<PAGE>   1


                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB
(Mark One)

[X]      Quarterly Report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1999

                                       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 333-66859

                          INTREPID CAPITAL CORPORATION
             (Exact name of Registrant as specified in its Charter)

                  DELAWARE                              59-3546446
          (State of Incorporation)          (I.R.S. Employer Identification No.)

         50 NORTH LAURA STREET, SUITE 3550, JACKSONVILLE, FLORIDA       32202
               (Address of principal executive offices)               (Zip Code)

                                 (904) 350-9999
                         (Registrant's telephone number)


                                       N/A
         (Former name, former address and former fiscal year, if changed
                               since last report)

                 ----------------------------------------------


         Check whether the issuer: (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 October 31, 1999, there were 2,214,525 shares of Common Stock,
$0.01 par value per share, outstanding, and 1,000 shares of Common Stock issued
and held in treasury.


         Transitional Small Business Disclosure Format (check one):
                               Yes [ ]    No [X]


<PAGE>   2


                  INTREPID CAPITAL CORPORATION AND SUBSIDIARIES

                              INDEX TO FORM 10-QSB
                    FOR THE QUARTER ENDED SEPTEMBER 30, 1999


<TABLE>

                           PART I - FINANCIAL INFORMATION

ITEM 1                  FINANCIAL STATEMENTS
<S>                                                                                        <C>
     Consolidated Balance Sheets of Intrepid Capital Corporation and
     Subsidiaries as of September 30, 1999 and December 31, 1998......................     3

     Consolidated Statements of Operations of Intrepid Capital
     Corporation and Subsidiaries for the Three and Nine Month Periods
     Ended September 30, 1999 and the Combined Statements of Operations
     of Intrepid Capital Management, Inc. and Capital Research
     Corporation for the Three and Nine Month Periods Ended September 30,
     1998.............................................................................     4

     Consolidated Statement of Cash Flows of Intrepid Capital Corporation
     and Subsidiaries for the Nine Months Ended September 30, 1999 and
     the Combined Statement of Cash Flows of Intrepid Capital Management,
     Inc. and Capital Research Corporation for the Nine Months Ended
     September 30, 1998...............................................................     5

     Notes to Consolidated and Combined Financial Statements..........................     6-10

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

     Acquisition......................................................................     11

     Liquidity and Capital Resources..................................................     11

     Results of Operations............................................................     11-14

     Year 2000 Matters................................................................     14-15


                           PART II - OTHER INFORMATION

ITEMS 1 AND ITEM 6      OTHER INFORMATION

     Other Information................................................................     16

SIGNATURES............................................................................     17
</TABLE>

                                       2

<PAGE>   3

                  INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
                           Consolidated Balance Sheets
                    September 30, 1999 and December 31, 1998
                                   (unaudited)
<TABLE>
<CAPTION>

          ASSETS                                                       1999          1998
                                                                   -----------    ----------
<S>                                                                <C>            <C>
Current assets:
    Cash and cash equivalents                                      $ 1,382,033       928,186
    Trading securities, at fair value                                  711,972       144,574
    Accounts receivable                                                221,423       195,018
    Inventories                                                         99,416       140,288
    Prepaid and other assets                                           125,643        14,243
                                                                   -----------    ----------
          Total current assets                                       2,540,487     1,422,309

Land                                                                         -     1,800,000
Property, plant, and equipment, net of accumulated
    depreciation of $126,247 in 1999 and $85,579
    in 1998                                                            200,984       140,049
Goodwill, less accumulated amortization of $53,394
    in 1999 and $2,703 in 1998                                       1,030,352       970,274
Other assets                                                            63,078        76,467
                                                                   -----------    ----------
          Total assets                                             $ 3,834,901     4,409,099
                                                                   ===========    ==========

          LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
    Accounts payable                                               $    93,867       696,757
    Accrued expenses                                                   341,655       271,803
    Securities sold, but not yet purchased                              16,671             -
    Current portion of notes payable                                         -       212,933
    Income taxes payable                                                48,154             -
    Other                                                              136,816       150,754
                                                                   -----------    ----------
          Total current liabilities                                    637,163     1,332,247

Notes payable, less current portion                                  1,050,000        32,816
Deferred tax liability                                                       -       560,634
                                                                   -----------    ----------
          Total liabilities                                          1,687,163     1,925,697
                                                                   -----------    ----------

Stockholders' equity:
    Common stock, $.01 par value.  Authorized 15,000,000 shares;
       issued 2,215,525 shares at September 30, 1999
       and December 31, 1998                                            22,155        22,155
    Treasury stock at cost, 1,000 shares at September 30, 1999          (3,669)            -
    Additional paid-in capital                                       2,481,320     2,481,320
    Accumulated deficit                                               (352,068)      (20,073)
                                                                   -----------    ----------
          Total stockholders' equity                                 2,147,738     2,483,402
                                                                   -----------    ----------

                                                                   $ 3,834,901     4,409,099
                                                                   ===========    ==========
</TABLE>

See accompanying notes to consolidated financial statements.


