SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                            FORM 10-Q
(Mark One)
/X/ Quarterly report pursuant to Section 13 or 15(d) of the
Securities Act of 1934

For the quarterly period ended September 30, 1999 or

/ / Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934

For the transition period from               to

Commission file number 0-25105

                         LITE KING CORP.

     (Exact Name of Registrant as Specified in its Charter)

New York                                11-2996988

(State or other jurisdiction of         (I.R.S. Employer
Incorporation or Organization)            Identification Number)

          240 Clarkson Avenue  Brooklyn, New York 11226

(Address of Principal Executive Office)           (Zip Code)

                          (718)469-3132

      (Registrant's Telephone Number, Including Area Code)

     Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities and Exchange Act of 1934 during the preceding twelve
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 ninety days.
Yes / X /  No /  /

  APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
                 DURING THE PRECEDING FIVE YEARS

     Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes /  /   No /  /

              APPLICABLE ONLY TO CORPORATE ISSUERS

     Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.  2,484,620

                              10Q-1

















                         LITE KING CORP.

                      FINANCIAL STATEMENTS

                       SEPTEMBER 30, 1999






















                            I N D E X





                                                            Page


ACCOUNTANTS' REVIEW REPORT                                    1


BALANCE SHEETS - ASSETS                                       2


BALANCE SHEETS
  - LIABILITIES AND SHAREHOLDERS' EQUITY                      3


STATEMENTS OF SHAREHOLDERS' EQUITY                            4


STATEMENTS OF OPERATIONS                                      5


STATEMENTS OF CASH FLOWS                                      6


NOTES TO THE FINANCIAL STATEMENTS                            7-10










                        ACCOUNTANTS' REVIEW REPORT


To the Board of Directors and Shareholders
LITE KING CORP.
Brooklyn, New York

We have reviewed the accompanying balance sheet of LITE KING CORP. as of
September 30, 1999 and the related statements of operations, shareholders'
equity and cash flows for the three month periods ended September 30, 1999
and 1998, in accordance with standards established by the American Institute
of Certified Public Accountants.  All information included in these financial
statements is the representation of management of LITE KING CORP.

A review of interim financial information consists principally of obtaining
an understanding of the system for the preparation of interim financial
information, applying analytical review procedures to financial data, and
making inquiries of persons responsible for financial and accounting matters.
It is substantially less in scope than an examination in accordance with
generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the financial statements for them to be in conformity with
generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet as of June 30, 1999, and the related statements
of operations, shareholders' equity and cash flows for the year then ended
(not presented herein); and in our report dated August 6, 1999, we expressed
an unqualified opinion on those financial statements.  In our opinion, the
information set forth in the accompanying consolidated balance sheet as of
June 30, 1998 is fairly stated in all material respects in relation to the
consolidated balance sheet from which it has been derived.



                                        GREENBERG & COMPANY LLC

Springfield, New Jersey
October 21, 1999





                                                         Page 1 of 10

                            LITE KING CORP.
                            BALANCE SHEETS


                              A S S E T S


                                             Sept. 30,     June 30,
                                                1999         1999
                                             (Unaudited)


CURRENT ASSETS
  Cash and Cash Equivalents                  $  703,007   $  604,463
  Accounts Receivable                           421,278      410,178
  Inventory                                     402,926      562,925
  Prepaid Expenses                                7,921       21,335
  Total Current Assets                        1,535,132    1,598,901

FIXED ASSETS, At Cost
  Machinery and Equipment                       364,011      363,113
  Leasehold Improvements                          9,787        9,787
  Less:  Accumulated Depreciation
    and Amortization                           (287,076)    (279,076)
                                                 86,722       93,824

OTHER ASSETS
  Deposits                                        6,100        6,100


TOTAL ASSETS                                 $1,627,954   $1,698,825






















See accompanying notes to the financial statements and accountants'
review report.


