##### Table of Contents



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 JUNE 30, 2001                                                                                                          
|     
|     
|     
|     
|      |  |                                                                                                                                                       
|     
|     
|     
|     
|      |  | 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
(State of Incorporation)                                                                        |  | 59-3546446
(I.R.S. Employer Identification No.)
|                                                                                                        
|                                                                                                        
|                                                                                                        
|                                                                                                        
|                                                                                                        
|3652 South Third Street, Suite 200, Jacksonville Beach, Florida
(Address of principal executive offices) |  | 32250
(Zip Code)                               

(904) 246-3433
(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 July 31, 2001, there were 2,350,246 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 ]



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TABLE OF CONTENTS



|                                                                                              |                                                            |  |  |  |  |  |  | 
|--------------------------------------------------------------------------------------------- | ---------------------------------------------------------- |  |  |  |  |  |  | 
|ITEM 1. FINANCIAL STATEMENTS                                                                 
|                                                                                              | Consolidated Balance Sheets                               
|                                                                                              | Consolidated Statements of Operations                     
|                                                                                              | Consolidated Statements of Cash Flows                     
|                                                                                              | Notes to Consolidated Financial Statements                
|ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|                                                                                              | Liquidity and Capital Resources                           
|                                                                                              | Results of Operations                                     
|                                                                                              | Expected Impact of Recently Announced Accounting Standards
|ITEM 1. LEGAL PROCEEDINGS                                                                    
|ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                                                     
|SIGNATURES                                                                                   



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##### Table of Contents



INTREPID CAPITAL CORPORATION AND SUBSIDIARIES

Index to Form 10-QSB
For the Quarter Ended June 30, 2001

PART I  FINANCIAL INFORMATION

|                                                                                             |                                                                                                                                                         |  |    |      |  |  |  | 
|-------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -- | ---- |  |  |  | 
|Item 1 Financial Statements                                                                  |                                                                                                                                                         |  |    |     
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                             | Consolidated Balance Sheets of Intrepid Capital
Corporation and Subsidiaries as of June 30,
2001 and December 31, 2000                                  |  |    | 3    | 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                             | Consolidated Statements of Operations of
Intrepid Capital Corporation and Subsidiaries
for the Three and Six Month Periods Ended June
30, 2001 and 2000 |  |    | 4    | 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                             | Consolidated Statements of Cash Flows of
Intrepid Capital Corporation and Subsidiaries
for the Six Months Ended June 30, 2001 and 2000                  |  |    | 5    | 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                             | Notes to Consolidated Financial Statements                                                                                                              |  |    | 6-7  | 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|Item 2 Managements Discussion and Analysis of Financial Condition and Results of Operations |                                                                                                                                                         |  |    |     
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                             | Liquidity and Capital Resources                                                                                                                         |  |    | 8    | 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                             | Results of Operations                                                                                                                                   |  |    | 9-11 | 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                             | Expected Impact of Recently Announced Accounting Standards                                                                                              |  |    | 12   | 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|PART II  OTHER INFORMATION                                                                 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|Item 1
and Item 6  Other Information                                                         |                                                                                                                                                         |  |    |     
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                             | Other Information                                                                                                                                       |  |    | 12   | 
|                                                                                            
|                                                                                            
|                                                                                            
|                                                                                            
|Signatures                                                                                   |                                                                                                                                                         |  | 13 |     

2



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##### Table of Contents






ITEM 1.     FINANCIAL
STATEMENTS

INTREPID CAPITAL CORPORATION AND
SUBSIDIARIES




Consolidated Balance Sheets

June 30, 2001 and December 31, 2000

(unaudited)

