<PAGE>

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

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

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

                                   FORM 10-K
                       FOR ANNUAL AND TRANSITION REPORTS
                    PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

<Table>
<S>    <C>
(Mark One)
[X]        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES EXCHANGE ACT OF 1934

            For the fiscal year ended December 31, 2002
                                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 0-1227
</Table>

                          CHICAGO RIVET & MACHINE CO.
             (Exact Name of Registrant as Specified in Its Charter)

<Table>
<S>                                                 <C>
                     Illinois                                           36-0904920
         (State or Other Jurisdiction of                             (I.R.S. Employer
          Incorporation or Organization)                           Identification No.)

     901 Frontenac Road, Naperville, Illinois                             60563
     (Address of Principal Executive Offices)                           (Zip Code)
</Table>

       Registrant's telephone number, including area code (630) 357-8500

          Securities registered pursuant to Section 12(b) of the Act:

                              TITLE OF EACH CLASS
                                ---------------
                        Common Stock -- $1.00 Par Value
                  (including Preferred Stock Purchase Rights)
                             NAME OF EACH EXCHANGE
                              ON WHICH REGISTERED
                              --------------------
                            American Stock Exchange
                   (Trading privileges only, not registered)

        Securities registered pursuant to Section 12(g) of the Act: None

     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 ____

     INDICATE BY CHECK MARK IF DISCLOSURE OF DELINQUENT FILERS PURSUANT TO ITEM
405 OF REGULATION S-K IS NOT CONTAINED HEREIN, AND WILL NOT BE CONTAINED, TO THE
BEST OF REGISTRANT'S KNOWLEDGE, IN DEFINITIVE PROXY OR INFORMATION STATEMENTS
INCORPORATED BY REFERENCE IN PART III OF THIS FORM 10-K OR ANY AMENDMENT TO THIS
FORM 10-K.  [X]

     INDICATE BY CHECK MARK WHETHER THE REGISTRANT IS AN ACCELERATED FILER (AS
DEFINED IN EXCHANGE ACT RULE 12B-2).  YES ____               NO  X

     THE AGGREGATE MARKET VALUE OF COMMON STOCK HELD BY NON-AFFILIATES OF THE
REGISTRANT AS OF JUNE 28, 2002 WAS $20,177,327.

 AS OF FEBRUARY 15, 2003, 966,132 SHARES OF THE REGISTRANT'S COMMON STOCK WERE
                                  OUTSTANDING.

                      DOCUMENTS INCORPORATED BY REFERENCE

     (1) PORTIONS OF THE COMPANY'S ANNUAL REPORT TO SHAREHOLDERS FOR THE YEAR
ENDED DECEMBER 31, 2002 (THE "2002 REPORT") ARE INCORPORATED BY REFERENCE IN
PARTS I, II AND IV OF THIS REPORT.

     (2) PORTIONS OF THE COMPANY'S DEFINITIVE PROXY STATEMENT WHICH IS TO BE
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE
COMPANY'S 2003 ANNUAL MEETING OF SHAREHOLDERS ARE INCORPORATED BY REFERENCE IN
PART III OF THIS REPORT.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>
                           CHICAGO RIVET & MACHINE CO.
                         PERIOD ENDING DECEMBER 31, 2002


<TABLE>
<CAPTION>
         Item                                                                       Page
         No.                                                                         No.
         ----                                                                       ----
<S>              <C>                                                                <C>
                                     Part I

         1.       Business                                                            3
         2.       Properties                                                          4
         3.       Legal Proceedings                                                   4
         4.       Submission of Matters to a Vote of Security Holders                 4

                                     Part II

         5.       Market for Registrant's Common Equity and Related
                  Stockholder Matters                                                 6
         6.       Selected Financial Data                                             6
         7.       Management's Discussion and Analysis of Financial Condition
                   and Results of Operations                                          6
         7a.      Quantitative and Qualitative Disclosures About Market Risk         11
         8.       Financial Statements and Supplementary Data                        11
         9.       Changes in and Disagreements with Accountants on Accounting
                   and Financial Disclosure                                          11

                                    Part III

         10.      Directors and Executive Officers of the Registrant                 11
         11.      Executive Compensation                                             11
         12.      Security Ownership of Certain Beneficial Owners and
                   Management and Related Stockholder Matters                        12
         13.      Certain Relationships and Related Transactions                     12
         14.      Controls and Procedures                                            12

                                     Part IV

         15.      Exhibits, Financial Statement Schedules, and Reports on
                   Form 8-K                                                          13

</TABLE>




                                       2
<PAGE>


                                     PART I

ITEM 1 - BUSINESS

         Chicago Rivet & Machine Co. (the Company) was incorporated under the
laws of the State of Illinois in December, 1927, as successor to the business of
Chicago Rivet & Specialty Co. The Company operates in two segments of the
fastener industry: fasteners and assembly equipment. The fastener segment
consists of the manufacture and sale of rivets, cold-formed fasteners and parts
and screw machine products. The assembly equipment segment consists primarily of
the manufacture of automatic rivet setting machines, automatic assembly
equipment, parts and tools for such machines, and the leasing of automatic rivet
setting machines. For further discussion regarding the Company's operations see
Note 10 which appears on page 10 of the Company's 2002 Annual Report to
Shareholders. The 2002 Annual Report is filed as an exhibit to this report.

