`FORM 10-QSB
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

For Quarter Ended June 30, 2003

Commission File Number: 33-6738-D

                         Eldorado Artesian Springs, Inc.
        (Exact name of registrant as specified in its charter as amended)

              Colorado                                   84-0907853
     (State or other jurisdiction                      (IRS Employer
          of incorporation)                          Identification No.)

   1783 Dogwood Street Louisville, Colorado                 80027
   (Address of principal executive offices)               (Zip Code)

                                 (303) 499-1316
              (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 _____
    -----


Number shares of common stock outstanding at the latest practicable date, August
8, 2003: 2,995,495.




                         ELDORADO ARTESIAN SPRINGS, INC.


                                      INDEX

Part I - Financial Information

   Item 1 - Financial Statements

      Balance Sheets as of June 30, 2003 (Unaudited) and March 31, 2003

      Unaudited Statements of Operations For the Three Months Ended
      June 30, 2003 and June 30, 2002

      Unaudited Statements of Cash Flows For the Three Months Ended
      June 30, 2003 and June 30, 2002

      Notes to Unaudited Financial Statements

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

Item 3 - Controls and Procedures

Part II - Other Information

Signature Page





                         ELDORADO ARTESIAN SPRINGS, INC.
                                 Balance Sheets

                                                            June 30,          March 31,
                                                              2003              2003
                                                          -----------       -----------
                                                           (Unaudited)
                                          Assets
 Current assets
   Cash                                                   $    42,202       $   149,154
   Accounts receivable
      Trade, net                                              882,634           828,277
      Other                                                    11,047            11,047
   Inventories                                                215,749           232,203
   Prepaid expenses and other                                  31,156            37,832
   Deferred tax asset                                          35,725            35,725
                                                          -----------       -----------
            Total current assets                            1,218,513         1,294,238
                                                          -----------       -----------

 Non-current assets
   Property, plant and equipment - net                      5,109,411         5,129,457
   Notes receivable - related party                           442,790           435,290
   Water rights - net                                          91,430            92,552
   Deposits                                                    41,205            41,205
   Other - net                                                 87,589            89,634
                                                          -----------       -----------
            Total non-current assets                        5,772,425         5,788,138
                                                          -----------       -----------

 Total                                                    $ 6,990,938       $ 7,082,376
                                                          ===========       ===========

                           Liabilities and Stockholders' Equity
 Current liabilities
   Line of credit                                         $   100,000       $         -
   Accounts payable                                           395,284           368,282
   Accrued expenses                                           171,549           258,978
   Income taxes payable                                        37,807            58,807
   Customer deposits                                           78,330            69,776
   Current portion of capital lease obligations               147,320           147,320
   Current portion of long-term debt                          125,415           125,415
                                                          -----------       -----------
            Total current liabilities                       1,055,705         1,028,578

 Non-current liabilities
   Capital lease obligations, less current portion             94,059           137,419
   Long-term debt, less current portion                     3,481,003         3,515,687
   Deferred tax liability                                     255,314           255,314
   Deferred gain on the sale of real estate                   357,544           357,544
                                                          -----------       -----------
            Total non-current liabilities                   4,187,920         4,265,964
                                                          -----------       -----------
            Total liabilities                               5,243,625         5,294,542
                                                          -----------       -----------

 Commitments and contingencies

 Stockholders' equity
   Preferred stock, par value $.001 per share;
    10,000,000 shares authorized; 0 issued and
    outstanding                                                    -                 -
   Common stock, par value $.001 per share;
     50,000,000 shares authorized; 2,995,495 issued
     and outstanding                                            2,995             2,995
   Additional paid-in capital                                 984,656           984,656
   Retained earnings                                          759,662           800,183
                                                          -----------       -----------
                                                            1,747,313         1,787,834
                                                          -----------       -----------

 Total                                                    $ 6,990,938       $ 7,082,376
                                                          ===========       ===========

                             See notes to financial statements.




                              ELDORADO ARTESIAN SPRINGS, INC.