|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |            |           | 
|-------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------- | --------- | ---------- | --------- |  | --------- | ---------- | --------- | 
|Assets                                                                                                         |                                                                                                                                                        | 2001                       |           | 2000      
|                                                                                                               |                                                                                                                                                        |                            |           |           
|Current assets:                                                                                                |                                                                                                                                                        |                            |           |            |           |  |           |           
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Cash and cash equivalents                                                                                                                              |                            | $         | 197,515    |           |  |           | 474,544    |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Investments, at fair value                                                                                                                             |                            |           | 57,262     |           |  |           | 59,999     |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Accounts receivable                                                                                                                                    |                            |           | 366,034    |           |  |           | 470,800    |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Inventories                                                                                                                                            |                            |           | 84,607     |           |  |           | 69,348     |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Prepaid and other assets                                                                                                                               |                            |           | 77,326     |           |  |           | 251,694    |          
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           
|                                                                                                               |                                                                                                                                                        | Total current assets       |           |            | 782,744   |  |           |            | 1,326,385 | 
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|Equipment and leasehold improvements, net of accumulated
depreciation of $222,706 in 2001 and $171,648 in 2000 |                                                                                                                                                        |                            | 416,153   |            |           |  | 467,263   |           
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|Goodwill, less accumulated amortization of $183,121
in 2001 and $145,955 in 2000                               |                                                                                                                                                        |                            | 931,878   |            |           |  | 969,044   |           
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|Other assets                                                                                                   |                                                                                                                                                        |                            |          |            |           |  | 1,192     |           
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           
|                                                                                                               |                                                                                                                                                        | Total assets               |           | $          | 2,130,775 |  |           |            | 2,763,884 | 
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           
|Liabilities and Stockholders Equity                                                                          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Current liabilities:                                                                                                                                   |                            |           |            |           |  |           |            |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Accounts payable                                                                                                                                       |                            | $         | 159,768    |           |  |           | 213,148    |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Accrued expenses                                                                                                                                       |                            |           | 183,100    |           |  |           | 274,123    |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Current portion of notes payable                                                                                                                       |                            |           | 241,572    |           |  |           | 327,778    |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Advances from shareholder                                                                                                                              |                            |           | 262,110    |           |  |           |           |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Other                                                                                                                                                  |                            |           | 117,584    |           |  |           | 108,832    |          
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           
|                                                                                                               |                                                                                                                                                        | Total current liabilities  |           |            | 964,134   |  |           |            | 923,881   | 
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|Notes payable, less current portion                                                                            |                                                                                                                                                        |                            | 463,984   |            |           |  | 547,222   |           
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|Minority interest in consolidated subsidiary                                                                   |                                                                                                                                                        |                            | 61,549    |            |           |  | 122,464   |           
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           
|                                                                                                               |                                                                                                                                                        | Total liabilities          |           |            | 1,489,667 |  |           |            | 1,593,567 | 
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           
|Stockholders equity:                                                                                          |                                                                                                                                                        |                            |           |            |           |  |           |           
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Common stock, $.01 par value. Authorized 15,000,000 shares; issued 2,350,246
and 2,318,996 shares at June 30, 2001 and December 31, 2000, respectively |                            |           | 23,502     |           |  |           | 23,190     |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Treasury stock, at cost - 1,000 shares                                                                                                                 |                            |           | (3,669     | )         |  |           | (3,669     | )        
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Additional paid-in capital                                                                                                                             |                            |           | 2,686,915  |           |  |           | 2,687,227  |          
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                              
|                                                                                                               | Accumulated deficit                                                                                                                                    |                            |           | (2,065,640 | )         |  |           | (1,536,431 | )        
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           
|                                                                                                               |                                                                                                                                                        | Total stockholders equity |           |            | 641,108   |  |           |            | 1,170,317 | 
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           
|                                                                                                               |                                                                                                                                                        | $                          | 2,130,775 |            |           |  | 2,763,884 |           
|                                                                                                               |                                                                                                                                                        |                            |           |            |           |  |           |           

See accompanying notes to consolidated financial statements.

3



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##### Table of Contents






| |  |                                                          |  | 
| |  | -------------------------------------------------------- |  | 
| |  | INTREPID CAPITAL CORPORATION AND SUBSIDIARIES           
| | 
| |  | Consolidated Statements of Operations                   
| | 
| |  | Three and Six month periods ended June 30, 2001 and 2000
| | 
| |  | (unaudited)                                             

