SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

--------------------------------------------------------------------------------
                                    FORM 10-Q
                                QUARTERLY REPORT
================================================================================

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

For the Quarter Ended                                  Commission File No.
  JANUARY 31, 2000                                           0-10146
----------------------                                 --------------------


                             ABRAMS INDUSTRIES, INC.
             (Exact name of Registrant as specified in its charter)



          Georgia                                        58-0522129
-------------------------------            -----------------------------------
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)


      1945 The Exchange, Suite 300, Atlanta, Georgia          30339
      ----------------------------------------------        -----------
         (Address of principal executive offices)           (Zip Code)

                                 (770) 953-0304
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                                 Yes /X/ No /_/

The  number  of  shares  of $1.00  par  value  Common  Stock  of the  Registrant
outstanding as of February 29, 2000, was 2,936,356.


<PAGE>

                         PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
----------------------------

                            ABRAMS INDUSTRIES, INC.
                          CONSOLIDATED BALANCE SHEETS
                                  (UNAUDITED)
<TABLE>
<CAPTION>

                                                                    January 31, 2000      April 30, 1999
                                                                    ----------------      --------------
ASSETS
------

<S>                                                                 <C>                   <C>
CURRENT ASSETS
    Cash and cash equivalents (note 2)                              $   4,439,975         $   7,448,551
    Receivables (note 3)                                               20,772,337            31,402,635
          Less: Allowance for doubtful accounts                           (43,791)             (122,396)
    Inventories, net                                                         --               2,972,663
    Costs and earnings in excess of billings                            2,800,123             3,188,100
    Net assets of discontinued operations (note 4)                      1,869,879                  --
    Property held for sale (notes 4, 5 and 6)                           8,720,967             5,268,478
    Deferred income taxes                                                 470,993               820,829
    Other                                                                 910,295               599,715
                                                                    -------------         -------------
        Total current assets                                           39,940,778            51,578,575
                                                                    -------------         -------------

INCOME-PRODUCING PROPERTIES, net (note 6)                              60,227,486            52,311,607
PROPERTY, PLANT AND EQUIPMENT, net                                      1,535,883            12,368,396
LAND HELD FOR FUTURE DEVELOPMENT OR SALE                                4,204,442             4,237,845
OTHER ASSETS
    Notes receivable                                                      200,530               297,209
    Cash surrender value of life insurance on officers, net             1,232,672             1,473,963
    Deferred loan costs, net                                              551,164               788,356
    Other                                                               2,782,062             3,076,589
                                                                    -------------         -------------
                                                                    $ 110,675,017         $ 126,132,540
                                                                    =============         =============

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
    Trade and subcontractors payables                               $  13,077,768         $  18,391,697
    Billings in excess of costs and earnings                            1,285,365             2,947,814
    Accrued expenses                                                    2,947,561             5,202,597
    Deferred income                                                          --                 225,888
    Short-term borrowings                                                 232,600             8,048,222
    Current maturities of long-term debt                               12,166,199             6,876,455
                                                                    -------------         -------------
        Total current liabilities                                      29,709,493            41,692,673
                                                                    -------------         -------------

DEFERRED INCOME TAXES                                                   4,008,543             2,910,771
OTHER LIABILITIES                                                       3,439,001             1,702,048
MORTGAGE NOTES PAYABLE, less current maturities                        34,300,833            27,447,977
OTHER LONG-TERM DEBT, less current maturities                          17,946,788            29,106,511
                                                                    -------------         -------------
        Total liabilities                                              89,404,658           102,859,980
                                                                    -------------         -------------

SHAREHOLDERS' EQUITY
    Common stock, $1 par value; authorized 5,000,000 shares;
      3,014,039 issued and 2,936,356 outstanding                        3,014,039             3,014,039
    Additional paid-in capital                                          2,019,690             2,019,690
    Retained earnings                                                  16,649,181            18,651,382
                                                                    -------------         -------------
                                                                       21,682,910            23,685,111
         Less cost of treasury stock                                      412,551               412,551
                                                                    -------------         -------------
      Total shareholders' equity                                       21,270,359            23,272,560
                                                                    -------------         -------------
                                                                    $ 110,675,017         $ 126,132,540
                                                                    =============         =============
</TABLE>

See accompanying notes to consolidated financial statements.

<PAGE>
<TABLE>
<CAPTION>
                                                      ABRAMS INDUSTRIES, INC.
                                               CONSOLIDATED STATEMENTS OF OPERATIONS
                                                            (UNAUDITED)

