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 December 2, 2000
                                                ----------------
                                       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 January 10, 2001,  there were  4,012,969  shares of the  issuer's  Class A
Common Stock  outstanding  and 5,872,198  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 - December 2, 2000 and
          June 3, 2000                                                  3 - 4

       Consolidated Statements of Earnings - thirteen and
          twenty-six weeks ended December 2, 2000 and
          November 27, 1999                                               5

       Consolidated Statement of Stockholders' Equity and
          Comprehensive Income - twenty-six weeks ended
          December 2, 2000                                                6

       Consolidated Statements of Cash Flows - twenty-six weeks
          ended December 2, 2000 and November 27, 1999                  7 - 8

       Notes to Consolidated Financial Statements                       9 - 13

    Item 2.  Management's Discussion and Analysis of Financial
                    Condition and Results of Operations                14 - 19

    Item 3.  Quantitative and Qualitative Disclosures About
                    Market Risk                                        19 - 20


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

    Item 4.  Submission of Matters to a Vote of Security Holders          21

    Item 6.  Exhibits and Reports on Form 8-K                             21


                                       -2-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

                           CONSOLIDATED BALANCE SHEETS
                                 (in thousands)


                                                     December 2,        June 3,
              ASSETS                                    2000              2000
                                                      -------           -------
                                                    (unaudited)        (audited)

CURRENT ASSETS
    Cash and cash equivalents                         $ 4,241           $ 5,583
    Debt and equity securities                         13,677             8,051
    Accounts receivable, principally
       trade, net                                      20,402            22,256
    Inventories                                        25,525            26,856
    Other current assets                                4,608             4,530
                                                      -------           -------

          Total current assets                         68,453            67,276

PROPERTY, PLANT AND EQUIPMENT - AT COST,
    less accumulated depreciation and
    amortization                                       19,800            21,721

COST IN EXCESS OF FAIR VALUE OF NET ASSETS
    ACQUIRED, less accumulated amortization               381               407

INTANGIBLE ASSETS, less accumulated
    amortization                                        1,389             2,151

DEBT AND EQUITY SECURITIES                              1,123             4,067

OTHER ASSETS                                            5,393             3,463
                                                      -------           -------

                                                      $96,539           $99,085
                                                      =======           =======


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)

<TABLE>
<CAPTION>
                                                                                          December 2,          June 3,
    LIABILITIES AND STOCKHOLDERS' EQUITY                                                      2000              2000
                                                                                            --------          --------
                                                                                          (unaudited)         (audited)
<S>                                                                                         <C>               <C>
CURRENT LIABILITIES
    Notes payable                                                                           $  1,001          $  1,080
    Current maturities of long-term debt                                                          96               103
    Accounts payable                                                                           4,911             6,384
    Accrued liabilities                                                                        7,010             7,798
    Accrued income taxes                                                                         202               477
                                                                                            --------          --------

          Total current liabilities                                                           13,220            15,842

LONG-TERM DEBT, less current maturities                                                          394               453

OTHER NONCURRENT LIABILITIES                                                                   2,633             2,756
                                                                                            --------          --------

          Total liabilities                                                                   16,247            19,051
                                                                                            --------          --------

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 4,013,147 shares at December 2, 2000
          and 4,015,111 shares at June 3, 2000 (excluding 40,109 and 38,145
          shares held in treasury at December 2, 2000 and June 3, 2000,
          respectively)                                                                          401               401
       Class B (non-voting), par value $.10 per share - authorized, 10,000,000
          shares; issued and outstanding 5,866,724 shares at December 2, 2000
          and 5,909,277 shares at June 3, 2000 (excluding 365,126 and 313,748
          shares held in treasury at December 2, 2000 and June 3, 2000,
          respectively)                                                                          587               591
    Additional paid-in capital                                                                20,207            20,521
    Retained earnings                                                                         62,555            59,852
    Accumulated other comprehensive income (loss)                                             (3,458)           (1,331)
                                                                                            --------          --------

          Total stockholders' equity                                                          80,292            80,034
                                                                                            --------          --------

                                                                                            $ 96,539          $ 99,085
                                                                                            ========          ========
</TABLE>

The accompanying notes are an integral part of these statements.


                                       -4-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

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

<TABLE>
<CAPTION>
                                                      Thirteen weeks ended                   Twenty-six weeks ended
                                                 -------------------------------         -------------------------------
                                                 December 2,        November 27,         December 2,        November 27,
                                                    2000                1999                2000                1999
                                                  --------            --------            --------            --------
<S>                                               <C>                 <C>                 <C>                 <C>
Net sales                                         $ 26,261            $ 27,973            $ 53,565            $ 55,170

Cost of goods sold                                  14,219              14,739              29,420              29,853
                                                  --------            --------            --------            --------

      Gross profit                                  12,042              13,234              24,145              25,317
                                                  --------            --------            --------            --------

Operating expenses
  Selling and administrative                         9,471               9,332              18,801              17,669
  Loss on sale of subsidiary
    and related assets                                                                         872
  Research and development                           1,389               1,171               2,661               2,372
                                                  --------            --------            --------            --------

