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, 2001
                               ----------------------------------------------


                         Commission File Number 1-5426.
                         ------------------------------



                             THOMAS INDUSTRIES INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


         Delaware                                      61-0505332
--------------------------------------------------------------------------------
 (State or other jurisdiction of                    (I.R.S. Employer
 incorporation or organization)                      Identification No.)


4360 Brownsboro Road, Louisville, Kentucky                     40207
--------------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code         502/893-4600
                                                  ----------------------------


                                 Not Applicable
--------------------------------------------------------------------------------
        (Former name, former address, and former fiscal year, if changed
                              since last report.)

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  twelve 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 issuer's  Common Stock, $1 par value, as of
April 28, 2001, was 15,161,185 shares.











                                  Page 1 of 11

<PAGE>

PART I.  FINANCIAL INFORMATION
------   ---------------------

Item 1.  Financial Statements (Unaudited)


                     THOMAS INDUSTRIES INC. AND SUBSIDIARIES
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                 (Dollars in Thousands Except Amounts Per Share)


                                                           Three Months Ended
                                                                March 31
                                                           ------------------
                                                            2001         2000
                                                            ----         ----

Net sales                                                 $49,696        $50,811
Cost of products sold                                      31,395         33,012
                                                           ------         ------
Gross profit                                               18,301         17,799
Selling, general, and
  administrative expenses                                  11,384         11,159
Equity income from Lighting                                 5,061          5,411
                                                           ------         ------
Operating income                                           11,978         12,051
Interest expense                                              942            987
Interest income and other                                     612            575
                                                           ------         ------
Income before income taxes                                 11,648         11,639
Income taxes                                                4,368          4,481
                                                           ------         ------
Net income                                                $ 7,280        $ 7,158
                                                           ======         ======
Net income per share:
    Basic                                                    $.48           $.46
    Diluted                                                  $.47           $.45

Dividends declared per share                                $.085          $.075

Weighted average number of shares outstanding
  Basic                                                    15,117         15,582
  Diluted                                                  15,620         15,950


See notes to condensed consolidated financial statements.









                                       2

<PAGE>

<TABLE>

                     THOMAS INDUSTRIES INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in Thousands)
<CAPTION>

                                                                 (Unaudited)
                                                                   March 31               December 31
ASSETS                                                               2001                     2000*
                                                                     ----                     ----
<S>                                                                 <C>                     <C>
Current assets:
  Cash and cash equivalents                                         $  8,288                $ 13,941
  Accounts receivable, less allowance
    (2001--$766; 2000--$752)                                          24,436                  22,255
  Inventories:
    Finished goods                                                     6,964                   7,046
    Raw materials                                                     11,020                  11,032
    Work in process                                                    4,542                   4,210
                                                                     -------                 -------
                                                                      22,526                  22,288
  Deferred income taxes                                                3,170                   3,082
  Other current assets                                                 3,491                   2,251
                                                                     -------                 -------
                            Total current assets                      61,911                  63,817
Investment in GTG                                                    173,143                 168,954
Property, plant and equipment                                         88,818                  87,556
  Less accumulated depreciation and amortization                      49,143                  48,035
                                                                     -------                 -------
                                                                      39,675                  39,521
Note receivable from GTG                                              22,287                  22,287
Intangible assets--less accumulated amortization                       9,594                  10,111
Other assets                                                           3,677                   3,430
                                                                     -------                 -------
                                    Total assets                    $310,287                $308,120
                                                                     =======                 =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Notes payable                                                     $  5,750                $     --
  Accounts payable                                                     7,289                   7,385
  Accrued expenses and other current liabilities                      18,878                  18,014
  Current portion of long-term debt                                    7,786                   7,786
                                                                     -------                 -------
                       Total current liabilities                      39,703                  33,185
Deferred income taxes                                                  9,319                   9,415
Long-term debt (less current portion)                                 32,983                  40,727
Other long-term liabilities                                            6,965                   7,436
                                                                     -------                 -------
                               Total liabilities                      88,970                  90,763
Shareholders' equity:
  Preferred Stock, $1 par value,
    3,000,000 shares authorized--none issued                              --                      --
  Common Stock, $1 par value, shares authorized:
    60,000,000; shares issued: 2001 -- 17,774,045;
                               2000 -- 17,670,342                     17,774                  17,670
  Capital surplus                                                    113,046                 111,982
  Deferred compensation                                                  715                     401
  Treasury stock held for deferred compensation                         (715)                   (401)
  Retained earnings                                                  141,145                 135,153
  Accumulated other comprehensive income (loss)                      (12,191)                 (9,058)
  Less cost of treasury shares:
    (2001--2,622,339; 2000--2,619,039)                               (38,457)                (38,390)
                                                                     -------                 -------
                      Total shareholders' equity                     221,317                 217,357
                                                                     -------                 -------
      Total liabilities and shareholders' equity                    $310,287                $308,120
                                                                     =======                 =======


*Derived from the audited  December 31, 2000,  consolidated  balance sheet.  See
 notes to condensed consolidated financial statements.