                                                                    THIRD QUARTER ENDED                 NINE MONTHS ENDED
                                                                         JANUARY 31,                        JANUARY 31,
                                                             --------------------------------   ---------------------------------
                                                                   2000             1999              2000              1999
                                                             ---------------  ---------------   ---------------   ---------------
<S>                                                           <C>               <C>              <C>                <C>
REVENUES
    Construction                                              $ 26,597,648      $  24,693,465    $ 115,014,236      $ 121,079,265
    Real estate                                                  3,892,288          3,725,037       17,368,779         10,504,977
                                                              ------------      -------------    -------------      -------------
                                                                30,489,936         28,418,502      132,383,015        131,584,242
        Less: Intersegment eliminations                           (403,122)          (476,335)      (1,205,950)        (2,222,598)
                                                              ------------      -------------    -------------      -------------
                                                                30,086,814         27,942,167      131,177,065        129,361,644
    Interest                                                        88,264             93,326          260,795            355,978
    Other                                                            6,323             (5,406)          38,870             46,003
                                                              ------------      -------------    -------------      -------------
                                                                30,181,401         28,030,087      131,476,730        129,763,625
                                                              ------------      -------------    -------------      -------------
COSTS AND EXPENSES
    Applicable to REVENUES--
      Construction                                              24,887,730         22,788,433      110,253,918        115,673,400
      Real estate, exclusive of interest                         2,093,547          1,905,950        9,498,008          5,322,668
                                                              ------------      -------------    -------------      -------------
                                                                26,981,277         24,694,383      119,751,926        120,996,068
        Less: Intersegment eliminations                             (8,724)            (8,724)        (330,191)        (1,143,425)
                                                              ------------      -------------    -------------      -------------
                                                                26,972,553         24,685,659      119,421,735        119,852,643
                                                              ------------      -------------    -------------      -------------
    Selling, shipping, general and administrative
      Construction                                               1,305,598          1,322,806        2,852,166          3,068,937
      Real estate                                                  387,663            551,954        1,742,270          1,763,986
      Parent                                                       679,987            831,464        2,481,540          2,235,073
                                                              ------------      -------------    -------------      -------------
                                                                 2,373,248          2,706,224        7,075,976          7,067,996
        Less: Intersegment eliminations                           (203,874)          (244,635)        (608,206)          (567,862)
                                                              ------------      -------------    -------------      -------------
                                                                 2,169,374          2,461,589        6,467,770          6,500,134
                                                              ------------      -------------    -------------      -------------

    Interest costs incurred, less interest
        capitalized                                              1,374,383          1,319,769        4,084,270          3,895,794
                                                              ------------      -------------    -------------      -------------
                                                                30,516,310         28,467,017      129,973,775        130,248,571
                                                              ------------      -------------    -------------      -------------

EARNINGS (LOSS) BEFORE INCOME TAXES                               (334,909)          (436,930)       1,502,955           (484,946)

INCOME TAX EXPENSE (BENEFIT)                                      (119,000)          (155,000)         590,000           (149,000)
                                                              ------------      -------------    -------------      -------------

INCOME (LOSS) FROM CONTINUING OPERATIONS                          (215,909)          (281,930)         912,955           (335,946)

DISCONTINUED OPERATIONS (note 4)
    Loss from discontinued operations,
       adjusted for applicable benefit for income
       taxes of $1,076,000, $346,000, $942,000, and
       $696,000, respectively                                   (1,812,525)          (570,692)      (1,549,095)        (1,142,862)

    Loss reserve for sale of fixed assets of discontinued
       operations, adjusted for applicable benefit
       for income taxes of $598,000                             (1,013,697)              --         (1,013,697)              --
                                                              ------------      -------------    -------------      -------------

LOSS FROM DISCONTINUED OPERATIONS                               (2,826,222)          (570,692)      (2,562,792)        (1,142,862)
                                                              ------------      -------------    -------------      -------------

NET LOSS                                                      $ (3,042,131)     $    (852,622)   $  (1,649,837)     $  (1,478,808)
                                                              ============      =============    =============      =============

NET EARNINGS (LOSS) PER SHARE FROM:
     Continuing Operations-Basic and Diluted                  $       (.08)     $        (.10)   $         .31      $        (.11)
     Discontinued Operations-Basic and Diluted                        (.96)              (.19)            (.87)              (.39)
                                                              ------------      -------------    -------------      -------------
NET LOSS PER SHARE-BASIC AND DILUTED                          $      (1.04)     $        (.29)   $        (.56)     $        (.50)
                                                              ============      =============    =============      =============
DIVIDENDS PER SHARE                                           $        .04      $         .05    $         .12      $         .15
                                                              ============      =============    =============      =============
WEIGHTED AVERAGE SHARES OUTSTANDING                              2,936,356          2,936,356        2,936,356          2,936,356
                                                              ============      =============    =============      =============
</TABLE>
See accompanying notes to consolidated financial statements.

<PAGE>
                                         ABRAMS INDUSTRIES, INC.
                                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                                               (UNAUDITED)
<TABLE>
<CAPTION>
                                                                          NINE MONTHS ENDED JANUARY 31,
                                                                       ----------------------------------
                                                                           2000                 1999
                                                                       -------------       --------------
<S>                                                                    <C>                 <C>
Cash flows from operating activities
     Net loss                                                          $(1,649,837)        $ (1,478,808)
     Add back loss from discontinued operations                          2,562,792                 --
                                                                       -----------         ------------
     Income (loss) from continuing operations                              912,955           (1,478,808)