    Total operating expenses                        10,860              10,503              22,334              20,041
                                                  --------            --------            --------            --------

      Operating profit                               1,182               2,731               1,811               5,276

Other income (expense)
  Interest income                                      230                 146                 456                 291
  Interest expense                                     (67)                (58)               (138)               (119)
  Other, net                                             7                 (19)                 25                  62
                                                  --------            --------            --------            --------

      Earnings before income
        taxes                                        1,352               2,800               2,154               5,510

Income tax provision (benefit)                         491                 983                (549)              1,895
                                                  --------            --------            --------            --------

      NET EARNINGS                                $    861            $  1,817            $  2,703            $  3,615
                                                  ========            ========            ========            ========

Earnings per common share
  Basic                                           $    .09            $    .18            $    .27            $    .36
                                                  ========            ========            ========            ========

  Diluted                                         $    .08            $    .18            $    .26            $    .35
                                                  ========            ========            ========            ========

Weighted average common shares
  Basic                                              9,878              10,074               9,897              10,074
                                                  ========            ========            ========            ========

  Diluted                                           10,192              10,217              10,218              10,223
                                                  ========            ========            ========            ========
</TABLE>

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 INCOME

                     Twenty-six weeks ended December 2, 2000
                                   (unaudited)
                        (in thousands, except share data)

<TABLE>
<CAPTION>
                                                                                                    Accumulated
                                                                                                       other
                                          Class A                   Class B                           compre-
                                       common stock              common stock    Additional            hensive               Compre-
                                   ----------------------   --------------------   paid-in  Retained   income                hensive
                                      Shares      Amount        Shares    Amount   capital  earnings   (loss)      Total     income
                                   -----------   --------   -----------   ------  --------  --------   -------    -------    ------
<S>                                  <C>         <C>          <C>         <C>     <C>        <C>       <C>        <C>        <C>
Balance at June 3, 2000              4,015,111   $    401     5,909,277   $ 591   $ 20,521   $59,852   $(1,331)   $80,034

Exercise of stock options                                         2,825                 14                             14
Income tax benefits on
  stock options exercised                                                                1                              1
Compensation related to
  stock option plans                                                                     3                              3
Issuance of stock                                                 6,000       1         40                             41
Purchase of treasury stock              (1,964)                 (51,378)     (5)      (372)                          (377)
Net earnings                                                                                   2,703                2,703    $2,703
Unrealized holding loss on debt
  and equity securities                                                                                 (2,399)    (2,399)   (2,399)
Foreign currency translation
  adjustments                                                                                              272        272       272
                                   -----------   --------   -----------   -----   --------   -------   -------    -------    ------

Comprehensive income                                                                                                         $  576
                                                                                                                             ======
Balance at December 2, 2000          4,013,147   $    401     5,866,724   $ 587   $ 20,207   $62,555   $(3,458)   $80,292
                                   ===========   ========   ===========   =====   ========   =======   =======    =======
</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)


                                                       Twenty-six weeks ended
                                                    ----------------------------
                                                    December 2,     November 27,
                                                       2000            1999
                                                      ------          ------

Cash flows from operating activities:
  Net earnings                                      $  2,703        $  3,615
  Adjustments to reconcile net earnings
    to net cash provided by operating
    activities
      Depreciation and amortization                    1,388           1,431
      Impairment of long-lived assets                    450
      Provision for doubtful accounts                     43              76
      Loss on sale of subsidiary and
        related assets                                   872
      Deferred income tax (benefit) provision         (1,723)             31
      Other non-cash items                                44              73
      Changes in operating assets and
        liabilities, net of sale
          Accounts receivable                          1,586          (1,999)
          Inventories                                     51          (1,197)
          Other current assets                           190             594
          Other assets                                  (188)           (165)
          Accounts payable                            (1,114)          1,258
          Accrued liabilities                           (740)            298
          Accrued income taxes                          (291)           (164)
          Other noncurrent liabilities                    95              74
                                                      ------          ------

            Net cash provided by operating
              activities                               3,366           3,925
                                                      ------          ------

Cash flows from investing activities:
  Additions to property, plant and
    equipment, net                                    (1,451)           (985)
  Proceeds from sale of subsidiary and
    related assets                                     3,250
  Available-for-sale securities
    Purchases                                        (40,151)        (20,278)
    Proceeds from sale                                34,525          16,620
                                                      ------          ------

      Net cash used in investing activities           (3,827)         (4,643)
                                                      ------          ------

Cash flows from financing activities:
  Repayments of debt                                    (121)           (904)
  Proceeds from issuance of debt                          19              26
  Proceeds from exercise of stock options,
    including related income tax benefits                 15              87
  Purchase of treasury stock                            (377)           (291)
  Proceeds from issuance of stock in connection
    with the stock purchase plan                                           6
                                                      ------          ------

      Net cash used in financing activities             (464)         (1,076)
                                                      ------          ------


                                       -7-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

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


                                                        Twenty-six weeks ended
                                                     ---------------------------
                                                     December 2,    November 27,
                                                         2000           1999
                                                       -------        -------

Effect of exchange rate changes on
  cash and cash equivalents                            $  (417)       $   133
                                                       -------        -------

      DECREASE IN CASH AND CASH
        EQUIVALENTS                                     (1,342)        (1,661)

Cash and cash equivalents
  Beginning of period                                    5,583          8,073
                                                       -------        -------

  End of period                                        $ 4,241        $ 6,412
                                                       =======        =======

Supplemental disclosures of cash flow information:
    Cash paid during the period for:
      Interest                                         $    38        $    42
                                                       =======        =======

      Income taxes                                     $ 1,830        $ 1,983
                                                       =======        =======

The accompanying notes are an integral part of these statements.


