SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


             [ X ] Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                for the Quarterly Period Ended September 30, 2000

                                       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 0-19407

                         LASER-PACIFIC MEDIA CORPORATION
             (Exact name of registrant as specified in its charter)

             Delaware                                 95-3824617
       (State or other jurisdiction of              (I.R.S. Employer
       incorporation or organization)               Identification No.)

                              809 N. Cahuenga Blvd.
                           Hollywood, California 90038
                                 (323) 462-6266
          (Address, including zip code and telephone number, including
                   area code of principal executive offices)

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  outstanding of each of the registrant's  classes of common
stock, as of November 1, 2000 was 7,721,293  shares of Common Stock,  $.0001 par
value.



<PAGE>


                         LASER-PACIFIC MEDIA CORPORATION
                                AND SUBSIDIARIES

                                Table of Contents




Part I.        Financial Information                                      Page
                                                                      ---------

Item 1.        Condensed Consolidated Financial Statements                  3

               Condensed Consolidated Balance Sheets                        3
               Condensed Consolidated Statements of Operations              4
               Condensed Consolidated Statements of Cash Flows              5
               Notes to Condensed Consolidated Financial Statements         6

Item 2.        Management's Discussion and Analysis of Financial Condition  7
               and Results of Operations

Item 3.        Quantitative and Qualitative Disclosures about Market Risk   9

Part II.       Other Information

Item 6.        Exhibits and Reports on Form 8-K                             9

               Signatures                                                  10



<PAGE>


Part I.  Financial Information

Item 1.   Condensed Consolidated Financial Statements


                         LASER-PACIFIC MEDIA CORPORATION
                                AND SUBSIDIARIES
                      Condensed Consolidated Balance Sheets



<TABLE>
<CAPTION>

                                                                                    (Unaudited)         (Audited)
                                                                                   September 30,       December 31,
                                                                                        2000               1999
                                                                                   ---------------    ----------------

<S>                                                                                     <C>                 <C>
Assets

Current Assets:
  Cash and cash equivalents                                                   $         3,557,477  $        2,398,407
  Receivables net of allowance for doubtful accounts                                    4,135,528           5,139,663
  Other current assets                                                                  1,303,793           1,211,279
                                                                                   ---------------    ----------------

    Total Current Assets                                                                8,996,798           8,749,349

Net property and equipment                                                             18,963,444          20,333,846
Other assets                                                                              597,422             414,115
                                                                                   ---------------    ----------------
Total Assets                                                                  $        28,557,664  $       29,497,310
                                                                                   ===============    ================

Liabilities and Stockholders' Equity

Current Liabilities:
  Current installments of notes payable to bank and long-term debt            $         3,479,677  $        3,718,270
  Other current liabilities                                                             1,938,217           1,800,035
                                                                                   ---------------    ----------------
    Total Current Liabilities                                                           5,417,894           5,518,305

Notes payable to bank and long-term debt, less current installments                     8,639,519          10,303,320

Stockholders' Equity:
   Common stock, $.0001 par value.  Authorized 25,000,000 shares; issued
   and outstanding 7,721,293 shares at September 30, 2000 and 7,654,646
   shares at December 31, 1999.                                                               772                 765
Additional paid-in capital                                                             19,921,159          19,919,956
Accumulated deficit                                                                   (5,421,680)         (6,245,036)
                                                                                   ---------------    ----------------

   Net Stockholders' Equity                                                            14,500,251          13,675,685
                                                                                   ---------------    ----------------

Total Liabilities and Stockholders' Equity                                    $        28,557,664  $       29,497,310
                                                                                   ===============    ================





</TABLE>

See accompanying notes to the condensed consolidated financial statements.