    Adjustments to reconcile income (loss) from continuing operations
      to net cash from continuing operations
        Depreciation and amortization                                    2,348,912            2,311,110
        Deferred tax expense                                             1,060,626                 --
        Gain on sales of real estate                                    (2,912,781)                --
        Decrease (increase) in assets
            Receivables                                                  7,457,499            2,446,765
            Inventories                                                       --               (697,888)
            Costs and earnings in excess of billings                       387,977            1,693,557
            Other current assets                                          (377,299)            (461,889)
            Other assets                                                   480,036             (224,330)
       Increase (decrease) in liabilities
            Accounts payable                                            (4,151,704)          (7,171,923)
            Billings in excess of costs and earnings                    (1,662,449)           1,453,416
            Accrued expenses                                            (1,312,530)          (3,200,367)
            Other liabilities                                             (174,228)              70,347
                                                                       -----------         ------------
      Net cash provided by (used in) continuing operations               2,057,014           (5,260,010)
      Net cash provided by discontinued operations                       2,975,015                 --
                                                                       -----------         ------------
      Net cash provided by (used in) operating activities                5,032,029           (5,260,010)
                                                                       -----------         ------------

Cash flows from investing activities
    Proceeds from sales of real estate                                   6,519,731                 --
    Additions to properties, property, plant and equipment, net         (9,597,268)          (3,448,134)
                                                                       -----------         ------------
      Net cash used in investing activities                             (3,077,537)          (3,448,134)
                                                                       -----------         ------------

Cash flows from financing activities
    Net short-term borrowings                                           (7,367,400)           1,262,075
    Debt proceeds                                                        9,503,137              234,570
    Debt repayments                                                     (6,461,536)            (966,440)
    Additions to deferred loan costs                                      (232,426)            (117,259)
    Cash dividends                                                        (352,364)            (440,453)
                                                                       -----------         ------------
      Net cash used in financing activities                             (4,910,589)             (27,507)
                                                                       -----------         ------------

Net decrease in cash and cash equivalents                               (2,956,097)          (8,735,651)
Cash and cash equivalents at beginning of period                         7,396,072           13,240,471
                                                                       -----------         ------------
Cash and cash equivalents at end of period                             $ 4,439,975         $  4,504,820
                                                                       ===========         ============

Supplemental schedule of cash flow information
    Interest paid, net of amounts capitalized                          $ 4,013,623         $  3,925,383
                                                                       ===========         ============
    Income taxes paid, net of refunds                                  $  (291,375)        $    162,809
                                                                       ===========         ============
</TABLE>
See accompanying notes to consolidated financial statements.

<PAGE>

                             ABRAMS INDUSTRIES, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                      JANUARY 31, 2000, AND APRIL 30, 1999
                                   (UNAUDITED)

NOTE 1.  UNAUDITED STATEMENTS
-----------------------------

       The accompanying  unaudited  consolidated  financial statements have been
prepared  by the  Company  in  accordance  with  generally  accepted  accounting
principles, pursuant to the rules and regulations of the Securities and Exchange
Commission.  Certain information and footnote  disclosures  normally included in
financial  statements have been condensed or omitted  pursuant to such rules and
regulations,  although  management believes that the disclosures are adequate to
make the information presented not misleading. In the opinion of management, the
accompanying financial statements contain all adjustments,  which consist solely
of normal recurring accruals,  necessary for a fair statement of the results for
the interim  periods  presented.  These financial  statements  should be read in
conjunction  with the  consolidated  financial  statements and the notes thereto
included in the Company's Annual Report to Shareholders for the year ended April
30,  1999.  Results  of  operations  for  interim  periods  are not  necessarily
indicative of annual results.

NOTE 2.  CASH AND CASH EQUIVALENTS
----------------------------------

       As of January 31, 2000, Cash and cash equivalents  includes $1.75 million
on deposit and subsequently  pledged to the Bank which had a collateral interest
in a portion of the assets sold by the  Manufacturing  Segment in February 2000,
as discussed in Note 4.

NOTE 3.  RECEIVABLES
--------------------

       All contract and trade  receivables  are expected to be collected  within
one year.

NOTE 4.  DISCONTINUED OPERATIONS
--------------------------------

       On December  10, 1999,  the Board of Directors of the Company  decided to
discontinue the operations of the  Manufacturing  Segment.  On January 31, 2000,
management  completed  its  plan  of  liquidation,  which  was  approved  by the
Company's  Board of Directors on February 23, 2000.  The Company  estimates  the
pre-tax loss to be recognized on the disposal of assets and associated  expenses
will not  exceed $3  million,  net of the gain on the sale of the  manufacturing
facility,  which is currently under contract to be sold. As of January 31, 2000,
the Company had  incurred an  approximately  $2.56  million  after tax loss from
discontinued  operations,  including  a  $1.01  million  loss  accrual  for  the
subsequent sale of equipment and raw materials inventory and an approximately $1
million loss accrual for discontinued operations subsequent to January 31, 2000.

       On February 3, 2000,  the Company  closed on the $2.2 million sale of the
Manufacturing  Segment's  machinery,  equipment,  furniture,  and raw  materials
inventory. On February 15, 2000, the Company entered into a contract to sell the
Manufacturing  Segment's facility in Lithia Springs,  Georgia. As of January 31,
2000, the net book value of the land and building is classified as Property held
for sale. The contract  price is $10,925,000  and is scheduled to close prior to
April 30, 2000. The Company  expects to dispose of the remaining  finished goods
inventory and to conclude the liquidation by April 30, 2000.