                                       -8-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                     December 2, 2000 and November 27, 1999
                                   (unaudited)


NOTE A - CONSOLIDATED FINANCIAL STATEMENTS

     The  consolidated  balance sheet as of December 2, 2000,  the  consolidated
     statement of stockholders'  equity and comprehensive  income for the period
     ended  December 2, 2000,  and the  consolidated  statements of earnings and
     cash flows for the periods  ended  December 2, 2000 and  November 27, 1999,
     have been prepared by the Company without audit. The  consolidated  balance
     sheet as of June 3, 2000 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
     income,  results of operations  and cash flows at December 2, 2000 (and for
     all periods presented) have been made.

     Certain  information  and  footnote   disclosures,   normally  included  in
     financial   statements  prepared  in  accordance  with  generally  accepted
     accounting principles, 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 2000 Annual
     Report on Form 10-K filed by the Company on September 1, 2000.  The results
     of operations  for the periods ended December 2, 2000 and November 27, 1999
     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.

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

<TABLE>
<CAPTION>
                                           Thirteen weeks ended              Twenty-six weeks ended
                                       ----------------------------      ----------------------------
                                       December 2,     November 27,      December 2,     November 27,
                                          2000             1999             2000             1999
                                         ------           ------           ------           ------
                                                               (in thousands)
<S>                                      <C>              <C>              <C>              <C>
          Basic                           9,878           10,074            9,897           10,074
          Effect of dilutive
            securities (stock
            options)                        314              143              321              149
                                         ------           ------           ------           ------

          Diluted                        10,192           10,217           10,218           10,223
                                         ======           ======           ======           ======
</TABLE>


                                       -9-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                     December 2, 2000 and November 27, 1999
                                   (unaudited)


NOTE B - EARNINGS PER COMMON SHARE (continued)

     Excluded from the calculation of earnings per common share,  are options to
     purchase 462,915 and 791,509 shares of common stock at December 2, 2000 and
     November 27, 1999, respectively, as their inclusion would be anti-dilutive.


NOTE C - EFFECTS OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

     In  September  1998,  the  Financial   Accounting  Standards  Board  issued
     Statement of Financial  Accounting  Standards ("SFAS") No. 133, "Accounting
     for Derivative Instruments and Hedging Activities," which requires entities
     to recognize all derivatives in their financial statements as either assets
     or  liabilities  measured at fair value.  SFAS No. 133 also  specifies  new
     methods of accounting  for hedging  transactions,  prescribes the items and
     transactions  that may be hedged and specifies  detailed criteria to be met
     to qualify for hedge accounting.  SFAS No. 133, as amended by SFAS No. 137,
     is effective  for fiscal years  beginning  after  September  15, 2000.  The
     Company  currently does not use  derivative  instruments as defined by SFAS
     No. 133. If the Company  continues not to use these derivative  instruments
     by the effective  date of SFAS No. 133, the adoption of this  pronouncement
     will have no effect on the  Company's  results of  operations  or financial
     position.


NOTE D - COMPREHENSIVE INCOME

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

<TABLE>
<CAPTION>
                                                                Twenty-six weeks ended
                                                            ------------------------------
                                                            December 2,       November 27,
                                                               2000               1999
                                                              -------           -------
                                                                    (in thousands)
<S>                                                           <C>               <C>
          Net earnings                                        $ 2,703           $ 3,615
          Unrealized holding gain (loss) on
            debt and equity securities                         (2,399)            1,252
          Foreign currency translation
            adjustments                                           272              (203)
                                                              -------           -------

              Comprehensive income                            $   576           $ 4,664
                                                              =======           =======
</TABLE>

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

<TABLE>
<CAPTION>
                                                            December 2,          June 3,
                                                               2000               2000
                                                              -------           -------
                                                                    (in thousands)
<S>                                                           <C>               <C>

          Unrealized holding gain (loss) on debt
            and equity securities                             $  (335)          $ 2,064
          Cumulative translation adjustments                   (3,123)           (3,395)
                                                              -------           -------

              Accumulated other comprehensive income
                (loss)                                        $(3,458)          $(1,331)
                                                              =======           =======
</TABLE>


                                      -10-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                     December 2, 2000 and November 27, 1999
                                   (unaudited)


NOTE E - SALE OF SUBSIDIARY AND RELATED ASSETS

     On July 27, 2000,  AngioDynamics,  Inc. entered into two agreements to sell
     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 quarter 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 F - ASSET IMPAIRMENT CHARGE

     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 an impairment charge during
     the  quarter  ended  September  2, 2000 of  $450,000  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 now believes that the market for this technology is
     significantly  less  than  previously  projected.   The  impairment  charge
     represents  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 charge had no impact on the Company's cash flow
     or its ability to generate cash flow in the future.  The impairment  charge
     is included in the  consolidated  statement  of earnings  under the caption
     "Selling and administrative".