                                       3

<PAGE>   4

                  INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
                      Consolidated Statements of Operations
              Three and Nine month periods ended September 30, 1999
                                   (unaudited)

                        INTREPID CAPITAL MANAGEMENT, INC.
                        AND CAPITAL RESEARCH CORPORATION
                        Combined Statements of Operations
             Three and Nine month periods ended September 30, 1998
                                   (unaudited)


<TABLE>
<CAPTION>

                                                                 THREE MONTHS                      NINE MONTHS
                                                               ENDED SEPTEMBER 30               ENDED SEPTEMBER 30
                                                              1999            1998             1999           1998
                                                         -----------       ---------        ---------       ---------
Revenues:
<S>   <C>                                                <C>               <C>              <C>             <C>
      Commissions                                        $   392,507         413,433        1,225,617       1,340,373
      Asset management fees                                  228,279         228,534          662,319         577,199
      Investment banking revenues                             82,506               -           82,506               -
      Outside manager income                                       -           7,122                -          22,771
      Net trading (losses) profits                          (138,302)        (20,090)         (97,703)         37,759
      Resinous material sales                                302,921               -        1,432,048               -
      Other                                                   41,012           9,889           83,164          33,391
                                                          ----------       ---------        ---------       ---------
                         Total revenues                      908,923         638,888        3,387,951       2,011,493
                                                          ----------       ---------        ---------       ---------

Expenses:
      Salaries and employee benefits                         738,883         383,566        1,846,756       1,128,066
      Brokerage and clearing                                 131,108         136,138          372,905         464,602
      Cost of resinous material sales                        154,717               -          708,186               -
      Outside manager expense                                      -           7,122                -          22,771
      Advertising and marketing                               60,891          19,145          203,135          53,527
      Professional and regulatory fees                        80,609          13,006          239,533          52,694
      Occupancy and maintenance                               65,101          27,252          157,066          65,760
      Depreciation and amortization                           32,784           6,694           91,359          19,848
      Interest expense                                        17,641           6,512           31,231          18,204
      Other                                                  115,854          34,969          270,079          94,177
                                                          ----------       ---------        ---------       ---------
                         Total expenses                    1,397,588         634,404        3,920,250       1,919,649
                                                          ----------       ---------        ---------       ---------

                         (Loss) income before income taxes  (488,665)          4,484         (532,299)         91,844

Income tax benefit                                           183,885               -          200,304               -
                                                         -----------       ---------        ---------       ---------

                         Net (loss) income               $  (304,780)          4,484         (331,995)         91,844
                                                         ===========       =========        =========       =========
Basic net (loss) income per share                        $     (0.14)           0.00            (0.15)           0.08
                                                         ===========       =========        =========       =========
Diluted net (loss) income per share                      $     (0.14)           0.00            (0.15)           0.08
                                                         ===========       =========        =========       =========
Basic weighted average shares outstanding                  2,214,525       1,206,148        2,214,606       1,206,148
                                                         ===========       =========        =========       =========
Diluted weighted average shares outstanding                2,214,525       1,206,148        2,214,606       1,206,148
                                                         ===========       =========        =========       =========

</TABLE>

See accompanying notes to consolidated and combined financial statements.


                                       4

<PAGE>   5


                 INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
                      Consolidated Statement of Cash Flows
                      Nine months ended September 30, 1999
                                  (unaudited)

                       INTREPID CAPITAL MANAGEMENT, INC.
                        AND CAPITAL RESEARCH CORPORATION
                        Combined Statement of Cash Flows
                      Nine months ended September 30, 1998
                                  (unaudited)