<PAGE>


NOTE 5.  EMINENT DOMAIN TAKING OF FORMER MANUFACTURING PLANT
------------------------------------------------------------

       In June  1999,  the  Company  received  notice  from  the  Georgia  State
Properties  Commission that the Georgia World Congress Center Authority had made
the   determination   to  acquire  the   Manufacturing   Segment's  former  wood
manufacturing  facility in Atlanta,  Georgia.  In October 1999, a Special Master
awarded the Company  $4,500,000  for the property  which was deposited  into the
court for  distribution.  In  November  1999,  the cash was  distributed  to the
Company.  Both the State and the Company have filed appeals of the award amount.
Pending a resolution of the appeals, the Company has deferred recognition of the
approximately  $2.76  million  gain on the  transaction.  The  deferred  gain is
currently included as a reduction in Net assets of discontinued operations.

NOTE 6. REAL ESTATE DISPOSITION AND ACQUISITION
-----------------------------------------------

       In May 1999,  the Company  sold its  shopping  center  located in Newnan,
Georgia. The sale was structured as a tax-deferred,  like-kind exchange pursuant
to Internal  Revenue Code Section 1031,  which allows a deferral of the tax gain
if the Company  utilizes the proceeds of the sale to purchase  other real estate
within 180 days of the sale. The proceeds were used in July 1999, to purchase an
approximately  174,000  square foot  shopping  center  located in  Jacksonville,
Florida,  for  $9,000,000.  The purchase was also financed with cash held by the
Company, and the Company's lines of credit. Subsequently,  the Company closed on
a permanent  mortgage  loan secured by the property and used the proceeds to pay
back the lines of credit. The permanent loan, in the amount of $9,500,000, bears
interest at 7.375% and is scheduled  to be fully  amortized  over twenty  years.
Loan  proceeds  received  in  excess  of the  purchase  price  were  used to pay
financing  costs  and  are  available  for  use  for  tenant   improvements  and
commissions  on new  leases.  The loan may be called  at any time by the  lender
after  September 1, 2002. If the loan were called,  the Company would have up to
thirteen months to repay the principal  amount of the loan without  penalty.  In
conjunction with the loan, an Additional  Interest  Agreement was executed which
entitles the lender to be paid additional interest equal to fifty percent of the
quarterly  net cash flow and fifty percent of the  appreciation  in the property
upon sale or  refinance.  The  liability  related to the lender's  fifty percent
share of the appreciation in the property was $1,953,466 at January 31, 2000.

NOTE 7. OPERATING SEGMENTS
--------------------------

       The Company has two operating segments: construction and real estate. The
Construction   Segment  provides   construction   services  for  commercial  and
industrial   projects.   The  Real   Estate   Segment   develops   or   acquires
income-producing   properties  for  investment  and  usually  provides  property
management for the properties after development or acquisition.

       The  operating  segments are managed  separately  and  maintain  separate
personnel due to the differing  services offered by each segment.  Management of
each of the segments  evaluates  and monitors  the  performance  of the segments
based on the earnings or losses prior to income taxes.

       The table below  exhibits  selected  financial  data on a segment  basis.
Earnings  (loss) from  Continuing  Operations  is total  revenue less  operating
expenses of continuing operations,  including depreciation and interest.  Parent
expenses and income taxes have not been allocated to the subsidiaries.


<PAGE>
<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------------------
    FOR THE QUARTER ENDED JANUARY 31, 2000         Construction     Real Estate       Parent     Eliminations     Consolidated
                                                  --------------   -------------   -----------  --------------  ----------------
<S>                                               <C>              <C>             <C>           <C>             <C>
    Revenues from unaffiliated customers          $  26,597,648    $  3,489,166    $       -     $       -       $    30,086,814
    Interest and other income                            27,845          53,490         28,675        (15,423)            94,587
    Intersegment revenue                                    -           403,122            -         (403,122)               -
                                                   ------------     -----------     ----------   ------------    ---------------
       Total revenues from continuing operation   $  26,625,493    $  3,945,778    $    28,675   $   (418,545)   $    30,181,401
                                                   ============     ===========     ==========    ===========     ==============
    Income (loss) from continuing operations      $     432,130    $     94,284    $  (681,725)  $   (179,598)   $      (334,909)
                                                   ============     ===========     ==========    ===========     ==============

--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
For the Quarter Ended January 31, 1999             Construction     Real Estate       Parent      Eliminations    Consolidated
                                                  --------------   -------------   -----------   -------------- ----------------

    Revenues from unaffiliated customers          $  24,693,465    $  3,248,702    $       -     $         -     $    27,942,167
    Interest and other income                            55,276          21,301         11,343             -              87,920
    Intersegment revenue                                    -           476,335            -         (476,335)               -
                                                   ------------     -----------    -----------    -----------     --------------
       Total revenues from continuing operation   $  24,748,741    $  3,746,338    $    11,343   $   (476,335)   $    28,030,087
                                                   ============     ===========     ==========    ===========     ==============
    Income (loss) from continuing operations      $     636,447    $    (10,613)   $  (839,788)  $   (222,976)   $     (436,930)
                                                   ============     ===========     ==========    ===========     ==============

