`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 September 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 of incorporation)      (IRS Employer Identification No.)
                                                            Or organization)

   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,
November 14, 2003: 2,995,495.



                              ELDORADO ARTESIAN SPRINGS, INC.




                                           INDEX
                                           -----

Part I - Financial Information

   Item 1 - Financial Statements

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

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

      Unaudited Statements of Cash Flows For the Three and Six Months Ended
      September 30, 2003 and September 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

                                                          September 30,       March 31,
                                                              2003              2003
                                                          -----------       -----------
                                                           (Unaudited)
                                          Assets
 Current assets
   Cash                                                   $   159,141       $   149,154
   Accounts receivable
    Trade, net                                                876,015           828,277
    Other                                                      10,514            11,047
   Inventories                                                177,968           232,203
   Prepaid expenses and other                                  27,091            37,832
   Deferred tax asset                                          35,725            35,725
                                                          -----------       -----------
       Total current assets                                 1,286,454         1,294,238
                                                          -----------       -----------

 Non-current assets
   Property, plant and equipment - net                      5,053,612         5,129,457
   Notes receivable - related party                           450,290           435,290
   Water rights - net                                          90,308            92,552
   Deposits                                                    41,205            41,205
   Other - net                                                 85,544            89,634
                                                          -----------       -----------
       Total non-current assets                             5,720,959         5,788,138
                                                          -----------       -----------

 Total assets                                             $ 7,007,413       $ 7,082,376
                                                          ===========       ===========

                           Liabilities and Stockholders' Equity
 Current liabilities
   Line of credit                                         $   200,000       $         -
   Accounts payable                                           248,107           368,282
   Accrued expenses                                           208,995           258,978
   Income taxes payable                                        71,807            58,807
   Customer deposits                                           83,986            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                            1,085,630         1,028,578
                                                          -----------       -----------

 Non-current liabilities
   Capital lease obligations, less current portion             53,320           137,419
   Long-term debt, less current portion                     3,443,568         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                        4,109,746         4,265,964
                                                          -----------       -----------
       Total liabilities                                    5,195,376         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                                          824,386           800,183
                                                          -----------       -----------
                                                            1,812,037         1,787,834
                                                          -----------       -----------

 Total liabilities and stockholders' equity               $ 7,007,413       $ 7,082,376
                                                          ===========       ===========

                             See notes to financial statements.


                         ELDORADO ARTESIAN SPRINGS, INC.

                       Unaudited Statements of Operations

                               For the Three Months Ended      For the Six Months Ended
                                     September 30,                   September 30,
                               ---------------------------     --------------------------
                                  2003            2002            2003            2002
                               ---------       -----------     -----------    -----------
Revenue
  Water and related           $2,074,813       $ 2,193,149     $ 4,036,469    $ 4,167,645
  Resort Operations               67,515            71,472          88,756        112,124
                               ---------       -----------     -----------    -----------
   Net revenue                 2,142,328         2,264,621       4,125,225      4,279,769

Cost of goods sold               368,921           425,379         698,687        832,075
                               ---------       -----------     -----------    -----------

Gross profit                   1,773,407         1,839,242       3,426,538      3,447,694
                               ---------       -----------     -----------    -----------

Operating expenses
  Salaries and related           779,582           824,305       1,557,519      1,556,671
  Administrative and
   general                       387,492           310,456         769,684        678,302
  Delivery                       152,990           144,402         291,637        273,301
  Advertising and
   promotions                    177,347           210,611         402,756        441,194
  Depreciation and
   amortization                  133,813           129,952         276,547        257,058
                               ---------       -----------     -----------    -----------
                               1,631,224         1,619,726       3,298,143      3,206,526
                               ---------       -----------     -----------    -----------

Operating income                 142,183           219,516         128,395        241,168
                               ---------       -----------     -----------    -----------

Other income (expense)
  Interest income                  7,498             5,008          14,999         12,510
  Interest expense               (50,918)          (64,189)       (106,191)      (120,376)
                               ----------      -----------     -----------    -----------
                                 (43,420)          (59,181)        (91,192)      (107,866)
                               ----------      -----------     -----------    -----------

Net income before
provision for income taxes        98,763           160,335          37,203        133,302

Provision for income taxes        34,000            56,600          13,000         46,600
                               ---------       -----------     -----------    -----------

Net income                        64,763           103,735     $    24,203    $    86,702
                               =========       ===========     ===========    ===========

Basic and diluted earnings
per common share               $    0.02       $      0.03     $      0.01    $      0.03
                               =========       ===========     ===========    ===========

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


                             See notes to financial statements.



                              ELDORADO ARTESIAN SPRINGS, INC.