         The principal market for the Company's products is the North American
automotive industry. Sales are solicited by employees and by independent sales
representatives.

         The segments in which the Company operates are characterized by active
and substantial competition. No single company dominates the industry. The
Company's competitors include both larger and smaller manufacturers, and
segments or divisions of large, diversified companies with substantial financial
resources. Principal competitive factors in the market for the Company's
products are quality, service, reliability and price.

         The Company serves a variety of customers. Revenues are primarily
derived from sales to customers involved, directly or indirectly, in the
manufacture of automobiles and automotive components. Information concerning
backlog of orders is not considered material to the understanding of the
Company's business due to relatively short production cycles. The level of
business activity for the Company is closely related to the overall level of
industrial activity in the United States. During 2002, sales to two customers
exceeded 10% of the Company's consolidated revenues. Sales to TI Group
Automotive Systems Corporation accounted for approximately 18% of the Company's
consolidated revenues in 2002, 18% in 2001 and 19% in 2000. Sales to Fisher &
Company accounted for approximately 17%, 14% and 11% of the Company's
consolidated revenues in 2002, 2001, and 2000, respectively. Sales to Purchased
Parts Group accounted for approximately 10% of the Company's consolidated
revenues in 2001.

         The Company's business has historically been stronger during the first
half of the year.

         The Company purchases raw materials from a number of sources, primarily
within the United States. There are numerous sources of raw materials, and the
Company does not have to rely on a single source for any of its requirements.
The Company is not aware of any significant problem in the availability of raw
materials used in its production.

         Patents, trademarks, licenses, franchises and concessions are not of
significant importance to the business of the Company.

         The Company does not engage in basic research activities, but rather in
ongoing product improvement and development. The amounts spent on product
development activities in the last three years were not material.



                                       3
<PAGE>

         At December 31, 2002, the Company employed 340 people.

         The Company has no foreign operations, and sales to foreign customers
represent only a minor portion of the Company's total sales.


ITEM 2 - PROPERTIES

         The Company conducts its manufacturing and warehousing operations at
five plants, which are described below. All five plants are owned by the Company
and considered suitable and adequate for their present use. The Company also
currently maintains a small sales office in Norwell, Massachusetts in a leased
facility.

         Of the properties described below, the Jefferson, Iowa and the Madison
Heights, Michigan facilities are used entirely in the fastener segment. The
Albia, Iowa facility is used exclusively in the assembly equipment segment. The
Tyrone, Pennsylvania and the Naperville, Illinois facilites are utilized in both
operating segments.

                        Plant Locations and Descriptions
                        --------------------------------

Naperville, Illinois                     Brick, concrete block and partial metal
                                          construction with metal roof.

Tyrone, Pennsylvania                     Concrete block with small tapered beam
                                          type warehouse.

Jefferson, Iowa                          Steel tapered beam construction.

Albia, Iowa                              Concrete block with prestressed
                                          concrete roof construction.

Madison Heights, Michigan                Concrete, brick and partial metal
                                          construction with metal roof.


ITEM 3 - LEGAL PROCEEDINGS

         The Company is, from time to time involved in litigation, including
environmental claims, in the normal course of business. While it is not possible
at this time to establish the ultimate amount of liability with respect to
contingent liabilities, including those related to legal proceedings, management
is of the opinion that the aggregate amount of any such liabilities, for which
provision has not been made, will not have a material adverse effect on the
Company's financial position.


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

         No matter was submitted to a vote of the Company's shareholders during
the fourth quarter of 2002.



                                       4
<PAGE>




                      Executive Officers of the Registrant

         The names, ages and positions of all executive officers of the Company,
as of March 26, 2003, are listed below. Officers are elected annually by the
Board of Directors at the meeting of the directors immediately following the
Annual Meeting of Shareholders. There are no family relationships among these
officers, nor any arrangement or understanding between any officer and any other
person pursuant to which the officer was selected.

Name and Age of Officer        Position                        Years an Officer
--------------------------     --------                        ----------------

John A. Morrissey      67      Chairman, Chief                        22
                                Executive Officer

John C. Osterman       51      President, Chief Operating             19
                                Officer and Treasurer

Nirendu Dhar           61      General Manager,                        2
                                H & L Tool Company, Inc.

Donald P. Long         51      Vice-President Sales                    8

Kimberly A. Kirhofer   44      Secretary                              12

Michael J. Bourg       40      Controller                              4


-        Mr. Morrissey has been Chairman of the Board of Directors of the
         Company since November 1979, and Chief Executive Officer since August
         1981. He has been a director of the Company since 1968.

-        Mr. Osterman has been President, Chief Operating Officer and Treasurer
         of the Company since September 1987. He was Assistant Secretary from
         November 1983 to May 1985 when he became Assistant Vice
         President-Administration. He became Vice President-Administration in
         May 1986 and was named Executive Vice President in May 1987. He has
         been a director of the Company since May 1988.

