, from $1,349,000, or 5% of net sales,
for the comparable quarter of the prior year. This increase was due to increased
AngioDynamics  project spending of $159,000, as well as increased clinical trial
costs  associated  with a  variety  of new  products  in the  field  of  virtual
colonoscopy. Of the R&D expenditures for the current quarter,  approximately 35%
relate to non-contrast  systems,  which include the Company's  electromechanical
injector line, 33% to AngioDynamics  projects,  13% to contrast  systems,  2% to
other  projects  and 17% to  general  regulatory  costs.  R&D  expenditures  are
expected to continue at approximately current levels.

     Other  income,  net of other  expenses,  totaled  $93,000 of income for the
current quarter compared to $222,000 of income for the quarter ended March 3,


                                      -17-
<PAGE>


2001. This decline was due to decreased interest income of $142,000,  resulting,
in large part, from lower interest rates.

     The Company's effective tax rate of 35% for the quarter ended March 2, 2002
differed  from the Federal  statutory  tax rate of 34% due primarily to the fact
that the  Company  did not  provide  for the tax  benefit on losses in a foreign
jurisdiction,  since it is more likely than not that such benefits  would not be
realized,  and non-deductible  expenses,  partially offset by the reversal of an
over accrual established in the prior year. For the quarter ended March 3, 2001,
the Company's  effective tax rate of 46% differed from the Federal statutory tax
rate of 34% due  primarily  to the fact that the Company did not provide for the
tax benefit on losses incurred in a foreign  jurisdiction,  since, at that time,
it was more likely than not that such benefits  would not be realized,  and non-
deductible expenses, partially offset by tax-exempt interest and earnings of the
Company's  Puerto  Rican  subsidiary,  which are subject to  favorable  U.S. tax
treatment.

Nine months ended March 2, 2002 and March 3, 2001
-------------------------------------------------

     The  Company's  nine  months  ended  March 2,  2002 and  March 3, 2001 both
represent thirty-nine weeks.

Results of Operations
---------------------

     Segment Overview
     ----------------

                               Diagnostic  AngioDynamics  Eliminations    Total
                               ----------  -------------  ------------    -----
                                                  (in thousands)

Nine months ended March 2, 2002
-------------------------------

 Unaffiliated customer sales     $ 67,200       $ 21,716           --   $ 88,916
 Intersegment sales                    --            764     $   (764)        --
 Gross profit (loss)               25,678         10,933          (32)    36,579
 Operating profit (loss)           (1,113)         1,631          (32)       486

Nine months ended March 3, 2001
-------------------------------

 Unaffiliated customer sales     $ 65,697       $ 16,503           --   $ 82,200
 Intersegment sales                     1            541     $   (542)        --
 Gross profit                      24,870          8,062          (54)    32,878
 Operating profit (loss)            2,057           (217)         (54)     1,786

     Diagnostic Products
     -------------------

     Diagnostic segment operating results for the current period, which declined
by  $3,170,000,  were  adversely  affected  by the  December  2001  closing of a
Japanese  facility   principally  used  to  manufacture  liquid  barium  sulfate
formulations for sale in the Japanese market.  The facility lacked the necessary
manufacturing throughput to justify its continued existence. As a result of this
facility closing,  the Company recorded a $1,492,000 charge to operations during
the current period consisting of i) a $1,272,000  write-down of property,  plant
and equipment to  management's  estimate of their fair market value,  based upon
the  anticipated  proceeds  to be received  upon sale,  ii)  severance  costs of
$125,000,  iii) refurbishing costs of $64,000,  relating to a leased warehousing
facility, and iv) a provision for inventory reserves of $31,000.

     Excluding the Japanese facility closing costs, Diagnostic segment operating
results  declined by $1,678,000 due primarily to increased  operating  expenses,
slightly offset by increased sales and gross profit.  Net sales increased 2%, or
$1,503,000,  due to  increased  sales of  non-contrast  systems  of  $2,421,000,
partially offset by decreased sales of contrast  systems of $918,000.  Increased
sales of non-contrast systems can be attributed entirely to custom contract

                                      -18-
<PAGE>


sales.  Price increases  accounted for less than 1% of net sales for the current
period. Gross profit expressed as a percentage of net sales was 38% for both the
current period and the comparable period of the prior year. Decreased production
throughput at the  Company's  Westbury and San Lorenzo,  Puerto Rico  facilities
offset  the  favorable  effects  of  changes  in  product  mix.   Excluding  the
aforementioned  facility closing costs,  operating expenses increased $2,486,000
due, in large part, to: i) the establishment of a dedicated domestic sales force
for the Company's electromechanical injector line; ii) investment in new product
introductions;  iii)  increased  administrative  and  research  and  development
expenses;  and iv)  office  relocation  expenses  of a foreign  subsidiary.  The
comparable prior year period included an asset impairment charge of $450,000 for
acquired patent rights to an oral magnetic resonance imaging contrast agent.