<TABLE>
<CAPTION>
                                                                              1999         1998
                                                                          -----------    --------
Cash flows from operating activities:
<S>                                                                       <C>            <C>
    Net (loss) income                                                     $  (331,995)     91,844
    Adjustments to reconcile net (loss) income to net cash
     (used in) provided by operating activities:
       Depreciation and amortization                                           91,359      19,848
       Purchase of investments, net of sales                                 (128,087)    (30,000)
       Realized and unrealized gains (losses) on investments                   97,703     (37,759)
       Deferred tax benefit                                                  (560,634)          -
       Distributions from investments                                               -      33,225
       Change in assets and liabilities:
          Accounts receivable                                                 (26,405)    (28,397)
          Distributions receivable                                                  -     119,560
          Inventories                                                          40,872           -
          Prepaid and other assets                                            (90,625)        421
          Accounts payable and accrued expenses                              (951,364)     (4,293)
          Income taxes payable                                                 48,154           -
          Other liabilities                                                   (13,938)    (22,218)
                                                                          -----------    --------
             Net cash (used in) provided by operating activities           (1,824,960)    142,231
                                                                          -----------    --------

Cash flows from investing activities:
    Purchase of property, plant, and equipment                                (58,983)    (29,515)
    Proceeds from sale of land                                              1,800,000           -
    Acquisition of Ewing, net of cash acquired                              1,087,208           -
                                                                          -----------    --------
             Net cash provided by (used in) investing activities            2,828,225     (29,515)
                                                                          -----------    --------

Cash flows from financing activities:
    Principal payments on notes payable                                      (545,749)    (42,802)
    Distributions                                                                   -    (104,319)
    Purchase of treasury stock                                                 (3,669)          -
                                                                          -----------    --------
             Net cash used in financing activities                           (549,418)   (147,121)
                                                                          -----------    --------
             Net increase (decrease) in cash and cash equivalents             453,847     (34,405)

Cash and cash equivalents at beginning of period                              928,186     182,343
                                                                          -----------    --------

Cash and cash equivalents at end of period                                $ 1,382,033     147,938
                                                                          ===========    ========
Supplemental disclosure of cash flow information:
    Cash paid during the period for interest                                   31,231      18,205
    Cash paid during the period for income taxes                          $   312,176           -
                                                                          ===========    ========

Supplemental disclosure of non-cash transactions:
    Debt issued to finance acquisition of Ewing                             1,350,000           -
    Distribution to stockholders through the assumption of note payable   $         -     169,625
                                                                          ===========    ========
</TABLE>

See accompanying notes to consolidated and combined financial statements.


                                       5


<PAGE>   6


                  INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
             Notes to Consolidated and Combined Financial Statements
                               September 30, 1999

(1)    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OPERATIONS

       (A)    ORGANIZATION AND BASIS OF PRESENTATION

              Intrepid Capital Corporation (the "Company") was formed on April
              3, 1998 for the purpose of becoming a full service investment
              management and consulting business. On December 16, 1998 as part
              of a simultaneous merger and reorganization ("the Merger and
              Reorganization"), the Company acquired all of the outstanding
              shares of the capital stock of Enviroq Corporation ("Enviroq"),
              Intrepid Capital Management, Inc. ("ICM") and Capital Research
              Corporation ("CRC") through a series of stock-for-stock and
              stock-for-cash exchanges with the former shareholders of each
              entity. On August 4, 1999, the Company acquired all of the
              outstanding capital stock of Allen C. Ewing Financial Services,
              Inc., ("Ewing") (see note 4). The Company is located in
              Jacksonville, Florida and conducts its business through its four
              wholly owned subsidiaries.

              ICM provides investment consulting and investment management
              services to individuals and corporations. ICM has received
              authority to act as an investment manager in several states to
              meet the needs of its customers, the majority of which are located
              in the southeastern United States.

              CRC is a registered broker/dealer with the Securities and Exchange
              Commission (the "SEC") and is a member of the National Association
              of Securities Dealers, Inc. (the "NASD") and the Securities
              Investor Protection Corporation (the "SIPC"). CRC is approved to
              conduct a general securities business on a fully-disclosed basis
              through a clearing broker/dealer that carries all accounts and
              prepares and maintains all books and records for CRC's customers.

              Ewing is a holding company with its only active subsidiary, Allen
              C. Ewing & Co. ("ACE"), providing securities brokerage and
              investment banking services. ACE is a registered broker/dealer
              with the SEC and is a member of the NASD and the SIPC. ACE is
              approved to conduct a general securities business on a fully
              disclosed basis through a clearing broker/dealer that carries all
              accounts and prepares and maintains all books and records for
              ACE's customers. ACE is also involved in the underwriting and
              selling of debt and equity securities on behalf of investment
              banking clients.