--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
  For the Nine Months Ended January 31, 2000       Construction     Real Estate       Parent      Eliminations    Consolidated
                                                  --------------   -------------   -----------   -------------- ----------------

    Revenues from unaffiliated customers          $ 115,014,236    $ 16,162,829    $       -     $         -     $   131,177,065
    Interest and other income                           127,390         173,325         66,395        (67,445)           299,665
    Intersegment revenue                                    -         1,205,950            -       (1,205,950)                 -
                                                   ------------     -----------     ----------    -----------     --------------
       Total revenues from continuing operation   $ 115,141,626    $ 17,542,104    $    66,395   $ (1,273,395)   $   131,476,730
                                                   ============     ===========     ==========    ===========     ==============
    Income (loss) from continuing operations      $   2,005,220    $  2,260,424    $(2,461,692)  $   (300,997)   $     1,502,955
                                                   ============     ===========     ==========    ===========     ==============

--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
  For the Nine Months Ended January 31, 1999       Construction     Real Estate       Parent      Eliminations    Consolidated
                                                  --------------   -------------   -----------   -------------- ----------------

    Revenues from unaffiliated customers          $ 119,964,442    $  9,397,202    $       -     $         -     $   129,361,644
    Interest and other income                           183,149         189,321         29,511             -             401,981
    Intersegment revenue                              1,114,823       1,107,775            -       (2,222,598)              -
                                                   ------------     -----------     ----------    -----------      -------------
       Total revenues from continuing operation   $ 121,262,414    $ 10,694,298    $    29,511   $ (2,222,598)   $   129,763,625
                                                   ============     ===========     ==========    ===========      =============
    Income (loss) from continuing operations      $   2,519,391    $   (279,162)   $(2,213,864)  $   (511,311)   $      (484,946)
                                                   ============     ===========     ==========    ===========      =============

--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

Changes in  CONSOLIDATED  BALANCE SHEETS between April 30, 1999, and January 31,
--------------------------------------------------------------------------------
2000.
-----

       Accounts receivable decreased by $10,630,298 and Trade and subcontractors
payable  decreased  by  $5,313,929,  primarily  because  of  the  timing  of the
submission  and  payment  of  invoices  for  construction  work  performed.  The
decreases were also attributable to the  reclassification of the amounts related
to discontinued operations in the January 31, 2000 Balance Sheet.

       Property held for sale increased $3,452,489, primarily as a result of the
reclassification  of the net book value of the  Company's  former  manufacturing
facility in Lithia Springs,  Georgia, from Property, plant and equipment, as the


<PAGE>

facility is under  contract for sale.  This increase is partially  offset by the
eminent domain taking of the former  manufacturing plant in Atlanta and the sale
of a shopping center in Newnan, Georgia, previously discussed in Notes 5 and 6.

         Income-producing  properties  increased by  $7,915,879,  primarily as a
result of the purchase of an  approximately  174,000 square foot shopping center
in Jacksonville,  Florida.  Publix Super Markets previously leased approximately
86,000 square feet of space in the center, which it has vacated, while remaining
fully obligated under its lease until August 2010.

         Accrued  expenses  decreased  by  $2,255,036  because of the payment of
year-end accruals and the reclassification of the amount related to discontinued
operations.

         Short  term  borrowings  decreased  by  $7,815,622,  primarily  due  to
repayments on the lines of credit. On April 30, 1999, in order to facilitate the
sale of the Newnan,  Georgia shopping center, the Company drew $5,600,000 on the
lines of credit to have funds  available to pay the related  mortgage debt. This
draw was repaid in May 1999.

       Current  maturities of long-term debt increased by $5,289,744,  primarily
as a result of the  reclassification  of the debt  remaining  on the  industrial
revenue bonds that are secured by the Company's former manufacturing facility in
Lithia  Springs,  Georgia,  that is currently  under contract for sale. This was
partially  offset by the payoff of the  mortgage  loan  related  to the  Newnan,
Georgia shopping center upon its sale.

       Deferred income taxes increased by $1,097,772,  primarily  reflecting the
income tax  deferral  of the gain on the sale of the Newnan,  Georgia  property.
This  transaction  was structured as a like-kind  exchange  pursuant to Internal
Revenue Code Section 1031, which allows a deferral of the recognition of the tax
gain if the Company  utilizes  the  proceeds of the sale to purchase  other real
estate within 180 days of the sale. Management believes it has complied with the
provisions of Internal  Revenue Code Section  1031,  and thus will defer federal
tax on the gain of this sale.

       Other  liabilities  (long-term)  increased by $1,736,953,  primarily as a
result of the participation liability related to the participating mortgage loan
placed on the newly acquired Jacksonville center discussed in Note 6 above.

