SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549



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

|                                       |  |                            
|-------------------------------------- |  | ---------------------------
|For the Quarter Ended
January 31, 2001 |  | Commission File No.
0-10146
|                                       |  |                            

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

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

1945 The Exchange, Suite 300, Atlanta, Georgia 30339

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(770) 953-0304

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N/A

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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 28, 2001, was 2,950,403.





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PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ABRAMS INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |            |            |            |  
|------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | ---------------------------------------------- | ---------- | ---------------- | ---------- | -------------- | ---------- | ---------- | ---------- | -
|                                                        |                                                                                                                                                                               |                            |                                                |            | January 31, 2001 |            | April 30, 2000
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |               
|ASSETS                                                 
|                                                       
|                                                       
|                                                       
|                                                       
|CURRENT ASSETS                                         
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Cash and cash equivalents                                                                                                                                                     |                            | $                                              | 9,798,923  |                  |            | $              | 7,268,974  |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Receivables (note 2)                                                                                                                                                          |                            |                                                | 15,913,291 |                  |            |                | 20,056,054 |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        |                                                                                                                                                                               |                            | Less: Allowance for doubtful accounts (note 3) |            |                  | (956,589   | )              |            |            | (24,777    | )
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Costs and earnings in excess of billings                                                                                                                                      |                            |                                                | 1,745,553  |                  |            |                | 2,319,102  |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Net assets of discontinued operations (note 4)                                                                                                                                |                            |                                                | 514,141    |                  |            |                | 1,423,593  |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Property held for sale                                                                                                                                                        |                            |                                                | 33,404     |                  |            |                | 33,404     |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Deferred income taxes                                                                                                                                                         |                            |                                                | 685,277    |                  |            |                | 685,277    |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Other                                                                                                                                                                         |                            |                                                | 728,377    |                  |            |                | 538,840    |           
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|                                                        |                                                                                                                                                                               |                            | Total current assets                           |            |                  | 28,462,377 |                |            |            | 32,300,467 |  
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|INCOME-PRODUCING PROPERTIES, net                        |                                                                                                                                                                               |                            | 26,883,161                                     |            |                  |            | 59,854,096     |           
|                                                       
|                                                       
|                                                       
|                                                       
|PROPERTY, PLANT AND EQUIPMENT, net                      |                                                                                                                                                                               |                            | 1,477,059                                      |            |                  |            | 1,602,359      |           
|                                                       
|                                                       
|                                                       
|                                                       
|REAL
ESTATE HELD FOR FUTURE SALE OR DEVELOPMENT(note 5) |                                                                                                                                                                               |                            | 36,143,370                                     |            |                  |            | 4,204,442      |           
|                                                       
|                                                       
|                                                       
|                                                       
|OTHER ASSETS                                           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Notes receivable                                                                                                                                                              |                            |                                                | 75,776     |                  |            |                | 170,433    |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Cash surrender value of life insurance on officers, net                                                                                                                       |                            |                                                | 1,367,903  |                  |            |                | 1,225,265  |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Deferred loan costs, net                                                                                                                                                      |                            |                                                | 443,078    |                  |            |                | 531,959    |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Other                                                                                                                                                                         |                            |                                                | 2,579,124  |                  |            |                | 2,956,846  |           
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|                                                        |                                                                                                                                                                               | $                          | 97,431,848                                     |            |                  | $          | 102,845,867    |           
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |            |           
|LIABILITIES AND SHAREHOLDERS EQUITY                   
|                                                       
|                                                       
|                                                       
|                                                       
|CURRENT LIABILITIES                                    
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Trade and subcontractors payables                                                                                                                                             |                            | $                                              | 10,432,081 |                  |            | $              | 13,373,742 |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Billings in excess of costs and earnings                                                                                                                                      |                            |                                                | 1,998,282  |                  |            |                | 1,289,114  |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Accrued expenses                                                                                                                                                              |                            |                                                | 2,800,183  |                  |            |                | 5,454,257  |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Current maturities of long-term debt                                                                                                                                          |                            |                                                | 1,361,211  |                  |            |                | 1,363,175  |           
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|                                                        |                                                                                                                                                                               |                            | Total current liabilities                      |            |                  | 16,591,757 |                |            |            | 21,480,288 |  
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|DEFERRED INCOME TAXES                                   |                                                                                                                                                                               |                            | 3,448,538                                      |            |                  |            | 3,448,538      |           
|                                                       
|                                                       
|                                                       
|                                                       
|OTHER LIABILITIES                                       |                                                                                                                                                                               |                            | 3,831,807                                      |            |                  |            | 3,641,266      |           
|                                                       
|                                                       
|                                                       
|                                                       
|MORTGAGE NOTES PAYABLE, less current maturities         |                                                                                                                                                                               |                            | 33,414,137                                     |            |                  |            | 34,033,941     |           
|                                                       
|                                                       
|                                                       
|                                                       
|OTHER LONG-TERM DEBT, less current maturities           |                                                                                                                                                                               |                            | 17,684,665                                     |            |                  |            | 17,895,696     |           
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|                                                        |                                                                                                                                                                               |                            | Total liabilities                              |            |                  | 74,970,904 |                |            |            | 80,499,729 |  
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|SHAREHOLDERS EQUITY                                   
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Common stock, $1 par value; authorized 5,000,000 shares; 3,041,639 issued
and 2,950,403 outstanding in January 2001,
3,014,039 issued and 2,936,356 outstanding in April 2000 |                            |                                                | 3,041,639  |                  |            |                | 3,014,039  |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Additional paid-in capital                                                                                                                                                    |                            |                                                | 2,100,202  |                  |            |                | 2,019,690  |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Deferred stock compensation                                                                                                                                                   |                            |                                                | (104,600   | )                |            |                |           |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        | Retained earnings                                                                                                                                                             |                            |                                                | 17,889,584 |                  |            |                | 17,724,960 |           
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|                                                        |                                                                                                                                                                               |                            | 22,926,825                                     |            |                  |            | 22,758,689     |           
|                                                       
|                                                       
|                                                       
|                                                       
|                                                        |                                                                                                                                                                               |                            | Less cost of treasury stock                    |            |                  | 465,881    |                |            |            | 412,551    |  
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|                                                        |                                                                                                                                                                               | Total shareholders equity |                                                |            | 22,460,944       |            |                |            | 22,346,138 |           
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |           
|                                                        |                                                                                                                                                                               | $                          | 97,431,848                                     |            |                  | $          | 102,845,867    |           
|                                                        |                                                                                                                                                                               |                            |                                                |            |                  |            |                |            |           