</TABLE>

                                       3
<PAGE>


                     THOMAS INDUSTRIES INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                             (Dollars in Thousands)

                                                           Three Months Ended
                                                                 March 31
                                                                 --------
                                                             2001         2000
                                                             ----         ----

Operating activities:
Net income                                                 $ 7,280      $ 7,158
Adjustments to reconcile net income to net
  cash (used in)/provided by operating activities:
        Depreciation and amortization                        2,140        2,189
        Deferred income taxes                                 (334)        (280)
    Equity income from Lighting                             (5,061)      (5,411)
        Other items                                             24          133
    Changes in operating assets and liabilities:
               Accounts receivable                          (2,720)      (4,640)
               Inventories                                  (1,074)        (380)
               Accounts payable                                 19        1,083
               Accrued expenses and other liabilities          475        3,864
               Other                                        (1,148)         322
                                                           -------       ------
Net cash (used in)/provided by operating activities           (399)       4,038

Investing activities:
   Purchases of property, plant and equipment               (2,596)      (2,002)
   Sale of property, plant and equipment                        10            2
                                                           -------        -----
Net cash used in investing activities                       (2,586)      (2,000)

Financing activities:
   Proceeds from notes payable to banks, net                 5,750          600
   Payments on long-term debt                               (7,744)
(7,743)
   Treasury stock purchased                                    (67)      (5,334)
   Dividends paid                                           (1,129)      (1,187)
   Other                                                     1,168          316
                                                           -------        ------
Net cash used in financing activities                       (2,022)     (13,348)
Effect of exchange rate change                                (646)        (306)
                                                           -------        ------

Net decrease in cash and cash equivalents                   (5,653)     (11,616)

Cash and cash equivalents at beginning of period            13,941       16,487
                                                            ------       ------

Cash and cash equivalents at end of period                 $ 8,288      $ 4,871
                                                            ======       ======



See notes to condensed consolidated financial statements.

                                       4
<PAGE>


                     THOMAS INDUSTRIES INC. AND SUBSIDIARIES


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


Note A - Basis of Presentation
------------------------------

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  reporting and with the instructions to Form 10-Q and Article 10-01 of
Regulation  S-X.  Accordingly,  they  do not  include  all the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements.

The results of operations for the  three-month  period ended March 31, 2001, are
not  necessarily  indicative  of the results  that may be expected  for the year
ending  December  31,  2001.  In the  opinion  of  management,  all  adjustments
considered  necessary for a fair  presentation  have been included.  For further
information,  refer  to the  consolidated  financial  statements  and  footnotes
included in the Company's Annual Report on Form 10-K for the year ended December
31, 2000.


Note B - Contingencies
----------------------

In the normal  course of business,  the Company is a party to legal  proceedings
and claims. When costs can be reasonably estimated,  appropriate liabilities for
such matters are recorded.  While  management  currently  believes the amount of
ultimate  liability,  if any, with respect to these actions will not  materially
affect the  financial  position,  results of  operations,  or  liquidity  of the
Company,  the  ultimate  outcome  of  any  litigation  is  uncertain.   Were  an
unfavorable outcome to occur, the impact could be material to the Company.


Note C - Comprehensive Income
-----------------------------

Reconciliation  of net income to  comprehensive  income for the period indicated
follows:

(In Thousands)
For the three months ended March 31:               2001             2000
                                                   ----             ----

        Net income                                $7,280           $7,158
        Foreign currency translation              (3,133)          (1,215)
                                                   -----            -----
        Comprehensive income                      $4,147           $5,943
                                                   =====            =====





                                       5
<PAGE>






Note D - Net Income Per Share
-----------------------------

The  computation of the numerator and denominator in computing basic and diluted
net income per share follows:

    (In Thousands)                                          Three Months
                                                          Ended March 31
                                                          --------------
                                                         2001        2000
                                                         ----        ----
    Numerator:
        Net income                                    $ 7,280       $ 7,158
                                                       ======        ======

    Denominator:
        Weighted average shares outstanding            15,117        15,582

    Effect of dilutive securities:
        Director and employee stock options               486           334
        Employee performance shares                        17            34
                                                       ------        ------
        Dilutive potential common shares                  503           368
                                                       ------        ------
        Denominator for diluted earnings per
             share--adjusted weighted average
             shares and assumed conversions            15,620        15,950
                                                       ======        ======


Note E - Genlyte Thomas Group LLC
---------------------------------

The following table contains  certain  unaudited  financial  information for the
Joint Venture.
                            Genlyte Thomas Group LLC
                         Condensed Financial Information
                             (Dollars in Thousands)

                                                   (Unaudited)
                                                    March 31         December 31
                                                     2001               2000
                                                     ----               ----
         Balance sheet:
              Current assets                        $336,939          $326,626
              Long-term assets                       282,420           288,082
              Current liabilities                    159,353           177,454
              Long-term liabilities                   97,957            89,948