                             Unaudited Statements of Cash Flows

                                                                 Six Months Ended
                                                                   September 30,
                                                            --------------------------
                                                               2003             2002
                                                            ----------      ----------
Cash flows from operating activities
  Net income                                                $   24,203      $   86,702
                                                            ----------      ----------
  Adjustments  to  reconcile  net  income  to  net  cash
   provided by operating activities
   Depreciation and amortization                               276,547         257,058
   Accrued interest on related party note receivable           (15,000)        (15,000)
   Changes in certain assets and liabilities
     Accounts receivable                                       (47,205)       (110,286)
     Inventories                                                54,235         (32,924)
     Prepaid expenses and other                                 10,741          13,923
     Deposits                                                       -           (2,084)
     Accounts payable                                         (120,175)       (176,879)
     Accrued expenses                                          (49,983)         48,307
     Customer deposits                                          14,210          18,139
     Income taxes payable                                       13,000         (37,773)
                                                            ----------      -----------
                                                               136,370         (37,519)
                                                            ----------      -----------
      Net cash provided by operating activities                160,573          49,183
                                                            ----------      ----------

Cash flows from investing activities
  Purchases of property and equipment                         (194,368)       (108,018)
                                                            ------------    -----------
      Net cash flows used in investing activities             (194,368)       (108,018)
                                                            ----------      ----------

Cash flows from financing activities
  Payments on long-term obligations                           (156,218)       (186,378)
  Proceeds on line of credit                                   200,000         287,000
                                                            -----------     ----------
      Net cash flows provided by financing activities           43,782         100,622
                                                            ----------      ----------

Net increase in cash                                             9,987          41,787

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

Cash - end of period                                        $  159,141      $  121,546
                                                            ==========      ==========


Supplemental disclosures of cash flow information:

     Cash paid for interest for the six months ended September 30, 2003 and 2002
     was $106,191 and $120,376 respectively.

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

Supplemental disclosures of noncash investing and financing activities:

     During the six months  ended  September  30, 2003 and 2002,  equipment  was
     acquired through capital leases for $0 and $117,681, 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 six
months ended September 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  $50,290 of accrued  interest at September 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  applications  for an emergency  substitute  supply plan and 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: 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  parkland,  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 September 30, 2003 were $2,142,328  compared
to $2,264,621 for the same period ended  September 30, 2002, a decrease of 5.4%.
Revenues for the six months ended September 30, 2003 were $4,125,225 compared to
$4,279,769 for the same period ended September 30, 2002, a decrease of 3.6%.

Five and three gallons  product sales  decreased from  $2,882,763 for the fiscal
period ending  September 30, 2002 to  $2,852,933,  a decrease of $29,830 or 1.0%
for the six months  ended  September  30,  2003  compared  to the same period of
fiscal 2002.  Five and three gallon product sales account for 69.2% of revenues.
The  decrease  in  sales  for  this  segment  is  largely  attributable  to  the
unseasonably  cooler  weather  for the  first  six  months  of 2003.  Rental  of
equipment used in the home and office delivery increased 3.3% for the six months
ended September 30, 2003.

Sales of the  one-gallon  products  were 8.8% of sales or  $361,681  for the six
months  ended  September  30, 2003  compared to $411,210  for the same period of
fiscal  2002,  a  decrease  of 12%.  One-gallon  products  account  for  8.8% of
revenues.  The decrease in revenues of the gallon sized products compared to the
same period of fiscal 2002 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) decreased  $64,421
from  $890,381 for the six months ended  September  30, 2002 to $825,960 for the
six months ended  September 30, 2003, a decrease of 7.2%.  PET products  account
for 20% of revenues.  The decrease in the PET revenue is due to the inability of
the  Company to compete  effectively  with  respect to pricing,  as  intensified
competition from larger companies continues to drive retail prices downward.

For the six months ended  September  30, 2003 cost of goods sold was $698,687 or
16.9% of sales  compared to $832,075 or 19.4% of sales for the same period ended
September  30,  2002.  Resulting  gross profit was 83.1% of revenues for the six
months ended  September  30, 2003  compared with a gross profit of 80.6% for the
six months ended  September  30,  2002.  Cost of goods sold for the three months
ended  September 30, 2003 was $368,921 or 17.2% of sales compared to $425,379 or
18.8% of sales for the same period ended  September  30, 2002.  Resulting  gross
profit was 82.8% of  revenues  for the three  months  ended  September  30, 2003
compared to 81.2% of revenues for the three months ended September 30, 2002. The
decrease in cost of goods sold, as a percentage  of sales  compared to the prior
year, is attributable  to the decrease in sales of the smaller retail  products.
The smaller  products  cost more  because the products  require  more  material,
therefore a drop in volume of those  products  combined  with an increase in the
higher margin  products  produces a drop in the overall cost of goods.  The home
and office products require lower bottling costs because of the larger sizes and
re-fillable bottles.