NOTE G - INVENTORIES

     Inventories consist of the following:

                                          December 2,      June 3,
                                             2000           2000
                                           -------        -------
                                               (in thousands)

          Finished goods                   $13,496        $13,246
          Work in process                    1,797          2,813
          Raw materials                     10,232         10,797
                                           -------        -------

                                           $25,525        $26,856
                                           =======        =======


                                      -11-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                     December 2, 2000 and November 27, 1999
                                   (unaudited)


NOTE H - 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 I - COMMON STOCK

     Under the 1983 and 1984 Stock Option  Plans,  options for 2,825 shares were
     exercised  at prices  ranging  from $4.31 to $5.63 per share,  options  for
     8,449  shares  were  forfeited  at prices  ranging  from $5.39 to $5.63 per
     share,  and no options were granted or expired during the twenty-six  weeks
     ended  December 2, 2000.  Under the 1997  AngioDynamics  Stock Option Plan,
     options for .06 shares were granted at $40,000 per share,  options for 3.81
     shares were  forfeited at $40,000 per share,  and no options were exercised
     or expired during the twenty- six weeks ended December 2, 2000.

     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 December 2, 2000, the Company had  repurchased  40,109 shares of Class A
     Common Stock and 365,126  shares of Class B Common Stock for  approximately
     $2,880,000.


NOTE J - OPERATING SEGMENTS

     In fiscal  1999,  the  Company  adopted  SFAS No. 131,  "Disclosures  about
     Segments of an Enterprise and Related Information". The statement redefines
     how operating  segments are determined  and requires  disclosure of certain
     financial and descriptive information about a company's 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  radiological
     medical   devices,   custom  contract   pharmaceuticals,   gastrointestinal
     cleansing  laxatives,  X-ray protection  equipment,  and immunoassay tests.
     AngioDynamics  products include  angiographic,  thrombolytic,  image-guided
     vascular access, angioplasty,  stents, and drainage medical devices used in
     the interventional radiology marketplace.


                                      -12-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

                     December 2, 2000 and November 27, 1999
                                   (unaudited)


NOTE J - OPERATING SEGMENTS (continued)

     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:

<TABLE>
<CAPTION>
                                                   Thirteen weeks ended                  Twenty-six weeks ended
                                              ------------------------------        ------------------------------
                                              December 2,       November 27,        December 2,       November 27,
                                                 2000               1999               2000               1999
                                               --------           --------           --------           --------
                                                                         (in thousands)
<S>                                            <C>                <C>                <C>                <C>
     Net sales to external
     customers
       Diagnostic products
         Contrast systems                      $ 15,297           $ 17,178           $ 30,912           $ 33,205
         Non-contrast systems                     5,930              6,269             12,018             13,098
                                               --------           --------           --------           --------

         Total Diagnostic products               21,227             23,447             42,930             46,303
       AngioDynamics products                     5,034              4,526             10,635              8,867
                                               --------           --------           --------           --------

     Total net sales to external
     customers                                 $ 26,261           $ 27,973           $ 53,565           $ 55,170
                                               ========           ========           ========           ========

     Intersegment net sales
       Diagnostic products                     $      1           $   (189)          $      1           $      2
       AngioDynamics products                       162                167                352                325
                                               --------           --------           --------           --------

     Total intersegment net sales              $    163           $    (22)          $    353           $    327
                                               ========           ========           ========           ========

     Operating profit (loss)
       Diagnostic products                     $    887           $  3,127           $  2,114           $  6,056
       AngioDynamics products                       316               (408)              (234)              (816)
       Eliminations                                 (21)                12                (69)                36
                                               --------           --------           --------           --------

     Total operating profit                    $  1,182           $  2,731           $  1,811           $  5,276
                                               ========           ========           ========           ========

     Net earnings (loss)
       Diagnostic products                     $    842           $  2,327           $  2,026           $  4,637
       AngioDynamics products                        40               (522)               746             (1,058)
       Eliminations                                 (21)                12                (69)                36
                                               --------           --------           --------           --------

     Total net earnings                        $    861           $  1,817           $  2,703           $  3,615
                                               ========           ========           ========           ========

<CAPTION>
                                                                                    December 2,         June 3,
                                                                                        2000              2000
                                                                                     --------           --------
                                                                                           (in thousands)
<S>                                                                                  <C>                <C>
     Assets
       Diagnostic products                                                           $107,847           $111,046
       AngioDynamics products                                                          16,560             17,573
       Eliminations                                                                   (27,868)           (29,534)
                                                                                     --------           --------

     Total assets                                                                    $ 96,539           $ 99,085
                                                                                     ========           ========
</TABLE>


                                      -13-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

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


Quarters ended December 2, 2000 and November 27, 1999
-----------------------------------------------------

     The Company's  quarters  ended  December 2, 2000 and November 27, 1999 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  products,  thrombolytic  products,  image-guided
vascular access products,  angioplasty  products,  stents, and drainage products
used in the interventional radiology marketplace.