              Enviroq conducts its operations through Sprayroq, Inc.
              ("Sprayroq"), a 50% owned subsidiary of which Enviroq has voting
              control. Sprayroq is engaged in the development,
              commercialization, manufacture and marketing of spray-applied
              resinous materials.

              The interim financial information included herein is unaudited.
              Certain information and footnote disclosures normally included in
              the financial statements have been condensed or omitted pursuant
              to the rules and regulations of the SEC. The Company believes that
              the disclosures made herein are adequate to make the information
              presented not misleading. These financial statements should be
              read in conjunction with the financial statements and related
              notes contained in the Company's Annual Report on Form 10-KSB
              filed with the SEC on April 14, 1999. Except as indicated herein,
              there have been no significant changes from the financial data
              published in the Company's Annual Report. In the opinion of
              management, such unaudited information reflects all adjustments,
              consisting of normal recurring accruals


                                       6

<PAGE>   7

                  INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
             Notes to Consolidated and Combined Financial Statements
                               September 30, 1999

              necessary for fair presentation of the unaudited information. The
              results of operations for three and nine month periods ended
              September 30, 1999 and 1998 are not necessarily indicative of the
              results that may be expected for the full year.

       (B)    PRINCIPLES OF CONSOLIDATION

              In accordance with purchase accounting, in which ICM and CRC were
              deemed to be the acquiring entities in the Merger and
              Reorganization, the accounts of Enviroq have been included since
              December 16, 1998 (the date of the consummation of the Merger and
              Reorganization). The acquisition of Ewing has also been accounted
              for under the purchase method of accounting and the accounts of
              Ewing have been included since August 4, 1999 (the date of
              acquisition).

              The accompanying consolidated balance sheets as of September 30,
              1999 and December 31, 1998 include the accounts of the Company and
              its subsidiaries, ICM, CRC, Ewing and Enviroq.

              The 1998 combined statements of operations and cash flows include
              the accounts of ICM and CRC on a combined basis through September
              30, 1998.

              All significant intercompany balances and transactions have been
              eliminated in consolidation. The Company, through its ownership in
              Enviroq, controls the operations and activities of Sprayroq. There
              is no recognition of minority interest in this subsidiary because
              of its accumulated deficit position.

       (C)    EARNINGS PER SHARE

              The Company applies the provisions of Statement of Financial
              Accounting Standards (SFAS) No. 128, "Earnings per Share." This
              statement governs the computation, presentation and disclosure
              requirements of earnings per share (EPS) for entities with
              publicly held common stock.

              Net income per share of common stock is computed based upon the
              weighted average number of common shares and share equivalents
              outstanding during the year. Stock warrants and convertible
              instruments, when dilutive, are included as share equivalents. For
              the three and nine month periods ended September 30, 1999 and
              1998, the Company had no dilutive common stock equivalents.

              The weighted average shares outstanding for the three and nine
              month periods ended September 30, 1998 represent the shares issued
              to ICM and CRC as part of the Merger and Reorganization as if such
              shares had been outstanding since January 1, 1998.

                                       7

<PAGE>   8


                  INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
             Notes to Consolidated and Combined Financial Statements
                               September 30, 1999

       (D)    COMPREHENSIVE INCOME

              The Financial Accounting Standards Board issued Statement of
              Financial Accounting Standards No. 130, "Reporting Comprehensive
              Income" (FAS 130), which is effective for fiscal years beginning
              after December 15, 1997. FAS 130 established standards for
              reporting total comprehensive income in financial statements and
              requires that companies explain the differences between total
              comprehensive income and net income. Management has adopted this
              statement in 1998. No differences between total comprehensive
              income (loss) and net income (loss) existed in the financial
              statements reported for the three and nine month periods ended
              September 30, 1999 and 1998.

(2)    RELATED PARTY TRANSACTION

              The Company performs certain asset management functions for
              Intrepid Capital, L.P., an investment limited partnership of which
              the Company is general partner and a 3.14% equity interest owner
              as of September 30, 1999. For the nine months ended September 30,
              1999 and 1998, the Company received $45,325 and $53,008,
              respectively, for such services.

(3)    NOTES PAYABLE

              The Company financed the purchase of Ewing by borrowing $1,000,000
              from a bank and issuing $350,000 in subordinated convertible
              promissory notes to the former Ewing shareholders.

              The note payable to a bank has a LIBOR rate plus 1.5% with a
              maturity of August 4, 2005. The note requires a principal payment
              of $300,000 within the first 30 days, which was paid, interest
              only payments for the first twelve months and principal, and
              interest payments for the remaining sixty months.