                                                          Page 2 of 10
                            LITE KING CORP.
                            BALANCE SHEETS


  L I A B I L I T I E S  A N D  S H A R E H O L D E R S'  E Q U I T Y


                                             Sept. 30,     June 30,
                                                1999         1999
                                             (Unaudited)


CURRENT LIABILITIES
  Accounts Payable and Accrued Expenses      $  281,680   $  373,177
  Total Current Liabilities                     281,680      373,177

OTHER LIABILITIES
  Deferred Income Tax Liability                   2,276        2,276

TOTAL LIABILITIES                               283,956      375,453

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY
  Common Stock ($.001 Par Value
   50,000,000 shares authorized,
   2,484,620 shares issued and
   outstanding                                    5,400        5,400
  Paid-In Capital                             1,139,880    1,139,880
  Retained Earnings                             198,718      178,092

TOTAL SHAREHOLDERS' EQUITY                    1,343,998    1,323,372


TOTAL LIABILITIES AND
  SHAREHOLDERS' EQUITY                       $1,627,954   $1,698,825

















See accompanying notes to the financial statements and accountants'
review report.


                                                       Page 3 of 10
                              LITE KING CORP.
                    STATEMENTS OF SHAREHOLDERS' EQUITY
             For The Period July 1, 1998 to September 30, 1999



                                                                  Total
                  Number      $.001                              Share-
                    of         Par        Paid-In   Retained    holders'
                  Shares      Value       Capital   Earnings     Equity



BALANCES AT
JULY 30, 1998    2,484,620   $5,400     $1,139,880  $245,423   $1,390,703

Net Income
(Loss) for the
Year Ended
June 30, 1999                                        (67,331)     (67,331)

BALANCES AT
JUNE 30, 1999    2,484,620    5,400      1,139,880   178,092    1,323,372

Net Income (Loss)
for the three
months ended
Sept. 30, 1999
(Unaudited)                                           20,626       20,626


BALANCES AT
SEPT. 30, 1999
(Unaudited)      2,484,620   $5,400     $1,139,880  $198,718   $1,343,998



















See accompanying notes to the financial statements and accountants' review
report.


                                                               Page 4 of 10
                              LITE KING CORP.
                         STATEMENTS OF OPERATIONS
                                (Unaudited)


                                                For The Three Months Ended
                                                       September 30,
                                                    1999          1998


REVENUES
  Sales - Net                                     $343,080     $  759,850

COST OF GOODS SOLD
  Beginning Inventory                              562,926        595,194
  Purchase and Freight                              37,680        423,246
  Direct Labor                                      42,965         84,864
                                                   643,571      1,103,304

  Less:  Inventory - End of Period                 402,926        550,002
                                                   240,645        553,302

  GROSS MARGIN                                     102,435        206,548

  Interest Income                                    4,036          5,092

  General and Administrative
    Expenses                                       (77,013)      (107,344)

  Depreciation and Amortization Expense             (8,000)        (9,615)

INCOME (LOSS) BEFORE INCOME TAXES                   21,458         94,681

  Income Tax Expense (Benefit)                         832         28,198


NET INCOME (LOSS)                                 $ 20,626     $   66,483


Basic and Diluted Earnings (Loss) Per Share         $ .01        $ .03


Weighted Average Number of Shares
  of Common Stock Outstanding                     2,484,620    2,484,620












See accompanying notes to the financial statements and accountants' review
report.


                                                            Page 5 of 10
                              LITE KING CORP.
                         STATEMENTS OF CASH FLOWS
                                (Unaudited)

                                                 For The Three Months Ended
                                                       September 30,
                                                      1999        1998

CASH FLOWS FROM OPERATING ACTIVITIES
  Net Income (Loss)                                 $ 20,626    $ 66,483
  Adjustment to Reconcile Net Income
    to Net Cash Provided By (Used In)
    Operating Activities:
      Depreciation and Amortization
        Expense                                        8,000       9,615
      Change in Assets and Liabilities:
        Decrease (Increase) in Accounts
          Receivable                                 (11,100)   (232,476)
        Decrease (Increase) in Inventory             159,999      45,192
        Decrease (Increase) in Prepaid
          Expenses                                    13,414        (416)
        Increase (Decrease) in Accounts
          Payable and Accrued Expenses               (91,497)     55,493
        Increase (Decrease) in Income Tax
          Payable                                        -0-      28,198
        Increase (Decrease) in Deferred
          Income Tax Liability                           -0-         -0-
  Net Cash Provided By (Used In)
      Operating Activities                            99,442     (27,911)