See accompanying notes to consolidated financial statements





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ABRAMS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |             |      |             | 
|----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------ | ---------- | ------------------- | ---------- | ---------- | ----------------- | ---- | ---------- | ----------- | ----------- | --- | ----------- | ----------- | ----------- | ---- | ----------- | 
|                                                |                                                                                                                                                                           |                                           |                                                        |            | THIRD QUARTER ENDED |            |            | NINE MONTHS ENDED
|                                                |                                                                                                                                                                           |                                           |                                                        |            | JANUARY 31,         |            |            | JANUARY 31,      
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |     
|                                                |                                                                                                                                                                           |                                           |                                                        |            | 2001                |            |            | 2000              |      |            | 2001        |             |     | 2000        |            
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |            
|REVENUES                                       
|                                               
|                                               
|                                               
|                                               
|                                                | Construction                                                                                                                                                              |                                           | $                                                      | 23,883,137 |                     |            | $          | 26,597,648        |      |            | $           | 121,908,990 |     |             | $           | 115,014,236 |     
|                                               
|                                               
|                                               
|                                               
|                                                | Rental income                                                                                                                                                             |                                           |                                                        | 3,520,721  |                     |            |            | 3,489,166         |      |            |             | 9,745,907   |     |             |             | 9,422,373   |     
|                                               
|                                               
|                                               
|                                               
|                                                | Real estate sales                                                                                                                                                         |                                           |                                                        |           |                     |            |            |                  |      |            |             |            |     |             |             | 6,740,456   |     
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |             |     
|                                                |                                                                                                                                                                           |                                           | 27,403,858                                             |            |                     |            | 30,086,814 |                   |      |            | 131,654,897 |             |     |             | 131,177,065 |            
|                                               
|                                               
|                                               
|                                               
|                                                | Interest                                                                                                                                                                  |                                           |                                                        | 102,753    |                     |            |            | 88,264            |      |            |             | 359,190     |     |             |             | 260,795     |     
|                                               
|                                               
|                                               
|                                               
|                                                | Other                                                                                                                                                                     |                                           |                                                        | 13,994     |                     |            |            | 6,323             |      |            |             | 37,275      |     |             |             | 38,870      |     
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|                                                |                                                                                                                                                                           |                                           | 27,520,605                                             |            |                     |            | 30,181,401 |                   |      |            | 132,051,362 |             |     |             | 131,476,730 |            
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|COSTS AND EXPENSES                             
|                                               
|                                               
|                                               
|                                               
|                                                | Applicable to REVENUES                                                                                                                                                  
|                                               
|                                               
|                                               
|                                               
|                                                |                                                                                                                                                                           |                                           | Construction                                           |            |                     | 22,416,989 |            |                   |      | 24,887,730 |             |             |     | 114,457,368 |             |             |      | 110,253,918 | 
|                                               
|                                               
|                                               
|                                               
|                                                |                                                                                                                                                                           |                                           | Rental property operating expenses,
excluding interest |            |                     | 2,251,640  |            |                   |      | 2,078,673  |             |             |     | 5,629,648   |             |             |      | 5,340,142   | 
|                                               
|                                               
|                                               
|                                               
|                                                |                                                                                                                                                                           |                                           | Cost of real estate sold                               |            |                     |           |            |                   |      | 6,150      |             |             |     |            |             |             |      | 3,827,675   | 
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|                                                |                                                                                                                                                                           |                                           | 24,668,629                                             |            |                     |            | 26,972,553 |                   |      |            | 120,087,016 |             |     |             | 119,421,735 |            
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|                                                | Selling, general and administrative
Construction                                                                                                                          |                                           |                                                        | 2,000,893  |                     |            |            | 1,242,334         |      |            |             | 4,697,040   |     |             |             | 2,665,802   |     
|                                               
|                                               
|                                               
|                                               
