<PAGE>

                     U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[ X ]  QUARTERLY  REPORT  PURSUANT  TO  SECTION  13 OR 15(d)  OF THE  SECURITIES
       EXCHANGE ACT OF 1934.

For the quarterly period ended             September 30, 1997
                              --------------------------------------------------

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the transition period from                  to

                          Commission file number 1-4530
                                                 ------

                                  ASTREX, INC.

        (Exact name of small business issuer as specified in its charter)

           DELAWARE                                13-1930803
(State or other jurisdiction of       (I.R.S. Employer Identification No.)
incorporation or organization)

                  205 EXPRESS STREET, PLAINVIEW, NEW YORK 11803

                    (Address of principal executive offices)

                                 (516) 433-1700
                (Issuer's telephone number, including area code)

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

Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the Securities  Exchange Act of 1934 during the preceding
12 months (or for such shorter  period that the  registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes X No

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares  outstanding of each of the  registrant's  classes of
common stock, as of the latest  practicable  date. As of November 3, 1997 common
shares outstanding were 5,375,363.

<PAGE>

                                 ASTREX, INC."

                                     INDEX


                                                                 Page
                                                                  No.
PART I:

Financial Statements:

 Consolidated Balance Sheets
  September 30, 1997 (unaudited) and March 31, 1997 . . . . . . . .1

 Consolidated Statements of Income (unaudited)
  Six months and three months ended September 30, 1997 and 1996  . 2

 Consolidated Statements of Cash Flows (unaudited)
  Six months ended September 30, 1997 and 1996 . . . . . . . . . . 3

 Notes to Consolidated Financial Statements (unaudited) . . . . . .4

Management's Discussion and Analysis or Plan of Operations . .   5-6


PART II:

Other Information and Signatures . . . . . . . . . . . . . . . . 7-8

<PAGE>
                         PART I - Financial Information

                         ASTREX, INC. AND SUBSIDIARIES"
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>


                                               September 30, 1997         March 31, 1997
                                   (Unaudited)
                                                  -----------            -----------------
                                                              (000) Omitted
<S>                                                     <C>                             <C>
Current Assets:
   Cash                                                 $37                             $2

  Accounts receivable (net of allowance
    for doubtful accounts of $86 at
    September 30, 1997"
     and $87 at March 31, 1997)                       1,636                          1,584
  Inventory                                           2,876                          3,313

  Prepaid expenses and other
    current assets                                       93                             67
                                                      -----                          -----

    Total current assets                              4,642                          4,966

Property, plant and equipment at cost (net of
   accumulated depreciation of $302 at September 30,
   1997 and $249 at March 31, 1997)                     805                            841
                                                      -----                          -----

TOTAL ASSETS                                         $5,447                         $5,807
                                                     ======                         ======

Current Liabilities:
   Accounts payable                                     647                            868
   Accrued liabilities                                  350                            483
   Current portion of capital lease obligation           46                             43

      Total current liabilities                       1,043                          1,394

   Capital lease obligation                             102                            125
   Loans payable                                      1,000                          1,226
                                                      -----                          -----
                                                      2,145                          2,745
Shareholders' Equity:
  Preferred Stock, Series A - issued, none               --                             --
  Preferred Stock, Series B - issued, none               --                             --
  Common  Stock - par  value  $.01 per  share;  authorized,  15,000,000  shares;
  issued, 5,375,363 at September 30, 1997 and at
  March 31, 1997                                         54                              54
  Additional paid-in capital                          3,621                           3,621
  Accumulated deficit                                  (355)                            (591)
                                                       -----                          ------
                                                       3,320                           3,084
Less:  deferred compensation                             (18)                            (22)
                                                        -----                         ------

    Total shareholders' equity                         3,302                           3,062
                                                        -----                         ------

Total liabilities and shareholders' equity            $5,447                          $5,807
                                                      ======                          ======
</TABLE>

See accompanying notes to unaudited consolidated financial statements.

