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.
  October 31, 1999                                         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 November 30, 1999, was 2,936,356.

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

                                                                      OCTOBER 31, 1999        APRIL 30, 1999
                                                                      ----------------        --------------
ASSETS
------
<S>                                                                   <C>                     <C>
CURRENT ASSETS
    Cash and cash equivalents                                         $   3,615,991           $   7,448,551
    Receivables (note 2)                                                 28,370,666              31,402,635
          Less: Allowance for doubtful accounts                            (111,730)               (122,396)
    Inventories, net (note 3)                                             3,470,258               2,972,663
    Costs and earnings in excess of billings                              4,864,294               3,188,100
    Condemnation Receivable (note 4)                                      4,500,000                    --
    Property held for sale (notes 4 and 5)                                  521,282               5,268,478
    Deferred income taxes                                                   820,829                 820,829
    Other                                                                 1,241,050                 599,715
                                                                      -------------           -------------
        Total current assets                                             47,292,640              51,578,575
                                                                      -------------           -------------

INCOME-PRODUCING PROPERTIES, net (note 5)                                60,670,417              52,311,607
PROPERTY, PLANT AND EQUIPMENT, net                                       12,072,118              12,368,396
LAND HELD FOR FUTURE DEVELOPMENT OR SALE                                  3,716,564               4,237,845
OTHER ASSETS
    Notes receivable                                                        230,405                 297,209
    Cash surrender value of life insurance on officers, net               1,339,085               1,473,963
    Deferred loan costs, net                                                828,529                 788,356
    Other                                                                 2,819,650               3,076,589
                                                                      -------------           -------------
                                                                      $ 128,969,408           $ 126,132,540
                                                                      =============           =============

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
    Trade and subcontractors payables                                 $  21,062,688           $  18,391,697
    Billings in excess of costs and earnings                              2,697,027               2,947,814
    Accrued expenses                                                      3,635,361               5,202,597
    Deferred income                                                         486,038                 225,888
    Deferred gain on sale of asset (note 4)                               2,764,216                    --
    Short-term borrowings                                                 1,651,880               8,048,222
    Current maturities of long-term debt                                  1,659,694               6,876,455
                                                                      -------------           -------------
        Total current liabilities                                        33,956,904              41,692,673
                                                                      -------------           -------------

DEFERRED INCOME TAXES                                                     3,849,809               2,910,771
OTHER LIABILITIES                                                         3,375,402               1,702,048
MORTGAGE NOTES PAYABLE, less current maturities                          34,492,852              27,447,977
OTHER LONG-TERM DEBT, less current maturities                            28,864,496              29,106,511
                                                                      -------------           -------------
        Total liabilities                                               104,539,463             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                                                    19,808,767              18,651,382
                                                                      -------------           -------------
                                                                         24,842,496              23,685,111
         Less cost of treasury stock                                        412,551                 412,551
                                                                      -------------           -------------
      Total shareholders' equity                                         24,429,945              23,272,560
                                                                      -------------           -------------
                                                                      $ 128,969,408           $ 126,132,540
                                                                      =============           =============
</TABLE>