              The three promissory notes payable to the former Ewing
              shareholders were issued at an interest rate of 8.0% with $150,000
              maturing on December 31, 2001 and $200,000 maturing on
              December 31, 2003. The outstanding balances of the notes are
              convertible, at the option of the holders, to common shares of the
              Company at $4.00 per share anytime after August 4, 2000.

(4)    ACQUISITION

              On August 4, 1999, the Company consummated the acquisition of all
              the outstanding capital stock of Allen C. Ewing Financial
              Services, Inc., ("Ewing"), a Jacksonville, Florida based provider
              of securities brokerage and investment banking services. The
              Company acquired the Ewing capital stock in exchange for cash of
              $950,000 and three promissory notes in the principal amount of
              $350,000. The Company financed the cash with funds borrowed from a
              bank. The acquisition has been accounted for under the purchase
              method of accounting. Goodwill of $59,793 was recorded and is
              being amortized on a straight-line basis over 15 years.

                                       8

<PAGE>   9


                  INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
             Notes to Consolidated and Combined Financial Statements
                               September 30, 1999

              The operating results of Ewing are included in the Company's
              consolidated financial statements from the date of acquisition.
              The following unaudited pro forma information presents the
              consolidated results of operations as if the Ewing acquisition had
              occurred on January 1, 1998. Such pro forma information includes
              adjustments to 1) increase interest expense to reflect the
              financing of the acquisition with the notes payable to a bank and
              the former Ewing shareholders, 2) amortize the goodwill incurred
              on a straight-line basis over 15 years, and 3) include income tax
              expense at a blended statutory rate of 37.63%. Pro forma revenues
              would have been $4,647,702 and $3,210,801 for the nine months
              ended September 30, 1999 and 1998, respectively. Pro forma net
              loss would have been $324,687 and $39,523 for the nine months
              ended September 30, 1999 and 1998, respectively. Pro forma basic
              and diluted net loss per share would have been $0.16 and $0.03 for
              the nine months ended September 30, 1999 and 1998, respectively.
              This data does not purport to be indicative of what would have
              occurred had the Ewing acquisition been made on January 1, 1998,
              or of results which may occur in the future.

(5)    SEGMENTS

              During 1998, the Company, ICM and CRC operated in two principal
              segments, investment advisory services and broker/dealer services.
              During 1999, since the acquisition of Ewing, the Company has
              operated in two principal segments, investment advisory services
              and broker/dealer services which includes investment banking
              revenues. The Company's two broker/dealer subsidiaries are managed
              as a single segment. Enviroq constitutes a separate segment. The
              Company assesses and measures operating performance based upon the
              net income derived from each of its operating segments exclusive
              of the impact of corporate expenses. The revenues and net income
              for each of the reportable segments are summarized as follows for
              the nine months ended September 30, 1999 and 1998:


<TABLE>
<CAPTION>


                                                    1999           1998
                                               -----------      ----------
Revenues:
<S>   <C>                                      <C>              <C>
      Investment advisory services segment     $   623,175         800,225
      Broker/dealer services segment             1,487,386       1,368,268
      Enviroq                                    1,447,913               -
      Corporate                                   (170,523)              -
      Intersegment revenues                              0        (157,000)
                                               -----------      ----------
                                               $ 3,387,951       2,011,493
                                               ===========      ==========

Net income (loss):
      Investment advisory services segment     $  (194,309)         81,899
      Broker/dealer services segment               149,888           9,945
      Enviroq                                      111,342               -
      Corporate                                   (398,916)              -
                                               -----------      ----------
                                               $  (331,995)         91,844
                                               ===========      ==========
</TABLE>





                                       9


<PAGE>   10




                  INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
             Notes to Consolidated and Combined Financial Statements
                               September 30, 1999


              The total assets for each of the reportable segments are
              summarized as follows as of September 30, 1999 and December 31,
              1998. Non-segment assets consist primarily of cash, investments
              and other assets which are recorded at the parent company level.