                             Unaudited Statements of Operations

                                   For the Three Months Ended
                                            June 30,
                                  ---------------------------
                                      2003            2002
                                  ----------       ----------

Revenue
  Water and related               $1,961,656       $1,974,496
  Resort Operations                   21,241           40,652
                                  ----------       ----------
   Net revenue                     1,982,897        2,015,148

Cost of goods sold                   329,766          406,696
                                  ----------       ----------

Gross profit                       1,653,131        1,608,452
                                  ----------       ----------

Operating expenses
  Salaries and related               777,898          732,366
  Administrative and general         382,192          367,846
  Delivery                           138,647          128,899
  Advertising and promotions         225,409          230,583
  Depreciation and amortization      142,734          127,105
                                  ----------       ----------
                                   1,666,880        1,586,799
                                  ----------       ----------

Operating (loss) income              (13,749)          21,653
                                  -----------      ----------

Other income (expense)
  Interest income                      7,501            7,502
  Gain on sale of asset                    -                -
  Interest expense                   (55,273)         (56,187)
                                  ----------       ----------
                                     (47,772)         (48,685)
                                  ----------       ----------

Net loss before provision for
income taxes                         (61,521)         (27,032)

Provision for income taxes            21,000           10,000
                                  ----------       ----------

Net (loss) income                    (40,521)         (17,032)
                                  ==========       ===========


Basic and diluted (loss)
earnings per common share         $    (0.01)      $    (0.01)
                                  ==========       ==========

Weighted average number of
shares outstanding                 2,995,495        2,995,495
                                  ==========       ==========

                             See notes to financial statements.





                              ELDORADO ARTESIAN SPRINGS, INC.

                             Unaudited Statements of Cash Flows

                                                                 Three Months Ended
                                                                      June 30,
                                                            --------------------------
                                                               2003             2002
                                                            ----------      ----------

Cash flows from operating activities
  Net loss                                                  $  (40,521)     $  (17,032)
                                                            ----------      ----------
  Adjustments  to reconcile  net income to net cash used
   in operating activities
   Depreciation and amortization                               142,734         127,105
   Accrued interest on related party note receivable            (7,500)         (7,500)
   Changes in certain assets and liabilities
     Accounts receivable                                       (54,357)       (107,307)
     Inventories                                                16,454             663
     Prepaid expenses and other                                  6,676           1,983
     Accounts payable                                           27,002          32,531
     Accrued expenses                                          (87,429)        (29,975)
     Customer deposits                                           8,554          10,886
     Income taxes payable                                      (21,000)        (84,373)
                                                            ----------      ----------
                                                                31,134         (55,987)
                                                            ----------      ----------
      Net cash used in operating activities                     (9,387)        (73,019)
                                                            ----------      ----------

Cash flows from investing activities
  Purchases of property and equipment                         (119,521)        (68,224)
                                                            ----------      ----------
      Net cash flows used in investing activities             (119,521)        (68,224)
                                                            ----------      ----------

Cash flows from financing activities
  Proceeds on line of credit                                   100,000         287,000
  Payments on long-term obligations                            (78,044)        (96,835)
                                                            ----------      ----------
      Net cash flows provided by financing activities           21,956         190,165
                                                            ----------      ----------

Net (decrease) increase in cash                               (106,952)         48,922

Cash-- beginning of period                                     149,154          79,759
                                                            ----------      ----------

Cash-- end of period                                        $   42,202      $  128,681
                                                            ==========      ==========

Supplemental disclosures of cash flow information:

     Cash paid for  interest  for the three  months ended June 30, 2003 and 2002
     was $55,273 and $56,187 respectively.

     Cash paid for income  taxes for the three  months  ended June 30,  2003 and
     2002 was $0 and $84,373, respectively.

Supplemental disclosures of noncash investing and financing activities:

     During  the  three  months  ended  June 30,  2003 and 2002,  equipment  was
     acquired through capital leases for $0 and $52,012, respectively.

                             See notes to financial statements.




                              ELDORADO ARTESIAN SPRINGS, INC.