|                                                |                                                                                                                                                                           |                                           | Real estate                                            |            |                     | 328,331    |            |                   |      | 387,663    |             |             |     | 969,205     |             |             |      | 1,742,270   | 
|                                               
|                                               
|                                               
|                                               
|                                                |                                                                                                                                                                           |                                           | Parent                                                 |            |                     | 597,848    |            |                   |      | 539,377    |             |             |     | 1,868,404   |             |             |      | 2,059,698   | 
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|                                                |                                                                                                                                                                           |                                           | 2,927,072                                              |            |                     |            | 2,169,374  |                   |      |            | 7,534,649   |             |     |             | 6,467,770   |            
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|                                                | Interest costs incurred, less interest capitalized                                                                                                                        |                                           |                                                        | 1,329,972  |                     |            |            | 1,374,383         |      |            |             | 3,908,426   |     |             |             | 4,084,270   |     
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|                                                |                                                                                                                                                                           |                                           | 28,925,673                                             |            |                     |            | 30,516,310 |                   |      |            | 131,530,091 |             |     |             | 129,973,775 |            
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|EARNINGS (LOSS) FROM CONTINUING OPERATIONS     
|                                               
|                                               
|                                               
|                                               
|                                                | BEFORE INCOME TAX EXPENSE (BENEFIT)                                                                                                                                       |                                           |                                                        | (1,405,068 | )                   |            |            | (334,909          | )    |            |             | 521,271     |     |             |             | 1,502,955   |     
|                                               
|                                               
|                                               
|                                               
|INCOME TAX EXPENSE (BENEFIT)                    |                                                                                                                                                                           |                                           | (544,000                                               | )          |                     |            | (119,000   | )                 |      |            | 210,000     |             |     |             | 590,000     |            
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|EARNINGS (LOSS) FROM CONTINUING OPERATIONS      |                                                                                                                                                                           |                                           | (861,068                                               | )          |                     |            | (215,909   | )                 |      |            | 311,271     |             |     |             | 912,955     |            
|                                               
|                                               
|                                               
|                                               
|DISCONTINUED OPERATIONS (note 4)               
|                                               
|                                               
|                                               
|                                               
|                                                | Earnings (Loss) from discontinued operations,
adjusted for applicable expense (benefit) for
income taxes of $45,000, ($1,076,000),
$126,000, and ($942,000), respectively |                                           |                                                        | 75,326     |                     |            |            | (1,812,525        | )    |            |             | 205,563     |     |             |             | (1,549,095  | )   
|                                               
|                                               
|                                               
|                                               
|                                                | 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  | )   
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS    |                                                                                                                                                                           |                                           | 75,326                                                 |            |                     |            | (2,826,222 | )                 |      |            | 205,563     |             |     |             | (2,562,792  | )          
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|NET EARNINGS (LOSS)                             |                                                                                                                                                                           | $                                         | (785,742                                               | )          |                     | $          | (3,042,131 | )                 |      | $          | 516,834     |             |     | $           | (1,649,837  | )          
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|NET EARNINGS (LOSS) PER SHARE FROM:            
|                                               
|                                               
|                                               
|                                               
|                                                |                                                                                                                                                                           | Continuing OperationsBasic and Diluted   |                                                        | $          | (.29                | )          |            | $                 | (.08 | )          |             | $           | .11 |             |             | $           | .31  |            
|                                               
|                                               
|                                               
|                                               
|                                                |                                                                                                                                                                           | Discontinued OperationsBasic and Diluted |                                                        |            | .03                 |            |            |                   | (.96 | )          |             |             | .07 |             |             |             | (.87 | )          
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|NET EARNINGS (LOSS) PER SHAREBASIC AND DILUTED |                                                                                                                                                                           | $                                         | (.26                                                   | )          |                     | $          | (1.04      | )                 |      | $          | .18         |             |     | $           | (.56        | )          
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|DIVIDENDS PER SHARE                             |                                                                                                                                                                           | $                                         | .04                                                    |            |                     | $          | .04        |                   |      | $          | .12         |             |     | $           | .12         |            
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            
|WEIGHTED AVERAGE SHARES OUTSTANDING             |                                                                                                                                                                           |                                           | 2,932,760                                              |            |                     |            | 2,936,356  |                   |      |            | 2,934,855   |             |     |             | 2,936,356   |            
|                                                |                                                                                                                                                                           |                                           |                                                        |            |                     |            |            |                   |      |            |             |             |     |             |             |            

See accompanying notes to consolidated financial statements.