                                      -1-
<PAGE>
                         ASTREX, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
<TABLE>
<CAPTION>

                           SIX MONTHS ENDED                            THREE MONTHS ENDED
                            SEPTEMBER 30,                                 SEPTEMBER 30,
                        1997              1996                      1997              1996
                  --------------------------------------------------------------------------------
                           (000) Omitted                                (000) Omitted
<S>                   <C>               <C>                       <C>               <C>
Net sales             $7,787            $7,494                    $3,824            $3,735
Cost of sales          5,987             5,676                     2,954             2,821
                       -----             -----                     -----             -----

      Gross profit     1,800             1,818                       870               914

Selling, general and
  administrative
  expenses             1,487             1,536                       721               764
                       -----             -----                     -----             -----
      Income from
       operations        313               282                       149               150

Interest expense          65                94                        27                45
                       -----             -----                     -----             -----

      Income before
       provision for
       income taxes      248               188                       122               105

Provision for
  income taxes            11                17                         4                 9
                       -----             -----                     -----             -----

      Net income        $237              $171                      $118               $96
                       =====             =====                     =====             =====


Per share data for the six months and three months ended  September 30, 1997 and
 1996 are as follows:

Weighted average
  number of
  common shares
  outstanding      5,375,363         5,314,379                 5,375,363         5,375,363
                   =========         =========                 =========         =========

Net income
  per share            $0.04             $0.03                     $0.02             $0.02
                   =========         =========                 =========         =========
</TABLE>


See accompanying notes to unaudited consolidated financial statements.

                                      -2-
<PAGE>
                         ASTREX, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
<TABLE>
<CAPTION>

                                                       FOR THE SIX MONTHS ENDED SEPTEMBER 30,
                                                             1997                   1996
                                                   ----------------------------------------------
                                                                  (000) Omitted
<S>                                                          <C>                    <C>
Cash Flows From Operating Activities:

  Net income                                                 $237                   $171

  Adjustments  to  reconcile  net  income  to net  cash  provided  by  operating
  activities:
     Depreciation and amortization                             51                     30
     Stock compensation                                         4                      2

  Changes in assets and liabilities:
       (Increase) decrease in accounts receivable, net        (52)                   126
        Increase in prepaid expenses and other
           current assets                                     (26)                   (43)
        Decrease in inventory                                 437                    509
        Decrease in accounts payable                         (221)                  (442)
        Decrease in accrued liabilities                      (131)                    (7)
                                                             ----                   ----

NET CASH PROVIDED BY OPERATING ACTIVITIES                     299                    346
                                                             ----                   ----

Cash flows used in investing activities:

    Capital expenditures                                      (17)                   (19)
                                                             ----                   ----

Net cash used in investing activities                         (17)                   (19)
                                                             ----                   ----

Cash flows from financing activities:

    Proceeds from issuance of common stock                     --                     47
    Principal payments under capital lease obligations        (21)                    --
    Repayments of loans payable, net                         (226)                  (374)
                                                             ----                   ----

NET CASH USED IN FINANCING ACTIVITIES                        (247)                  (327)
                                                             ----                   ----

Net increase in cash for the six months
      ended September 30                                       35                      0

Cash - beginning of period                                      2                      2
                                                             ----                   ----

Cash - end of period                                          $37                     $2
                                                             ====                   ====
</TABLE>

See accompanying notes to unaudited consolidated financial statements.

                                      -3-

<PAGE>

                          ASTREX, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED FINANCIAL STATEMENTS
------------------------------

In the opinion of the Company, the accompanying unaudited consolidated financial
statements  contain  all  adjustments   (consisting  only  of  normal  recurring
accruals) necessary to present fairly its financial position as of September 30,
1997.  The results of  operations  and cash flows for the six month period ended
September 30, 1997 are not necessarily  indicative of the results to be expected
for the full year. In the opinion of management, the information in this interim
report for the six months ended  September 30, 1997 and 1996 presents fairly the
Company's financial position consistent with the Company's  accounting practices
and principles used in interim reports.  Accordingly,  certain items included in
these statements are based upon best estimates, particularly cost of goods sold.
For the six month and three  month  periods  ended  September  30, 1997 and 1996
these costs have  principally been determined by utilizing  perpetual  inventory
records.  The  calculation of the actual cost of goods sold amount is predicated
upon a physical inventory taken only at the end of each fiscal year.





                                      -4-
<PAGE>

                          ASTREX, INC. AND SUBSIDIARIES

                      MANAGEMENT'S DISCUSSION AND ANALYSIS

                              OR PLAN OF OPERATIONS

RESULTS OF OPERATIONS

     NET INCOME FOR THE SIX MONTHS ENDED  SEPTEMBER  30, 1997 WAS  APPROXIMATELY
$237,000,  AN  INCREASE  OF 39% OVER THE SAME  PERIOD  LAST  FISCAL  YEAR.  THIS
INCREASE IS  PRINCIPALLY  THE RESULT OF HIGHER SALES AND  REDUCTIONS IN selling,
general and administrative expenses AND INTEREST EXPENSE.