Total  operating  expenses for the six months ended September 30, 2003 increased
2.9% to $3,298,143 from $3,206,526 for the same period ended September 30, 2002.
Total operating expenses for the three months ended September 30, 2003 increased
0.7% to $1,631,224 from $1,619,726 for the same period ended September 30, 2002.
Salaries and related expenses  increased 0.1% for the six months ended September
30, 2003.  Salaries and related  expenses were  $1,557,519 or 37.8% of sales for
the six months ended September 30, 2003 compared to $1,556,671 or 36.4% of sales
for the same  period of fiscal  2002.  The  increase  in  salaries  and  related
expenses  is due  to the  increased  in  sales  commissions  wages  involved  in
obtaining  and  servicing  new and  existing  customers.  Salaries  and  related
expenses  decreased 5.4% for the three months ended  September 30, 2003 compared
to three months ended  September 30, 2002.  The decrease in salaries and related
expenses  is due to the  decrease  in  revenues  for the same  period  that also
resulted in fewer commissions being paid during the same period.

For the six months ended September 30, 2003 advertising and promotional expenses
were  $402,756  or 9.8% of sales  compared to $441,194 or 10.3% of sales for the
six months ended  September 30, 2002.  For the three months ended  September 30,
2003  advertising  and  promotional  expenses  were  $177,347  or 8.3% of  sales
compared to $210,611 or 9.3% of sales.  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 6.7% to $291,637 or 7.1% of sales for the six months
ended  September  30,  2003  compared  to $273,301 or 6.4% of sales for the same
period ended  September 30, 2002. For the three months ended  September 30, 2003
delivery expenses increased 5.9% compared to the same period ended September 30,
2002. Delivery costs fluctuate due to the costs associated with the operation of
additional delivery vehicles including insurance, fuel, service, and operational
expenses.

Administrative  and general expenses for the six months ended September 30, 2003
increased  13.5% to $769,684  from $678,302 for the same period of September 30,
2002. For the three months ended September 30, 2003  administrative  and general
expenses  increased  24.8% compared to the same period ended September 30, 2002.
The increase in  administrative  and general  expenses is due to the increase in
cost for insurance, which increased 12% in 2003.

Depreciation and amortization  increased 7.6% for the six months ended September
30, 2003.  Eldorado continues to purchase additional  equipment  associated with
the  increase in  additional  home and  commercial  accounts.  Depreciation  and
amortization  expenses for the six months ended  September 30, 2003 were 6.7% of
sales compared to 6.0% of sales for the six months ended September 30, 2002.

Eldorado's  net  income  for the first six  months  of fiscal  2003 was  $24,203
compared to net income of $86,702 for the six months ended  September  30, 2002.
Net income for the three months ended September 30, 2003 was $64,763 compared to
$103,735 for the three months ended September 30, 2002.

Liquidity and Capital Resources

Trade accounts  receivable for the six months ended September 30, 2003 were 5.8%
higher  than at the year  ended  March 31,  2003.  Days  sales  outstanding  was
approximately  38 days at  September  30, 2003 versus  approximately  40 days at
September 30, 2002.

Cash flow provided by operating  activities had a net inflow of $160,573 for the
six months  ended  September  30, 2003 as compared to cash inflow of $49,183 for
the six months ended September 30, 2002, an increase of $111,390.

Cash  flow  used in  investing  activities  for the  purchase  of  property  and
equipment  resulted  in a net  outflow  of  $194,368  for the six  months  ended
September  30, 2003  compared  to a net outflow of $108,018  for the same period
ended September 30, 2002.

Cash  flows  provided  by  financing  activities  resulted  in a cash  inflow of
$43,782.  The Company  received  proceeds  from an available  line of credit for
$200,000.  The Company  also made  payments on  long-term  obligations  totaling
$156,218.  The Company's  cash balance at September 30, 2003 increased by $9,987
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  2004.  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
September 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  applications  for an emergency  substitute  supply plan and 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

At the Company's July 15, 2003 Annual Board Meeting, the following directors and
officers were unanimously voted in: Douglas A. Larson, President and Chairman of
the Board, Kevin M. Sipple,  Vice President,  Secretary and Director,  Jeremy S.
Martin, Vice President and Director, Robert E. Weidler, Vice President, Cathleen
M. Shoenfeld,  Chief Financial Officer, Kate Janssen, Vice President,  George J.
Schmitt,  Director,  and Don P.  Van  Winkle,  Director.  Additionally,  Doug A.
Larson,  George J. Scmitt,  and Don P. Van Winkle were unanimously  voted to the
Audit Committee.

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`