     AngioDynamics Products
     ----------------------

     AngioDynamics  segment  operating  results  improved by  $1,848,000  in the
current  period.  Of  this  improvement,  $872,000  resulted  from  the  Company
recognizing  a loss on sale of  AngioDynamics  Ltd.  and  related  assets in the
comparable  period  of last  year.  Excluding  the  effect  of the loss on sale,
AngioDynamics  segment  operating  results improved by $976,000 due to increased
sales  and  improved  gross  profit,  partially  offset by  increased  operating
expenses.  Net sales  increased 32%, or  $5,213,000,  due primarily to increased
sales of image-guided vascular access products,  stents,  angiographic catheters
and angioplasty products in the domestic marketplace.  Gross profit expressed as
a percentage  of net sales  improved to 49% for the current  period from 47% for
the  comparable  period of the prior year due primarily to increased  production
throughput  at the  Company's  Queensbury  facility  and  reduced  manufacturing
overhead  costs  resulting  from the sale of the  Irish  facility  in the  first
quarter of the prior year.  Excluding the aforementioned loss on sale, operating
expenses  increased  $1,895,000  due,  in large  part,  to an  expansion  of the
domestic sales force during the second half of last fiscal year.

     Consolidated Results of Operations
     ----------------------------------

     For the nine months ended March 2, 2002, the Company reported a net loss of
$122,000, or ($.01) per common share on both a basic and diluted basis, compared
to net  earnings  of  $2,809,000,  or $.28 per common  share on both a basic and
diluted basis for the  comparable  period of last year.  Results for the current
period  were  adversely  affected by the  $1,492,000  charge to close a Japanese
facility.  Increased operating expenses in both industry segments also adversely
affected  results for the current  period.  Results for the current  period were
favorably affected by increased sales and improved gross profit in both industry
segments.  For the comparable period of the prior year, several factors combined
to have a favorable effect on net earnings of $418,000, or $.04 per basic share.
Last  year's  results  included  the  Company's  reversal  of a  portion  of its
valuation  allowance  against  certain  domestic  income tax  benefits  totaling
$1,344,000.  Continued and projected future  profitability of the Company's U.S.
operations, including those of AngioDynamics,  made it more likely than not that
certain deferred tax assets would be realized  through future taxable  earnings.
Partially offsetting this was the loss on sale of AngioDynamics Ltd. and related
assets of $872,000 and the Diagnostic asset impairment charge of $450,000.

     Net sales of $88,916,000  for the nine months ended March 2, 2002 increased
8%,  or  $6,716,000,  compared  to the nine  months  ended  March 3, 2001 due to
increased sales of AngioDynamics products of $5,213,000 and non-contrast systems
of  $2,421,000,  partially  offset by  decreased  sales of  contrast  systems of
$918,000,  which resulted from the factors  previously  disclosed in the segment
overview.  Price  increases  accounted  for less  than 1% of net  sales  for the
current period.  Net sales in  international  markets,  including direct exports
from the U.S.,  increased  3%, or  $858,000,  for the  current  period  from the
comparable period of last year due to increased sales of non-contrast systems of


                                      -19-
<PAGE>


$1,974,000,  partially offset by decreased sales of contrast systems of $676,000
and AngioDynamics products of $440,000.  Increased sales of non-contrast systems
can be attributed entirely to custom contract sales.

     Gross profit  expressed as a percentage  of net sales  increased to 41% for
the current period from 40% for the  comparable  period of the prior year due to
improved gross profit in both the AngioDynamics and Diagnostic  segments,  which
resulted from the factors previously disclosed in the segment overview.