|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |           |          |           | 
|----------------------------------- | -------------------------------- | ---------------------------------------------- | -------------- | ------- | ------------- | --------- | ------------- | ------- | -------- | --------- | --------- | --------- | -------- | --------- | --------- | --------- | -------- | --------- | 
|                                    |                                  |                                                |                |         | Three Months  |           | Six Months   
|                                    |                                  |                                                |                |         | Ended June 30 |           | Ended June 30
|                                    |                                  |                                                |                |         |               |           |              
|                                    |                                  |                                                |                |         | 2001          |           | 2000          |         | 2001     |           | 2000     
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |          
|Revenues:                           |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|                                   
|                                   
|                                   
|                                   
|                                    | Commissions                      |                                                | $              | 340,470 |               |           |               | 430,825 |          |           |           | 694,155   |          |           |           | 1,025,763 |         
|                                   
|                                   
|                                   
|                                   
|                                    | Asset management fees            |                                                |                | 184,206 |               |           |               | 164,239 |          |           |           | 403,899   |          |           |           | 348,126   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Investment banking revenues      |                                                |                | 164,759 |               |           |               | 45,910  |          |           |           | 266,648   |          |           |           | 66,291    |         
|                                   
|                                   
|                                   
|                                   
|                                    | Net trading profits              |                                                |                | 2,046   |               |           |               | 53,061  |          |           |           | 4,318     |          |           |           | 109,223   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Resinous material sales          |                                                |                | 472,169 |               |           |               | 260,079 |          |           |           | 587,820   |          |           |           | 485,266   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Dividend and interest income     |                                                |                | 5,523   |               |           |               | 15,678  |          |           |           | 18,287    |          |           |           | 38,936    |         
|                                   
|                                   
|                                   
|                                   
|                                    | Other                            |                                                |                | 23,734  |               |           |               | 18,271  |          |           |           | 37,861    |          |           |           | 24,466    |         
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|                                    |                                  |                                                | Total revenues |         |               | 1,192,907 |               |         |          | 988,063   |           |           |          | 2,012,988 |           |           |          | 2,098,071 | 
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|Expenses:                           |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|                                   
|                                   
|                                   
|                                   
|                                    | Salaries and employee benefits   |                                                |                | 673,153 |               |           |               | 649,237 |          |           |           | 1,384,827 |          |           |           | 1,416,827 |         
|                                   
|                                   
|                                   
|                                   
|                                    | Brokerage and clearing           |                                                |                | 64,727  |               |           |               | 94,914  |          |           |           | 135,022   |          |           |           | 222,022   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Cost of resinous material sales  |                                                |                | 220,262 |               |           |               | 136,445 |          |           |           | 278,115   |          |           |           | 251,596   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Advertising and marketing        |                                                |                | 74,092  |               |           |               | 46,295  |          |           |           | 144,814   |          |           |           | 128,243   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Professional and regulatory fees |                                                |                | 80,842  |               |           |               | 93,018  |          |           |           | 138,188   |          |           |           | 183,049   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Occupancy and maintenance        |                                                |                | 118,120 |               |           |               | 108,966 |          |           |           | 234,048   |          |           |           | 222,800   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Depreciation and amortization    |                                                |                | 44,046  |               |           |               | 50,484  |          |           |           | 88,671    |          |           |           | 101,754   |         
|                                   
|                                   
|                                   
|                                   
|                                    | Interest expense                 |                                                |                | 17,353  |               |           |               | 19,381  |          |           |           | 35,704    |          |           |           | 38,241    |         
|                                   
|                                   
|                                   
|                                   
|                                    | Other                            |                                                |                | 74,734  |               |           |               | 94,322  |          |           |           | 163,723   |          |           |           | 195,444   |         
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|                                    |                                  |                                                | Total expenses |         |               | 1,367,329 |               |         |          | 1,293,062 |           |           |          | 2,603,112 |           |           |          | 2,759,976 | 
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|                                    |                                  | Loss before income taxes and minority interest |                |         | (174,422      | )         |               |         | (304,999 | )         |           |           | (590,124 | )         |           |           | (661,905 | )        
|                                   
|                                   
|                                   
|                                   
|Income tax benefit                  |                                  |                                                |               |         |               |           | (18,472       | )       |          |           |          |           |          |           | (152,776  | )        
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|                                    |                                  | Loss before minority interest                  |                |         | (174,422      | )         |               |         | (286,527 | )         |           |           | (590,124 | )         |           |           | (509,129 | )        
|                                   
|                                   
|                                   
|                                   
|Minority interest expense (benefit) |                                  |                                                | 17,167         |         |               |           |              |         |          |           | (60,915   | )         |          |           |          |          
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|                                    |                                  | Net loss                                       |                | $       | (191,589      | )         |               |         | (286,527 | )         |           |           | (529,209 | )         |           |           | (509,129 | )        
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|Basic net loss per share            |                                  | $                                              | (0.08          | )       |               |           | (0.13         | )       |          |           | (0.23     | )         |          |           | (0.23     | )        
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          
|Weighted average shares outstanding |                                  |                                                | 2,339,944      |         |               |           | 2,214,525     |         |          |           | 2,329,528 |           |          |           | 2,214,525 |          
|                                    |                                  |                                                |                |         |               |           |               |         |          |           |           |           |          |           |           |          

See accompanying notes to consolidated financial statements.