                          Notes to Unaudited Financial Statements


Note 1 - Summary of Significant Accounting Policies

Interim Unaudited Financial Statements

The interim  financial  statements  are  unaudited  and reflect all  adjustments
(consisting only of normal recurring adjustments),  which are, in the opinion of
management,  necessary for a fair  presentation  of the  financial  position and
operating  results for the interim  periods.  The results of operations  for the
three months ended June 30, 2003 and 2002 are not necessarily  indicative of the
results  of the  entire  year.  The  financial  statements  included  herein are
presented in accordance with the requirements of Form 10-QSB and consequently do
not include all of the disclosures normally made in the registrant's annual Form
10-KSB filing. These financial statements should be read in conjunction with the
financial  statements  and notes thereto  contained in the Company's Form 10-KSB
for the year ended March 31, 2003.

Note 2 - Stockholders' Equity

Stock Option Plan

On May 1, 2003,  the  Company  granted  16,500  options to  employees  under the
Company's  1997 Stock  Option Plan to purchase  common stock at $1.75 per share,
fair market value at the date of the grant.


Note 3 - Related Party Transactions

During the year ended March 31, 2002,  the Company  entered into an agreement to
sell certain parcels of real estate to two senior  executives of the Company for
a total of $900,000.  The Company  received cash from the sale of $500,000.  The
Company also provided 60 month carry back financing of $400,000 with interest at
7.5% due annually that has been recorded as notes  receivable  related party and
includes  $42,790 of accrued  interest at June 30, 2003.  The  collateral on the
notes receivable included a junior deed of trust on the properties and shares of
common  stock.  During the year ended  March 31,  2003,  the Board of  Directors
determined that the 250,000 shares of common stock of the Company was sufficient
collateral and released the junior deed of trust on the properties. During 2002,
the Company  recognized a gain on the real estate sales of $519,937 and deferred
an additional $357,544 of gain as required by the terms of the carry back note.

In July 2001,  when the Board of Directors  authorized the  aforementioned  real
estate transactions, the Company also authorized the sale of certain real estate
at the then fair value to another officer of the Company. Because of county land
use approval  processes and associated  delays, the officer's option to purchase
the real estate has been extended through September 26, 2007.


Note 4 - Water Rights Contingency

When the Company purchased  mountain property in 1983,  included in the purchase
price were certain  water rights for  Eldorado  Springs.  These water rights are
relatively  junior to other water  rights in the South  Boulder  Creek and South
Platte Basins.  The Company has the right to  beneficially  use all of the water
that emanates from the springs in accordance with its water rights unless a more
senior rights holder makes a call on the water. A senior call might occur in the
winter or when  runoff is low and  insufficient  to meet the water needs of more
senior water users below Eldorado Springs. Because of Colorado's current drought
conditions,  the possibility of a senior call has increased. For many years, the
Company has enrolled its water  rights in a substitute  supply plan  approved by
the State  Engineer,  which serves to protect the Company's  water supply in the
event of a senior call.

As of January 1, 2003,  the State  Engineer is no longer  authorized  to approve
substitute  supply  plans of the nature in which the  Company is  enrolled.  The
Company has filed  application for a temporary  supply plan to protect its water
supply  pending  the Water  Court's  review of an  application  for a  permanent
augmentation  plan. The Company is also pursuing  other possible  supply sources
for use in augmenting the stream flows as a result of the Company's  withdrawals
of water.  There is no assurance  that any of the  applications  or  alternative
arrangements  being  sought by the Company will be  approved.  If the  Company's
applications  for substitute or temporary plans or for a permanent  augmentation
plan are not approved and a senior call on the  Company's  water supply is made,
this would result in a significant  financial impact on the Company. The Company
will also incur  significant  expenses in connection  with its efforts to obtain
approval  of  these  plans.  In  the  event  of  the  approval  of  a  permanent
augmentation  plan, the Company will also incur additional  expenses  associated
with its required purchase of additional water rights.




Item 2: MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

This filing contains certain  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange  Act  of  1934  and  the  Company  intends  that  such  forward-looking
statements be subject to the safe harbors created thereby. These forward-looking
statements include the plans and objectives of management for future operations,
including  plans and  objectives  relating  to  services  offered  by and future
economic performance of the Company.