See accompanying notes to consolidated financial statements.
<PAGE>
<TABLE>
                                                       ABRAMS INDUSTRIES, INC.
                                                CONSOLIDATED STATEMENTS OF OPERATIONS
                                                             (UNAUDITED)
<CAPTION>
                                                                    SECOND QUARTER ENDED                  SIX MONTHS ENDED
                                                                         OCTOBER 31,                         OCTOBER 31,
                                                             -------------------------------      --------------------------------
                                                                 1999              1998                1999               1998
                                                             ------------      -------------      -------------      -------------
<S>                                                          <C>               <C>                <C>                <C>
REVENUES
    Construction                                             $ 44,612,384      $  49,232,869      $  88,416,588      $  96,385,800
    Manufacturing (note 7)                                      4,120,626          4,606,781          8,452,747          7,138,917
    Real estate                                                 3,450,239          3,509,943         13,476,491          6,779,940
                                                             ------------      -------------      -------------      -------------
                                                               52,183,249         57,349,593        110,345,826        110,304,657
        Less: Intersegment eliminations                          (405,573)          (757,464)          (819,116)        (1,971,721)
                                                             ------------      -------------      -------------      -------------
                                                               51,777,676         56,592,129        109,526,710        108,332,936
    Interest                                                       78,186            118,407            172,531            270,833
    Other                                                          53,185             40,703            115,253             51,409
                                                             ------------      -------------      -------------      -------------
                                                               51,909,047         56,751,239        109,814,494        108,655,178
                                                             ------------      -------------      -------------      -------------
COSTS AND EXPENSES
    Applicable to REVENUES--
      Construction                                             43,153,120         47,634,716         85,366,188         92,884,967
      Manufacturing                                             2,972,297          3,795,141          6,472,342          6,328,273
      Real estate, exclusive of interest                        1,650,610          1,662,328          7,404,461          3,416,718
                                                             ------------      -------------      -------------      -------------
                                                               47,776,027         53,092,185         99,242,991        102,629,958
        Less: Intersegment eliminations                          (149,777)          (402,452)          (613,251)        (1,572,826)
                                                             ------------      -------------      -------------      -------------
                                                               47,626,250         52,689,733         98,629,740        101,057,132
                                                             ------------      -------------      -------------      -------------
    Selling, shipping, general and administrative
      Construction                                                760,665            833,916          1,546,568          1,746,131
      Manufacturing                                             1,010,494            979,493          2,019,925          2,012,224
      Real estate                                                 391,009            572,457          1,354,607          1,212,032
      Parent                                                      634,959            869,175          1,801,553          1,403,609
                                                             ------------      -------------      -------------      -------------
                                                                2,797,127          3,255,041          6,722,653          6,373,996
        Less: Intersegment eliminations                          (261,952)           (62,064)          (528,106)          (424,683)
                                                             ------------      -------------      -------------      -------------
                                                                2,535,175          3,192,977          6,194,547          5,949,313
                                                             ------------      -------------      -------------      -------------

    Interest costs incurred, less interest capitalized          1,506,275          1,355,700          2,754,913          2,618,919
                                                             ------------      -------------      -------------      -------------
                                                               51,667,700         57,238,410        107,579,200        109,625,364
                                                             ------------      -------------      -------------      -------------

EARNINGS (LOSS) BEFORE INCOME TAXES                               241,347           (487,171)         2,235,294           (970,186)

INCOME TAX EXPENSE (BENEFIT)                                       92,672           (168,000)           843,000           (344,000)
                                                             ------------      -------------      -------------      -------------

NET EARNINGS (LOSS)                                          $    148,675      $    (319,171)     $   1,392,294      $    (626,186)
                                                             ============      =============      =============      =============

NET EARNINGS (LOSS) PER SHARE:
     Basic and Diluted                                       $        .05      $        (.11)     $        0.47      $       (0.21)
                                                             ============      =============      =============      =============
DIVIDENDS PER SHARE                                          $        .04      $         .05      $         .08      $         .10
                                                             ============      =============      =============      =============
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>
                                                                                SIX MONTHS ENDED OCTOBER 31,
                                                                              ------------------------------
                                                                                  1999             1998
                                                                              -----------     --------------
<S>                                                                          <C>              <C>
Cash flows from operating activities
    Net earnings (loss)                                                      $ 1,392,294      $   (626,186)
    Adjustments to reconcile net earnings (loss) to net cash
      provided by operating activities
        Depreciation and amortization                                          1,742,136         1,543,839
        Deferred tax expense                                                     939,038              --
        Gain on sales of real estate and property, plant and equipment        (2,974,931)             --
        Decrease (increase) in assets
            Receivables                                                        3,021,303        (6,341,642)
            Inventories                                                         (497,595)         (674,733)
            Costs and earnings in excess of billings                          (1,676,194)        2,380,498
            Other current assets                                                (641,335)         (383,478)
            Other assets                                                         420,259          (418,652)
       Increase (decrease) in liabilities
            Accounts payable                                                   2,670,991          (771,819)
            Billings in excess of costs and earnings                            (250,788)        2,954,118
            Accrued expenses                                                  (1,641,492)       (3,550,248)
            Deferred income                                                      260,150              --
            Other liabilities                                                   (244,532)          167,977
                                                                             -----------      ------------
      Net cash provided by (used in) operating activities                      2,519,304        (5,720,326)
                                                                             -----------      ------------

Cash flows from investing activities
    Proceeds from sales of real estate and property, plant and equipment       6,581,881              --
    Additions to properties, property, plant and equipment, net               (9,579,268)       (3,289,294)
                                                                             -----------      ------------
      Net cash used in investing activities                                   (2,997,387)       (3,289,294)
                                                                             -----------      ------------