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital Expenditures                                  (898)        -0-
  Net Cash Provided By (Used In)
    Investing Activities                                (898)        -0-

Net Increase (Decrease) in Cash and
  Cash Equivalents                                    98,544     (27,911)

Cash and Cash Equivalents at
  Beginning of Period                                604,463     585,552

CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                     $703,007    $557,641

Supplemental Disclosures of Cash Flow Information:
  Cash Paid During the Year for:
      Interest                                      $    -0-    $    -0-
      Income Taxes                                  $    832    $    -0-








See accompanying notes to the financial statements and accountants' review
report.


                                                            Page 6 of 10
                            LITE KING CORP.
                   NOTES TO THE FINANCIAL STATEMENTS
        FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                              (Unaudited)

NOTE 1:  ORGANIZATION AND NATURE OF OPERATIONS

         Lite King Corp. (LKC) is a New York corporation.  LKC's
         principal business is the  manufacture and assembly of
         electrical wiring devices, cord sets and sockets.  LKC's
         customers consist of manufacturers of lamps, chandeliers,
         Christmas and Halloween illuminated decorations, novelties,
         point of purchase displays, signs, and other electrical
         specialties.  The customers are located throughout North
         America.

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         CASH AND CASH EQUIVALENTS

         Cash equivalents consist of highly liquid, short-term
         investments with maturities of 90 days or less.  The carrying
         amount reported in the accompanying balance sheets approximates
         fair value.

         ACCOUNTS RECEIVABLE

         Accounts receivable are judged as to collectibility by
         management and an allowance for bad debts is established as
         necessary.  As of each balance sheet date, no reserve was
         considered necessary.

         INVENTORY

         Inventories are stated at the lower of cost or market.  Cost is
         determined by the first-in, first-out method.
         Inventories consist of:

                                         9/30/99    6/30/99
               Raw Materials            $366,633   $506,633
               Work-in-Process            36,293     56,292
               Finished Goods                -0-        -0-
                                        $402,926   $562,925

          ADVERTISING

          Advertising costs are expensed as incurred.

          Advertising expense for the three months ended September 30,
          1999 and 1998 was $438 and $438, respectively.







                                                    Page 7 of 10
                            LITE KING CORP.
                   NOTES TO THE FINANCIAL STATEMENTS
        FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                              (Continued)
                              (Unaudited)

          CONCENTRATION OF CREDIT RISK

          Financial instruments that potentially subject the Company to
          concentration of credit risk are accounts receivable.  During
          the three months ended September 30, 1999 and 1998, three
          customers accounted for approximately 62%, 13%, 11% and 64%,
          12%, 12%, respectively, of total revenues.  The Company
          performs ongoing credit evaluations of its customers but
          generally does not require collateral to support customer
          receivables.  The loss of any one of these customers could
          have a material adverse effect on the financial condition of
          the company.

          PROPERTY AND EQUIPMENT

          Renewals and betterments are capitalized; maintenance and
          repairs are expensed as incurred.

          Depreciation is calculated using the straight line method over
          the asset's estimated useful life, which generally
          approximates 10 years.

          REVENUE RECOGNITION POLICY

          The company recognizes sales, for both financial statement
          purposes and for tax purposes, when the products are shipped
          to customers.

          ESTIMATES IN FINANCIAL STATEMENTS

          The preparation of financial statements in conformity with
          generally accepted accounting principles requires management
          to make estimates and assumptions that affect the reported
          amounts of assets and liabilities at the date of the financial
          statements and the reported amounts of revenues and expenses
          during the reporting period.  Actual results could differ from
          those estimates.