<PAGE>


                         LASER-PACIFIC MEDIA CORPORATION
                                AND SUBSIDIARIES
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)




<TABLE>
<CAPTION>
                                                                  Three Months ended                     Nine Months ended
                                                                     September 30,                         September 30,
                                                           ----------------------------------     --------------------------------
                                                                2000               1999               2000              1999
                                                           ---------------    ---------------     --------------    --------------

<S>                                                             <C>                <C>               <C>               <C>
Revenues                                                $       7,233,449          7,771,664  $      22,337,684        21,307,391

Operating costs
      Direct costs                                              4,519,822          4,793,093         14,282,547        13,728,331
      Depreciation and amortization                             1,046,960            841,981          2,995,852         2,249,535
                                                           ---------------    ---------------     --------------    --------------
             Total operating costs                              5,566,782          5,635,074         17,278,399        15,977,866
                                                           ---------------    ---------------     --------------    --------------
      Gross profit                                              1,666,667          2,136,590          5,059,285         5,329,525
Selling, general and administrative
    and other expenses                                          1,125,148          1,086,170          3,388,641         3,198,098
                                                           ---------------    ---------------     --------------    --------------
      Income from operations                                      541,519          1,050,420          1,670,644         2,131,427

Interest expense                                                  303,387            298,717            995,017           881,731
Other income                                                       60,741             18,545            191,029            76,374
                                                           ---------------    ---------------     --------------    --------------
      Income before income taxes                                  298,873            770,248            866,656         1,326,070

Income taxes                                                       17,400             33,600             43,300            48,300
                                                           ---------------    ---------------     --------------    --------------
      Net income                                        $         281,473            736,648  $         823,356         1,277,770
                                                           ===============    ===============     ==============    ==============

Income per share (basic)                                $            0.04               0.10  $            0.11              0.17
                                                           ---------------    ---------------     --------------    --------------

Income per share (diluted)                              $            0.04               0.09  $            0.10              0.16
                                                           ---------------    ---------------     --------------    --------------

Weighted average shares outstanding (basic)                     7,721,293          7,620,967          7,720,493         7,436,793
                                                           ===============    ===============     ==============    ==============

Weighted average shares outstanding (diluted)                   7,949,890          7,989,887          8,071,083         7,778,019
                                                           ===============    ===============     ==============    ==============

</TABLE>















See accompanying notes to condensed consolidated financial statements.
<PAGE>


                         LASER-PACIFIC MEDIA CORPORATION
                                AND SUBSIDIARIES
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                                             Nine Months ended September 30,
                                                                                          ---------------------------------------
                                                                                                2000                  1999
                                                                                          -----------------     -----------------
    Cash flows from operating activities

<S>                                                                                              <C>                 <C>
      Net income                                                                      $            823,356  $          1,277,770
      Adjustments to reconcile net income to net cash
        provided by operating activities:
           Depreciation and amortization                                                         2,995,852             2,249,535
           Gain on sale of property and equipment                                                 (74,490)               (3,500)
           Provision for doubtful accounts receivable                                              167,186               238,394
           Equity in loss of Composite Image Systems, LLC                                           40,645                   ---
           Change in assets and liabilities:
              (Increase) decrease in:
                 Receivables                                                                       835,159           (1,607,599)
                 Other current assets                                                             (92,514)                49,904
                 Other current liabilities                                                         138,182               516,450
                 Other                                                                             124,158             (154,437)
                                                                                          -----------------     -----------------
                     Net cash provided by operating activities                                   4,957,534             2,566,517

    Cash flows from investing activities:
           Purchases of property and equipment                                                 (1,906,861)           (7,794,578)
           Net proceeds from disposal of property and equipment                                    355,493                 3,500
           Contribution to Composite Image Systems, LLC                                          (345,912)                   ---
                                                                                          -----------------     -----------------
                     Net cash used in investing activities                                     (1,897,280)           (7,791,078)

    Cash flows from financing activities:
           Net (repayment of) proceeds from notes payable to bank and long-term debt           (1,902,394)             4,969,968
           Proceeds from issuance of common stock                                                    1,210                51,480
                                                                                          -----------------     -----------------
                     Net cash (used in) provided by financing activities                       (1,901,184)             5,021,448

                     Net increase (decrease) in cash and cash equivalents                        1,159,070             (203,113)
    Cash and cash equivalents at beginning of period                                             2,398,407             1,159,206
                                                                                          -----------------     -----------------
    Cash and cash equivalents at end of period                                        $          3,557,477  $            956,093
                                                                                          =================     =================