<TABLE>
<CAPTION>

                                                 1999                1998
                                              ----------          ----------
Assets:
<S>                                           <C>                 <C>
   Investment advisory services segment       $  270,211             231,272
   Broker/dealer services segment              1,606,697             192,831
   Enviroq                                     1,466,172           3,325,224
   Corporate                                     491,821             659,772
                                              ----------          ----------
                                              $3,834,901           4,409,099
                                              ==========          ==========
</TABLE>


                                       10

<PAGE>   11




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

Certain statements contained in this Quarterly Report on Form 10-QSB are
"forward-looking statements," within the meaning of the Private Securities
Litigation Reform Act of 1995, and are thus prospective in nature. Such
forward-looking statements reflect management's beliefs and assumptions and are
based on information currently available to management. The forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause actual results, performance or achievements of Intrepid Capital
Corporation to differ materially from those expressed or implied in such
statements. There can be no assurance that such factors or other factors will
not affect the accuracy of such forward-looking statements

Acquisition

         On August 4, 1999, the Company consummated the acquisition of all of
the outstanding capital stock of Allen C. Ewing Financial Services, Inc.
("Ewing"). The Company acquired the Ewing capital stock in exchange for cash of
$950,000 and three promissory notes in the principal amount of $350,000. The
Company financed the cash with funds borrowed from a bank. The acquisition has
been accounted for under the purchase method of accounting.

Liquidity and Capital Resources

         The Company's current assets consist generally of cash, money market
funds and trading securities. Trading securities represent a significant
portfolio of individual securities and an investment in Intrepid Capital, L.P.
The Company has financed its growth in operations with funds generated from
stockholder capital and long-term loans. The Company's management believes that
existing capital and funds generated from operations will provide the Company
with sufficient resources to meet present cash and capital needs.

         For the nine months ended September 30, 1999, net cash used in
operating activities was $1,824,960, primarily attributable to payments on
accounts payable and accrued expenses, cash paid for taxes and the net loss. Net
cash provided by investing activities was $2,828,225 primarily due to the sale
of approximately 10.6 acres of unimproved land in Jacksonville, Florida, which
resulted in proceeds of approximately $1,800,000, and the acquisition of Ewing.
Net cash used in financing activities was $549,418 primarily due to the
repayment of corporate debt.

         The Company, through its subsidiaries CRC and ACE, is subject to the
net capital requirements of the SEC, the NASD and other regulatory authorities.
At September 30, 1999, CRC's regulatory net capital was $215,929, which is
$165,929 in excess of its minimum net capital requirement of $50,000. At
September 30, 1999, ACE's regulatory net capital was $879,447, which is $629,447
in excess of its minimum net capital requirement of $250,000.

Results of Operations

         Three Months Ended September 30, 1999 Compared to the Three Months
         Ended September 30, 1998

         Total revenues were $908,923 for the three months ended September 30,
1999, compared to $638,888 for the three months ended September 30, 1998,
representing a 42.3% increase. The increase is primarily attributable to the
acquisition of Enviroq in December 1998 and Ewing in August 1999.

                                       11

<PAGE>   12

         Commissions decreased $20,926, or 5.1%, to $392,507. Commissions
represent revenue earned from securities transactions through CRC and ACE. The
decrease primarily represents decreased transaction volume.

         Asset management fees decreased $255, or 0.1%, to $228,279. Asset
management fees represent revenue earned by ICM for investment advisory
services. The fees earned are generally a function of the overall fee rate
charged to each account and the level of Assets Under Management ("AUM").
Quarterly management fees are billed on the first day of each quarter based on
each account value at the market close of the prior quarter. AUM was $101.4
million at June 30, 1999, compared to $111.0 million at June 30, 1998. The
decrease in asset management fees for the three months ended September 30, 1999
relates directly to the net decrease in AUM through investment performance, the
net change in client assets and the elimination of external portfolio managers.
AUM was $98.0 million at September 30, 1999, compared to $104.0 million at
September 30, 1998.

         Outside manager income decreased $7,122, or 100.0%. Outside manager
income represents revenue earned by ICM for asset management accounts, whereby
ICM utilizes external portfolio management to provide professional management of
customer accounts. All outside manager income has been eliminated as a result of
management's decision to internally manage accounts that were previously managed
externally.

         Net trading profits (losses) decreased $118,212, or 588.4%, to
($138,302). There were $33,623 of realized losses and $104,679 of unrealized
losses in the Company's investment in trading securities and Intrepid Capital,
L.P., primarily due to negative market conditions.

         Resinous material sales of $302,921 are attributable to the acquisition
of Enviroq in December 1998.

         Other income increased $31,123, or 314.7%, to $41,012. The increase is
primarily attributable to an increase in interest and dividends received from
the cash balances and trading securities.

         Total expenses were $1,397,588 for the three months ended September 30,
1999, compared to $634,404 for the three months ended September 30, 1998,
representing a 120.3% increase. The increase is primarily attributable to the
acquisition of Enviroq in December 1998.