          INCOME TAXES

          The Company accounts for income taxes in accordance with
          Statement of Financial Accounting Standards ("SFAS") No. 109,
          "Accounting for Income Taxes."  SFAS 109 has as its basic
          objective the recognition of current and deferred income tax
          assets and liabilities based upon all events that have been
          recognized in the financial statements as measured by the
          provisions of the enacted tax laws.

          Valuation allowances are established when necessary to reduce
          deferred tax assets to the estimated amount to be realized.
          Income tax expense represents the tax payable for the current
          period and the change during the period in the deferred tax
          assets and liabilities.


                                                     Page 8 of 10
                            LITE KING CORP.
                   NOTES TO THE FINANCIAL STATEMENTS
        FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                              (Continued)
                              (Unaudited)

          CAPITAL STOCK

          In October 1998, the Company increased its authorized common
          shares from 200 to 50,000,000, changed the par value from none
          to $.001 per share, and declared a stock split of 24,846.2 to
          one.  All related share and per share amounts have been
          retroactively restated for these changes.

          SPINOFF

          In May of 1999, Daine Industries Inc. (the former 100% owner
          of Lite King Corp.) distributed all 2,484,620 issued and
          outstanding shares of Lite King Corp. to the shareholders of
          Daine Industries Inc. on a pro rata basis.  Daine did not
          recognize any gain or loss on the distribution and also relies
          on Internal Revenue Code section 355 to treat the distribution
          as a nontaxable stock dividend to Daine's shareholders.

NOTE 3:   COMMITMENTS AND CONTINGENCIES

          The company is currently in a lease for office and factory
          space requiring minimum annual base rental payments for the
          fiscal periods shown as follows:

                         2000      $ 60,333
                         2001        62,000
                         2002        51,667
                         Total     $174,000

          In addition to annual base rental payments, the company must
          pay an annual escalation for real estate taxes.

          Rental expense under this lease for the three months ended
          September 30, 1999 and 1998 was $14,500 and $14,500,
          respectively.

NOTE 4:  INCOME TAXES

         Income taxes are accrued at the statutory U.S. and state income
         tax rates.

         Income tax expense is principally due to state and local income
         taxes based upon capital.  Deferred tax liabilities relate to
         depreciation timing differences and operating loss carrybacks.
         During the year ended June 30, 1999 the Company incurred a tax
         net operating loss of approximately $55,000 which is allowed to
         be carried forward for 20 years.








                                                    Page 9 of 10
                            LITE KING CORP.
                   NOTES TO THE FINANCIAL STATEMENTS
        FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                              (Continued)
                              (Unaudited)

                                              September 30,
                                              1999      1998

         Current tax expense (benefit):
           Income tax at statutory rates    $ 6,979   $28,198

         Deferred tax expense (benefit):
           Operating loss carryforward       (6,147)      -0-

         Total Tax Expense (Benefit)        $   832   $28,198

         The tax effect of significant temporary differences, which
         comprise the deferred tax assets and liabilities are as
         follows:
                                            Sept. 30  June 30
                                              1999      1998
           Deferred tax asset:
             Operating loss carryback       $22,511   $28,658
             Valuation allowance
               Net deferred tax asset       (22,511)  (28,658)
                                            $   -0-   $   -0-
           Deferred tax liability:
             Depreciation                   $ 2,276   $ 2,276

         The Company has fully reserved the deferred tax asset due to
         substantial losses and a lack of operating profitability.

NOTE 5:  POSTRETIREMENT EMPLOYEE BENEFITS

         The company does not have a policy to cover employees for any
         health care or other welfare benefits that are incurred after
         employment (postretirement).  Therefore, no provision is
         required under SFAS's 106 or 112.






















                                                      Page 10 of 10
                     PART 1  Financial Information

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

     Lite King Corp. ("The Registrant") was incorporated in New York on
January 4, 1990 and is currently engaged in the manufacture and assembly
of wiring devices.