-        Mr. Dhar has been employed as General Manager of the Company's
         subsidiary, H & L Tool Company, Inc., since 1996. Mr. Dhar was employed
         as Plant Manager and Chief Engineer of H & L Tool Company, Inc. prior
         to the Company's acquisition of H & L Tool Company for more than five
         years.

-        Mr. Long has been Vice President-Sales of the Company since November
         1994, and was Director of Sales and Marketing of the Company from March
         1993 through November 1994. Prior to that, he was employed by Townsend
         Engineered Products, a maker of rivets, cold-formed fasteners and rivet
         setting equipment in various sales management positions for more than 5
         years.

-        Mrs. Kirhofer has been Secretary of the Company since August 1991, and
         was Assistant Secretary of the Company from February 1991 through
         August 1991. Prior to that, she held various administrative positions
         with the Company since May 1983.

-        Mr. Bourg has been Controller of the Company since December 1998. Prior
         to that, he was Accounting Manager at Fuchs Lubricants Co., a
         manufacturer of industrial lubricants, for two years and prior to that
         was employed by the public accounting firm of McGladrey & Pullen, LLP
         as a public accountant, for more than five years.



                                       5
<PAGE>


                                     PART II

ITEM 5 - MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         The Company's common stock is traded on the American Stock Exchange
(trading privileges only, not registered). As of December 31, 2002 there were
320 record holders of such stock. The information on the market price of, and
dividends paid with respect to, the Company's common stock, set forth in the
section entitled "Information on Company's Common Stock" which appears on page
12 of the 2002 Annual Report is incorporated herein by reference. The 2002
Annual Report is filed as an exhibit to this report.


ITEM 6 - SELECTED FINANCIAL DATA

         The section entitled "Selected Financial Data" which appears on page 11
of the 2002 Annual Report is incorporated herein by reference. The 2002 Annual
Report is filed as an exhibit to this report.


ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

         This discussion contains certain "forward-looking statements" which are
inherently subject to risks and uncertainties that may cause actual events to
differ materially from those discussed herein. Factors which may cause such
differences in events include, among other things, our ability to maintain our
relationships with our significant customers; increased global competition;
increases in the prices of, or limitations on the availability of, our primary
raw materials; or a downturn in the automotive industry, upon which we rely for
sales revenue, and which is cyclical and dependent on, among other things,
consumer spending, international economic conditions and regulations and
policies regarding international trade. Many of these factors are beyond our
ability to control or predict. Readers are cautioned not to place undue reliance
on these forward-looking statements. We undertake no obligation to publish
revised forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.

         In addition to the disclosures contained herein, readers are also urged
to carefully review and consider any risks and uncertainties contained in other
documents filed by the Company with the Securities and Exchange Commission.

RESULTS OF OPERATIONS

         For 2002, the Company posted increases in both revenues and net income
compared with 2001. The Company's performance is especially gratifying in view
of available data indicating the level of industrial production within the
manufacturing sector of the domestic economy declined again in 2002. With the
notable exception of automobile production, we witnessed little, if any,
improvement in conditions within our markets. Despite the fact that operating
results improved, our enthusiasm is restrained by the knowledge that while
revenues increased overall, gains were customer specific, rather than a broadly
based improvement that would suggest the beginning of a sustained rebound.
Indeed, while we are pleased to have successfully solicited new customers, and
new business from existing customers, we are mindful that our markets continue
to be intensely competitive; and, that as global sourcing becomes more
widespread, we are also affected by customers' decisions to shift manufacturing
to facilities outside of the United States.



                                       6
<PAGE>

         We continued to benefit from successful efforts to control many cost
elements; however, costs of certain items - such as health insurance, and to a
lesser extent raw materials - seem to be driven by factors that are beyond our
immediate control. Despite the increase in operating levels within the
automotive industry in 2002, there were limited opportunities to recover these
higher costs by increasing prices. We see no reason to anticipate a meaningful
change in this situation in the near future. Our past investments in new
equipment have helped offset some of the increase in our costs of operations,
while also expanding our capabilities and providing a foundation for the future.

2002 COMPARED TO 2001

         Net sales and lease revenues improved approximately 6% compared with
2001 and totaled $43,012,766 in 2002. As discussed below, revenue gains were
achieved in both the fastener and assembly equipment segments and the increased
volume, coupled with successful efforts to hold the line on costs, translated
into improvements in gross margins, which amounted to $10,585,563 for 2002,
compared with $9,187,046 recorded in 2001.

         Within the fastener segment, revenues increased 7%, to $34,991,758,
reflecting an overall increase in automobile production. However, it should be
noted that our volumes did not increase across our entire customer base.
Instead, our overall gain was due to increases in business with certain key
customers, bolstered by revenues related to new customers and new products from
existing customers.