         Salaries and employee benefits increased $355,317, or 92.6%, to
$738,883. The increases are due to the addition of new employees, annual
increases in salaries and the acquisition of Enviroq in December 1998. During
the three months ended September 30, 1999, a full quarter of Enviroq's salaries
and benefits were included.

         Brokerage and clearing expenses decreased $5,030, or 3.7%, to $131,108.
Brokerage and clearing expenses represent the securities transaction costs
directly related to commission revenue earned by CRC. These costs, paid to the
clearing broker/dealers, increase at a declining rate because of volume
discounting. During the quarter ended March 31, 1999, The Company re-negotiated
its clearing agreement, resulting in reduced transactional costs and decreased
brokerage and clearing expenses.

         Cost of resinous material sales of $154,717 is attributable to the
acquisition of Enviroq in December 1998.

         Outside manager expense decreased $7,122, or 100.0%. Outside manager
expense directly offsets the outside manager income earned by ICM. All outside
manager expense has been eliminated as a result of management's decision to
internally manage accounts that were previously managed externally.

                                       12

<PAGE>   13

         Advertising and marketing expenses increased $41,746, or 218.1%, to
$60,891. The increase can be attributed to additional advertising and marketing
expenses ICM incurred to increase name recognition, produce marketing materials
and enhance client relationships, and to the acquisition of Enviroq in December
1998.

         Professional and regulatory expenses increased $67,603, or 519.8%, to
$80,609 due to an increase in outside professional fees for additional
accounting, consulting, and legal services necessary to conduct business as a
public entity.

         Other expenses increased $80,885, or 231.3%, to $115,854 due to an
increase of general and administrative expenses and to the acquisition of
Enviroq and Ewing.

         Nine Months Ended September 30, 1999 Compared to the Nine Months Ended
September 30, 1998

         Total revenues were $3,387,951 for the nine months ended September 30,
1999, compared to $2,011,493 for the nine months ended September 30, 1998,
representing a 68.4% increase. The increase is primarily attributable to the
acquisition of Enviroq in December 1998.

         Commissions decreased $114,756, or 8.6%, to $1,225,617. Commissions
represent revenue earned from securities transactions through CRC. A
correspondent firm moved to a different clearing firm in March 1998, resulting
in decreased transaction volumes and revenues for the nine months ended
September 30, 1999.

         Asset management fees increased $85,120, or 14.7%, to $662,319. Asset
management fees represent revenue earned by ICM for investment advisory
services. The fees earned are generally a function of the overall fee rate
charged to each account and the level of AUM. Quarterly management fees are
billed on the first day of each quarter based on each account value at the
market close of the prior quarter. AUM was $101.0 million at December 31, 1998,
compared to $66.0 million at December 31, 1997. The increase in asset management
fees for the nine months ended September 30, 1999 relates directly to the net
increase in AUM through investment performance, the net change in client assets
and the elimination of external portfolio managers.

         Outside manager income decreased $22,771, or 100.0%. Outside manager
income represents revenue earned by ICM for asset management accounts, whereby
ICM utilizes external portfolio management to provide professional management of
the accounts. All outside manager income has been eliminated as a result of
management's decision to internally manage accounts that were previously managed
externally.

         Net trading profits (losses) decreased $135,462, or 358.8%, to
($97,703). There were $33,623 of realized losses and $64,080 of unrealized
losses in the Company's investment in trading securities and Intrepid Capital,
L.P., primarily due to negative market conditions.

         Resinous material sales of $1,432,048 are attributable to the
acquisition of Enviroq in December 1998.

         Other income increased $49,773, or 149.1%, to $83,164. The increase is
primarily attributable to an increase in interest and dividends received from
the cash balances and trading securities.


                                       13

<PAGE>   14

         Total expenses were $3,920,249 for the nine months ended September 30,
1999, compared to $1,919,649 for the nine months ended September 30, 1998,
representing a 104.2% increase. The increase is primarily attributable to the
acquisition of Enviroq in December 1998.

         Salaries and employee benefits increased $718,690, or 63.7%, to
$1,846,756. The increases are due to the addition of new employees, annual
increases in salaries and the acquisition of Enviroq in December 1998. During
the nine months ended September 30, 1999, the Company hired three new employees
and added three full quarters of Enviroq's salaries and benefits.

         Brokerage and clearing expenses decreased $91,697, or 19.7%, to
$372,905. Brokerage and clearing expenses represent the securities transaction
costs directly related to commission revenue earned by CRC and ACE. These costs,
paid to the clearing broker/dealers, increase at a declining rate because of
volume discounting. During the quarter ended March 31, 1999, the Company
re-negotiated its clearing agreement, resulting in reduced transactional costs
and decreased brokerage and clearing expenses.