     Sales increased by approximately  $293,000, or 3.9%, for the six months and
approximately  $89,000,  or 2.4%, for the three months ended September 30, 1997,
from the comparable six and three month periods in 1996, respectively.

     Gross profit percentages  decreased to 23.1% from 24.3% for the six months,
and to 22.8% from 24.5% for the three months ended  September 30, 1997 and 1996,
respectively.  These  decreases are a result of continued  price  pressures in a
somewhat soft overall market.

     Selling,   general  and  administrative  expenses  decreased  approximately
$49,000, or 3.2%, for the six months and approximately $43,000, or 5.6%, for the
three months ended September 30, 1997 from the comparable previous six and three
month periods in 1996, in spite of higher sales and  commission  expense.  These
decreases  are a  result  of the  Company's  ongoing  efforts  to  operate  more
efficiently.

     Interest expense decreased  approximately $29,000, or 30.9% for six months,
and  approximately  $18,000,  or 40.0% for the three months ended  September 30,
1997,  from the previous  comparable  six and three month periods in 1996.  This
decrease  is due to  both a  lower  loan  balance  and a  substantially  reduced
interest rate, as a result of the Company entering into a new lending  agreement
on July 9, 1997.


                                      -5-

<PAGE>

                          ASTREX, INC. AND SUBSIDIARIES

                      MANAGEMENT'S DISCUSSION AND ANALYSIS

                              OR PLAN OF OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

The Company generated  $299,000 in cash from its operating  activities which was
used to primarily paydown the outstanding loan payable balance. At September 30,
1997, the Company had working capital of $3,599,000 and its stockholders' equity
was  $3,302,000.  The Company  believes that its present working  capital,  cash
generated  from  operations and amounts  available  under the new loan agreement
will be  sufficient  to meet its cash  needs  during the next year (the new loan
agreement  is  described  in the  Company's  June 30,  1997  Form  10-QSB).  The
Company's principal credit facility is a line of credit ("Line") measured by its
inventory  and  receivables  and secured by  substantially  all of the Company's
assets  including a negative pledge of (i.e. that the Company will not otherwise
mortgage  to any other  person)  its  Plainview  office/warehouse  facility.  On
September 30, 1997 the Company owed $1,000,000 on the Line.




                                      -6-
<PAGE>

                           PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K.

(A)         Exhibits
            ---------
                                              Previously Filed and Incorporated
Exhibit     Description                          by reference or Filed Herewith
-------------------------------------------------------------------------------

3 (a)  Certificate of Incorporation                     Filed herewith
       of Astrex, Inc., as amended
       (a Delaware corporation)


3 (b)  By-Laws of Astrex, Inc., as amended   Filed as Exhibit 3 (b) to the Form
                                             10-QSB of the Company for the 
                                             quarter ended September 30, 1996


10(a)  Credit and  Security  Agreement                Filed herewith
       (Revolver)  between  Astrex,
       Inc. and Fleet National Bank
       dated July 9, 1997

10(b)  Appendix A to Credit and Security              Filed herewith
       Agreement (Revolver)
       between Astrex, Inc. and Fleet
       National Bank dated July 9, 1997

10(c)  Pledge Agreement between Astrex,               Filed herewith
       Inc. and Fleet National
       Bank dated July 9, 1997

10(d)  Revolving Credit Promissory Note               Filed herewith
       between Astrex, Inc. and
       Fleet National Bank dated July 9, 1997

10(e)  Guaranty Agreement between                     Filed herewith
       AVest, Inc. and Fleet National
       Bank dated July 9, 1997

10(f)  Guaranty Agreement between                     Filed herewith
       T.F. Cushing, Inc. and Fleet
       National Bank dated July 9, 1997

27     Financial Data Schedule                        Filed herewith

(B)    Reports on Form 8-K:
         None


                                      -7-

<PAGE>

                                   SIGNATURES

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

                                  ASTREX, INC.

Date:  November 11, 1997                    By: /s/ Michael McGuire
      ------------------                        -------------------
                                                    Michael McGuire
                                                    Director, President and
                                                    Chief Executive Officer

                                            By: /s/ Irene S. Lyons
                                                ------------------
                                                    Irene S. Lyons
                                                    Chief Financial Officer,
                                                    Vice President,
                                                    Treasurer and Secretary














                                      -8-