         Gross margins within the fastener segment improved to 21.1% in 2002,
compared with 19.9% recorded in 2001. This improvement is largely attributable
to the effects of higher volumes and increases in efficiency associated with
those higher volumes. A number of other factors impacted operations during the
year. While we benefited from reductions in tooling costs, those savings were
offset by increases in the cost of materials and by a substantial increase in
the cost of employee health insurance.

         Activity levels within the assembly equipment segment remain well below
the level that we consider normal. While revenues within the segment improved to
$8,021,008 in 2002, compared with $7,738,868 in 2001, the change is attributable
to a few large orders and not due to any significant improvement in the market
for equipment, which remains adversely affected by a persistent decline in the
broad manufacturing sector and the related restraint on capital spending.
Nevertheless, gross margins within this segment improved to approximately 40% in
2002 compared with 35% for 2001. This improvement is primarily attributable to
higher volumes and reduced labor expense.

         Selling and administrative expenses increased approximately 3.7%
compared with 2001. Both profit sharing and sales commissions increased as a
result of higher sales and increased profits. Other factors contributing to the
increase include higher salary expense and increased health insurance costs,
partially offset by a decrease in the provision for bad debt expense, which was
unusually high in the prior year due to the bankruptcy filing of a certain
customer.

         The Company recorded net interest income during 2002 of $4,214,
compared with net interest expense of $114,607 in 2001, as a result of lower
prevailing interest rates and reduced debt levels.

2001 COMPARED TO 2000

          The effect of the recession was apparent in the comparison of revenues
and margins between 2001 and 2000. Net sales and lease revenues fell to
$40,443,010 in 2001, a decline of 11% compared to 2000. This lower level of
operations was the





                                       7
<PAGE>

primary factor contributing to the decrease in gross margins, which fell to
$9,187,046 for 2001, compared to $11,943,030 reported for 2000.

         Revenues within the fastener segment declined 8.5% and amounted to
$32,704,142 during 2001. This decline stems from the combination of lower
volumes for existing business, partially offset by successful efforts to win new
business from both new and existing customers. Gross margins within this segment
declined from 22.3% in 2000 to 19.9% for 2001. During the year, the Company was
able to take advantage of softness within the raw materials market, successfully
negotiating price reductions for certain raw materials and supplies.
Unfortunately, the positive contribution from those activities was offset by
increases in the cost of health insurance and a somewhat higher cost for
perishable tooling. Other than those two areas, we were generally successful in
reducing our variable costs in a manner consistent with the reduced level of
operations. Fixed costs, as would be expected, remained relatively unchanged
despite the reduced levels of operations.

         The domestic metalworking machinery market suffered a significant
decline in 2001, with overall activity falling to its lowest level in nearly a
decade. These conditions were plainly evident in the results of operations
within our assembly equipment segment. Revenues fell to $7,738,868 during 2001,
compared to $9,687,564 recorded during 2000. Despite our efforts to reduce costs
and manage the negative effects of lower volumes, we were unable to cut costs as
quickly and as deeply as demand declined. Because we believe that this downturn
is of a cyclical nature, we made a decision to attempt to maintain as much of
our skilled workforce as possible, rather than attempt to match volume declines
with a wholesale reduction in the workforce. As a result, labor and benefit
costs remained at levels somewhat higher than might otherwise be expected, given
recent business conditions. On a short-term basis, we view this as the most
practical response to what we believe will be a temporary situation. We were
able to achieve only limited reductions in fixed costs compared with the prior
year. The net result was an overall decline in gross margins, which fell to
approximately 35% in 2001, compared to 42% recorded in 2000.

         Selling and administrative expenses declined significantly compared
with the prior year. Successful completion of the first phase of implementation
of new data processing systems resulted in a significant reduction in consulting
expenses compared with the prior year. In addition, salary and benefit expenses
declined significantly due to reductions in headcount, achieved mainly through
attrition. Sales commissions and profit sharing expense declined to levels
consistent with the lower sales volumes and lower income, respectively.
Unfortunately, bad debt expense increased by a net amount of $114,000, mainly
due to the third quarter bankruptcy filing of a certain customer.

         Lower prevailing interest rates, combined with lower debt, resulted in
a net interest expense reduction of $61,000.

DIVIDENDS

         The Company paid four regular quarterly dividends of $.18 per share
during 2002. In addition, an extra dividend of $.15 per share was paid during
the second quarter of 2002, bringing the total dividend distribution to $.87 per
share. On February 17, 2003 your Board of Directors declared a regular quarterly
dividend of $.18 per share, payable March 20, 2003 to shareholders of record
March 5, 2003. This continues the uninterrupted record of consecutive quarterly
dividends paid by the Company to its shareholders that extends over 69 years. At
that same meeting, the Board declared an extra dividend of $.25 per share,
payable April 17, 2003 to shareholders of record on April 4, 2003.



                                       8
<PAGE>


MACHINERY AND EQUIPMENT

         Investments in machinery and equipment totaled $886,009 in 2002. The
majority of this investment was related to the fastener segment of our
operations. Approximately $567,000 was invested in new equipment directly
related to the manufacture of fasteners, with an additional $123,000 expended
for equipment related to quality control and finishing operations for the
fastener segment. The balance was expended for a variety of miscellaneous items,
including material handling, data processing and other equipment.