<TABLE>
<CAPTION>
                                                Diagnostic        AngioDynamics     Eliminations          Total
                                                ----------        -------------     ------------          -----
                                                                          (in thousands)
<S>                                              <C>                 <C>                <C>              <C>
Quarter ended December 2, 2000
------------------------------

   Unaffiliated customer sales                   $ 21,227            $ 5,034             --              $26,261
   Intersegment sales                                   1                162            ($163)              --
   Gross profit                                     9,417              2,646              (21)            12,042
   Operating profit (loss)                            887                316              (21)             1,182

Quarter ended November 27, 1999
-------------------------------

   Unaffiliated customer sales                   $ 23,447            $ 4,526             --              $27,973
   Intersegment sales                                (189)               167            $  22               --
   Gross profit                                    11,123              2,100               11             13,234
   Operating profit (loss)                          3,127               (408)              12              2,731
</TABLE>

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

     Diagnostic  segment  operating  results for the current quarter declined by
$2,240,000  due  primarily  to decreased  sales and gross  profit and  increased
operating expenses.  Net sales decreased 9%, or $2,220,000,  due to lower demand
for sales of both  contrast  systems and  non-contrast  systems.  The decline in
contrast system sales resulted,  in part, from the stocking of higher  inventory
levels by the Company's distributors in the second quarter of the prior year, in
anticipation of potential Year 2000 ("Y2K")  related supply issues.  The decline
in sales of non-contrast  systems resulted from decreased custom contract sales.
Price  increases  accounted  for  approximately  3% of net sales for the current
quarter. Gross profit expressed as a percentage of net sales declined to 44% for
the current  quarter  from 48% for the  comparable  period of the prior year due
primarily  to  decreased  production  throughput  and  increased  provision  for
inventory  reserves of $200,000,  partially offset by the effects of sales price
increases.  Increased  operating  expenses  of  $534,000  are the  result of the
expansion  of  the  domestic  sales  force,  increased  distribution  costs  and
increased research and development expenses.

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

     AngioDynamics segment operating results for the current quarter improved by
$724,000 due to increased sales,  improved gross profit and decreased  operating
expenses of $178,000. Net sales increased 11%, or $508,000, due to sales of


                                      -14-
<PAGE>

several  new  products,   namely   Abscession(TM)   fluid  drainage   catheters,
VistaFlex(TM)  platinum biliary stents, and Workhorse(TM) PTA balloon catheters,
introduced in the second quarter of last fiscal year.  Gross profit expressed as
a percentage of net sales  improved to 51% for the current  quarter from 45% for
the comparable  quarter of the prior year due primarily to increased  production
throughput at the Glens Falls  facility and reduced  unabsorbed  overhead  costs
resulting  from the sale of the  Irish  facility  in the  first  quarter  of the
current year.

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

     For the quarter ended December 2, 2000,  the Company  reported net earnings
of  $861,000,  or $.09 and $.08 per common  share on a basic and diluted  basis,
respectively,  compared to net earnings of $1,817,000,  or $.18 per common share
on both a basic and  diluted  basis,  for the  comparable  period of last  year.
Results for the current  quarter were adversely  affected by decreased sales and
gross  profit  and  increased  operating  expenses  in the  Diagnostic  segment,
partially  offset by  increased  sales,  improved  gross  profit  and  decreased
operating expenses in the AngioDynamics segment.

     Net  sales  for the  quarter  ended  December  2,  2000  decreased  6%,  or
$1,712,000,  compared to the quarter ended November 27, 1999. Decreased sales of
contrast  systems of  $1,881,000  and  non-contrast  systems of  $339,000,  were
partially offset by increased sales of AngioDynamics products of $508,000. Price
increases  accounted  for  approximately  2 1/2% of net  sales  for the  current
quarter. Net sales in international  markets,  including direct exports from the
U.S., decreased 20%, or $1,784,000,  for the current quarter from the comparable
period of last year due, in part, to decreased custom contract sales of $412,000
and the  continued  weakness  of the Euro  compared to the U.S.  dollar,  as the
Company's domestic operations bill export sales in U.S. dollars.

     Gross profit  expressed as a percentage  of net sales  decreased to 46% for
the current quarter from 47% for the comparable quarter of the prior year due to
reduced gross profit in the  Diagnostic  segment,  partially  offset by improved
gross  profit in the  AngioDynamics  segment.  The decline in  Diagnostic  gross
profit expressed as a percentage of net sales resulted  primarily from decreased
production   throughput  and  increased  provision  for  inventory  reserves  of
$200,000, partially offset by the effects of sales price increases. The improved
AngioDynamics  gross  profit  expressed  as a  percentage  of net  sales  is due
primarily to increased  production  throughput  at the Glens Falls  facility and
reduced unabsorbed  overhead costs resulting from the sale of the Irish facility
in the first quarter of the current year.