</TABLE>



See accompanying notes to condensed consolidated financial statements.
<PAGE>

                         LASER-PACIFIC MEDIA CORPORATION
                                AND SUBSIDIARIES
              Notes to Condensed Consolidated Financial Statements
                                   (Unaudited)


(1)      Basis of Presentation

         In the opinion of  management,  the  accompanying  unaudited  condensed
consolidated financial statements contain all adjustments  (consisting of normal
recurring  items)  necessary  to  present  fairly  the  financial   position  of
Laser-Pacific  Media  Corporation  ("the  Company") and its  subsidiaries  as of
September  30, 2000 and  December 31, 1999;  the results of  operations  for the
three  and nine  month  periods  ended  September  30,  2000 and  1999;  and the
statements of cash flows for the nine month periods ended September 30, 2000 and
1999. The Company's business is subject to the prime time television  industry's
typical seasonality. Historically, revenues and income from operations have been
highest  during the first and fourth  quarters,  when  production  of television
programs and demand for the Company's services is at its highest. The net income
or loss of any  interim  quarter  is  seasonally  disproportionate  to  revenues
because  selling,  general and  administrative  expenses  and certain  operating
expenses remain relatively constant during the year. Therefore,  interim results
are not indicative of results to be expected for the entire fiscal year.

         In  accordance  with the  regulations  of the  Securities  and Exchange
Commission  under Rule 10-01 of Regulation  S-X, the  accompanying  consolidated
financial  statements  and  footnotes  have been  condensed  and do not  contain
certain  information  included in the Company's  annual  consolidated  financial
statements and notes thereto.

 (2)     Income per Share

         Net   income  per  basic  and   diluted   shares  are  based  upon  the
weighted-average number of common shares outstanding.  Basic income per share is
computed as net income divided by the  weighted-average  number of common shares
outstanding for the period.  Diluted shares outstanding  represents the total of
common  shares  outstanding  as well as those  options  and  warrants  where the
exercise price was below the average  closing stock price,  during the three and
nine month periods ended  September 30, 2000 and 1999.  Diluted income per share
reflects the potential  dilution  that could occur from common  shares  issuable
through stock-based compensation plans including stock options, restricted stock
awards,  warrants and other  convertible  securities  using the  treasury  stock
method.  The following  summarizes the computation of basic income per share and
diluted income per share:


<TABLE>
<CAPTION>
                                                Three Months ended September 30,           Nine Months ended September 30,
                                              --------------------------------------    --------------------------------------
                                                    2000                 1999                 2000                 1999
                                              -----------------    -----------------    -----------------    -----------------

<S>                                                  <C>                  <C>                  <C>                  <C>
Net Income                                 $           281,473              736,648  $           823,356            1,277,770
                                              =================    =================    =================    =================

Shares:
Weighted Average Common Shares                       7,721,293            7,620,967            7,720,493            7,436,793
Dilutive Stock Options and Warrants                    228,597              368,920              350,590              341,226
                                              -----------------    -----------------    -----------------    -----------------
Dilutive Potential Common Shares                     7,949,890            7,989,887            8,071,083            7,778,019

Income Per Share:
Basic                                      $              0.04                 0.10  $              0.11                 0.17
Diluted                                    $              0.04                 0.09  $              0.10                 0.16

</TABLE>

(3)      Income Taxes

         For the nine  months  ended  September  30,  2000,  federal  income tax
expense of $15,600 and state income tax expense of $27,700 was recognized  after
the application of net operating loss carry forwards. Income tax expense for the
nine months ended September 30, 2000 was computed using the estimated  effective
tax rate to apply for all of 2000 after  considering the impact of net operating
loss carry  forwards and tax credits.  The rate is subject to ongoing review and
evaluation by management.
<PAGE>

Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations

         Statements  included  within this  document,  other than  statements of
historical  facts,  that address  activities,  events or  developments  that the
Company expects or anticipates  will or may occur in the future,  including such
things as business  strategy  and measures to  implement  strategy,  competitive
strengths, goals, expansion and growth of the Company's business and operations,
plans,  references to future success and other such matters, are forward-looking
statements  within the meaning of Section 27A of the  Securities Act of 1933, as
amended and Section 21E of the  Securities and Exchange Act of 1934, as amended,
and fall under the safe  harbor.  The  forward-looking  statements  are based on
certain  assumptions and analyses made by the Company in light of its experience
and its perception of historical trends,  current conditions and expected future
developments  as well as  other  factors  it  believes  are  appropriate  in the
circumstances.  However,  actual  results and  financial  position  could differ
materially  in scope and nature from those  anticipated  in the forward  looking
statements as a result of a number of factors, including but not limited to, the
Company's ability to successfully expand capacity,  general economic,  market or
business  conditions;  the opportunities (or lack thereof) that may be presented
to and pursued by the Company;  competitive actions by other companies;  changes
in laws or regulations;  investments in new technologies;  continuation of sales
levels;  the risks related to the cost and  availability  of capital;  and other
factors, many of which are beyond the control of the Company.  Consequently, all
of the  forward-looking  statements  made in this report are  qualified by these
cautionary  statements  and there can be no assurance that the actual results or
developments   anticipated   by  the  Company  will  be  realized  or,  even  if
substantially  realized,  that they will have the  expected  consequences  to or
effects  on the  Company  or its  business  operations.  Readers  are  urged  to
carefully  review and consider  various  disclosures  made by the Company in its
filings with the Securities and Exchange Commission to advise interested parties
of certain risks and other  factors that may affect the  Company's  business and
operating results.

Results of Operations

         Revenues  for the nine months  ended  September  30, 2000  increased to
$22,338,000  from  $21,307,000  for the same  year-ago  period,  an  increase of
$1,031,000  or 4.8%.  Revenues  from  post-production  services  related  to the
Company's core business on episodic television shows increased  $2,127,000.  The
increase in the Company's  post-production services is attributable to increased
demand for the Company's services.  The increase was offset by decreased revenue
from the  following  services:  (1) a decrease in revenues of $161,000 from film
processing as the result of increased use by some customers of film formats that
require  a lower  volume of film  processing;  (2) a  decrease  in  revenues  of
$240,000  resulting  from the  elimination  of the Company's  production  rental
services business in October 1999 and anticipated lower revenues from laser disc
services;  (3) a decrease in digital  compression  revenues  of $335,000  due to
decreased demand for MPEG compression for airlines and scheduling  delays by the
Company's  customers;  and (4) a decrease in revenues  from graphic  services of
$504,000  as a result of lower  demand  for  special  effects  by the  Company's
customers and the reduction of services provided.

         Revenues  for the three months ended  September  30, 2000  decreased to
$7,233,000 from $7,772,000 for the same year-ago  period, a decrease of $539,000
or 6.9%. The decrease in revenues is essentially the result of a slower start of
the 2000-2001  prime-time  television  season compared to the 1999-2000  season.
Management  believes  the  slower  start  is  attributable  to the  delay in the
networks  prime-time  premier  week,  that was brought about by broadcast of the
Olympics and the presidential debates.

         Operating  costs for the nine  months  ended  September  30,  2000 were
$17,278,000  versus  $15,978,000  for the same year-ago  period,  an increase of
$1,300,000 or 8.1%.  The increase in operating  costs consists of an increase in
labor costs of $581,000, an increase in depreciation of $746,000 discussed below
and  reductions in bad debt,  equipment  rental and supplies and  maintenance of
equipment.  Higher labor costs are attributable to salary  increases.  Operating
costs, including  depreciation,  as a percentage of revenues for the nine months
ended  September  30, 2000 were 77.4%  compared with 75.0% for the same year-ago
period.