2



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ABRAMS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |            |            |            |            |  
|--------------------------------------------------------------------------------------- | --------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | -------------------------------------------- | --------------------------------------------------------------- | ------- | ----------------------------- | ---------- | ---------- | ---------- | ---------- | ---------- | -
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         | NINE MONTHS ENDED JANUARY 31,
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                              
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         | 2001                          |            | 2000      
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|Cash flows from operating activities:                                                  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       | Net income (loss)                                                                        |                                              | $                                                               | 516,834 |                               |            | $          | (1,649,837 | )         
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       | Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Depreciation and amortization                                   |         |                               | 2,265,338  |            |            |            | 2,348,912  |  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Deferred tax expense                                            |         |                               |           |            |            |            | 1,060,626  |  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Gain on sales of real estate and property, plant, and equipment |         |                               |           |            |            |            | (2,912,781 | )
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | (Earnings) Loss from discontinued operations                    |         |                               | (205,563   | )          |            |            | 2,562,792  |  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Changes in assets and liabilities:                             
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Receivables, net                                                |         |                               | 5,074,575  |            |            |            | 7,457,499  |  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Costs and earnings in excess of billings                        |         |                               | 573,549    |            |            |            | 387,977    |  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Other current assets                                            |         |                               | (189,537   | )          |            |            | (377,299   | )
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Other assets                                                    |         |                               | (219,052   | )          |            |            | 383,357    |  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Trade and subcontractors payable                                |         |                               | (2,941,661 | )          |            |            | (4,151,704 | )
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Accrued expenses                                                |         |                               | (2,654,074 | )          |            |            | (1,312,530 | )
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Billings in excess of costs and earnings                        |         |                               | 709,168    |            |            |            | (1,662,449 | )
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          |                                              | Other liabilities                                               |         |                               | 77,740     |            |            |            | (174,228   | )
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|                                                                                        |                                                                       |                                                                                          | Net cash provided by continuing operations   |                                                                 |         | 3,007,317                     |            |            |            | 1,960,335  |           
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        |                                                                       |                                                                                          | Net cash provided by discontinued operations |                                                                 |         | 1,115,015                     |            |            |            | 2,975,015  |           
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|                                                                                        |                                                                       |                                                                                          | Net cash provided by operating activities    |                                                                 |         | 4,122,332                     |            |            |            | 4,935,350  |           
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|Cash flows from investing activities:                                                  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Proceeds from sales of real estate and property, plant, and equipment |                                                                                          |                                              |                                                                |         |                               |            | 6,519,731  |           
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Additions to properties, property, plant and equipment, net           |                                                                                          |                                              | (364,970                                                        | )       |                               |            | (9,597,268 | )         
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Repayments received on notes receivable                               |                                                                                          |                                              | 94,657                                                          |         |                               |            | 96,679     |           
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|                                                                                        |                                                                       |                                                                                          | Net cash used in investing activities        |                                                                 |         | (270,313                      | )          |            |            | (2,980,858 | )         
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|Cash flows from financing activities:                                                  
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Short-term repayments                                                 |                                                                                          |                                              |                                                                |         |                               |            | (7,367,400 | )         
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Debt proceeds                                                         |                                                                                          |                                              |                                                                |         |                               |            | 9,503,137  |           
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Debt repayments                                                       |                                                                                          |                                              | (911,531                                                        | )       |                               |            | (6,461,536 | )         
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Additions to deferred loan costs                                      |                                                                                          |                                              | (5,000                                                          | )       |                               |            | (232,426   | )         
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Repurchase of capital stock                                           |                                                                                          |                                              | (53,330                                                         | )       |                               |            |           |           
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                        | Cash dividends                                                        |                                                                                          |                                              | (352,209                                                        | )       |                               |            | (352,364   | )         
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|                                                                                        |                                                                       |                                                                                          | Net cash used in financing activities        |                                                                 |         | (1,322,070                    | )          |            |            | (4,910,589 | )         
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|Net increase (decrease) in cash and cash equivalents                                    |                                                                       |                                                                                          | 2,529,949                                    |                                                                 |         |                               | (2,956,097 | )         
|                                                                                       
|                                                                                       
|                                                                                       
|                                                                                       
|Cash and cash equivalents at beginning of period                                        |                                                                       |                                                                                          | 7,268,974                                    |                                                                 |         |                               | 7,396,072  |           
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|Cash and cash equivalents at end of period                                              |                                                                       | $                                                                                        | 9,798,923                                    |                                                                 |         | $                             | 4,439,975  |           
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|Supplemental
schedule of cash flow informationInterest paid, net of amounts capitalized |                                                                       | $                                                                                        | 3,662,619                                    |                                                                 |         | $                             | 4,013,623  |           
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           
|                                                                                        |                                                                       | Income taxes paid (refunded), net                                                        | $                                            | 203,255                                                         |         |                               | $          | (291,375   | )         
|                                                                                        |                                                                       |                                                                                          |                                              |                                                                 |         |                               |            |           

See accompanying notes to consolidated financial statements.

3



---



ABRAMS INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JANUARY 31, 2001, AND APRIL 30, 2000
(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, 2000. 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. ALLOWANCE FOR DOUBTFUL ACCOUNTS

During the quarter ended January 31, 2001, Montgomery Ward & Co.,
Incorporated, a customer of the Companys Construction Segment, filed a
voluntary petition for bankruptcy under Chapter 11 in the U.S. Bankruptcy Court.
At the time of the filing, the Construction Segment was due approximately
$918,000 from Montgomery Ward for services previously completed. To date, the
Company has been unable to obtain any information that would provide reason for
it to expect it will collect any portion of the receivable; therefore, the
Company has reserved 100% of the amount due.

NOTE 4. DISCONTINUED OPERATIONS

During the quarter ended January 31, 2000, the Board of Directors of the
Company decided to discontinue the operations of the Manufacturing Segment. The
remaining assets and liabilities of the Manufacturing Segment have been
consolidated and presented as Net assets of discontinued operations on the
Consolidated Balance Sheets at January 31, 2001, and April 30, 2000. For the
quarter and first nine months ended January 31, 2001, Earnings from discontinued
operations, net of income tax expense, were $75,326 and $205,563, respectively.
For the same periods last year, loss from discontinued operations, net of income
tax benefit, was $2,826,222 and $2,562,792, respectively.