Cash flows from financing activities
    Net short-term borrowings                                                 (6,396,342)        1,845,688
    Debt proceeds                                                              9,502,355           234,570
    Debt repayments                                                           (6,059,719)         (623,267)
    Additions to deferred loan costs                                            (165,863)          (49,281)
    Cash dividends                                                              (234,908)         (293,636)
                                                                             -----------      ------------
      Net cash (used in) provided by financing activities                     (3,354,477)        1,114,074
                                                                             -----------      ------------

Net decrease in cash and cash equivalents                                     (3,832,560)       (7,895,546)
Cash and cash equivalents at beginning of period                               7,448,551        13,240,471
                                                                             -----------      ------------
Cash and cash equivalents at end of period                                   $ 3,615,991      $  5,344,925
                                                                             ===========      ============

Supplemental schedule of cash flow information
    Interest paid, net of amounts capitalized                                $ 2,697,077      $  2,554,981
                                                                             ===========      ============
    Income taxes paid, net of refunds                                        $  (316,955)     $    158,572
                                                                             ===========      ============
</TABLE>

See accompanying notes to consolidated financial statements.

<PAGE>
                             ABRAMS INDUSTRIES, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                      OCTOBER 31, 1999, 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.  RECEIVABLES
--------------------

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

NOTE 3.  INVENTORIES
--------------------

       The classes of inventory are as follows:


                      October 31, 1999     April 30, 1999
                      ----------------     --------------

Finished goods           $1,664,563          $1,268,048
Work in process           1,006,774             845,495
Raw materials               798,921             859,120
                         ----------          ----------
                         $3,470,258          $2,972,663
                         ==========          ==========

NOTE 4.  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.

NOTE 5. 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.
<PAGE>

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 $1,673,354 at October 31, 1999.

NOTE 6. OPERATING SEGMENTS
--------------------------

       The Company has three operating segments: construction, manufacturing and
real  estate.  The  Construction  Segment  provides  construction  services  for
commercial and industrial  projects.  The  Manufacturing  Segment produces store
fixtures for retail outlets,  display fixtures for  point-of-sale  merchandising
and  other   products.   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  products 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.
Operating  earnings (loss) is total revenue less operating  expenses,  including
depreciation  and  interest.  Parent  expenses  and  income  taxes have not been
allocated to the other subsidiaries.
<PAGE>
<TABLE>
<CAPTION>
FOR THE QUARTER ENDED OCTOBER 31, 1999    CONSTRUCTION    MANUFACTURING  REAL ESTATE      PARENT      ELIMINATIONS   CONSOLIDATED
                                          ------------    -------------  -----------    ----------    ------------   ------------
<S>                                       <C>             <C>            <C>            <C>            <C>           <C>
Revenues from unaffiliated customers      $44,612,384     $4,117,322     $3,047,971     $    --        $    --       $51,777,677
Interest and other income                      39,893         14,587         82,793        16,488        (22,391)        131,370
Intersegment revenue                             --            3,305        402,268          --         (405,573)           --
                                          -----------     ----------     ----------     ---------      ---------     -----------
         Total revenues                   $44,652,277     $4,135,214     $3,533,032     $  16,488      $(427,964)    $51,909,047
                                          ===========     ==========     ==========     =========      =========     ===========
Operating earnings (loss)                 $   708,788     $  117,768     $   33,237     $(624,603)     $   6,157     $   241,347
                                          ===========     ==========     ==========     =========      =========     ===========

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

For the Quarter Ended October 31, 1998    Construction   Manufacturing   Real Estate      Parent      Eliminations   Consolidated
                                          ------------   -------------   -----------    ----------    ------------   ------------

Revenues from unaffiliated customers      $49,061,527     $ 4,421,406    $3,109,196     $    --        $    --       $ 56,592,129
Interest and other income                      65,559           1,171        73,760        18,620           --            159,110
Intersegment revenue                          171,342         185,375       400,747          --         (757,464)            --
                                          -----------     -----------    ----------     ---------      ---------     ------------
         Total revenues                   $49,298,428     $ 4,607,952    $3,583,703     $  18,620      $(757,464)    $ 56,751,239
                                          ===========     ===========    ==========     =========      =========     ============
Operating earnings (loss)                 $   707,637     $  (311,882)   $   23,162     $(853,430)     $ (52,658)    $   (487,171)
                                          ===========     ===========    ==========     =========      =========     ============