The forward-looking statements included herein are based on current expectations
that involve a number of risks and uncertainties that might adversely affect the
Company's  operating  results in the future in a  material  way.  Such risks and
uncertainties  include  but are not  limited to the  following:  sufficiency  of
existing water rights, availability of debt and equity financing,  interest rate
fluctuations,  effects of regional  economic and market  conditions,  ability to
purchase  additional water rights,  labor and marketing costs,  operating costs,
packaging costs, intensity of competition and legal claims.

Overview

Eldorado  Artesian  Springs,  Inc. is a Colorado based company that is primarily
involved in the bottling and marketing of natural  artesian  spring  water.  The
spring is  located in the  foothills  of the  Colorado  Rocky  Mountains  and is
surrounded  by thousands  of acres of state and city park land,  assuring a well
protected source.  The water rises up through many layers of sandstone under its
own  artesian  pressure.   Currently,   Eldorado's  operations  consist  of  its
home/commercial  delivery  business  (5  and  3  gallon  bottles)  and  the  PET
(polyethylene   terephtalate,   a  premium  clear  plastic  container)  consumer
business.

The Company has  experienced  growth in the most recent years that  necessitated
the need for  additional  office,  warehouse and bottling  space.  In January of
2001, the Company began  construction of a new facility in Louisville,  Colorado
about 10 miles from Eldorado  Springs.  The new facility  consists of a total of
approximately  38,000 square feet. The building was completed in August 2001 and
the Company  began to operate on a limited basis out of the new location at that
time. The Company  initially moved all office  personnel to the new offices.  In
addition,  the delivery  trucks also began operating out of the new facility and
the  products  were  transported  between  Eldorado  and  the  new  location  in
Louisville.  By December 2001, the Company moved all of the bottling  lines.  At
this time,  the water is  transported  to the new  facility in  stainless  steel
tanker  trucks.  Once at the bottling plant the water is then  transferred  into
stainless steel holding tanks until it is used for bottling.

Results of Operations

Revenues for the three months  ended June 30, 2003 were  $1,982,897  compared to
$2,015,148 for the same period ended June 30, 2002, a decrease of 1.6%.

Five and three gallons  product sales  decreased  from  $1,370,659 for the three
months ended June 30, 2002 to $1,356,845,  a decrease of $13,814 or 1.0% for the
three months ended June 30, 2003.  Five and three gallon  product  sales account
for 68.4% of  revenues.  The  decrease  in sales  for this  segment  is  largely
attributable to the unseasonably cooler weather for the first three months ended
June  30,  2003.  Rental  of  equipment  used in the home  and  office  delivery
increased  6.1% for the three months  ended June 30,  2003.  The increase in the
total number of accounts  serviced by the company has increased 2.6% compared to
the same period of fiscal 2002.

Sales of the  one-gallon  products  were 8.5% of sales or $166,809 for the three
months  ended June 30, 2003  compared to $174,656  for the same period of fiscal
2002, a decrease of 4.5%. One gallon products account for 8.4% of revenues.  The
decrease in revenues of the gallon sized  products  compared to the prior fiscal
period is  attributable  to the  increase  in revenues  for the gallon  products
during the drought of 2002 when the company experienced an increase in growth.

Sales of the PET products (.5 liter,  24oz and 1 liter sizes) increased  $10,453
from $418,428 for the three months ended June 30, 2002 to $428,881 for the three
months ended June 30, 2003, an increase of 2.5%. PET products  account for 21.6%
of revenues.

For the  three  months  ended  June 30,  2003  cost of goods  sold was  $329,766
compared to $406,696 for the same period ended June 30,  2002.  Resulting  gross
profit was 83.4% of revenues for the three  months ended June 30, 2003  compared
with a gross profit of 79.8% for the three  months  ended June 30,  2002.  Gross
profit  increased 2.8% for the three months ended June 30, 2003. The increase in
gross profit is due to the  increased  sales of the products  with greater gross
margins.