         Operating  costs for the three  months  ended  September  30, 2000 were
$5,567,000 versus $5,635,000 for the same year-ago period, a decrease of $68,000
or 1.2%.  The  decrease in  operating  costs  consists  of a  reduction  in most
operating  costs due to the  decrease in  revenues  for the  quarter,  partially
offset by an increase in depreciation  of $205,000  discussed  below.  Operating
costs, including depreciation,  as a percentage of revenues for the three months
ended  September  30, 2000 were 77.0%  compared with 72.5% for the same year-ago
period.
<PAGE>

         Depreciation  expense for the nine months ended  September 30, 2000 was
$2,996,000  compared to $2,250,000 for the same year-ago period,  an increase of
$746,000 or 33.2%.  The  increase  in  depreciation  is the result of  equipment
purchased during 1999 to expand the Company's capacity.

         Depreciation  expense for the three months ended September 30, 2000 was
$1,047,000  compared to $842,000 for the same  year-ago  period,  an increase of
$205,000 or 24.3%.  The  increase  in  depreciation  is the result of  equipment
purchased during 1999 to expand the Company's capacity.

         For the nine months  ended  September  30, 2000 the Company  recorded a
gross  profit of  $5,059,000  compared  with  $5,330,000  for the same  year-ago
period,  a decrease  of $271,000 or 5.1%.  The  decrease in gross  profit is the
result  of  increased  operating  costs,  primarily  labor and  depreciation  as
discussed above partially offset by increased revenue for the period.

         For the three months ended  September  30, 2000 the Company  recorded a
gross profit of $1,667,000 compared to a gross profit of $2,137,000 for the same
year-ago  period,  a decrease of $470,000 or 22.0%. The decrease in gross profit
is the result of lower revenues partially offset by decreased operating costs.

         Selling,  general and  administrative  ("SG&A")  expenses  for the nine
months ended September 30, 2000 was $3,389,000 compared to $3,198,000 during the
same year-ago  period,  an increase of $191,000 or 6.0%. The increase in SG&A is
primarily  attributable  to higher  salaries,  increased  insurance  expense and
increased professional service fees.

         SG&A for the three  months  ended  September  30, 2000 were  $1,125,000
compared to $1,086,000 for the same year-ago  period,  an increase of $39,000 or
3.6%. The increase in SG&A is primarily  attributable  to higher  property taxes
and increased professional service fees.

         Interest  expense  for the nine  months  ended  September  30, 2000 was
$995,000  compared  to $882,000  for the same  year-ago  period,  an increase of
$113,000 or 12.8%.  The  increase in interest  expense is a result of  increased
borrowings for equipment purchases in prior years offset by reductions in debt.

         Interest  expense for the three  months  ended  September  30, 2000 was
$303,000  compared  to $299,000  for the same  year-ago  period,  an increase of
$4,000 or 1.6%.  The  increase  in  interest  expense  is a result of  increased
borrowings for equipment purchases in prior years offset by reductions in debt.

         Other income for the nine months ended  September 30, 2000 was $191,000
compared to $76,000  for the same  year-ago  period,  an increase of $115,000 or
150.1%. The increase in other income is primarily due to an increase in interest
income resulting from higher cash balances and an increase in interest rates.

          Other income for the three months ended September 30, 2000 was $61,000
compared  to $19,000  for the same  year-ago  period,  an increase of $42,000 or
227.5%. The increase in other income is primarily due to an increase in interest
income resulting from higher cash balances and an increase in interest rates.

         Net income for the nine months  ended  September  30, 2000 was $823,000
compared to $1,278,000 for the same year-ago  period,  a decrease of $455,000 or
35.6%. The decrease in net income is a consequence of the above factors.

         Net income for the three months ended  September  30, 2000 was $281,000
compared to $737,000  for the same  year-ago  period,  a decrease of $456,000 or
61.8%. The decrease in net income is a consequence of the above factors.