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

For the Six Months Ended October 31, 1999 Construction   Manufacturing   Real Estate      Parent      Eliminations   Consolidated
                                          ------------   -------------   -----------    ----------    ------------   ------------

Revenues from unaffiliated customers      $88,416,588     $ 8,436,459    $12,673,663    $     --       $    --       $109,526,710
Interest and other income                      99,545          82,706        119,835         37,720      (52,022)         287,784
Intersegment revenue                             --            16,288        802,828          --        (819,116)            --
                                          -----------     -----------    -----------    -----------    ---------     ------------
        Total revenues                    $88,516,133     $ 8,535,453    $13,596,326    $    37,720    $(871,138)    $109,814,494
                                          ===========     ===========    ===========    ===========    =========     ============
Operating earnings (loss)                 $ 1,573,090     $   (46,210)   $ 2,166,140    $(1,779,967)   $ 322,241     $  2,235,294
                                          ===========     ===========    ===========    ===========    =========     ============

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

For the Six Months Ended October 31, 1998 Construction   Manufacturing   Real Estate      Parent      Eliminations   Consolidated
                                          ------------   -------------   -----------    ----------    ------------   ------------

Revenues from unaffiliated customers      $95,270,977     $ 6,913,459    $ 6,148,500    $      --      $    --       $ 108,332,936
Interest and other income                     127,873           8,181        151,863         34,325         --             322,242
Intersegment revenue                        1,114,823         225,458        631,440           --       (1,971,721)          --
                                          -----------     -----------    -----------    -----------    -----------   -------------
        Total revenues                    $96,513,673     $ 7,147,098    $ 6,931,803    $    34,325    $(1,971,721)  $ 108,655,178
                                          ===========     ===========    ===========    ===========    ===========   =============
Operating earnings (loss)                 $ 1,882,946     $(1,236,293)   $  (268,549)   $(1,374,080)   $    25,790   $    (970,186)
                                          ===========     ===========    ===========    ===========    ===========   =============
</TABLE>
NOTE 7. DISCONTINUANCE OF MANUFACTURING OPERATIONS
--------------------------------------------------

       On December  10, 1999,  the Board of Directors of the Company  decided to
discontinue  the  manufacturing  operations of Abrams Fixture  Corporation.  The
Company is in the process of  completing  a formal plan to wind down  operations
and identify the actions and timetable to dispose of its manufacturing equipment
and the  expected  costs that will be incurred  to dispose of the  Manufacturing
Segment.  The Company  will  accrue the costs to dispose of the  Segment  when a
formal plan of disposal is completed and approved.  The Company  estimates  that
the pre-tax loss to be incurred to dispose of the Manufacturing Segment will not
exceed $4 million,  including  employee job termination  costs.  The estimate is
subject to the asset values that are actually realized.

       On December  13, 1999,  the Company  notified  its  employees  that their
positions would be eliminated as part of the discontinuance of the manufacturing
operations.  The Company will accrue and include the  employee  job  elimination
costs in the financial statements when these costs can be reasonably estimated.
<PAGE>

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

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

       Accounts receivable  decreased by $3,031,969 and Trade and subcontractors
payable  increased  by  $2,670,991  primarily  because  of  the  timing  of  the
submission and payment of invoices for construction work performed.

       Property held for sale decreased  $4,747,196 primarily as a result of the
sale of a shopping  center in Newnan,  Georgia and the eminent  domain taking of
the former  manufacturing plant in Atlanta. As of October 31, 1999, an outparcel
in Davenport, Iowa and an outparcel in North Fort Myers, Florida were classified
as Property held for sale. These two parcels were previously  classified as Land
held for future development or sale.

         Income-producing  properties  increased  by  $8,358,810  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  $1,567,236  because of the payment of
year-end accruals.

         Short  term  borrowings   decreased  by  $6,396,342  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 decreased by $5,216,761 primarily as
a result of the payoff of the related mortgage loan upon the sale of the Newnan,
Georgia shopping center.

       Deferred  income taxes  increased by $939,038  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  $1,673,354  primarily as a
result of the participation liability related to the participating mortgage loan
placed on the newly acquired Jacksonville center discussed above.

       Mortgage notes payable,  less current  maturities,  increased  $7,044,875
primarily  as a  result  of the  placement  of the  loan on the  newly  acquired
shopping center in Jacksonville, Florida, as discussed above.