4



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##### Table of Contents






INTREPID CAPITAL CORPORATION AND
SUBSIDIARIES

Consolidated Statements of Cash Flows

Six months ended June 30, 2001 and 2000

(unaudited)

|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |          |          |          |          |  
|------------------------------------------------- | --------------------------------------------------------------------------- | ---------------------------------------------------------------- | ------------------------------------- | ----------------------------------------- | ------- | -------- | --------- | -------- | -------- | -------- | -------- | -
|                                                  |                                                                             |                                                                  |                                       |                                           |         | 2001     |           | 2000    
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|Cash flows from operating activities:             |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  | Net loss                                                                    |                                                                  | $                                     | (529,209                                  | )       |          |           | (509,129 | )       
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  | Adjustments to reconcile net loss to net cash
used in operating activities: |                                                                  |                                       |                                           |         |          |           |          |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             | Depreciation and amortization                                    |                                       |                                           | 88,671  |          |           |          | 101,754  |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             | Loss on disposal of equipment                                    |                                       |                                           | 3,556   |          |           |          |         |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             | Minority interest                                                |                                       |                                           | (60,915 | )        |           |          |         |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             | Sales of investments and securities sold, not yet purchased, net |                                       |                                           | 7,055   |          |           |          | 328,608  |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             | Net trading profits                                              |                                       |                                           | (4,318  | )        |           |          | (109,223 | )       
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             | Change in assets and liabilities:                                |                                       |                                           |         |          |           |          |          |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             |                                                                  | Accounts receivable                   |                                           |         | 104,766  |           |          |          | (21,366  | )       
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             |                                                                  | Inventories                           |                                           |         | (15,259  | )         |          |          | 32,334   |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             |                                                                  | Prepaid and other assets              |                                           |         | 175,560  |           |          |          | (99,143  | )       
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             |                                                                  | Accounts payable and accrued expenses |                                           |         | (144,403 | )         |          |          | (133,738 | )       
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  |                                                                             |                                                                  | Other liabilities                     |                                           |         | 8,752    |           |          |          | 18,316   |         
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|                                                  |                                                                             |                                                                  |                                       | Net cash used in operating activities     |         |          | (365,744  | )        |          |          | (391,587 | )
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|Cash flows from investing activities:             |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  | Purchase of equipment                                                       |                                                                  |                                       | (7,451                                    | )       |          |           | (88,103  | )       
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  | Proceeds from sales of equipment                                            |                                                                  |                                       | 3,500                                     |         |          |           |         |         
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|                                                  |                                                                             |                                                                  |                                       | Net cash used in investing activities     |         |          | (3,951    | )        |          |          | (88,103  | )
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|Cash flows from financing activities:             |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  | Principal payments on notes payable                                         |                                                                  |                                       | (169,444                                  | )       |          |           |         |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  | Advances from shareholder                                                   |                                                                  |                                       | 262,110                                   |         |          |           |          |         
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|                                                  |                                                                             |                                                                  |                                       | Net cash provided by financing activities |         |          | 92,666    |          |          |          |         |  
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|                                                  |                                                                             |                                                                  |                                       | Net decrease in cash and cash equivalents |         |          | (277,029  | )        |          |          | (479,690 | )
|                                                 
|                                                 
|                                                 
|                                                 
|Cash and cash equivalents at beginning of period  |                                                                             |                                                                  | 474,544                               |                                           |         |          | 1,094,700 |         
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|Cash and cash equivalents at end of period        |                                                                             | $                                                                | 197,515                               |                                           |         |          | 615,010   |         
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|Supplemental disclosure of cash flow information: |                                                                             |                                                                  |                                       |                                           |         |          |           |         
|                                                 
|                                                 
|                                                 
|                                                 
|                                                  | Cash paid during the period for interest                                    |                                                                  | $                                     | 29,159                                    |         |          |           | 42,691   |         
|                                                  |                                                                             |                                                                  |                                       |                                           |         |          |           |         

See accompanying notes to consolidated financial statements.

5



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##### Table of Contents






INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 2001



|(1) |  | Summary of Significant Accounting Policies and Operations
|--- |  | ---------------------------------------------------------



| | (a) |  | Organization and Basis of Presentation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | --- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |     |  | Intrepid Capital Corporation (ICAP), incorporated in 1998, is a
Florida-based financial services holding company that conducts its
business through its three wholly owned subsidiaries: Intrepid
Capital Management, Inc. (ICM), Allen C. Ewing & Co. (Ewing), and
Enviroq Corporation (Enviroq).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |     |  | 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 Securities and Exchange Commission (SEC).
ICAP 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 ICAPs Annual Report on Form 10-KSB filed
with the SEC on April 2, 2001. Except as indicated herein, there have
been no significant changes from the financial data published in
ICAPs Annual Report. In the opinion of management, such unaudited
information reflects all adjustments, consisting of normal recurring
accruals, necessary for fair presentation of the unaudited
information. The results of operations for the three and six month
periods ended June 30, 2001 and 2000 are not necessarily indicative of
the results that may be expected for the full year.
|
| | (b) |  | Principles of Consolidation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| |     |  | The accompanying consolidated financial statements include the
accounts of ICAP and its subsidiaries ICM, Ewing, and Enviroq.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| |     |  | All significant intercompany balances and transactions have been
eliminated in consolidation. ICAP, through its ownership in Enviroq,
controls the operations and activities of Sprayroq, Inc. (Sprayroq).
Minority interest is recognized for 50% of Sprayroqs equity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| | (c) |  | Earnings Per Share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |     |  | Net loss per share of common stock is computed based upon the weighted
average number of common shares and share equivalents outstanding
during the period. Stock warrants and convertible instruments, when
dilutive, are included as share equivalents. For the three and six
month periods ended June 30, 2001 and 2000, ICAP had no dilutive
common stock equivalents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | (d) |  | Comprehensive Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| |     |  | No differences between total comprehensive loss and net loss existed
in the financial statements reported for the three and six month
periods ended June 30, 2001 and 2000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

