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 March 31, 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 April 30, 2000 was 7,720,993  shares of Common  Stock,  $.0001 par
value.


<PAGE>


                         LASER-PACIFIC MEDIA CORPORATION
                                AND SUBSIDIARIES

                                Table of Contents

                                                                           Page

Part I. Financial Information

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
        and Results of Operations                                            7

Item 3. Quantitative and Qualitative Disclosures about Market Risk           8

Part II.Other Information

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

        Signatures                                                           9



<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)
                                                                                         March 31,        December 31,
                                                                                           2000               1999
                                                                                      ----------------    --------------
<S>                                                                                        <C>               <C>
Assets
Current assets
   Cash and cash equivalents                                                       $        4,037,652  $      2,398,407
   Receivables net of allowance for doubtful accounts                                       4,928,801         5,139,663
   Other current assets                                                                     1,202,847         1,211,279
                                                                                      ----------------    --------------
     Total Current Assets                                                                  10,169,300         8,749,349

Net property  and equipment                                                                18,888,140        20,333,846
Other assets                                                                                  356,693           414,115
                                                                                      ----------------    --------------
   Total Assets                                                                    $       29,414,133  $     29,497,310
                                                                                      ================    ==============

Liabilities and Stockholders' Equity
Current liabilities
   Current installments of notes payable to bank and long-term debt                $        3,668,247  $      3,718,270
   Other current liabilities                                                                1,997,621         1,800,035
                                                                                      ----------------    --------------
     Total Current Liabilities                                                              5,665,868         5,518,305

Notes payable to bank and long-term debt, less current installments                         8,620,463        10,303,320

Stockholders' equity:
Common  stock,  $.0001  par  value.  Authorized  25,000,000  shares;  issued and
   outstanding 7,720,193 shares at March 31, 2000 and 7,654,646 at December 31,
   1999.                                                                                          772               765
Additional paid-in capital                                                                 19,920,917        19,919,956
Accumulated deficit                                                                       (4,793,887)       (6,245,036)
                                                                                      ----------------    --------------
   Net stockholders' equity                                                                15,127,802        13,675,685
                                                                                      ----------------    --------------
   Total Liabilities and Stockholders' Equity                                      $       29,414,133  $     29,497,310
                                                                                      ================    ==============

</TABLE>



See accompanying notes to condensed consolidated financial statements.


<PAGE>


                         LASER-PACIFIC MEDIA CORPORATION
                                AND SUBSIDIARIES
           Condensed Consolidated Statements of Operations (Unaudited)
<TABLE>
<CAPTION>

                                                                                            Three Months Ended
                                                                                                March 31,

                                                                                    -----------------------------------
                                                                                         2000               1999
                                                                                    ---------------    ----------------

<S>                                                                                      <C>                 <C>
   Revenues                                                                    $         9,245,739  $        7,941,609
   Operating costs
     Direct costs                                                                        5,351,431           4,722,646
     Depreciation                                                                          939,112             694,043
                                                                                    ---------------    ----------------
       Total operating costs                                                             6,290,543           5,416,689
                                                                                    ---------------    ----------------
         Gross profit                                                                    2,955,196           2,524,920
   Selling, general and administrative
       and other expenses                                                                1,149,565           1,057,877
                                                                                    ---------------    ----------------
         Income from operations                                                          1,805,631           1,467,043

   Interest expense                                                                        344,999             300,284
   Other income                                                                             66,917              23,476
                                                                                    ---------------    ----------------
         Income before income taxes                                                      1,527,549           1,190,235

   Provision for income taxes                                                               76,400              34,900
                                                                                    ---------------    ----------------
         Net income                                                            $         1,451,149  $        1,155,335
                                                                                    ===============    ================


   Income per share

       Net income per basic share                                              $              0.19  $             0.16
                                                                                    ===============    ================
       Net income per diluted share                                            $              0.18  $             0.15
                                                                                    ===============    ================
   Weighted average shares outstanding (basic)                                           7,718,993           7,274,742
                                                                                    ===============    ================
   Weighted average shares outstanding (diluted)                                         8,031,703           7,833,859
                                                                                    ===============    ================
</TABLE>



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

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

                                                                                      Three Months Ended
                                                                                           March 31,

                                                                           ------------------------------------------
                                                                                  2000                   1999
                                                                           -------------------    -------------------
<S>                                                                                 <C>                    <C>
    Cash flows from operating activities
      Net income                                                       $            1,451,149  $           1,155,335
      Adjustments to reconcile net income to net cash
        provided by operating activities:
          Depreciation and amortization                                               939,112                694,043
          Gain on sale of property and equipment                                     (31,700)                (1,600)
          Provision for doubtful accounts receivable                                  104,350                 78,737
          Change in assets and liabilities:
             (Increase) decrease in:
              Receivables                                                             106,512                624,975
              Inventory                                                              (20,752)                (3,983)
              Other current assets                                                     29,184                 26,376
              Other assets                                                             57,422                 73,793
            Increase in:
              Other current liabilities                                               197,586                391,564
                                                                           -------------------    -------------------
    Net cash provided by operating activities                                       2,832,863              3,039,240
                                                                           ===================    ===================

    Cash flows from investing activities:

      Purchases of property and equipment                                           (479,444)              (207,746)
      Net proceeds from disposal of property and equipment                             31,700                  1,600
                                                                           -------------------    -------------------
              Net cash used in investing activities                                 (447,744)              (206,146)
                                                                           ===================    ===================