         Cost of resinous material sales of $708,186 is attributable to the
acquisition of Enviroq in December 1998.

         Outside manager expense decreased $22,771, or 100.0%. Outside manager
expense directly offsets the outside manager income earned by ICM. All outside
manager expense has been eliminated as a result of management's decision to
internally manage accounts that were previously managed externally.

         Advertising and marketing expenses increased $149,608, or 279.5%, to
$203,135. The increase can be attributed to additional advertising and marketing
expenses ICM incurred to increase name recognition, produce marketing materials
and enhance client relationships, and to the acquisition of Enviroq in December
1998.

         Professional and regulatory expenses increased $186,829, or 354.6%, to
$239,533 due to an increase in outside professional fees for additional
accounting, consulting, and legal services necessary to conduct business as a
public entity.

         Other expenses increased $175,901, or 186.8%, to $270,078 due to an
increase of general and administrative expenses and to the acquisition of
Enviroq and Ewing.


Year 2000 Matters

         The Company is working to ensure that its operating and processing
systems will, along with those of its service providers and vendors, continue to
function when the Year 2000 ("Y2K") arrives. The Company has developed and
implemented a comprehensive plan to prepare its computer systems and
applications for Y2K, as well as to identify and address any other Y2K
operational issues that may affect operations.

         Due to the potential impact of Y2K on the financial services industry,
the SEC, the NASD and other regulatory and self-regulatory securities
organizations have monitored and required reports from their members concerning
Y2K and encouraged planning for system wide function tests. Y2K problems arise
because of concern that widely distributed information technology systems and
imbedded microprocessors date recognition and processing functions which
designate and recognize a year by the year's last two digits will not be able to
distinguish a year in the twenty-first century from one in the twentieth
century.


                                       14

<PAGE>   15

         Management has determined that Y2K will not pose significant
operational problems for its internal computer systems. Management believes the
internal modification and upgrade costs associated with the Company's operations
will not be material and will be expensed as incurred. Mission critical systems
and third party vendors have been identified, and computer hardware and software
have been upgraded or replaced as necessary.

         Due to the enormous task facing the securities industry and the
interdependent nature of securities transactions, there can be no assurances
with respect to Y2K's impact on the Company. Disruptions in the economy
generally and in the United States investment markets as a result of Y2K could
have a materially adverse effect on the Company and its subsidiaries.
Specifically, unexpected volatilities within and possible suspension of trading
in the securities industry could adversely impact the Company's revenues and its
ability to do business because a significant portion of the Company's revenues
are based upon its ability to make investments and securities trades for its
customers and the net asset value of funds under management. The amount of
potential lost revenue cannot be reasonably estimated at this time.

         Management believes that it has an effective program in place to manage
any contingencies arising out of Y2K. This contingency plan involves, among
other actions, manual workarounds and adjusting staffing strategies.

         The Company's subsidiaries that are registered with the SEC as
investment advisors or broker/dealers are required to disclose their Y2K
readiness in Forms ADV-Y2K or BD-Y2K which have been filed with the SEC and made
available to clients.


                                       15


<PAGE>   16


                           PART II - OTHER INFORMATION



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K


(a) Exhibits:
    ---------

      Exhibit No.       Description
      -----------       -----------

      27                Financial Data Schedule (for SEC use only)


(b)   Reports on Form 8-K:


      On August 18, 1999, the Company filed a Current Report on Form 8-K
      reporting the acquisition of all of the outstanding capital stock of
      Allen C. Ewing Financial Services, Inc. An amendment to such Current
      Report was filed on October 18, 1999 to amend Item 7 of such Current
      Report and to attach the financial statements required by Item 7 of
      Form 8-K.



                                       16


<PAGE>   17



                                   SIGNATURES

         In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                   INTREPID CAPITAL CORPORATION


                                   By       /s/ Forrest Travis
                                     --------------------------------------
                                       Forrest Travis, President and
                                       Chief Executive Officer

                                   Dated:  November 12, 1999


                                   By       /s/ Michael J. Wallace
                                     --------------------------------------
                                       Michael J. Wallace, Principal
                                       Accounting Officer

                                   Dated:  November 12, 1999


                                       17


<PAGE>   18


                                  EXHIBIT INDEX


Exhibit No.                           Description of Exhibit
-----------                           ----------------------


27                                    Financial Data Schedule (for SEC use only)



                                       18