     Selling and administrative ("S&A") expenses were $9,471,000 for the quarter
ended December 2, 2000 compared to $9,332,000 for the quarter ended November 27,
1999.  This  increase of  $139,000,  or 1%, for the  current  quarter was due to
increased  Diagnostic S&A expenses of $331,000,  resulting from the expansion of
the domestic sales force and increased distribution costs, partially offset by a
decline in AngioDynamics S&A expenses of $192,000.

     Research and development ("R&D") expenditures increased 19% for the current
quarter to $1,389,000,  or 5% of net sales, from $1,171,000, or 4% of net sales,
for the comparable quarter of the prior year. This increase was due primarily to
a redeployment of staff from other  departments  within the Company,  as well as
increased  spending  relating to contrast systems of $101,000 and  immunological
projects  of  $27,000.   Of  the  R&D  expenditures  for  the  current  quarter,
approximately 42% relate to contrast systems, 27% to AngioDynamics  projects, 5%
to immunological  projects,  8% to other projects and 18% to general  regulatory
costs.  R&D  expenditures  are  expected to continue  at  approximately  current
levels.

     Other income,  net of other  expenses,  totaled  $170,000 of income for the
current quarter compared to $69,000 of income for the quarter ended November 27,


                                      -15-
<PAGE>

1999.  This  improvement  was  due to  increased  interest  income  of  $84,000,
resulting from the investment of additional funds provided by operations,  and a
decline in foreign currency exchange losses of 27,000.

     For the quarter ended December 2, 2000, the Company's effective tax rate of
36% 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 it is more likely than not that such benefits will
not be realized, and non-deductible  expenses,  mostly offset by earnings of the
Company's  Puerto  Rican  subsidiary,  which are subject to  favorable  U.S. tax
treatment,  and tax-exempt interest. The Company's effective tax rate of 35% for
the quarter ended November 27, 1999 differed from the Federal statutory tax rate
of 34% due  primarily to losses  incurred in a foreign  jurisdiction  subject to
lower tax rates and  non-deductible  expenses,  mostly offset by earnings of the
Company's  Puerto  Rican  subsidiary,  which are subject to  favorable  U.S. tax
treatment.

Twenty-six weeks ended December 2, 2000 and November 27, 1999
-------------------------------------------------------------

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

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

<TABLE>
<CAPTION>
                                                 Diagnostic        AngioDynamics      Eliminations         Total
                                                 ----------        -------------      ------------         -----
                                                                           (in thousands)
<S>                                                <C>               <C>                 <C>              <C>
Twenty-six weeks ended December 2, 2000
---------------------------------------

   Unaffiliated customer sales                     $42,930           $ 10,635             --              $53,565
   Intersegment sales                                    1                352            ($353)              --
   Gross profit                                     18,766              5,448              (69)            24,145
   Operating profit (loss)                           2,114               (234)             (69)             1,811

Twenty-six weeks ended November 27, 1999
----------------------------------------

   Unaffiliated customer sales                     $46,303           $  8,867             --              $55,170
   Intersegment sales                                    2                325            ($327)              --
   Gross profit                                     21,168              4,115               34             25,317
   Operating profit (loss)                           6,056               (816)              36              5,276
</TABLE>

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

     Diagnostic  segment  operating  results for the current period  declined by
$3,942,000  due  primarily  to decreased  sales and gross  profit and  increased
operating expenses.  Net sales decreased 7%, or $3,373,000,  due to lower demand
for sales of both  contrast  systems and  non-contrast  systems.  The decline in
contrast system sales resulted,  in part, from the stocking of higher  inventory
levels by the Company's distributors in the second quarter of the prior year, in
anticipation of potential Year 2000 ("Y2K")  related supply issues.  The decline
in sales of non-contrast  systems resulted from decreased custom contract sales.
Price increases  accounted for approximately 2 1/2% of net sales for the current
period.  Gross profit expressed as a percentage of net sales declined to 44% for
the  current  period  from 46% for the  comparable  period of the prior year due
primarily  to  decreased  production  throughput  and  increased  provision  for
inventory  reserves of $270,000,  partially offset by the effects of sales price
increases. Increased operating expenses of $1,540,000 are attributable, in large
part, to: an impairment charge of $450,000 relating to acquired patent rights to
an oral magnetic resonance imaging contrast agent; the expansion of the domestic
sales force; increased distribution costs; and increased  administrative and R&D
expenses.


                                      -16-
<PAGE>

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

     AngioDynamics  segment  operating  results  for the current  period,  which
improved by $582,000, were adversely affected by the sale of AngioDynamics Ltd.,
a wholly-owned subsidiary, and certain other assets. AngioDynamics Ltd., located
in Ireland,  manufactured  cardiovascular and interventional radiology products.
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 current period.  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.