         The Company invested approximately $1.4 million in machinery, equipment
and building improvements during 2001. The majority of these expenditures were
related to the fastener segment of our operations. Specifically, a total of $1.1
million was expended for the purchase of equipment used directly in the
manufacture of fasteners and $88,000 was invested in new equipment related to
the quality control process in fastener manufacturing. $129,000 was expended in
connection with data processing and data communications equipment, $61,000 was
spent for building improvements, primarily related to the fastener segment of
our business, and the balance was expended for a variety of smaller machinery
and equipment, including the manufacture of automatic rivet setting equipment
that is leased to our customers.

         Capital investments totaled approximately $2.1 million during 2000.
Slightly over $1.9 million of this total was invested in new equipment related
to the production of fasteners. Of the amount expended within the fastener
segment, $1.5 million was invested in new cold heading and thread-forming
equipment and certain support equipment. This equipment was purchased to expand
our capacity to manufacture certain specialty products for which demand has
exceeded our capacity. Certain obsolete heat treating equipment was replaced at
a cost of $276,000. The balance was expended for various smaller projects,
including new quality control equipment and building improvements. Within the
assembly equipment segment, capital expenditures totaled $150,372, primarily for
the replacement of machine tools used in the manufacture of perishable tooling
that is sold to our customers. The balance was expended for data processing
equipment and various office equipment.

         Depreciation expense amounted to $1,915,726 in 2002, $1,921,703 in
2001, and $1,889,849 in 2000.

LIQUIDITY AND CAPITAL RESOURCES

         At year end, working capital amounted to $12.9 million, an increase of
$1.3 million compared with year end 2001. The most significant change in working
capital components was the increase in accounts receivable. This increase is due
to two factors: higher sales in the latter part of the year in 2002 compared
with 2001 and, to a lesser extent, changes in the payment practices of certain
customers. As a result, our credit risk is somewhat greater than in the past,
but we do not believe that this change in payment practices represents a
significant deterioration in the quality of receivables.

         In connection with a "Dutch auction" tender offer in April 2000, the
Company obtained, on an unsecured basis, a financing commitment that provided
borrowing capacity of up to $9.0 million, plus a $1.0 million line of credit.
The new borrowing was used to finance the unpaid balance of a 1996 loan related
to the acquisition of H & L Tool Company, Inc. ($2.7 million) and to fund the
purchase of stock under the terms of the "Dutch auction." At December 31, 2002,
the indebtedness under the term loan was approximately $1.63 million. Under the
terms of the note, the Company is scheduled to repay the principal in quarterly
installments of $450,000, plus interest computed on the unpaid balance at a
variable rate that is calculated under one of two methods, selected at the
option of the Company: the London Inter-Bank Offering Rate (LIBOR) plus an
applicable margin; or the lender's prime rate, less an applicable margin. The
applicable margin is based upon the




                                       9
<PAGE>

funded debt ratio and, for any portion of the loan that bears interest at the
prime rate, this margin is up to 50 basis points, and for any portion that bears
interest at the LIBOR rate, it is up to 130 basis points. This rate is adjusted
quarterly and was approximately 2.4% at December 31, 2002. The line of credit
was extended through May 31, 2003 and remained unused at December 31, 2002. The
loan agreement expires on March 1, 2005, at which time any unpaid principal and
interest is due. Management believes that current cash, cash equivalents,
operating cash flow and the available line of credit will be sufficient to
provide adequate working capital for the foreseeable future.

         The Company has not entered into, and has no current plans to enter
into, any off-balance sheet financing arrangements. The Company has no long-term
supply contracts that will have a material impact on liquidity and financial
resources.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

         The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the amounts of revenue and expenses during
the reporting period. During interim periods, the Company uses estimated gross
profit rates to determine the cost of goods sold for a portion of its
operations. Actual results can vary from these estimates, and these estimates
are adjusted, as necessary, when actual information is available. The effect of
these estimates is described in Note 11.

NEW ACCOUNTING STANDARDS

         The Company's financial statements and financial condition were not,
and are not expected to be, materially impacted by new, or proposed, accounting
standards.

STOCK PURCHASE PROGRAM

         Terms of a stock repurchase authorization originally approved by the
Board of Directors in February of 1990, and subsequently amended to permit the
repurchase of an aggregate of 200,000 shares, permit purchases of the Company's
common stock to be made from time to time, in the open market or in private
transactions, at prices deemed reasonable by management. During 2002, the
company purchased 1,000 shares at an average price of $26.98 per share.
Cumulative purchases under the current repurchase authorization have amounted to
162,996 shares at an average price of $15.66 per share.

         In addition to the purchases described above, the Company purchased
159,564 shares at a price of $23.00 per share pursuant to a "Dutch auction"
tender offer completed in April 2000.