    Cash flows from financing activities:

      Net repayment of notes payable to bank and long-term debt                     (746,842)              (671,814)
      Proceeds from issuance of common stock                                              968                 22,594
                                                                           -------------------    -------------------
              Net cash used in financing activities                                 (745,874)              (649,220)
                                                                           ===================    ===================

              Net increase in cash                                                  1,639,245              2,183,874
    Cash and cash equivalents at beginning of period                                2,398,407              1,159,206
                                                                           -------------------    -------------------
    Cash and cash equivalents at end of period                         $            4,037,652  $           3,343,080
                                                                           ===================    ===================

    Supplementary disclosure of cash flow information:

      Cash paid during the period for interest                         $              344,999  $             300,284
                                                                           ===================    ===================

</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 March
31, 2000 and December 31, 1999; the results of operations and cash flows for the
three month  periods ended March 31, 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  directives  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 quarters
ended March 31, 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 March 31,
                                                        ------------------------------------
                                                             2000                1999
                                                        ----------------    ----------------
<S>                                                           <C>                 <C>
   Net Income                                       $         1,451,149  $        1,155,335

   Shares:
   Weighted Average Common Shares                             7,718,993           7,274,742
   Dilutive Stock Options and Warrants                          312,710             559,117
                                                        ----------------    ----------------
   Dilutive Potential Common Shares                           8,031,703           7,833,859

   Income Per Share:
   Basic                                            $              0.19  $             0.16
   Diluted                                          $              0.18  $             0.15


</TABLE>


(3)      Income Taxes

         At March 31,  2000,  federal  income tax  expense of $28,000  and state
income tax  expense of  $48,000  was  recognized  after the  application  of net
operating  loss carry  forwards.  Income tax expense for the quarter ended March
31, 2000 was computed using the estimated effective tax rate to apply for all of
2000 after  considering the impact of net operating loss  carryforwards  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 quarter  ended March 31, 2000  increased to $9,246,000
from  $7,942,000  for the same period last year,  an increase of  $1,304,000  or
16.4%.  Revenues from  post-production  services  related to the Company's  core
business on episodic television shows increased $1,793,000.  The increase in the
Company's  post-production  services is attributable to an increased  demand for
the Company's services with a significant increase in demand for high definition
services.  The  increase  was offset by  decreased  revenue  from the  following
services:  (1) a decrease  in revenues of $51,000  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 $161,000 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  $91,000  due  to  scheduling  delays  by the
Company's  customers;  and (4) a decrease in revenues  from graphic  services of
$186,000  as a result of lower  demand  for  special  effects  by the  Company's
customers.

         Operating  costs for the quarter  ended March 31, 2000 were  $6,291,000
versus  $5,417,000  for the same  period  last year,  an increase of $874,000 or
16.1%. The increase in operating costs is primarily the result of an increase in
depreciation expense of $245,000 and an increase in labor cost of $525,000.  The
increase  in  depreciation   expense  is  the  result  of  significant   capital
expenditures  in the  second  half of 1999.  The  increase  in labor cost is the
result of an increased  number of employees and  compensation  increases.  Total
operating costs,  including  depreciation and  amortization,  as a percentage of
revenues  for the three  months  ended March 31, 2000 were 68.0%  compared  with
68.2% for the same year-ago period.

         For the  quarter  ended  March 31,  2000 the  Company  recorded a gross
profit of  $2,955,000  compared  to a gross  profit of  $2,525,000  for the same
period last year, an increase of $430,000 or 17.0%. The increase in gross profit
is the result of increased  sales  volume.  Gross  profit for the quarter  ended
March 31, 2000, as a percentage  of revenue was 32.0%  compared to 31.8% for the
quarter ended March 31, 1999.

         Selling,  General and  Administrative  ("SG&A")  expenses for the three
months ended March 31, 2000 were $1,150,000 as compared to $1,058,000 during the
same year-ago  period,  an increase of $92,000 or 8.7%.  The increase in SG&A is
primarily  attributable  to an  increase in labor cost which is the result of an
increased number of employees and compensation increases.
<PAGE>

         Interest expense for the three months ended March 31, 2000 was $345,000
compared to $300,000  for the same  year-ago  period,  an increase of $45,000 or
15.0%. The increase in interest expense is a result of additional borrowings for
equipment acquisitions made in 1999.


Liquidity and Capital Resources

         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 $2,428,000 at March
31, 2000.  It is payable in monthly  installments  of $81,000  plus  interest at
prime plus 1%  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 March 31, 2000.  The  revolving  loan bears  interest at prime plus 1%,
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 days written notice.

       During the year ended December 31, 1999, the Company entered into capital
lease  obligations  amounting to $8,060,000  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.
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
quarter ended March 31, 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  $2,428,000  at March 31, 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
             27.1 Financial Data Schedule

         (b) Reports on Form  8-K
             None



<PAGE>



                                   Signatures

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

                                         LASER-PACIFIC MEDIA CORPORATION
                                                      (Registrant)


     Dated:  May 4, 2000                  /s/  James R. Parks
                                          -------------------
                                               James R. Parks
                                               Chief Executive Officer

     Dated:  May 4, 2000                  /s/ Robert McClain
                                          ------------------
                                               Robert McClain
                                               Chief Financial Officer
                                   (Principal Financial and Accounting Officer)