       Mortgage notes payable,  less current maturities,  increased  $6,852,856,
primarily  as a  result  of the  placement  of the  mortgage  loan on the  newly
acquired shopping center in Jacksonville, Florida, as discussed above.

       Other  long-term debt, less current  maturities,  decreased  $11,159,723,
primarily  as a  result  of the  reclassification  of the  debt  related  to the
Manufacturing  Segment's former manufacturing  facility to Current maturities of
long-term debt.




Results of  operations  of third  quarter  and first nine  months of fiscal 2000
--------------------------------------------------------------------------------
compared to third quarter and first nine months of fiscal 1999.
---------------------------------------------------------------

                       REVENUES from Continuing Operations

       For  the  third  quarter  2000,  Consolidated  REVENUES  from  continuing
operations,  including Interest income and Other income, and net of intersegment
eliminations,  were  $30,181,401,  compared to $28,030,087 for the third quarter
1999, an increase of 8%. For the first nine months of fiscal 2000,  Consolidated
REVENUES from continuing operations were $131,476,730,  compared to $129,763,625
for the first nine months of fiscal 1999, an increase of 1%.

       The figures in Chart A are Segment  revenues from  continuing  operations
before  Intersegment  eliminations  and do not include  Interest income or Other
income.
<PAGE>
<TABLE>
<CAPTION>

                                                             CHART A
                                      REVENUE FROM CONTINUING OPERATIONS SUMMARY BY SEGMENT
                                                   (Dollar Amounts in Thousands)



                     Third Quarter Ended                                 Nine Months Ended
                         January 31,         Amount       Percent           January 31,           Amount      Percent
                    --------------------    Increase      Increase       -----------------       Increase    Increase
                    2000         1999      (Decrease)    (Decrease)      2000         1999      (Decrease)  (Decrease)

----------------------------------------------------------------------------------------------------------------------
<S>                <C>         <C>         <C>               <C>       <C>          <C>          <C>           <C>
Construction       $26,598     $24,693     $1,905            8         $115,014     $121,079     $(6,065)      (5)
Real Estate<F1>      3,892       3,725        167            4           17,369       10,505       6,864       65
                    ------      ------     ------                      --------     --------     -------
                   $30,490     $28,418     $2,072            7         $132,383     $131,584     $   799        1
                   =======     =======     ======                      ========     ========     =======

                                NOTES TO CHART A
                                ----------------

<FN>
<F1>     REVENUES  for the first nine  months of fiscal  2000 were  higher  than
         those of the first nine months of fiscal 1999 primarily due to the sale
         of the Newnan, Georgia shopping center in the first quarter 2000. There
         were no real estate sales in the first nine months of fiscal 1999.
</FN>
</TABLE>

       The  following  table  indicates  the  backlog of  contracts,  orders and
expected rentals for the next twelve months by industry segment.  The table does
not  include  the  $10,925,000  contract  to sell the  discontinued  operations'
manufacturing facility, which was entered into in February 2000.


                                   January 31,
                          ----------------------------
                              2000            1999
                          -----------     ------------
Construction              $38,386,000     $57,842,000
Real Estate                11,245,000      10,470,000
                          -----------     -----------
        Total Backlog     $49,631,000     $68,312,000
                          ===========     ===========

      COSTS AND EXPENSES: Applicable to REVENUES from Continuing Operations

       As a percentage of Segment REVENUES from Continuing Operations (See Chart
A) for the third quarter 2000 and 1999, the  applicable  COSTS AND EXPENSES (See
Chart B) were 88% and 87%,  respectively.  As a percentage  of Segment  REVENUES
from  Continuing  Operations  for the  first  nine  months  2000 and  1999,  the
applicable COSTS AND EXPENSES were 90% and 92%, respectively.

         The figures in Chart B are prior to Intersegment eliminations.

                                                    CHART B
                                   COSTS AND EXPENSES APPLICABLE TO REVENUES
                                 FROM CONTINUING OPERATIONS SUMMARY BY SEGMENT
                                         (Dollar Amounts in Thousands)
<TABLE>
<CAPTION>
                                              Percent of Segment                           Percent of Segment
                                                 Revenues For                                 Revenues For
                    Third Quarter Ended      Third Quarter Ended   Nine Months Ended       Nine Months Ended
                        January 31,              January 31,           January 31,            January 31,
                   --------------------      -------------------  --------------------     ------------------
                    2000         1999          2000      1999       2000         1999         2000     1999
                   -------     -------       -------   -------    --------     --------    --------  --------
<S>                <C>         <C>              <C>       <C>     <C>          <C>             <C>      <C>
Construction       $24,887     $22,788          94        92      $110,254     $115,673        96       96
Real Estate <F1>     2,094       1,906          54        51         9,498        5,323        55       51
                   -------     -------                            --------     --------
                   $26,981     $24,694          88        87      $119,752     $120,996        90       92
                   =======     =======                            ========     ========


                                NOTES TO CHART B
                                ----------------

<FN>
<F1>     The increase in the dollar amount of COSTS AND EXPENSES:  Applicable to
         REVENUES  for the first nine  months  2000  compared  to the first nine
         months  1999  was  primarily  attributable  to the  cost of sale of the
         Newnan, Georgia shopping center.
</FN>
</TABLE>