OUTLOOK FOR 2003

         Much of last year's success was attributable to the surprising strength
of the automotive industry. Excluding the automotive sector, domestic
manufacturing activity exhibited very little strength during 2002. Some analysts
express doubt that the automotive sector can repeat its 2002 performance in
2003. Still, others expect the rest of the manufacturing sector will soon
recover from its current weakness, mitigating the effects of a decline in
automobile manufacturing. Early indications from customers within our markets
suggest that meaningful improvement is still some distance away. Our order
levels are approximately the same as they were one year ago, and although our
quotation activity has picked up slightly, that increased activity has not yet
been translated into increased orders. Margins will likely remain under pressure
from the combination of rising costs and customers' expectations that we reduce
our prices in order to successfully compete with global producers. In many
respects, 2003 seems likely to present many of the same




                                       10
<PAGE>

challenges we have faced in the recent past. Fortunately, the company can
continue to rely upon highly skilled and dedicated employees who have
consistently demonstrated that they are equal to those challenges. We gratefully
acknowledge their contributions, as well as the continued loyalty and support of
our customers and our shareholders.


ITEM 7A  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Over time, the Company is exposed to market risks arising from changes
in interest rates. The Company has not historically used derivative financial
instruments. As of December 31, 2002, $1.63 million of floating-rate debt was
exposed to changes in interest rates compared to $3.43 million at the prior year
end. This exposure was primarily linked to the London Inter-Bank Offering Rate
and the lender's prime rate under the Company's term loan. A hypothetical 10%
change in these rates would not have had a material effect on the Company's
annual earnings.


ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         See the sections entitled "Consolidated Financial Statements" and
"Financial Statement Schedule" which appear on pages 17 through 20 of this
report.


ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

         There have been no changes in or disagreements with accountants
requiring disclosure herein.


                                    PART III

ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         The information with respect to the Board of Directors' nominees for
directors that is not related to security ownership, which is set forth in the
section entitled "Election of Directors" on pages 4 through 7 of the Company's
2003 Proxy Statement, is incorporated herein by reference. The information with
regard to compliance with Section 16 (a) of the Exchange Act, which is set forth
in the section entitled "Section 16(a) Beneficial Ownership Reporting
Compliance" on page 8 of the 2003 Proxy Statement, is incorporated herein by
reference. The 2003 Proxy Statement is to be filed with the Securities and
Exchange Commission in connection with the Company's 2003 Annual Meeting of
Shareholders. The information called for with respect to executive officers of
the Company is included in Part I of this Report on Form 10-K under the caption
"Executive Officers of the Registrant."


ITEM 11 - EXECUTIVE COMPENSATION

         The information set forth in the section entitled "Executive
Compensation" which appears on pages 9 through 13 of the Company's 2003 Proxy
Statement and the information relating to compensation of directors set forth in
the last paragraph of the section entitled "Additional Information Concerning
the Board of Directors and Committees" which appears on pages 7 and 8 of the
Company's 2003 Proxy Statement is incorporated herein by reference. The 2003
Proxy Statement is to be filed with the Securities and Exchange Commission in
connection with the Company's 2003 Annual Meeting of Shareholders.




                                       11
<PAGE>

ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDERS MATTERS

         The information set forth in the section entitled "Principal
Shareholders" on page 3 of the Company's 2003 Proxy Statement and the
information with respect to security ownership of the Company's directors and
officers set forth in the section entitled "Security Ownership of Management" on
pages 5 through 7 of the Company's 2003 Proxy Statement is incorporated herein
by reference. The 2003 Proxy Statement is to be filed with the Securities and
Exchange Commission in connection with the Company's 2003 Annual Meeting of
Shareholders.

         The Company does not have any equity compensation plans or
arrangements.


ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         The information relating to the law firm of Morrissey & Robinson set
forth in the last sentence of footnote (2) on page 6 of the Company's 2003 Proxy
Statement is incorporated herein by reference. The 2003 Proxy Statement is to be
filed with the Securities and Exchange Commission in connection with the
Company's 2003 Annual Meeting of Shareholders.

ITEM 14 - CONTROLS AND PROCEDURES

         (a) Evaluation of Disclosure Controls and Procedures. The Company's
Chief Executive Officer and Chief Financial Officer have evaluated the
effectiveness of the Company's disclosure controls and procedures (as such term
is defined in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of
1934, as amended (the "Exchange Act")) as of a date within 90 days prior to the
filing date of this annual report (the "Evaluation Date"). Based on such
evaluation, such officers have concluded that, as of the Evaluation Date, the
Company's disclosure controls and procedures are effective in alerting them on a
timely basis to material information relating to the Company (including its
consolidated subsidiary) required to be included in the Company's periodic
filings under the Exchange Act.

         (b) Changes in Internal Controls. Since the Evaluation Date, there have
not been any significant changes in the Company's internal controls or in other
factors that could significantly affect such controls.



                                       12
<PAGE>


                                     PART IV

ITEM 15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

         (a)       The following documents are filed as a part of this report:

              1.   Financial Statements:

                   See the section entitled "Consolidated Financial Statements"
                   which appears on page 17 of this report.

              2.   Financial statement schedule and supplementary information
                   required to be submitted.

                   See the section entitled "Financial Statement Schedule" which
                   appears on pages 18 through 20 of this report.