     Excluding  the  loss  on  sale,  AngioDynamics  segment  operating  results
improved by $1,454,000  due to increased  sales and improved  gross profit.  Net
sales increased 20%, or $1,768,000,  due, in large part, to sales of several new
products, namely Abscession(TM) fluid drainage catheters, VistaFlex(TM) platinum
biliary  stents,  and  Workhorse(TM)  PTA balloon  catheters,  introduced in the
second  quarter of last fiscal year.  Gross profit  expressed as a percentage of
net sales  improved  to 50% for the current  period from 45% for the  comparable
period of the prior year due primarily to increased production throughput at the
Glens Falls facility and reduced  unabsorbed  overhead costs  resulting from the
sale of the Irish facility.

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

     For the twenty-six  weeks ended December 2, 2000, the Company  reported net
earnings of $2,703,000, or $.27 and $.26 per common share on a basic and diluted
basis,  respectively,  compared to net earnings of $3,615,000,  or $.36 and $.35
per common share on a basic and diluted basis, respectively,  for the comparable
period of last year.  Results for the current period were adversely  affected by
decreased  sales  and gross  profit  in the  Diagnostic  segment  and  increased
operating expenses in both industry segments.  The increased operating expenses,
totaling  $2,293,000,  were  due,  in  large  part,  to  the  loss  on  sale  of
AngioDynamics  Ltd.  and related  assets of $872,000  and the  Diagnostic  asset
impairment  charge of $450,000.  Results for the current  period were  favorably
affected  by the  Company's  reversal  of a portion of its income tax  valuation
allowance against certain domestic tax benefits totaling $1,344,000, since it is
now more likely than not that such benefits will be realized.

     Net sales for the twenty-six  weeks ended December 2, 2000 decreased 3%, or
$1,605,000,  compared to the twenty-six weeks ended November 27, 1999. Decreased
sales of contrast systems of $2,293,000 and non-contrast  systems of $1,080,000,
were  partially  offset  by  increased  sales  of   AngioDynamics   products  of
$1,768,000.  Price increases accounted for approximately 2% of net sales for the
current period.  Net sales in  international  markets,  including direct exports
from the U.S.,  decreased  17%, or  $3,193,000,  for the current period from the
comparable  period of last year due, in part, to decreased custom contract sales
of $1,607,000.  Continued  weakness of the Euro compared to the U.S. dollar also
contributed  to  sluggish   international   sales,  as  the  Company's  domestic
operations bill export sales in U.S. dollars.

     Gross profit  expressed as a percentage  of net sales  decreased to 45% for
the current period from 46% for the  comparable  period of the prior year due to
reduced gross profit in the  Diagnostic  segment,  partially  offset by improved
gross  profit in the  AngioDynamics  segment.  The decline in  Diagnostic  gross
profit expressed as a percentage of net sales resulted  primarily from decreased
production   throughput  and  increased  provision  for  inventory  reserves  of
$270,000, partially offset by the effects of sales price increases. The improved
AngioDynamics gross profit expressed as a percentage of net sales is due


                                      -17-
<PAGE>

primarily to increased  production  throughput  at the Glens Falls  facility and
reduced unabsorbed overhead costs resulting from the sale of the Irish facility.

     S&A expenses were  $18,801,000  for the twenty-six  weeks ended December 2,
2000 compared to $17,669,000  for the twenty-six  weeks ended November 27, 1999.
This increase of $1,132,000,  or 6%, for the current period was due to increased
Diagnostic S&A expenses,  resulting,  in large part,  from the asset  impairment
charge of  $450,000,  the  expansion  of the  domestic  sales  force,  increased
distribution costs, and increased administrative expenses.

     R&D expenditures increased 12% for the current period to $2,661,000,  or 5%
of net sales, from $2,372,000, or 4% of net sales, for the comparable prior year
period.  This increase was due primarily to a  redeployment  of staff from other
departments  within the  Company,  as well as  increased  spending  relating  to
contrast systems of $97,000 and  immunological  projects of $46,000.  Of the R&D
expenditures  for the  current  period,  approximately  42%  relate to  contrast
systems,  28% to AngioDynamics  projects,  5% to immunological  projects,  7% to
other projects and 18% to general regulatory costs.

     Other income,  net of other  expenses,  totaled  $343,000 of income for the
current period compared to $234,000 of income for the comparable  period of last
year.  This  improvement  was due to  increased  interest  income  of  $165,000,
resulting  from the  investment  of  additional  funds  provided by  operations,
partially offset by an increase in foreign currency exchange losses of 43,000.

     For the twenty-six  weeks ended  December 2, 2000, the Company  reported an
income tax benefit of $549,000  against  earnings before taxes of $2,154,000 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.  The  Company's
effective tax rate for the twenty-six weeks ended November 27, 1999 approximated
the Federal statutory tax rate of 34%. Losses incurred in a foreign jurisdiction
subject to lower tax rates and  non-deductible  expenses were offset by earnings
of the Company's  Puerto Rican  subsidiary,  which are subject to favorable U.S.
tax treatment.