<PAGE>

             SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES
                           FROM CONTINUING OPERATIONS

       For the third  quarter  2000 and 1999,  Selling,  shipping,  general  and
administrative  expenses  from  continuing  operations,  prior  to  intersegment
eliminations,  were $2,373,248 and $2,706,224,  respectively. As a percentage of
Consolidated REVENUES from Continuing Operations, these expenses were 8% and 10%
respectively.  For the  first  nine  months  2000 and 1999,  Selling,  shipping,
general  and  administrative  expenses  from  continuing  operations,  prior  to
intersegment eliminations,  were $7,075,976 and $7,067,996,  respectively.  As a
percentage of Consolidated REVENUES from Continuing  Operations,  these expenses
were 5% for both periods. In reviewing Chart C, the reader should recognize that
the volume of revenues  generally will affect the amounts and  percentages.  The
percentages  in Chart C are  based  upon  expenses  as they  relate  to  Segment
REVENUES   from   Continuing   Operations   (Chart  A)  prior  to   Intersegment
eliminations,  except  that  Parent and Total  expenses  relate to  Consolidated
REVENUES from Continuing Operations.
<TABLE>
<CAPTION>

                                                           CHART C
                                    SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES
                                            FROM CONTINUING OPERATIONS BY SEGMENT
                                                (Dollar Amounts in Thousands)

                                                    Percent of Segment                                   Percent of Segment
                                                       Revenues For                                         Revenues For
                        Third Quarter Ended        Third Quarter Ended       Nine Months Ended           Nine Months Ended
                            January 31,                 January 31,              January 31,                 January 31,
                      ---------------------        --------------------     --------------------         -------------------
                       2000          1999          2000          1999        2000          1999          2000          1999
                      ------        ------         ----          ----       ------        ------         ----          ----
<S>                   <C>           <C>              <C>           <C>      <C>           <C>              <C>           <C>
Construction          $1,306        $1,323           5             5        $2,852        $3,069           2             3
Real Estate <F1>         388           552          10            15         1,742         1,764          10            17
Parent                   680           831           2             3         2,482         2,235           2             2
                      ------        ------                                  ------        ------
                      $2,374        $2,706           8            10        $7,076        $7,068           5             5
                      ======        ======                                  ======        ======



                                NOTES TO CHART C
                                ----------------
<FN>
<F1>     On a dollar  and  percentage  basis,  Selling,  shipping,  general  and
         administrative  expenses  were lower for third quarter 2000 compared to
         third  quarter 1999  primarily  because of a decrease in personnel  and
         incentive compensation costs.
</FN>
</TABLE>

Liquidity and capital resources.
--------------------------------

       Between April 30, 1999, and January 31, 2000,  working capital  increased
by $345,383.  Operating  activities from continuing  operations provided cash of
$2,057,014.  Discontinued  operations  provided  cash of  $2,975,015.  Investing
activities  used cash of  $3,077,537  primarily for the purchase of the shopping
center in Jacksonville, Florida, which was partially offset by proceeds from the
sale of the Newnan, Georgia shopping center.  Financing  activities used cash of
$4,910,589,  primarily for  repayments on the Company's  lines of credit and the
payoff of the mortgage on the Newnan  center.  The proceeds of the mortgage loan
on the newly acquired Jacksonville center partially offset this usage of cash.

<PAGE>

       At January  31,  2000,  the Company and its  subsidiaries  had  available
unsecured committed lines of credit totaling $13,000,000,  of which $232,600 was
outstanding,  $12,267,400 was available,  and $500,000 was reserved for a letter
of  credit  issued  as  security  for a  mortgage  loan  on an  Income-producing
property.  The letter of credit has been extended  until November 2000, at which
time  it may  be  used  to  pay  down  the  mortgage  loan  if  certain  leasing
requirements  are not  attained.  In November  1999,  the Company  received  the
$4,500,000  Special Master  condemnation  award  discussed in Note 5 above.  The
Manufacturing  Segment's line of credit and the $114,278 outstanding debt on the
condemned  property were paid off with the award  proceeds.  In addition,  $1.75
million of the remaining  balance of the award was deposited with the Bank which
had a  collateral  interest in the assets sold by the  Manufacturing  Segment as
discussed  below. The $1.75 million deposit will be held by the Bank until it is
used  to  payoff  the  industrial  development  revenue  bond  financing  of the
discontinued  operations'  manufacturing  facility. In January 2000, the Company
requested that its $2,500,000 line of credit  associated  with the  discontinued
manufacturing operations be terminated.

       On December  10, 1999,  the Board of Directors of the Company  decided to
discontinue  the  operations  of the  Manufacturing  Segment.  See Note 4 to the
Consolidated  Financial  Statements  of the  Company.  On February 3, 2000,  the
Company closed on the sale of the Manufacturing Segment's machinery,  equipment,
furniture,  and raw materials inventory. The $2.2 million cash proceeds from the
sale were used to payoff $1.17  million of associated  equipment  leases and the
balance is being held to fund the discontinued operations' cash requirements.