6



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##### Table of Contents



INTREPID CAPITAL CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements
June 30, 2001



|(2) |  | Related Party Transactions
|--- |  | --------------------------



| |  |  | ICM performs certain asset management functions for Intrepid Capital,
L.P., an investment limited partnership of which ICM is general
partner and a 1.23% equity interest owner as of June 30, 2001. For
the six months ended June 30, 2001 and 2000, ICM received $21,012 and
$18,047, respectively, for such services.
| |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | On May 1, 2001, Broadland Capital Partners, L.P. (Broadland), an
affiliate of Mr. Morgan Payne, a director of ICAP, exercised
outstanding warrants to receive 31,250 shares of ICAP Common Stock.                                                                                                                     
|
| |  |  | As of June 30, 2001, ICAP had received advances from the largest
shareholder amounting to $262,110. The advances are non-interest
bearing, with no set maturity, and are expected to be repaid as future
cash flows become available.                                                                                   



|(3) |  | Segments
|--- |  | --------



| |  |  | During 2001 and 2000, ICAP operated in two principal segments, investment
advisory services and broker-dealer services, which includes investment banking
revenues. Enviroq constitutes a separate segment. ICAP 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 loss for each of the reportable segments are summarized as follows for
the three and six month periods ended June 30, 2001 and 2000:
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                   |                                      |   |                            |          |                          |  |          |          |      |  |           |          |   |  |           |           |  
|------------------ | ------------------------------------ | - | -------------------------- | -------- | ------------------------ |  | -------- | -------- | ---- |  | --------- | -------- | - |  | --------- | --------- | -
|                   |                                      |   | Three months ended June 30 |          | Six months ended June 30
|                   |                                      |   |                            |          |                         
|                   |                                      |   | 2001                       |          | 2000                     |  | 2001     |          | 2000
|                   |                                      |   |                            |          |                          |  |          |          |     
|Revenues:          |                                      |   |                            |          |                          |  |          |          |      |  |           |          |   |  |           |          
|                  
|                  
|                  
|                  
|                   | Investment advisory services segment |   | $                          | 186,787  |                          |  |          | 170,406  |      |  |           | 409,201  |   |  |           | 356,971   |  
|                  
|                  
|                  
|                  
|                   | Broker-dealer services segment       |   |                            | 519,985  |                          |  |          | 541,811  |      |  |           | 998,155  |   |  |           | 1,235,827 |  
|                  
|                  
|                  
|                  
|                   | Enviroq                              |   |                            | 469,142  |                          |  |          | 260,540  |      |  |           | 588,018  |   |  |           | 487,960   |  
|                  
|                  
|                  
|                  
|                   | Corporate                            |   |                            | 50,614   |                          |  |          | 175,922  |      |  |           | 224,308  |   |  |           | 327,175   |  
|                  
|                  
|                  
|                  
|                   | Intersegment revenues                |   |                            | (33,621  | )                        |  |          | (160,616 | )    |  |           | (206,694 | ) |  |           | (309,862  | )
|                   |                                      |   |                            |          |                          |  |          |          |      |  |           |          |   |  |           |          
|                   |                                      | $ | 1,192,907                  |          |                          |  | 988,063  |          |      |  | 2,012,988 |          |   |  | 2,098,071 |          
|                   |                                      |   |                            |          |                          |  |          |          |      |  |           |          |   |  |           |          
|Net (loss) income: |                                      |   |                            |          |                          |  |          |          |      |  |           |          |   |  |           |          
|                  
|                  
|                  
|                  
|                   | Investment advisory services segment |   | $                          | (64,809  | )                        |  |          | (71,864  | )    |  |           | (102,309 | ) |  |           | (143,157  | )
|                  
|                  
|                  
|                  
|                   | Broker-dealer services segment       |   |                            | 11,843   |                          |  |          | (33,446  | )    |  |           | (47,076  | ) |  |           | (37,129   | )
|                  
|                  
|                  
|                  
|                   | Enviroq                              |   |                            | 1,446    |                          |  |          | (73,205  | )    |  |           | (93,108  | ) |  |           | (165,375  | )
|                  
|                  
|                  
|                  
|                   | Corporate                            |   |                            | (140,069 | )                        |  |          | (108,012 | )    |  |           | (286,716 | ) |  |           | (163,468  | )
|                   |                                      |   |                            |          |                          |  |          |          |      |  |           |          |   |  |           |          
|                   |                                      | $ | (191,589                   | )        |                          |  | (286,527 | )        |      |  | (529,209  | )        |   |  | (509,129  | )        
|                   |                                      |   |                            |          |                          |  |          |          |      |  |           |          |   |  |           |          