Results of  operations  of second  quarter  and first six months of fiscal  2000
--------------------------------------------------------------------------------
compared to second quarter and first six months of fiscal 1999.
---------------------------------------------------------------

                                    REVENUES

       For the second quarter 2000,  Consolidated  REVENUES,  including Interest
income and Other income and net of intersegment eliminations,  were $51,909,047,
compared to  $56,751,239  for the second quarter 1999, a decrease of 9%. For the
first six  months of  fiscal  2000,  Consolidated  REVENUES  were  $109,814,494,
compared to $108,655,178 for the first six months of fiscal 1999.

       The  figures  in  Chart  A  are  Segment  revenues  before   Intersegment
eliminations and do not include Interest income or Other income.
<PAGE>
<TABLE>
<CAPTION>
                                                             CHART A
                                                    REVENUE SUMMARY BY SEGMENT
                                                   (Dollar Amounts in Thousands)


                           Second Quarter Ended                                    Six Months Ended
                               October 31,             Amount       Percent           October 31,            Amount        Percent
                          ----------------------      Increase      Increase     ---------------------      Increase      Increase
                             1999          1998      (Decrease)    (Decrease)       1999         1998      (Decrease)    (Decrease)
-----------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>          <C>           <C>             <C>       <C>          <C>            <C>             <C>
Construction <F1>          $ 44,612     $ 49,233      $ (4,621)       (9)       $  88,417    $  96,386      $ (7,969)       (8)
Manufacturing <F2>            4,121        4,607          (486)      (11)           8,453        7,139         1,314        18
Real Estate <F3>              3,450        3,510           (60)       (2)          13,476        6,780         6,696        99
                           --------     --------      --------                  ---------    ---------      --------
                           $ 52,183     $ 57,350      $ (5,167)       (9)       $ 110,346    $ 110,305      $     41         0
                           ========     ========      ========                  =========    =========      ========

                                NOTES TO CHART A
                                ----------------
<FN>
<F1>   REVENUES for second  quarter and the first six months of fiscal 2000 were
       lower  than  those of second  quarter  and the first six months of fiscal
       1999  because of a decrease  in sales to existing  and former  customers,
       partially  offset  by an  increase  in  sales to new and  other  existing
       customers.

<F2>   REVENUES  for the first six months of fiscal  2000 were higher than those
       of the first six months of fiscal  1999  primarily  because of  increased
       orders  from  two  major  customers.  In the  second  quarter  2000,  the
       Manufacturing  Segment  experienced  a  decline  in sales  orders  due to
       increased competition resulting in fewer bid successes.

<F3>   REVENUES  for the first six months of fiscal  2000 were higher than those
       of the first six 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 six 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:


                                                    October 31,
                                         ----------------------------------
                                             1999                   1998
                                         ------------          ------------
Construction                             $ 31,529,000          $ 37,602,000
Manufacturing                               6,263,000             9,854,000
Real Estate                                11,338,000            10,280,000
                                         ------------          ------------
        Total Backlog                    $ 49,130,000          $ 57,736,000
                                         ============          ============


                   COSTS AND EXPENSES: Applicable to REVENUES

       As a percentage of Segment  REVENUES (See Chart A) for the second quarter
2000 and 1999, the applicable COSTS AND EXPENSES (See Chart B) were 92% and 93%,
respectively.  As a percentage of Segment REVENUES for the first six months 2000
and 1999, the applicable COSTS AND EXPENSES were 90% and 93%, respectively.

         The figures in Chart B are prior to Intersegment eliminations.
<PAGE>
<TABLE>
<CAPTION>
                                                           CHART B
                                COSTS AND EXPENSES APPLICABLE TO REVENUES SUMMARY BY SEGMENT
                                                (Dollar Amounts in Thousands)

                                                      Percent of Segment                                    Percent of Segment
                                                          Revenues For                                         Revenues For
                         Second Quarter Ended        Second Quarter Ended          Six Months Ended          Six Months Ended
                              October 31,                 October 31,                 October 31,               October 31,
                        ----------------------       ---------------------     ------------------------       --------------
                          1999          1998          1999         1998           1999           1998         1999      1998
                        -------        -------       -----         ----        --------        --------       ----      ----
<S>                     <C>            <C>            <C>            <C>       <C>             <C>             <C>       <C>
Construction            $43,153        $47,635        97             97        $ 85,366        $ 92,885        97        96
Manufacturing <F1>        2,972          3,795        72             82           6,472           6,328        77        89
Real Estate <F2>          1,651          1,662        48             47           7,405           3,417        55        50
                        -------        -------                                 --------        --------
                        $47,776        $53,092        92             93        $ 99,243        $102,630        90        93
                        =======        =======                                 ========        ========