Total  operating  expenses for the three months ended June 30, 2003 increased 5%
to  $1,666,880  from  $1,586,799  for the same period of the prior  fiscal year.
Salaries and related expenses increased 6.2% for the three months ended June 30,
2003.  Salaries  and related  expenses  were  $777,898 or 39.2% of sales for the
three months ended June 30, 2003  compared to $732,366 or 36.3% of sales for the
same period of prior fiscal year. The increase in salaries and related  expenses
is due to the increase in sales  commissions  wages  involved in  obtaining  and
servicing new and existing customers.

For the three months ended June 30, 2003  advertising and  promotional  expenses
were  $225,409 or 11.4% of sales  compared to $230,583 or 11.4% of sales for the
same period of prior  fiscal  year.  Management  expects  that  advertising  and
promotional expenses will remain at the historical level of approximately 10% of
annual  sales in order to  continue  to increase  market  penetration  and brand
awareness.

Delivery expenses increased 7.6% to $138,647 or 7% of sales for the three months
ended June 30,  2003  compared  to $128,899 or 6.4% of sales for the same period
ended June 30, 2002.  Delivery  costs  fluctuate due to the increase in revenues
and the costs  associated  with the  operation of additional  delivery  vehicles
including insurance, service, and operational expenses.

General and  administrative  expenses  for the three  months ended June 30, 2003
increased  3.9% to $382,193  from  $367,846  for the same period of prior fiscal
year. The increase in general and administrative expenses is due to the increase
in revenues. The increase in general and administrative  expenses is also due to
the increase in cost for insurance, which increased 12%.

Depreciation  and  amortization  increased 12.3% for the three months ended June
30, 2003.  Eldorado continues to purchase additional  equipment  associated with
the increase in additional home and commercial  accounts.  In addition,  the new
facility  that  was  recently  purchased  has  added to  depreciation  expenses.
Depreciation and amortization  expenses for the three months ended June 30, 2003
were 7.2% of sales compared to 6.3% of sales for the three months ended June 30,
2002.

Eldorado's net loss for the period ended June 30, 2003 was $40,521 compared to a
net loss of $17,032 for the three months  ended June 30, 2002.  This is a direct
result of increasing operational expenses at a greater rate than the increase in
gross profit.

Liquidity and Capital Resources

Trade  accounts  receivable  for the three  months ended June 30, 2003 were 6.6%
higher  than at the year  ended  March 31,  2003.  Days  sales  outstanding  was
approximately 41 days at June 30, 2003 versus  approximately 39 days at June 30,
2002.

Cash flow provided by operating  activities  had a net outflow of $9,387 for the
three  months ended June 30, 2003 as compared to cash outflow of $73,019 for the
three months ended June 30, 2002, a decrease of $63,632.

Cash  flow  used in  investing  activities  for the  purchase  of  property  and
equipment  resulted in a net outflow of $119,521 for the three months ended June
30, 2003 compared to a net outflow of $68,224 for the same period ended June 30,
2002.

Cash  flows  provided  by  financing  activities  resulted  in a cash  inflow of
$21,956.  The Company  received  proceeds  from an available  line of credit for
$100,000.  The Company  also made  payments on  long-term  obligations  totaling
$78,044.  The Company's cash balance at June 30, 2003 decreased by $106,952 from
March 31, 2003.

The Company is in compliance with its financial covenants for its long-term debt
agreements  with U.S. Bank and the Bank of Cherry Creek.  The Company has a line
of credit with the Bank of Cherry Creek for $500,000.  The line of credit is due
for  renewal in August  2003.  Management  believes  the line of credit  will be
renewed  when due.  The Company has no other  material  commitments  for capital
expenditures.

On May 19, 1998,  the Company  registered  875,000 shares of common stock of the
Company  pursuant to the 1997 stock option plan. The plan provides for the grant
of stock options to employees,  directors and consultants of the Company.  As of
June 30, 2003,  600,500  options were  outstanding,  of which  490,000 are fully
vested.  All of the options were granted at an option price representing 100% of
the fair  market  value on the date of the grant as  determined  by the Board of
Directors.