| |  |  | The total assets for each of the reportable segments are
summarized as follows as of June 30, 2001 and December 31, 2000.
Non-segment assets consist primarily of cash, certain investments
and other assets, which are recorded at the parent company level.
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|        |                                      |   |           |           |      |  |           |           | 
|------- | ------------------------------------ | - | --------- | --------- | ---- |  | --------- | --------- | 
|        |                                      |   | 2001      |           | 2000
|        |                                      |   |           |           |     
|Assets: |                                      |   |           |           |      |  |           |          
|       
|       
|       
|       
|        | Investment advisory services segment |   | $         | 97,915    |      |  |           | 131,655   | 
|       
|       
|       
|       
|        | Broker-dealer services segment       |   |           | 468,952   |      |  |           | 573,747   | 
|       
|       
|       
|       
|        | Enviroq                              |   |           | 1,317,515 |      |  |           | 1,403,626 | 
|       
|       
|       
|       
|        | Other                                |   |           | 246,393   |      |  |           | 654,856   | 
|        |                                      |   |           |           |      |  |           |          
|        |                                      | $ | 2,130,775 |           |      |  | 2,763,884 |          
|        |                                      |   |           |           |      |  |           |          

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##### Table of Contents






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




Liquidity and Capital Resources

ICAPs current assets consist generally of cash and accounts
receivable. ICAP has financed its operations with funds provided by stockholder
capital, advances from the largest shareholder, and the sale of trading
securities. ICAP has developed a growth strategy plan that includes both
internal and external growth through acquisitions.

ICAP is evaluating a variety of options to enhance its liquidity and
capital resources. ICAPs scope of options includes the issuance of equity
securities in private placements, strategic acquisitions, and the complete
disposal of Sprayroq, Inc. (Enviroqs 50% owned subsidiary) because of its
inconsistency with ICAPs primary mission. ICAP is currently considering several
disposal opportunities. If additional funds are raised through the issuance of
equity securities, the percentage of ownership of the stockholders of ICAP will
be reduced.

ICAP also believes that its broker-dealer services segment will
generate substantial high-margin investment banking revenues during the
remaining six months of 2001. Two significant investment banking fees are
expected to be earned during the remaining six months of 2001 totaling more than
$800,000.

For the six months ended June 30, 2001, ICAP incurred significant
operating losses and negative cash flows from operations. While management
believes it will be able to meet its capital needs through several of the above
alternatives, there can be no assurances that such transactions will take place
on terms favorable to ICAP, if at all. If adequate funds are not available or
terms are not suitable, ICAPs growth strategy would be significantly limited
and such limitation could have an effect on ICAPs business, results of
operations and financial condition.

For the six months ended June 30, 2001, net cash used in operating
activities was $365,744, primarily attributable to ICAPs net loss, offset by
decreases in accounts receivable and other assets, including the receipt of a
federal income tax refund of $193,167. Net cash used in investing activities was
$3,951, which is primarily due to the purchase of equipment. Net cash provided
by financing activities was $92,666, which is primarily due to advances from the
largest shareholder offset by principal payments on notes payable.

ICAP, through its subsidiary Ewing, is subject to the net capital
requirements of the SEC, the NASD and other regulatory authorities. At June 30,
2001, Ewings regulatory net capital was $150,955, which is $100,955 in excess
of its minimum net capital requirement of $50,000.

8



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##### Table of Contents






Results of Operations

Three Months Ended June 30, 2001 Compared to the Three Months Ended June 30, 2000

Total revenues were $1,192,907 for the three months ended June 30,
2001, compared to $988,063 for the three months ended June 30, 2000,
representing a 20.7% increase.

Commissions decreased $90,355, or 21.0%, to $340,470. Commissions
represent revenue earned by Ewing from securities transactions conducted on
behalf of customers, including sales of mutual fund shares and variable
annuities. The decrease is primarily attributable to decreased transaction
volume as a result of negative and volatile market conditions.