                                NOTES TO CHART B
                                ----------------
<FN>
<F1>  The  decrease  in the  percentage  of COSTS AND  EXPENSES:  Applicable  to
      REVENUES  for the second  quarter and first six months 2000  compared  the
      second  quarter  and first six months  1999 was due to an  improvement  in
      manufacturing  efficiencies in fiscal 2000 after experiencing a disruption
      in the prior year caused by the relocation of the manufacturing facility.

<F2>  The increase in the dollar  amount of COSTS AND  EXPENSES:  Applicable  to
      REVENUES  for the first six months  2000  compared to the first six months
      1999  was  primarily  attributable  to the  sale  of the  Newnan,  Georgia
      shopping center.
</FN>
</TABLE>

             SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES

       For the second  quarter  2000 and 1999,  Selling,  shipping,  general and
administrative expenses, prior to intersegment eliminations, were $2,797,127 and
$3,255,041,  respectively.  As a  percentage  of  Consolidated  REVENUES,  these
expenses were 5% and 6%,  respectively.  For the first six months 2000 and 1999,
Selling,  shipping,  general and administrative  expenses, prior to intersegment
eliminations,  were $6,722,653 and $6,373,996,  respectively. As a percentage of
Consolidated  REVENUES,  these  expenses were 6% 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  (Chart A) prior to  Intersegment
eliminations,  except  that  Parent and Total  expenses  relate to  Consolidated
REVENUES.
<PAGE>
<TABLE>
<CAPTION>
                                                        CHART C
                           SELLING, SHIPPING, GENERAL AND ADMINISTRATIVE EXPENSES BY SEGMENT
                                             (Dollar Amounts in Thousands)

                                                     Percent of Segment                               Percent of Segment
                                                       Revenues For                                      Revenues For
                        Second Quarter Ended       Second Quarter Ended       Six Months Ended         Six Months Ended
                            October 31,                 October 31,              October 31,             October 31,
                       ---------------------       ---------------------     ------------------        ---------------
                         1999         1998          1999          1998       1999          1998         1999      1998
                      ------        ------         ------        ------     ------        ------       ------    ------
<S>                   <C>           <C>             <C>           <C>      <C>           <C>            <C>       <C>
Construction          $  761        $  834           2             2        $1,547        $1,746          2         2
Manufacturing          1,010           980          25            21         2,020         2,012         24        28
Real Estate <F1>         391           572          11            16         1,355         1,212         10        18
Parent <F2>              635           869           1             2         1,801         1,404          2         1
                      -------       ------                                  ------        ------
                      $2,797        $3,255           5             6        $6,723        $6,374          6         6
                      ======        ======                                  ======        ======

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

<F2>   On  a  dollar  and  percentage  basis,  Selling,  shipping,  general  and
       administrative  expenses  were lower for second  quarter 2000 compared to
       second quarter 1999 primarily  because of a decrease in personnel  costs.
       On  a  dollar  and  percentage  basis,  Selling,  shipping,  general  and
       administrative  expenses  were  higher  for the  first  six  months  2000
       compared to the first six months 1999 primarily because of the accrual of
       severance and consulting fees payable to the Company's former CEO.
</FN>
</TABLE>


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

       Between April 30, 1999, and October 31, 1999,  working capital  increased
by  $3,449,834.  Operating  activities  provided cash of  $2,519,304.  Investing
activities  used cash of  $2,997,387  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
$3,354,477  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.

       At October  31,  1999,  the Company and its  subsidiaries  had  available
unsecured  committed  lines of credit  totaling  $13,000,000,  of which none was
outstanding,  $12,500,000 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  will  be  used  to pay  down  the  mortgage  loan  if  certain  leasing
requirements are not attained. In addition,  the Company has a committed line of
credit totaling $2,500,000, secured by the Manufacturing Segment's inventory and
receivables,  of which $1,651,880 was outstanding. In November 1999, the Company
received the $4,500,000  Special Master  condemnation award discussed above. The
Manufacturing  Segment's line of credit and the $114,278 outstanding debt on the
property were paid off with the proceeds.  The remaining balance was invested in
short-term instruments and used for operations.
<PAGE>