NOTE 5. REAL ESTATE HELD FOR FUTURE SALE OR DEVELOPMENT

The Companys Real Estate Segment is currently marketing for sale
together its two shopping centers located in North Fort Myers, Florida, and
Englewood, Florida. As of January 31, 2001, the net book value of these two
properties, including outlots and anchor pads, was $35,002,322. The results of
operations for the two properties for the quarter and nine months ended January
31, 2001, and 2000, are summarized below:

4



---



|                                                        |  |                     |           |                   |  |      |           |      |  |   |           |   |  |   |           | 
|------------------------------------------------------- |  | ------------------- | --------- | ----------------- |  | ---- | --------- | ---- |  | - | --------- | - |  | - | --------- | 
|                                                        |  | THIRD QUARTER ENDED |           | NINE MONTHS ENDED
|                                                        |  | JANUARY 31,         |           | JANUARY 31,      
|                                                        |  |                     |           |                  
|                                                        |  | 2001                |           | 2000              |  | 2001 |           | 2000
|                                                        |  |                     |           |                   |  |      |           |     
|Revenues                                                |  | $                   | 1,377,672 |                   |  | $    | 1,389,679 |      |  | $ | 3,591,649 |   |  | $ | 3,607,886 | 
|                                                       
|                                                       
|                                                       
|                                                       
|Operating expenses, including depreciation
and interest |  |                     | 1,474,428 |                   |  |      | 1,307,101 |      |  |   | 3,693,523 |   |  |   | 3,304,737 | 
|                                                        |  |                     |           |                   |  |      |           |      |  |   |           |   |  |   |           | 
|Results of operations                                   |  | $                   | (96,756   | )                 |  | $    | 82,578    |      |  | $ | (101,874  | ) |  | $ | 303,149   | 
|                                                        |  |                     |           |                   |  |      |           |      |  |   |           |   |  |   |           | 

NOTE 6. NEW ACCOUNTING PRONOUNCEMENTS

The Financial Accounting Standards Board issued Statement on Financial
Accounting Standards No. 133 (SFAS 133), Accounting for Derivative
Instruments and Hedging Activities, in June 1998. SFAS 133, as amended, is
effective for fiscal quarters of fiscal years beginning after June 15, 2000.
Accordingly, the Company is required to implement SFAS 133, as amended, on May
1, 2001. Management anticipates that the adoption of SFAS 133 will not have a
material impact on the Companys results of operations or financial condition.

NOTE 7. OPERATING SEGMENTS

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

5



---



|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |             | 
|------------------------- |  | -------------------------------------------------------------- | ----------------------------------------- | ----------- | ----------- | ----------- |  | ------------ | ---------- | ------------ |  | - | ---------- | ------ |  | - | ---------- | ---------- | - | - | ----------- | ----------- | 
|For the Quarter Ended    
|January 31, 2001          |  | Construction                                                   |                                           | Real Estate |             | Parent      |  | Eliminations |            | Consolidated
|                          |  |                                                                |                                           |             |             |             |  |              |            |             
|                          |  | Revenues from unaffiliated customers                           |                                           | $           | 23,883,137  |             |  | $            | 3,520,721  |              |  | $ |           |        |  | $ |           |            |   | $ | 27,403,858  |            
|                         
|                         
|                         
|                         
|                          |  | Interest and other income                                      |                                           |             | 48,609      |             |  |              | 45,240     |              |  |   | 22,898     |        |  |   |           |            |   |   | 116,747     |            
|                         
|                         
|                         
|                         
|                          |  | Intersegment revenue                                           |                                           |             | 25,039      |             |  |              | 95,807     |              |  |   |           |        |  |   | (120,846   | )          |   |   |            |            
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                          |  |                                                                | Total revenues from continuing operations |             | $           | 23,956,785  |  |              | $          | 3,661,768    |  |   | $          | 22,898 |  |   | $          | (120,846   | ) |   | $           | 27,520,605  | 
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                          |  | Earnings (loss) from continuing operations
before income taxes |                                           | $           | (572,305    | )           |  | $            | (255,220   | )            |  | $ | (593,266   | )      |  | $ | 15,723     |            |   | $ | (1,405,068  | )          
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                         
|                         
|                         
|For the Quarter Ended    
|January 31, 2000          |  | Construction                                                   |                                           | Real Estate |             | Parent      |  | Eliminations |            | Consolidated
|                          |  |                                                                |                                           |             |             |             |  |              |            |             
|                          |  | 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 operations |             | $           | 26,625,493  |  |              | $          | 3,945,778    |  |   | $          | 28,675 |  |   | $          | (418,545   | ) |   | $           | 30,181,401  | 
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                          |  | Earnings (loss) from continuing operations
before income taxes |                                           | $           | 432,130     |             |  | $            | 94,284     |              |  | $ | (681,725   | )      |  | $ | (179,598   | )          |   | $ | (334,909    | )          
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                         
|                         
|                         
|For the Nine Months Ended
|January 31, 2001          |  | Construction                                                   |                                           | Real Estate |             | Parent      |  | Eliminations |            | Consolidated
|                          |  |                                                                |                                           |             |             |             |  |              |            |             
|                          |  | Revenues from unaffiliated customers                           |                                           | $           | 121,908,990 |             |  | $            | 9,745,907  |              |  | $ |           |        |  | $ |           |            |   | $ | 131,654,897 |            
|                         
|                         
|                         
|                         
|                          |  | Interest and other income                                      |                                           |             | 163,423     |             |  |              | 204,035    |              |  |   | 29,007     |        |  |   |           |            |   |   | 396,465     |            
|                         
|                         
|                         
|                         
|                          |  | Intersegment revenue                                           |                                           |             | 25,039      |             |  |              | 267,346    |              |  |   |           |        |  |   | (292,385   | )          |   |   |            |            
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                          |  |                                                                | Total revenues from continuing operations |             | $           | 122,097,452 |  |              | $          | 10,217,288   |  |   | $          | 29,007 |  |   | $          | (292,385   | ) |   | $           | 132,051,362 | 
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                          |  | Earnings (loss) from continuing operations
before income taxes |                                           | $           | 2,697,063   |             |  | $            | (293,392   | )            |  | $ | (1,920,798 | )      |  | $ | 38,398     |            |   | $ | 521,271     |            
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                         
|                         
|                         
|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 operations |             | $           | 115,141,626 |  |              | $          | 17,542,104   |  |   | $          | 66,395 |  |   | $          | (1,273,395 | ) |   | $           | 131,476,730 | 
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            
|                          |  | Earnings (loss) from continuing operations
before income taxes |                                           | $           | 2,005,220   |             |  | $            | 2,260,424  |              |  | $ | (2,461,692 | )      |  | $ | (300,997   | )          |   | $ | 1,502,955   |            
|                          |  |                                                                |                                           |             |             |             |  |              |            |              |  |   |            |        |  |   |            |            |   |   |             |            