Asset management fees increased $19,967 or 12.2%, to $184,206. 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 $84.6
million at March 31, 2001, compared to $84.5 million at March 31, 2000. The
increase in asset management fees for the three months ended June 30, 2001
relates directly to an increase in the average fee rate per account. AUM was
$79.3 million at June 30, 2001, compared to $76.8 million at June 30, 2000. The
net decrease in AUM during the three months ended June 30, 2001 is primarily
attributable to client withdrawals during the period.

Investment banking revenues increased $118,849, or 258.9%, to $164,759.
Investment banking revenues represent fees earned by Ewing for providing
investment banking services to clients on corporate finance matters, including
mergers and acquisitions and the issuance of capital stock to the public. Such
revenues are dependent on the timing of services provided and are normally
received upon consummation of the underlying transaction. The increase is
primarily attributable to an increase in mortgage loan placement and merger and
acquisition services. In addition, a significant fee was earned during the three
months ended June 30, 2001 accounting for approximately 51.6% of total
investment banking revenues earned during the period.

Net trading profits decreased $51,015, or 96.1%, to $2,046. Net trading
profits consist of unrealized gains in ICAPs investment in trading securities,
which includes an investment in Intrepid Capital, L.P. The decrease is
primarily attributable to lower exposure in trading securities as a result of
the elimination of Ewings market making operations.

Resinous material sales increased $212,090, or 81.5% to $472,169. The
increase is primarily attributable to the timing of resinous material sales to
repeat customers. Several customers delayed sales during the three months
ended March 31, 2001, resulting in higher than normal sales during the three
months ended June 30, 2001.

Dividend and interest income decreased $10,155, or 64.8%, to $5,523. The
decrease is primarily attributable to a decrease in interest received from the
lower average cash balances invested in money markets.

Total expenses were $1,367,329 for the three months ended June 30, 2001,
compared to $1,293,062 for the three months ended June 30, 2000, representing a
5.7% increase.

9



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##### Table of Contents



Salaries and employee benefits increased $23,916, or 3.7%, to $673,153.
Salaries and employee benefits represent fixed salaries, commissions paid on
securities transactions and investment banking revenues, and other related
employee benefits. The increase is primarily attributable to increased
commission expenses as a result of increased investment banking revenues.

Brokerage and clearing expenses decreased $30,187, or 31.8%, to $64,727.
Brokerage and clearing expenses represent the securities transaction and other
costs paid to the clearing broker-dealer, and are related to commission revenue
earned by Ewing. The net decrease is primarily attributable to decreased
transaction volume.

Cost of resinous material sales increased $83,817, or 61.4%, to $220,262.
The increase is primarily attributable to the timing of resinous material sales
to repeat customers. Several customers delayed sales during the three months
ended March 31, 2001, resulting in higher than normal sales during the three
months ended June 30, 2001.

Advertising and marketing expenses increased $27,797, or 60.0%, to
$74,092. The increase is primarily attributable to an increase in ICMs
advertising and marketing expenses associated with a new direct-mail marketing
campaign.

Professional and regulatory expenses decreased $12,171, or 13.1%, to
$80,847. The decrease is primarily attributable to the elimination of Ewings
market making operations.

Other expenses decreased $19,592, or 20.8%, to $74,730 due to decreased
general and administrative expenses.

Six Months Ended June 30, 2001 Compared to the Six Months Ended June 30,
2000

Total revenues were $2,012,988 for the six months ended June 30, 2001,
compared to $2,098,071 for the six months ended June 30, 2000, representing a
4.1% decrease.

Commissions decreased $331,608, or 32.3%, to $694,155. Commissions
represent revenue earned by Ewing from securities transactions conducted on
behalf of customers, including sales of mutual fund shares and variable
annuities. The decrease is primarily attributable to decreased transaction
volume as a result of negative and volatile market conditions.

Asset management fees increased $55,773 or 16.0%, to $403,899. 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 $105.3
and $84.6 million at December 31, 2000 and March 31, 2001, respectively,
compared to $92.5 and $84.5 million at December 31, 1999 and March 31, 2000,
respectively. The increase in asset management fees for the six months ended
June 30, 2001 relates directly to the net increase in AUM at the market close
prior to each quarter in the six month period and to an increase in the average
fee rate per account. AUM was $79.3 million at June 30, 2001, compared to
$76.8 million at June 30, 2000.

10



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##### Table of Contents



Investment banking revenues increased $200,357, or 302.2%, to $266,648.
Investment banking revenues represent fees earned by Ewing for providing
investment banking services to clients on corporate finance matters, including
mergers and acquisitions and the issuance of capital stock to the public. Such
revenues are dependent on the timing of services provided and are normally
received upon consummation of the underlying transaction. The increase is
primarily attributable to an increase in mortgage loan placement and merger and
acquisition services. A significant fee was earned during the three months
ended June 30, 2001 accounting for approximately 31.9% of total investment
banking revenues earned during the six months ended June 30, 2001.