     S&A  expenses  were  $29,919,000  for the nine  months  ended March 2, 2002
compared to $26,210,000  for the nine months ended March 3, 2001.  This increase
of $3,709,000,  or 14%, for the current  period was due to increased  Diagnostic
S&A  expenses  of  $2,057,000  and  increased   AngioDynamics  S&A  expenses  of
$1,652,000.  Increased Diagnostic S&A expenses resulted, in large part, from: i)
the  establishment  of a  dedicated  domestic  sales  force  for  the  Company's
electromechanical  injector line;  ii) investment in new product  introductions;
iii) increased  administrative expenses; and iv) office relocation expenses of a
foreign subsidiary. The comparable prior year period included the aforementioned
asset impairment  charge of $450,000.  Increased  AngioDynamics S&A expenses was
due, in large part,  to an  expansion  of the  domestic  sales force  during the
second half of last fiscal year.

     R&D expenditures increased 17% for the current period to $4,682,000,  or 5%
of net sales, from $4,010,000, or 5% of net sales, for the comparable prior year
period. This increase was due to expenses associated with the development of new
products  introduced in the second  quarter,  including the Company's  latest CT
injector  system,  EmpowerCT(TM),  as well as a variety of new  products  in the
field of virtual  colonoscopy.  Of the R&D  expenditures for the current period,
approximately  42% relate to non-contrast  systems,  which include the Company's
electromechanical  injector line, 29% to AngioDynamics projects, 11% to contrast
systems, 2% to other projects and 16% to general regulatory costs.

     Other income,  net of other  expenses,  totaled  $430,000 of income for the
current period compared to $565,000 of income for the comparable  period of last
year.  This decline was due primarily to decreased  interest income of $327,000,
resulting,  in large part, from lower interest rates, partially offset by a gain
on the sale of an equity  security  of  $83,000  and an  improvement  in foreign
currency exchange gains and losses of $77,000.

     For the nine  months  ended March 2, 2002,  the  Company's  unusually  high
effective tax rate of 113%  differed from the Federal  statutory tax rate of 34%
due  primarily  to the fact that the Company did not provide for the tax benefit
on losses  incurred in certain  foreign  jurisdictions,  since it is more likely
than not that such benefits will not be realized,  and non-deductible  expenses.
For the nine  months  ended March 3, 2001,  the  Company  reported an income tax
benefit of $458,000 against earnings before taxes of $2,351,000 due primarily to
the fact that the Company reversed a portion of its valuation  allowance against
certain  domestic tax benefits  totaling  $1,344,000.  Continued  and  projected
future  profitability  of the  Company's  U.S.  operations,  including  those of
AngioDynamics,  made it more likely than not that  certain  deferred  tax assets
would be realized through future taxable earnings.

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

     For the nine months ended March 2, 2002, capital expenditures, the purchase
of  intangible  assets and the  purchase of  treasury  stock were funded by cash
provided  by  operations.   The  Company's  policy  has  been  to  fund  capital
requirements  without incurring  significant debt. At March 2, 2002, debt (notes
payable,   current   maturities  of  long-term  debt  and  long-term  debt)  was
$1,385,000,  compared to $1,418,000  at June 2, 2001.  The Company has available
$1,256,000  under a bank line of credit of which  $183,000  was  outstanding  at
March 2, 2002.


                                      -20-
<PAGE>


     At March 2, 2002,  approximately  66% of the Company's  assets consisted of
inventories,  accounts  receivable,  short-term debt and equity securities,  and
cash and cash  equivalents.  The  current  ratio was 4.57 to 1, with net working
capital of $54,304,000, at March 2, 2002, as compared to a current ratio of 5.24
to 1, with net working capital of $56,184,000, at June 2, 2001.

     In January 1999, the Board of Directors  authorized the repurchase of up to
500,000  shares of the Company's  Class B Common Stock at an aggregate  purchase
price of up to  $2,000,000.  In October 1999,  the Board modified the program to
include the Company's  Class A Common Stock. In February 2000, the Board further
modified the program to increase  the  aggregate  purchase  price of Class A and
Class B Common  Stock by an  additional  $2,000,000.  As of March 2,  2002,  the
Company had repurchased 51,298 shares of Class A Common Stock and 424,653 shares
of Class B Common Stock for approximately $3,336,000.