The Companys Real Estate Segment completed and fully implemented the
outsourcing of the asset management responsibilities of its commercial real
estate portfolio in January 2001.

6



---



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

Changes in CONSOLIDATED BALANCE SHEETS between April 30, 2000, and January 31, 2001.

Accounts receivable decreased by $4,142,763; Costs and earnings in excess
of billings decreased by $573,549; Billings in excess of costs and earnings
increased by $709,168; and Trade and subcontractors payable decreased by
$2,941,661, primarily because of the timing of the submission and payment of
invoices for construction work performed.

Real estate held for future sale or development increased by $31,938,928,
and Income producing properties decreased by $32,970,935, primarily as a result
of the reclassification of the net book value of two of the Companys shopping
centers. The Companys Real Estate Segment is actively marketing its
approximately 294,000 square foot shopping center in North Fort Myers, Florida,
and its approximately 214,000 square foot shopping center in Englewood, Florida.

Accrued expenses decreased by $2,654,074, primarily due to the payment
of year-end accruals and estimated income taxes.

Results of operations of third quarter and first nine months of fiscal 2001
compared to third quarter and first nine months of fiscal 2000.

REVENUES from Continuing Operations

For the third quarter 2001, Consolidated REVENUES from continuing
operations, including Interest income and Other income, and net of intersegment
eliminations, were $27,520,605, compared to $30,181,401 for the third quarter
2000, a decrease of 9%. For the first nine months of fiscal 2001, Consolidated
REVENUES from continuing operations were $132,051,362, compared to $131,476,730
for the first nine months of fiscal 2000.

The figures in Chart A are Segment revenues from continuing operations
net of Intersegment eliminations and do not include Interest income or Other
income.

CHART A

REVENUE FROM CONTINUING OPERATIONS SUMMARY BY SEGMENT
(Dollars in Thousands)

|                |  |                     |        |          |  |            |        |                   |  |          |        |          |  |            |     |            |  |   |         |  |  |   |         |  |  |   |        |   |  |  |     |  
|--------------- |  | ------------------- | ------ | -------- |  | ---------- | ------ | ----------------- |  | -------- | ------ | -------- |  | ---------- | --- | ---------- |  | - | ------- |  |  | - | ------- |  |  | - | ------ | - |  |  | --- | -
|                |  | Third Quarter Ended |        | Amount   |  | Percent    |        | Nine Months Ended |  | Amount   |        | Percent 
|                |  | January 31,         |        | Increase |  | Increase   |        | January 31,       |  | Increase |        | Increase
|                |  |                     |        |          |  |            |        |                   |  |          |        |          | 
|                |  | 2001                |        | 2000     |  | (Decrease) |        | (Decrease)        |  | 2001     |        | 2000     |  | (Decrease) |     | (Decrease)
|                |  |                     |        |          |  |            |        |                   |  |          |        |          |  |            |     |           
|Construction(1) |  | $                   | 23,883 |          |  | $          | 26,598 |                   |  | $        | (2,715 | )        |  |            | (10 | )          |  | $ | 121,909 |  |  | $ | 115,014 |  |  | $ | 6,895  |   |  |  | 6   |  
|Real Estate(2)  |  |                     | 3,521  |          |  |            | 3,489  |                   |  |          | 32     |          |  |            | 1   |            |  |   | 9,746   |  |  |   | 16,163  |  |  |   | (6,417 | ) |  |  | (40 | )
|                |  |                     |        |          |  |            |        |                   |  |          |        |          |  |            |     |            |  |   |         |  |  |   |         |  |  |   |        |   |  |  |     |  
|                |  | $                   | 27,404 |          |  | $          | 30,087 |                   |  | $        | (2,683 | )        |  |            | (9  | )          |  | $ | 131,655 |  |  | $ | 131,177 |  |  | $ | 478    |   |  |  | 0   |  
|                |  |                     |        |          |  |            |        |                   |  |          |        |          |  |            |     |            |  |   |         |  |  |   |         |  |  |   |        |   |  |  |     |  