Net trading profits decreased $104,905, or 96.0%, to $4,318. Net trading
profits consist of realized and unrealized gains from ICAPs investment in
trading securities, which includes an investment in Intrepid Capital, L.P. The
decrease is primarily attributable to lower exposure in trading securities as a
result of the elimination of Ewings market making operations.

Resinous material sales increased $102,554, or 21.1% to $587,820. The
increase is primarily attributable to resinous material sales to new licensees
obtained during the second half of 2000.

Dividend and interest income decreased $20,649, or 53.0%, to $18,287. The
decrease is primarily attributable to a decrease in interest received from the
lower average cash balances invested in money markets.

Total expenses were $2,603,112 for the six months ended June 30, 2001,
compared to $2,759,976 for the six months ended June 30, 2000, representing a
5.7% decrease.

Salaries and employee benefits decreased $32,000, or 2.3%, to $1,384,827.
Salaries and employee benefits represent fixed salaries, commissions paid on
securities transactions and investment banking revenues, and other related
employee benefits. The decrease is primarily attributable to decreased
commission expenses as a result of decreased securities transactions partially
offset by increased fixed salaries.

Brokerage and clearing expenses decreased $87,000, or 39.2%, to $135,022.
Brokerage and clearing expenses represent the securities transaction and other
costs paid to the clearing broker-dealer, and are related to commission revenue
earned by Ewing. During the first quarter of 2000, ICAP re-negotiated its
clearing agreement, resulting in reduced transactional costs and decreased
brokerage and clearing expenses per trade. The net decrease is primarily
attributable to decreased transaction volume and reflects decreased costs as a
result of the re-negotiated clearing agreement.

Cost of resinous material sales increased $26,519, or 10.5%, to $278,115.
The increase is primarily attributable to resinous material sales to new
licensees obtained during the second half of 2000.

Advertising and marketing expenses increased $16,571, or 12.9%, to
$144,814. The increase is primarily attributable to an increase in ICMs
advertising and marketing expenses associated with a new direct-mail marketing
campaign.

Professional and regulatory expenses decreased $44,861, or 24.5%, to
$138,188. The decrease is primarily attributable to the elimination of Ewings
market making operations.

Other expenses decreased $31,721, or 16.2%, to $163,723 due to decreased
general and administrative expenses.

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##### Table of Contents






Expected Impact of Recently Announced Accounting Standards

In July 2001, the Financial Accounting Standards Board (the FASB) issued
Statement of Financial Accounting Standards No. 141, Business Combinations
(FAS 141) and Statement of Financial Accounting Standards No. 142, Goodwill
and other Intangible Assets (FAS 142). FAS 141, effective immediately,
requires that the purchase method of accounting be used for all business
combinations initiated after June 30, 2001 as well as all purchase method
business combinations completed after June 30, 2001. FAS 142, effective
January 1, 2002, will require that goodwill and intangible assets with
indefinite useful lives no longer be amortized, but instead tested for
impairment at least annually.

Furthermore, any goodwill and intangible assets determined to have
indefinite useful lives that are acquired in a purchase business combination
completed after June 30, 2001 will not be amortized. Goodwill and intangible
assets acquired in business combinations completed before July 1, 2001 will
continue to be amortized until the adoption of FAS 142. FAS 141 will require,
upon adoption of FAS 142, that goodwill acquired in a prior purchase business
combination be evaluated and any necessary reclassifications be made in order
to conform to the new criteria in FAS 141 for recognition apart from goodwill.
Any impairment loss will be measured as of the date of the adoption and
recognized as a cumulative effect of a change in accounting principles in the
first interim period of 2002. ICAP is currently evaluating, but has not yet
determined the impact that FAS 141 and FAS 142 will have on its financial
statements.

PART II  OTHER INFORMATION




ITEM 1. LEGAL PROCEEDINGS

There are no material legal proceedings pending against ICAP or any of its subsidiaries.




ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits:

None.

(b) Reports on Form 8-K:

None.

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##### Table of Contents






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: August 10, 2001                               
|
|
|
|
| |  |    |  |                                                      
|
|
|
|
| |  | By |  | /s/ Michael J. Wallace                               
| |  |    |  |                                                      
| |  |    |  | Michael J. Wallace, Chief
Accounting Officer         
|
|
|
|
| |  |    |  |                                                      
|
|
|
|
| |  |    |  | Dated: August 10, 2001                               

12