       The  Company  plans to replace  the  $10,969,929  letter of credit  which
secures the taxable  Industrial  Development  Revenue  Bonds used to finance the
Manufacturing  Segment's production facility and certain equipment.  In December
1999, the Company  received a proposal for a substitute  letter of credit not to
exceed the lesser of $7,500,000 or  seventy-five  percent of the appraised value
of the land and  building.  The  Company  anticipates  closing on the  refinance
during  the last  quarter  of fiscal  2000,  utilizing  cash  received  from the
condemnation  award  discussed  above,  proceeds  from  the  liquidation  of the
manufacturing equipment and cash from operations.

       On December  10, 1999,  the Board of Directors of the Company  decided to
discontinue the manufacturing  operations of the Manufacturing Segment. See Note
7 to the Consolidated Financial Statements of the Company.  Although the Company
estimates that, subject to asset values that are actually realized,  the pre-tax
loss to be recognized  on the disposal  will not exceed $4 million,  the Company
does not expect the net cash requirements to fund the costs of discontinuing the
Manufacturing  Segment's  operations  to be material, and plans to fund any cash
needs from operations and cash held by the Company.

Year 2000
---------

       The Year 2000 has  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 include
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 are all exposed
to the  potential  disruption  of operations if such systems are not replaced or
remediated.

       The Company has  substantially  completed its assessment and  remediation
efforts for achieving  Year 2000  compliance in its IT and non-IT  systems.  All
computer   hardware  and  software  have  been   inventoried  and  tested.   The
Construction Segment has purchased a new Year 2000 compliant accounting software
package and upgraded its computer hardware system.  The cost of the software and
hardware and the  installation  thereof is not  considered  to be material.  The
Company  installed the new hardware and software  during the second quarter 1999
and began using it in the third quarter 1999. The  Manufacturing  Segment,  at a
nominal cost, upgraded its current accounting software to be Year 2000 compliant
in July 1999,  and the Real Estate  Segment's  accounting  software is Year 2000
compliant.  Other  non-compliant  hardware and software  review and  remediation
costs are considered to be minimal.

       The  Company  has  conducted  a  written  survey  of its  IT  and  non-IT
significant  third party vendors and service  providers to determine  their Year
2000 compliance  status.  The responses have indicated these  businesses will be
substantially  compliant on a timely basis. The Company,  however, cannot ensure
that various third parties with which it deals will be Year 2000 compliant.  The
failure of various third parties, such as banks, significant customers,  tenants
and  vendors  to become  Year 2000  compliant  on a timely  basis  could have an
adverse impact on the Company's business.

       Uncertainty  exists  concerning  the  scope  and  magnitude  of the  most
reasonably  likely  worst  case  scenario.  The  Company  has  not  developed  a
contingency  plan for dealing with any  catastrophic  failure of the government,
utility companies,  lending  institutions or other regulated agencies,  but will
consider the need for such if public or other information regarding the state of
readiness  of  these  entities  or other  significant  third  parties  indicates
imminent problems.

       There can be no  assurance  that the Company will be able to identify and
correct  all  aspects  of the  effect  of the Year  2000  issue on the  Company.
Management,  however,  does not  believe  that the Year  2000  issue  will  pose
significant  problems in its IT or non-IT  systems,  or that  resolution  of any
potential  problems with respect to these systems will have a material effect on
the  Company's  financial  condition  or  results  of  operations.  Readers  are
cautioned that  forward-looking  statements regarding Year 2000 issues should be
read in conjunction with the Company's disclosures under the heading "Cautionary
statement regarding forward-looking statements."
<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, Year 2000 compliance issues, the refinancing of the letter of credit
securing the  Industrial  Development  Revenue Bonds 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
Jacksonville  shopping center.  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 6.  EXHIBITS AND REPORTS ON FORM 8-K
-----------------------------------------

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

(b) The Registrant has filed the following report on Form 8-K during the quarter
ended October 31, 1999:

       Form 8-K filed on October  14,  1999 to report  Changes  in  Registrant's
       Certifying Accountant.

<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: December 15, 1999                             /s/ Alan R. Abrams
                                                   ------------------------
                                                   Alan R. Abrams
                                                   Chief Executive Officer



Date: December 15, 1999                            /s/  Melinda S. Garrett
                                                   ------------------------
                                                   Melinda S. Garrett
                                                   Chief Financial Officer