              3.   Exhibits:

                   See the section entitled "Exhibits" which appears on page 21
                   of this report.

         (b)       Reports on Form 8-K

              1.   The Company did not file any reports on Form 8-K during the
                   quarter ended December 31, 2002.




                                       13
<PAGE>
                                   SIGNATURES

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

                                              Chicago Rivet & Machine Co.


                                                By /s/ John C. Osterman
                                                --------------------------------
                                                John C. Osterman, President
                                                and Chief Operating Officer


         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated:

/s/ John A. Morrissey                         Chairman of the Board of
-------------------------                     Directors, Chief Executive
John A. Morrissey                             Officer and Member of the
                                              Executive Committee March 26,
                                              2003

/s/ John C. Osterman                          President, Chief Operating
-------------------------                     Officer, Treasurer (Chief
John C. Osterman                              Financial Officer), Member of the
                                              Executive Committee and Director
                                              March 26, 2003

/s/ John R. Madden                            Director, Member of the Executive
-------------------------                     Committee and Member of the Audit
John R. Madden                                Committee March 26, 2003


/s/ Walter W. Morrissey                       Director, Member of Executive
-------------------------                     Committee March 26, 2003
Walter W. Morrissey


/s/ Michael J. Bourg                          Controller (Principal Accounting
-------------------------                     Officer) March 26, 2003
Michael J. Bourg


                                       14
<PAGE>

                                 CERTIFICATIONS

         I, John A. Morrissey, certify that:

1.       I have reviewed this annual report on Form 10-K of Chicago Rivet &
         Machine Co.;

2.       Based on my knowledge, this annual report does not contain any untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances under which
         such statements were made, not misleading with respect to the period
         covered by this annual report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this annual report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this annual report;

4.       The registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         have:

         a)   Designed such disclosure controls and procedures to ensure that
              material information relating to the registrant, including its
              consolidated subsidiaries, is made known to us by others within
              those entities, particularly during the period in which this
              annual report is being prepared;

         b)   Evaluated the effectiveness of the registrant's disclosure
              controls and procedures as of a date within 90 days prior to the
              filing date of this annual report (the "Evaluation Date"); and

         c)   Presented in this annual report our conclusions about the
              effectiveness of the disclosure controls and procedures based on
              our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officers and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent functions):

         a)   All significant deficiencies in the design or operation of
              internal controls which could adversely affect the registrant's
              ability to record, process, summarize and report financial data
              and have identified for the registrant's auditors any material
              weaknesses in internal controls; and

         b)   Any fraud, whether or not material, that involves management or
              other employees who have a significant role in the registrant's
              internal controls; and

6.       The registrant's other certifying officers and I have indicated in this
         annual report whether there were significant changes in internal
         controls or in other factors that could significantly affect internal
         controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

         Date:  March 26, 2003      /s/ John A. Morrissey
                                    --------------------------
                                    John A. Morrissey
                                    Chief Executive Officer



                                       15
<PAGE>
                                 CERTIFICATIONS

         I, John C. Osterman, certify that:

1.       I have reviewed this annual report on Form 10-K of Chicago Rivet &
         Machine Co.;

2.       Based on my knowledge, this annual report does not contain any untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances under which
         such statements were made, not misleading with respect to the period
         covered by this annual report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this annual report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this annual report;

4.       The registrant's other certifying officers and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         have:

         a)   Designed such disclosure controls and procedures to ensure that
              material information relating to the registrant, including its
              consolidated subsidiaries, is made known to us by others within
              those entities, particularly during the period in which this
              annual report is being prepared;

         b)   Evaluated the effectiveness of the registrant's disclosure
              controls and procedures as of a date within 90 days prior to the
              filing date of this annual report (the "Evaluation Date"); and

         c)   Presented in this annual report our conclusions about the
              effectiveness of the disclosure controls and procedures based on
              our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officers and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent functions):

         a)   All significant deficiencies in the design or operation of
              internal controls which could adversely affect the registrant's
              ability to record, process, summarize and report financial data
              and have identified for the registrant's auditors any material
              weaknesses in internal controls; and

         b)   Any fraud, whether or not material, that involves management or
              other employees who have a significant role in the registrant's
              internal controls; and

6.       The registrant's other certifying officers and I have indicated in this
         annual report whether there were significant changes in internal
         controls or in other factors that could significantly affect internal
         controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

         Date:  March 26, 2003      /s/ John C. Osterman
                                    ------------------------
                                    John C. Osterman
                                    Chief Financial Officer




                                       16
<PAGE>


                           CHICAGO RIVET & MACHINE CO.

                        CONSOLIDATED FINANCIAL STATEMENTS

         The consolidated financial statements, together with the notes thereto
and the report thereon of PricewaterhouseCoopers LLP dated February 21, 2003,
appearing on pages 5 to 11 of the accompanying 2002 Annual Report, and the
section entitled "Quarterly Financial Data (Unaudited)" appearing on page 12 of
the accompanying 2002 Annual Report are incorporated herein by reference. With
the exception of the aforementioned information and the information incorporated
in Items 1, 5, 6 and 8 herein, the 2002 Annual Report is not to be deemed filed
as part of this Form 10-K Annual Report.