Liquidity and Capital Resources

         During the quarter ended June 30, 2000 the Company entered into a joint
venture  with Joe  Matza,  President  of Las Palmas  Productions,  forming a new
company,  Composite  Image  Systems,  LLC. This new entity will provide  digital
visual  effects and graphic  services to the motion  picture film and television
industry. In addition to sharing equipment,  personnel,  technical expertise and
industry  knowledge the Company has certain  financial  commitments to the joint
venture.  The Company has agreed to provide working capital to the joint venture
as needed up to $500,000 and to either  lease the entity  equipment or guarantee
the financing of equipment purchases up to $865,000. The agreement also provides
that the Company will receive preferred  distributions until the working capital
the Company contributed is repaid.

<PAGE>
         The Company and its  subsidiaries  are operating under a loan agreement
with The CIT  Group/Credit  Finance,  which has been  amended and  extended,  to
August 3, 2001.  The maximum  credit  under the  agreement  is $9  million.  The
amended loan  agreement  provides for borrowings of up to $5.4 million under the
term loan  (limited to 100% of eligible  equipment at appraisal  value) and $3.6
million  under  the  revolving  loan  (limited  to  85%  of  eligible   accounts
receivable).  The  outstanding  balance  of the  term  loan  was  $2,183,000  at
September  30,  2000.  It is  payable in monthly  installments  of $81,000  plus
interest  at prime  plus  1.0%  amortizing  through  August 3,  2003.  Principal
payments are not required in June,  July or August.  The  revolving  loan had an
outstanding  balance of $0 at  September  30,  2000.  The  revolving  loan bears
interest  at prime  plus  1.0%,  which is payable  monthly.  The loan  agreement
contains  automatic  renewal  provisions  for  successive  terms  of  two  years
thereafter  unless  terminated  as of  August  3,  2001  or as of the end of any
renewal  term by either  party by giving the other party at least 60 day written
notice.

         During  the year ended  December  31,  1999 the  Company  entered  into
capital lease  obligations of  approximately  $7,000,000 with various lenders in
connection with the  acquisition of equipment.  The capital leases are for terms
of up to 60  months,  at  fixed  interest  rates  ranging  from  8% to  9%.  The
obligations  are secured by the equipment  that was financed.  The equipment was
acquired to expand the  Company's  capabilities  and to support  the  increasing
demand for the  Company's  services.  Projected  cash flow and  existing  credit
arrangements are adequate to fund additional purchases and commitments.

           The  Company's  principal  source  of  funds  is  cash  generated  by
operations  and  traditional   financing.   On  an  annual  basis,  the  Company
anticipates  that  existing  cash  balances,  availability  under  existing loan
agreements  and cash  generated  from  operations  will be sufficient to service
existing debt and to meet the Company's capital requirements for fiscal 2000.


Seasonality and Variation of Quarterly Results

           The Company's business is subject to substantial quarterly variations
as a result of  seasonality,  which  the  Company  believes  is  typical  of the
television post-production industry. Historically,  revenues and net income have
been  highest  during  the first and fourth  quarters,  when the  production  of
television programs and consequently the demand for the Company's services is at
its highest.  Historically,  revenues have been  substantially  lower during the
second and third quarters.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

         Derivative  Instruments.  The Company  does not invest,  and during the
nine and three months ended  September  30, 2000 did not invest,  in market risk
sensitive instruments.

         Market  Risk.  The  Company's  market  risk  exposure  with  respect to
financial  instruments  is to changes in the "prime rate" in the United  States.
The Company had borrowings of $2,183,000 at September 30, 2000 under a term loan
(discussed  above) and may borrow up to $3.6  million  under a  revolving  loan.
Amounts  outstanding  under the term loan and  revolving  credit  facility  bear
interest at the bank's prime rate plus 1%.


Part II.  Other Information

Item 6.  Exhibits and Reports on Form 8-K

(a)      Exhibits
              None

(b)      Reports on Form 8-K
              None








<PAGE>


                                   Signatures

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



                               LASER-PACIFIC MEDIA CORPORATION
                               (Registrant)


Dated:  November 8, 2000       /s/James R. Parks
                               -----------------
                                  James R. Parks
                                  Chief Executive Officer




Dated:  November 8, 2000       /s/Robert McClain
                               -----------------
                                  Robert McClain
                                  Chief Financial Officer
                                  (Principal Financial and Accounting Officer)