     Forward-Looking Statements
     --------------------------

     This Form 10-Q  contains  certain  forward-looking  statements  within  the
meaning  of  Section  27A of  the  Securities  Act  of  1933,  as  amended  (the
"Securities  Act"),  and Section 21E of the Securities  Exchange Act of 1934, as
amended  (the  "Exchange  Act"),  which are  intended  to be covered by the safe
harbors  created  thereby.  Words such as "expects",  "intends",  "anticipates",
"plans",  "believes",  "seeks",  "estimates",  or  variations  of such words and
similar  expressions are intended to identify such  forward-looking  statements.
Investors are cautioned that all  forward-looking  statements  involve risks and
uncertainty, including without limitation, the ability of the Company to develop
its products,  future actions by the U.S. Food and Drug  Administration or other
regulatory  agencies,  results  of pending or future  clinical  trials,  overall
economic conditions,  general market conditions,  foreign currency exchange rate
fluctuations,  the effects of pricing from group purchasing  organizations,  and
competition,   including  alternative   procedures  which  continue  to  replace
traditional  fluoroscopic  procedures.  Although the Company  believes  that the
assumptions  underlying  the  forward-looking  statements  contained  herein are
reasonable, any of the assumptions could be inaccurate, and therefore, there can
be no assurance that the  forward-looking  statements included in this Form 10-Q
will prove to be accurate. In light of the significant uncertainties inherent in
the   forward-looking   statements   included  herein,  the  inclusion  of  such
information  should not be  regarded as a  representation  by the Company or any
other person that the objectives and plans of the Company will be achieved.


Item 3. Quantitative and Qualitative Disclosures About Market Risk
        ----------------------------------------------------------

     The  Company  is exposed to market  risk from  changes in foreign  currency
exchange rates and, to a much lesser extent,  interest rates on investments  and
financing,  which could impact results of operations and financial position. The
Company does not  currently  engage in hedging or other  market risk  management
tools.  There  have  been no  material  changes  with  respect  to  market  risk
previously disclosed in the fiscal 2001 Annual Report on Form 10-K.

     Foreign Currency Exchange Rate Risk
     -----------------------------------

     The Company's  international  subsidiaries  are  denominated  in currencies
other than the U.S.  dollar.  Since the  functional  currency  of the  Company's
international  subsidiaries is the local currency,  foreign currency translation
adjustments  are accumulated as a component of accumulated  other  comprehensive
loss in stockholders'  equity.  Assuming a hypothetical  aggregate change in the
foreign  currencies  versus the U.S.  dollar  exchange  rates of 10% at March 2,
2002,  the  Company's  assets and  liabilities  would  increase  or  decrease by
$2,274,000  and  $587,000,  respectively,  and the  Company's  net sales and net
earnings would increase or decrease by $2,248,000 and $148,000, respectively, on
an annual basis.


                                      -21-
<PAGE>


     The Company also maintains  intercompany balances and loans receivable with
subsidiaries  with  different  local  currencies.  These  amounts are at risk of
foreign  exchange  losses if exchange rates  fluctuate.  Assuming a hypothetical
aggregate change in the foreign currencies versus the U.S. dollar exchange rates
of 10% at March 2, 2002, results of operations would be favorably or unfavorably
impacted by approximately $675,000 on an annual basis.

     Interest Rate Risk
     ------------------

     The Company is exposed to interest  rate change market risk with respect to
its investments in tax-free  municipal  bonds in the amount of $15,990,000.  The
bonds bear interest at a floating rate established  weekly.  For the nine months
ended March 2, 2002, the after-tax interest rate on the bonds approximated 2.0%.
Each 100 basis  point  (1%)  fluctuation  in  interest  rates will  increase  or
decrease  interest  income on the bonds by  approximately  $160,000 on an annual
basis.

     As the  Company's  principal  amount of fixed and  variable  interest  rate
financing approximated $1,202,000 and $183,000,  respectively, at March 2, 2002,
a change in interest rates would not materially  impact results of operations or
financial position.


                                      -22-
<PAGE>


                          E-Z-EM, Inc. and Subsidiaries

                           Part II: Other Information


Item 6. Exhibits and Reports on Form 8-K
        --------------------------------

(a)  Exhibits - None.
     --------

(b)  Reports on Form 8-K
     -------------------

     No reports on Form 8-K were filed during the quarter ended March 2, 2002.


                                   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.



                                         E-Z-EM, Inc.
                                        -------------------------------------
                                         (Registrant)



Date    April 16, 2002                   /s/ Anthony A. Lombardo
     --------------------               -------------------------------------
                                         Anthony A. Lombardo, President,
                                         Chief Executive Officer and Director



Date    April 16, 2002                   /s/ Dennis J. Curtin
     --------------------               -------------------------------------
                                         Dennis J. Curtin, Senior Vice
                                         President - Chief Financial Officer
                                         (Principal Financial and Chief
                                         Accounting Officer)


                                      -23-