When the Company purchased  mountain property in 1983,  included in the purchase
price were certain  water rights for  Eldorado  Springs.  These water rights are
relatively  junior to other water  rights in the South  Boulder  Creek and South
Platte Basins.  The Company has the right to  beneficially  use all of the water
that emanates from the springs in accordance with its water rights unless a more
senior rights holder makes a call on the water. A senior call might occur in the
winter or when  runoff is low and  insufficient  to meet the water needs of more
senior water users below Eldorado Springs. Because of Colorado's current drought
conditions,  the possibility of a senior call has increased. For many years, the
Company has enrolled its water  rights in a substitute  supply plan  approved by
the State  Engineer,  which serves to protect the Company's  water supply in the
event of a senior call.

As of January 1, 2003,  the State  Engineer is no longer  authorized  to approve
substitute  supply  plans of the nature in which the  Company is  enrolled.  The
Company has filed  application for a temporary  supply plan to protect its water
supply  pending  the Water  Court's  review of an  application  for a  permanent
augmentation  plan. The Company is also pursuing  other possible  supply sources
for use in augmenting the stream flows as a result of the Company's  withdrawals
of water.  There is no assurance  that any of the  applications  or  alternative
arrangements  being  sought by the Company will be  approved.  If the  Company's
applications  for substitute or temporary plans or for a permanent  augmentation
plan are not approved and a senior call on the  Company's  water supply is made,
this would result in a significant  financial impact on the Company. The Company
will also incur  significant  expenses in connection  with its efforts to obtain
approval  of  these  plans.  In  the  event  of  the  approval  of  a  permanent
augmentation  plan, the Company will also incur additional  expenses  associated
with its required purchase of additional water rights.


Item 3: CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure  Controls and  Procedures.  The Company,  under the
supervision  of the chief  executive  and  financial  officer,  has conducted an
evaluation  of the  effectiveness  of the design and  operation of the Company's
disclosure  controls  and  procedures  within 90 days of the filing date of this
quarterly  report.  Based  upon the  results  of this  evaluation,  the  Company
believes that it maintains  adequate  procedures  for  gathering,  analyzing and
disclosing all material information relating to the Company in a timely fashion.
There have been no significant  changes in the Company's controls  subsequent to
the evaluation date.

(b)  Changes in Internal  Controls.  There were not  significant  changes in our
internal   controls  or,  to  our   knowledge,   in  other  factors  that  could
significantly  affect our disclosure  controls and procedures  subsequent to the
date of their evaluation.



PART II-- OTHER INFORMATION


Item 1.  Legal Proceedings

No legal  proceedings  have been filed on behalf of or against the Company,  nor
have any claims been made.

Item 2.  Changes in Securities

None

Item 3.   Defaults Upon Senior Securities

There have been no defaults on any  securities.  The Company has no  obligations
with regard to dividends and no preferred stock.

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

None

Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K

(a) Exhibits

     31.1 Certification  Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant
          to Section 302 of The  Sarbanes-Oxley  Act of 2002 by Chief  Executive
          Officer

     31.2 Certification  Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant
          to Section 302 of The  Sarbanes-Oxley  Act of 2002 by Chief  Financial
          Officer

     32.1 Certification  Of  Periodic  Report  Pursuant  to  Section  906 of the
          Sarbanes-Oxley Act of 2002, 18 U.S.C.  Section 1350 by Chief Executive
          Officer

     32.2 Certification  Of  Periodic  Report  Pursuant  to  Section  906 of the
          Sarbanes-Oxley Act of 2002, 18 U.S.C.  Section 1350 by Chief Financial
          Officer

(b) Reports on Form 8-K

     No reports on Form 8-K were filed  during the quarter for which this report
     is filed.



                                   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.



ELDORADO ARTESIAN SPRINGS, INC.

By: /s/Douglas Larson
Douglas Larson, President

By: /s/Cathleen Shoenfeld
Cathleen Shoenfeld, Chief Financial Officer`