7



---



NOTES TO CHART A



|(1) |  | REVENUES for the third quarter of fiscal 2001 were lower than those of
the third quarter of fiscal 2000, primarily due to a decrease in the
number of currently active customers and a decrease in business from
certain existing customers. The volatility with respect to the levels of
capital spending of the Companys customers and the competitive bidding
process the Company must go through on most projects before they are
awarded inhibits the Companys ability to project future revenue trends.                                                                                                                                                                                                                                                                                                                                  
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | REVENUES for the first nine months of fiscal 2001 were lower than those
of the first nine months of fiscal 2000, primarily due to a real estate
sale in the first quarter of fiscal 2000, which generated approximately
$6.7 million in revenues. There were no real estate sales in the first
nine months of fiscal 2001. The Company reviews its real estate portfolio
on an ongoing basis and places a property on the market for sale when it
believes it is in its best interests to do so. In addition, a property
may be marketed in one fiscal year, but the sale may not close until a
subsequent year, due to individually negotiated contract terms. Real
estate sales, which may have a material impact on the Companys results
of operations, do not occur every year, and the Company cannot predict
the timing of any such sales.

The following table indicates the backlog of construction contracts and
expected real estate rentals for the next twelve months by industry segment.

|             |               |   |             |            |      |   |            |            | 
|------------ | ------------- | - | ----------- | ---------- | ---- | - | ---------- | ---------- | 
|             |               |   | January 31,
|             |               |   |            
|             |               |   | 2001        |            | 2000
|             |               |   |             |            |     
|Construction |               | $ | 33,145,000  |            |      | $ | 38,386,000 |           
|            
|            
|            
|            
|Real Estate  |               |   | 11,553,000  |            |      |   | 11,245,000 |           
|             |               |   |             |            |      |   |            |           
|             | Total Backlog |   | $           | 44,698,000 |      |   | $          | 49,631,000 | 
|             |               |   |             |            |      |   |            |           

No assurance can be given as to future backlog levels or whether the
Company will realize earnings from the revenues resulting from the backlog at
January 31, 2001.

COSTS AND EXPENSES: Applicable to REVENUES from Continuing Operations

As a percentage of total Segment REVENUES from Continuing Operations (See
Chart A) for the third quarter 2001 and 2000, the total applicable COSTS AND
EXPENSES (See Chart B) were 90% for both periods. As a percentage of total
Segment REVENUES from Continuing Operations for the first nine months of fiscal
2001 and 2000, the total applicable COSTS AND EXPENSES were 91% for both
periods.

The figures in Chart B are net of Intersegment eliminations.

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CHART B

COSTS AND EXPENSES APPLICABLE TO REVENUES

FROM CONTINUING OPERATIONS SUMMARY BY SEGMENT

(Dollars 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,      
|                |  |                     |        |                     |  |                   |        |                  
|                |  | 2001                |        | 2000                |  | 2001              |        | 2000              |  | 2001               |    | 2000 |  | 2001 |    | 2000
|                |  |                     |        |                     |  |                   |        |                   |  |                    |    |      |  |      |    |     
|Construction(1) |  | $                   | 22,417 |                     |  | $                 | 24,888 |                   |  |                    | 94 |      |  |      | 94 |      |  | $ | 114,457 |                    |  | $ | 110,254 |  |  |  | 94 |  |  |  | 96 | 
|Real Estate(2)  |  |                     | 2,252  |                     |  |                   | 2,085  |                   |  |                    | 64 |      |  |      | 60 |      |  |   | 5,630   |                    |  |   | 9,168   |  |  |  | 58 |  |  |  | 57 | 
|                |  |                     |        |                     |  |                   |        |                   |  |                    |    |      |  |      |    |      |  |   |         |                    |  |   |         |  |  |  |    |  |  |  |    | 
|                |  | $                   | 24,669 |                     |  | $                 | 26,973 |                   |  |                    | 90 |      |  |      | 90 |      |  | $ | 120,087 |                    |  | $ | 119,422 |  |  |  | 91 |  |  |  | 91 | 
|                |  |                     |        |                     |  |                   |        |                   |  |                    |    |      |  |      |    |      |  |   |         |                    |  |   |         |  |  |  |    |  |  |  |    | 

NOTES TO CHART B



|(1) |  | The decrease in the percentage of COSTS AND EXPENSES: Applicable to
REVENUES for the first nine months of fiscal 2001 compared to the same
period for fiscal 2000 is attributable to: (1) an increase in the size and
complexity of work performed, which provided higher margins but involved
more risk; (2) improved efficiencies in project management; (3) no
significant losses on jobs due to scheduling adjustments; and (4) a
refinement in the mix of the Companys customer base. The Company has
exposure to increased costs for many reasons beyond its immediate control,
including, but not limited to, market competition, unexpected costs,
delays due to weather, or an individual customers scheduling adjustments.
Therefore, the Company cannot predict whether the percentages reflected
above will continue at the current level.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | The decrease in the dollar amount of COSTS AND EXPENSES: Applicable to REVENUES for first nine months of fiscal 2001 compared to first nine months of fiscal 2000
is primarily attributable to the cost of the real estate sold in the first quarter of fiscal 2000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
from Continuing Operations