     The Registrant had operated as a wholly owned subsidiary of Daine
Industries, Inc. ("Daine").  The Board of Directors of Daine determined
to spin-off Lite King Corp.'s shares of common stock to its shareholders
on a pro rata basis.  Daine owned all of the 2,484,620 outstanding
shares of the Registrant which were distributed to its shareholders on
the basis of one share of the Registrant for each 100 shares of Daine
held.  Fractional shares were rounded up or down.  Shares were
distributed in May 1999 to shareholders of record on November 30, 1998.

     Management of Daine and the Registrant believe the two companies as
separate entities will create additional value for the shareholders.
There is no assurance of any trading market developing.  It should be
noted that even though Daine is a public company it has not traded in
the past two years.  Management will attempt to use Daine as a "shell"
vehicle to acquire an operating business.

     On February 26, 1990 Daine acquired substantially all of the assets
(with the exception of the cash) and the business of Lite King
Corporation, a manufacturer and assembler of wiring devices, cord sets
and sockets.  The assets acquired had a total cost of $738,079,
consisting of machinery and equipment, inventory, accounts receivable,
a non compete clause entered into with Lite King Corporation's former
president and principal shareholder and a rent deposit.  The purchase
price ($663,079 in cash and a $75,000 five year note payable in
quarterly installments with interest of 12%) was arrived at by arms
length negotiations and Daine obtained the funds for the purchase from
its own internal sources.  There was no material relationship between
Daine and Lite King Corporation or any of its officers or directors
prior to this transaction.  The Registrant had entered into a six month
consulting agreement with Lite King Corporation's former president and
owner Mr. Jerold Kolton.  For the consulting services rendered the
Registrant paid Mr. Kolton the sum of $36,000 plus expenses of $9,000 or
a total of $45,000.

     Lite King's facilities consist of approximately 16,000 square feet
of office and factory space with annual lease payments of $58,000.  Lite
King's work force fluctuates during the year, from about 6-15 employees,
all, except three, which were engaged in manufacturing and assembly
activities.

     Lite King's main customer base are manufacturers of Christmas,
Easter and Halloween products.  Management considers its principal
business to be seasonal in nature with sales usually at its lowest point
during the quarter ended March 31st, with sales rising steadily during
the June, September quarters and declining in the December quarter.  The
Registrant is experiencing lower gross profit margins because of the
introduction of some new components used on some products, mandated by
Underwriters Laboratories Inc., and added competition from firms with
manufacturing facilities in China.  For the three months ended September
30, 1999, Lite King's three largest customers accounted for about 86% of
its total sales.  (The largest of the three accounted for 62%, the
second for 13% and the third for 11%.)

     The cash and cash equivalents balances of the Company as of
September 30, 1999 and June 30, 1999 were $703,007 and $604,463,
respectively.  The increase in cash and cash equivalents was principally
the result of lower inventory levels for the quarter ended September 30,
1999.  The Company expects that its current balances of cash and cash
equivalents will be sufficient to meet its minimum planned capital and
liquidity needs for the next year.

     The Company does not believe that the impact of inflation on its
activities is significant.

Year 2000 Compliance

     The Registrant has evaluated the impact of the Year 2000 issue on
the business and does not expect to incur significant costs with Year
2000 compliance.  The Registrant believes that all software and hardware
requirements to enable it to cope with the Year 2000 issue have been or
are being currently implemented.  However, there can be no assurance
that unanticipated costs may arise in implementing these requirements.

                     PART II.  OTHER INFORMATION:


Item 1.  Legal Proceedings. None.

Item 2.  Changes in Securities.  None.

Item 3.  Defaults upon Senior Securities.  None.

Item 4.  Submission of Matters To A Vote of Security Holders.  None.

Item 5.  Other Materially Important Events.  None.

Item 6.  Exhibits and Reports on Form 8-K.  None.




                           SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the
Securities Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.



                   By:  Arthur Seidenfeld
                            President
                    Dated:  November 11, 1999