       On February  15 2000,  the  Company  entered  into a contract to sell the
discontinued   operations'   manufacturing   facility.  The  contract  price  is
$10,925,000 and is scheduled to close prior to April 30, 2000. The Company plans
to use a portion of the sales proceeds and the $1.75 million  deposited with the
Bank (discussed above) to pay off the $10,810,000 industrial revenue development
bond  financing on the property.  The balance of the proceeds  primarily will be
used to pay expenses associated with the sale.


Year 2000.
----------

       The Year 2000 presented a problem for companies who use computer  systems
that were developed  without the ability to properly  recognize and process data
relating to the Year 2000 and beyond.  Such systems may have included  hardware,
software  and other  telecommunications  information  systems  (IT),  as well as
computer systems that do not relate to information technology,  such as building
and other ancillary systems (non-IT). The Company, its vendors,  suppliers,  and
other  significant  third  party  service  providers  were  all  exposed  to the
potential  disruption  of  operations  if such  systems  were  not  replaced  or
remediated.

       The Construction  Segment purchased a new Year 2000 compliant  accounting
software  package and  upgraded its computer  hardware  system  during the prior
fiscal year. The cost of the software and hardware and the installation  thereof
was not considered to be material. The Real Estate Segment's accounting software
was Year 2000 compliant.  Other  non-compliant  hardware and software review and
remediation  costs were  considered  to be minimal.  The Year 2000 issue did not
have a material  impact on the Company's  business,  results of  operations,  or
financial condition.

<PAGE>

Cautionary statement regarding forward-looking statements.
----------------------------------------------------------

       Certain  statements  contained  or  incorporated  by  reference  in  this
Quarterly  Report  on  Form  10-Q,   including  without  limitation   statements
containing the words "believes,"  "anticipates," "expects," and words of similar
import,  are  forward-looking  statements  within  the  meaning  of the  federal
securities  laws.  Such  forward-looking  statements  involve  known and unknown
risks,  uncertainties  and other  matters  which may cause the  actual  results,
performance or achievements  of the Company to be materially  different from any
future  results,  performance  or  uncertainties  expressed  or  implied by such
forward-looking statements. Such risks, uncertainties and other matters include,
but are not limited to, the sale of the  discontinued  operations  manufacturing
facility and the discontinuance of the manufacturing operations.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
-------------------------------------------------------------------

       Quantitative and qualitative disclosures about market risk were disclosed
as required in Form 10-K for fiscal year ended April 30, 1999. In July 1999, the
Company  entered into a mortgage loan  agreement  secured by the newly  acquired
shopping center in Jacksonville,  Florida.  The permanent loan, in the amount of
$9,500,000, bears interest at 7.375% and is scheduled to be fully amortized over
twenty years.  The loan may be called at any time by the lender after  September
1, 2002. If the loan were called,  the Company would have up to thirteen  months
to repay the principal amount of the loan without  penalty.  In conjunction with
the loan,  an Additional  Interest  Agreement  was executed  which  entitles the
lender to be paid  additional  interest  equal to fifty percent of the quarterly
net cash flow and fifty percent of the appreciation in the property upon sale or
refinance.


                           PART II. OTHER INFORMATION

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
-----------------------------------------------------------

       At the Annual  Meeting  (held on September 22,  1999),  the  shareholders
voted upon and approved the Board's  nominees for  directors.  The voting was as
follows:

       DIRECTORS              VOTES FOR    VOTES WITHHELD
       ---------              ---------    --------------

Alan R. Abrams                2,750,934        28,011
Bernard W. Abrams*            2,750,934        28,011
Edward M. Abrams              2,750,934        28,011
J. Andrew Abrams              2,750,934        28,011
Paula Lawton Bevington        2,750,834        28,111
Melinda S. Garrett            2,750,834        28,111
Donald W. MacLeod*            2,750,934        28,011
L. Anthony Montag             2,685,214        93,731
Felker W. Ward, Jr            2,750,934        28,011

* Mr. Bernard W. Abrams resigned from the Board in January 2000, and Mr. MacLeod
resigned from the board in February  2000.  On February 23, 2000,  two new Board
members  were  elected by the Board to complete  Messrs.  Abrams' and  MacLeod's
unexpired  terms.  The new members are B. Michael  Merritt,  president of Abrams
Construction,  Inc.  and David L.  Abrams,  an  attorney  and son of  Bernard W.
Abrams.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibit 27 - Financial Data Schedule (For SEC Use Only).

(b)      The Registrant has not filed any reports on Form 8-K during the quarter
         ended January 31, 2000.



<PAGE>
                                   SIGNATURES

       Pursuant to the requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.




                                                  ABRAMS INDUSTRIES, INC.
                                                  -----------------------
                                                       (Registrant)


Date: March 10, 2000                              /s/ Alan R. Abrams
      -----------------                           ------------------
                                                  Alan R. Abrams
                                                  Chief Executive Officer



Date: March 10, 2000                              /s/ Melinda S. Garrett
      -----------------                           ----------------------
                                                  Melinda S. Garrett
                                                  Chief Financial Officer