For the third quarter 2001 and 2000, Selling, general and administrative
expenses from continuing operations, net of intersegment eliminations, were
$2,927,072 and $2,169,374, respectively. As a percentage of Consolidated
REVENUES from Continuing Operations, these expenses were 11% and 7%,
respectively. For the first nine months of fiscal 2001 and 2000, Selling,
general and administrative expenses from continuing operations, net of
intersegment eliminations, were $7,534,649 and $6,467,770, respectively. As a
percentage of Consolidated REVENUES from Continuing Operations, these expenses
were 6% and 5%, respectively. 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), except that Parent and Total
expenses relate to Consolidated REVENUES from Continuing Operations.

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CHART C

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

FROM CONTINUING OPERATIONS BY SEGMENT
(Dollars 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,      
|                |  |                     |       |                     |  |                   |       |                  
|                |  | 2001                |       | 2000                |  | 2001              |       | 2000              |  | 2001               |    | 2000 |  | 2001 |    | 2000
|                |  |                     |       |                     |  |                   |       |                   |  |                    |    |      |  |      |    |     
|Construction(1) |  | $                   | 2,001 |                     |  | $                 | 1,242 |                   |  |                    | 8  |      |  |      | 5  |      |  | $ | 4,697 |                    |  | $ | 2,666 |  |  |  | 4  |  |  |  | 2  | 
|Real Estate(2)  |  |                     | 328   |                     |  |                   | 388   |                   |  |                    | 9  |      |  |      | 11 |      |  |   | 969   |                    |  |   | 1,742 |  |  |  | 10 |  |  |  | 11 | 
|Parent          |  |                     | 598   |                     |  |                   | 539   |                   |  |                    | 2  |      |  |      | 2  |      |  |   | 1,869 |                    |  |   | 2,060 |  |  |  | 1  |  |  |  | 2  | 
|                |  |                     |       |                     |  |                   |       |                   |  |                    |    |      |  |      |    |      |  |   |       |                    |  |   |       |  |  |  |    |  |  |  |    | 
|                |  | $                   | 2,927 |                     |  | $                 | 2,169 |                   |  |                    | 11 |      |  |      | 7  |      |  | $ | 7,535 |                    |  | $ | 6,468 |  |  |  | 6  |  |  |  | 5  | 
|                |  |                     |       |                     |  |                   |       |                   |  |                    |    |      |  |      |    |      |  |   |       |                    |  |   |       |  |  |  |    |  |  |  |    | 

NOTES TO CHART C



|(1) |  | On a dollar and percentage basis, Selling, general and administrative
expenses were higher for the third quarter of 2001 compared to the third
quarter of 2000, primarily due to the allowance for doubtful accounts
reserve for the Montgomery Ward receivable as discussed above (see NOTE 3
to the Consolidated Financial Statements). On a dollar and percentage
basis, Selling, general and administrative expenses were higher for the
first nine months of 2001, compared to the same period of 2000, primarily
due to the Montgomery Ward reserve and an increase in incentive
compensation directly related to higher segment profits.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | On a dollar and percentage basis, Selling, general and administrative expenses were lower for the third quarter and first nine months of 2001 compared to the same
periods of 2000, primarily because of a decrease in personnel and incentive compensation costs.                                                                                                                                                                                                                                                                                                                                                                             

Liquidity and capital resources.

Between April 30, 2000, and January 31, 2001, working capital increased
by $1,050,441. Operating activities from continuing operations provided cash of
$3,007,317, and discontinued operations provided cash of $1,115,015. Investing
activities used cash of $270,313. Financing activities used cash of $1,322,070.

At January 31, 2001, 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 2001, at which
time it may be used to pay down the mortgage loan if certain leasing
requirements are not attained. Each of the lines of credit has a twelve-month
maturity, except for one $500,000 line, which has a twenty-five month maturity.

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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 possibility of not achieving projected backlog
revenues or not realizing earnings from such revenues, the potential impact of
factors beyond the control of the Company on future revenues and costs related
to the Construction Segment, the timing of and amount of earnings recognition
related to the possible sale of properties held for sale, the potential loss of
a significant customer, and the deterioration in the financial stability of an
anchor tenant.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes since April 30, 2000.

PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) None.

(b) The Registrant has not filed any reports on Form 8-K during the quarter ended January 31, 2001.

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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 13,
2001 |  | /s/ Alan R. Abrams     
|                     |  |                        
|                     |  | Alan R. Abrams         
|                    
|                    
|                    
|                    
|                     |  | Chief Executive Officer
|                    
|                    
|                    
|                    
|                    
|Date: March 13, 2001 |  | /s/ Melinda S. Garrett 
|                     |  |                        
|                     |  | Melinda S. Garrett     
|                    
|                    
|                    
|                    
|                     |  | Chief Financial Officer

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