Consolidated Financial Statements from 2002 Annual Report (Exhibit 13 hereto):


Consolidated Balance Sheets (page 5 of 2002 Annual Report)

Consolidated Statements of Income (page 6 of 2002 Annual Report)

Consolidated Statements of Retained Earnings (page 6 of 2002 Annual Report)

Consolidated Statements of Cash Flows (page 7 of 2002 Annual Report)

Notes to Consolidated Financial Statements (pages 8, 9, and 10 of 2002 Annual
Report)

Report of Independent Accountants (page 11 of 2002 Annual Report)

Quarterly Financial Data (Unaudited) (page 12 of 2002 Annual Report)




                                       17
<PAGE>


                          FINANCIAL STATEMENT SCHEDULE

                               2002, 2001 AND 2000

         The following financial statement schedule should be read in
conjunction with the consolidated financial statements and the notes thereto in
the 2002 Annual Report. Financial statement schedules not included herein have
been omitted because they are not applicable or the required information is
shown in the consolidated financial statements or notes thereto.


                                                                         Page
                                                                         ----

Financial Statement Schedule:

Valuation and Qualifying Accounts (Schedule II)                           19

Report of Independent Accountants on Financial Statement Schedule         20



                                       18
<PAGE>


                           CHICAGO RIVET & MACHINE CO.
                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
              FOR THE YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000


<TABLE>
<CAPTION>
                                     Balance at         Additions                               Balance
                                     Beginning          Charged to                              at End
Classification                        of Year            Expenses        Deductions(1)          of Year
--------------                       ----------         ----------       -------------          -------
<S>                                  <C>                <C>              <C>                    <C>
2002
Allowance for doubtful
accounts, returns
and allowances                       $240,000            $  7,067            $  7,067          $240,000


2001
Allowance for doubtful
accounts, returns
and allowances                       $ 90,000            $172,728            $ 22,728          $240,000


2000
Allowance for doubtful
accounts, returns
and allowances                       $ 80,000             $58,993            $ 48,993          $ 90,000
</TABLE>


(1)      Accounts receivable written off, net of recoveries.



                                       19
<PAGE>




                      Report of Independent Accountants on
                          Financial Statement Schedule




To the Board of Directors
of Chicago Rivet & Machine Co.

Our audits of the consolidated financial statements referred to in our report
dated February 21, 2003 appearing in the 2002 Annual Report to Shareholders of
Chicago Rivet & Machine Co. (which report and financial statements are
incorporated by reference in this Annual Report on Form 10-K) also included an
audit of the Financial Statement Schedule listed in Item 15(a)(2) of this Form
10-K. In our opinion, this Financial Statement Schedule presents fairly, in all
material respects, the information set forth therein when read in conjunction
with the related consolidated financial statements.



PricewaterhouseCoopers LLP


Chicago, Illinois
February 21, 2003




                                       20
<PAGE>


                           CHICAGO RIVET & MACHINE CO.
                           --------------------------

                                    EXHIBITS

                                INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
Number                                                                                            Page
-------                                                                                           ----
<S>               <C>                                                                             <C>
3.1               Articles of Incorporation and Charter.
                  Incorporated by reference to Company's
                  report on Form 10, dated March 30, 1935.

3.2               Certified copy of articles of Amendment to
                  Articles of Incorporation, dated November 4,
                  1959.  Incorporated by reference to Company's
                  report on Form 8-A, dated April 30, 1965.

3.3               Amendment of Articles of Incorporation
                  creating a class of 500,000 shares of no
                  par value preferred stock.  Incorporated by
                  reference to Company's report on Form 10-K,
                  dated April 30, 1972.

3.4               Amended and Restated By-Laws, as amended February 19, 2001.
                  Incorporated by reference to the Company's report on Form
                  10-K, dated March 29, 2001.

3.5               Articles of Incorporation, as amended by the amendment to the
                  Articles of Incorporation, dated August 18, 1997. Incorporated
                  by reference to the Company's report on Form 10-K, dated
                  March 27, 1998.

4.1               Rights Agreement, dated November 22, 1999,
                  between the Company and First Chicago Trust Company
                  of New York as Rights Agent. Incorporated
                  by reference to the Company's report on
                  Form 10-K, dated March 29, 2000.

13*               Annual Report to Shareholders for the year
                  ended December 31, 2002.                                                 22 - 38

21                Subsidiaries of the Registrant.                                             39


99.1              Certification of CEO Pursuant to 18 U.S.C. Section 1350,
                  as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                  Act of 2002.                                                                40


99.2              Certification of CFO Pursuant to 18 U.S.C. Section 1350,
                  as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                  Act of 2002.                                                                41

                  * Only the portions of this exhibit which are specifically
                  incorporated herein by reference shall be deemed to be filed
                  herewith.

</TABLE>


                                       21