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

     For the twenty-six weeks ended December 2, 2000, capital expenditures,  the
purchase of treasury stock and debt  repayments  were funded by cash provided by
operations.  The Company's policy has been to fund capital  requirements without
incurring  significant  debt. At December 2, 2000, debt (notes payable,  current
maturities of long-term  debt and long-term  debt) was  $1,491,000,  compared to
$1,636,000 at June 3, 2000. The Company has available  $5,233,000 under two bank
lines of credit of which no amounts were outstanding at December 2, 2000.

     At December 2, 2000, 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 5.18 to 1, with net working
capital of $55,233,000, at December 2, 2000, compared to a current ratio of 4.25
to 1, with net working capital of $51,434,000, at June 3, 2000.

     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 December 2, 2000,  the
Company had repurchased 40,109 shares of Class A Common Stock and 365,126 shares
of Class B Common Stock for approximately $2,880,000.


                                      -17-
<PAGE>

     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,  as well as
general  market  conditions,  competition  and  pricing.  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.

     Effects of Recently Issued Accounting Pronouncements
     ----------------------------------------------------

     In September 1998, the Financial Accounting Standards Board issued SFAS No.
133,  "Accounting  for Derivative  Instruments  and Hedging  Activities,"  which
requires entities to recognize all derivatives in their financial  statements as
either assets or liabilities measured at fair value. SFAS No. 133 also specifies
new methods of accounting  for hedging  transactions,  prescribes  the items and
transactions  that may be hedged and  specifies  detailed  criteria to be met to
qualify  for hedge  accounting.  SFAS No.  133,  as amended by SFAS No.  137, is
effective  for fiscal years  beginning  after  September  15, 2000.  The Company
currently does not use derivative instruments as defined by SFAS No. 133. If the
Company continues not to use these derivative  instruments by the effective date
of SFAS No. 133, the adoption of this  pronouncement  will have no effect on the
Company's results of operations or financial position.


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 2000 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
income (loss) in stockholders' equity.  Assuming a hypothetical aggregate change
in the  foreign  currencies  versus  the U.S.  dollar  exchange  rates of 10% at
December  2, 2000,  the  Company's  assets and  liabilities  would  increase  or
decrease by $2,017,000 and $575,000,  respectively,  and the Company's net sales
and  net  earnings  would  increase  or  decrease  by  $1,820,000  and  $22,000,
respectively, on an annual basis.

     The Company also maintains intercompany balances and loans receivable with


                                      -19-
<PAGE>

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  December  2,  2000,  results  of  operations  would be  favorably  or
unfavorably impacted by approximately $553,000 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 $13,455,000.  The
bonds bear interest at a floating rate  established  weekly.  For the twenty-six
weeks  ended  December  2,  2000,  the  after-tax  interest  rate  on the  bonds
approximated  4.4%. Each 100 basis point (1%) fluctuation in interest rates will
increase or decrease  interest income on the bonds by approximately  $135,000 on
an annual basis.

     As  the  Company's  principal  amount  of  fixed  interest  rate  financing
approximated  $1,491,000  at December 2, 2000, a change in interest  rates would
not materially impact results of operations or financial  position.  At December
2, 2000, the Company did not maintain any variable interest rate financing.


                                      -20-
<PAGE>

                          E-Z-EM, Inc. and Subsidiaries

                           Part II: Other Information


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

     At the Annual Meeting of Shareholders  held October 24, 2000, the following
persons were elected as Directors of the Company:

     Class I Directors: (until the 2003 Annual Meeting)
     -----------------

             Michael A. Davis, M.D.
             James L. Katz, CPA, JD
             Anthony A. Lombardo

     In this election,  3,718,462,  3,871,967 and 3,874,487  votes were cast for
Mr. Davis, Mr. Katz and Mr. Lombardo, respectively, and 160,437, 6,932 and 4,412
shares were  withheld  from  voting for Mr.  Davis,  Mr. Katz and Mr.  Lombardo,
respectively.

     The following Directors continue in office for the duration of their terms:

     Class II Directors: (until the 2001 Annual Meeting)
     ------------------

             Paul S. Echenberg
             Donald A. Meyer
             Robert M. Topol

     Class III Directors: (until the 2002 Annual Meeting)
     -------------------

             Howard S. Stern
             David P. Meyers

     The action of the Board of Directors in  appointing  Grant  Thornton LLP as
the Company's  independent  auditors for fiscal year 2001 was approved by a vote
of 3,875,634 in favor, 1,411 against, and 1,854 shares abstaining.


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  December  2,
     2000.


                                      -21-
<PAGE>

                                   SIGNATURES

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


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



Date  January 16, 2001                    /s/ Anthony A. Lombardo
     --------------------                 ------------------------------------
                                          Anthony A. Lombardo, President,
                                          Chief Executive Officer and Director



Date  January 16, 2001                    /s/ Dennis J. Curtin
     --------------------                 ------------------------------------
                                          Dennis J. Curtin, Senior Vice
                                          President - Chief Financial Officer
                                          (Principal Financial and Chief
                                          Accounting Officer)


                                      -22-