                                                    Three Months Ended
                                                         March 31
                                                --------------------------------
                                                     2001               2000
                                                     ----               ----
         Income statement:
              Net sales                             $244,795          $246,360
              Gross profit                            85,347            83,940
              Earnings before interest and taxes      19,929            20,196
              Net income*                             17,632            18,563

     *Amounts recorded by Thomas Industries Inc.:

              Equity income from GTG                $  5,642          $  5,940
              Stock option expense                       (52)              --
              Amortization of excess investment         (529)             (529)
                                                     -------           -------
              Equity income reported by Thomas      $  5,061          $  5,411
                                                     =======           =======

                                       6
<PAGE>

Note F - Receivables from Affiliate
-----------------------------------

Our note  receivable  from GTG at March 31, 2001,  and  December  31,  2000,  is
$22,287,000  which represents a debt  equalization note payable to Thomas by GTG
related to the formation of the Joint Venture.  Interest on the principal amount
outstanding  under the note  accrues  at a  variable  rate and is  payable  on a
quarterly basis. The principal amount of the note is due on August 29, 2003, and
may be prepaid in whole or in part at any time without premium or penalty.


Note G - Segment Disclosures
----------------------------

(In Thousands)                                          Three Months Ended
                                                           March 31
                                                    --------------------------
                                                        2001        2000
                                                        ----        ----
Revenues

Total net sales including intercompany sales
  Pump and Compressor                               $56,482           $55,573

Intercompany sales
  Pump and Compressor                                (6,786)           (4,762)
                                                      -----             -----

Net sales to unaffiliated customers
  Pump and Compressor                               $49,696           $50,811
                                                     ======            ======

Operating Income
  Pump and Compressor                               $ 8,543           $ 8,474
  Lighting*                                           5,061             5,411
  Corporate                                          (1,626)           (1,834)
                                                     ------             -----
                                                    $11,978           $12,051
                                                     ======            ======

*Consists of equity income of $5,642,000 in 2001 and $5,940,000 in 2000 from our
32% interest in the Genlyte Thomas Group (GTG) joint  venture,  less $529,000 of
amortization in both 2001 and 2000 of Thomas' excess investment and less $52,000
in 2001 related to expense  recorded for Thomas  Industries stock options issued
to GTG employees.


Note H - Shipping and Handling Costs
------------------------------------

In September  2000, the Emerging Issues Task Force (EITF) reached a consensus on
Issue 00-10,  "Accounting  for  Shipping and Handling  Fees and Costs." The EITF
requires that all shipping and handling  amounts  billed to a customer in a sale
transaction be classified as revenue. The EITF also states that a company cannot
net the shipping and handling  costs against the shipping and handling  revenues
in the financial statements. Accordingly, the Company has restated net sales and
cost of sales for the  three  months  ended  March 31,  2000,  by  reclassifying
shipping and handling costs totaling $425,000 from net sales to cost of sales.


                                       7


<PAGE>

Note I - Short-Term Borrowings
------------------------------

As of March 31, 2001, the Company had short-term  borrowings of $5,750,000 which
bear interest at variable  rates.  These  borrowings were primarily used to fund
working  capital needs,  capital  expenditures,  and our long-term debt payment.
Short-term  borrowings at December 31, 2000,  and March 31, 2000,  were zero and
$600,000, respectively.



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

Results of Operations
---------------------

Net sales during the first quarter ended March 31, 2001, decreased 2.2% to $49.7
million  compared to $50.8 million for the first  quarter of 2000.  The 2000 net
sales and cost of sales have been restated due to an Emerging  Issues Task Force
consensus on Issue 00-10, "Accounting for Shipping and Handling Fees and Costs,"
as noted in our 2000 Annual Report. Our North American  operations had a decline
in net sales,  primarily as a result of our larger OEM medical customers pushing
out orders and  adjusting  their  inventories.  Our  European  and Asia  Pacific
operations showed strong results despite weakening local currencies. Our overall
sales would be 3% higher if measured in constant exchange rates.

Operating  income for the first quarter ended March 31, 2001, was $12.0 million,
or .6%  lower  than  the  prior-year  amount  of  $12.1  million.  Our  Pump and
Compressor  Segment  posted an .8%  increase in  operating  income over the 2000
first quarter.  This was  principally  due to favorable  sales mix and continued
cost reduction programs in our manufacturing process. As a percent of net sales,
our gross  profit and  operating  income  percentages  for this  segment  showed
improvement  over the first  quarter of 2000.  Our  Lighting  Segment (GTG Joint
Venture)  results  decreased  to $5.1  million  in the  first  quarter  of 2001,
compared to $5.4 million in the same period last year. This was primarily due to
our share of  increased  interest  expense,  foreign  income tax,  and  domestic
franchise tax at the Joint Venture level,  which were higher due to acquisitions
made by the  Joint  Venture.  Additionally,  the  economic  slowdown  has led to
relatively flat sales for the Joint Venture.

Net income for the 2001 first  quarter of $7.3  million was 1.7% higher than the
$7.2  million  for  the  comparable  2000  period  and  was  a  record  for  any
first-quarter  period.  The increase was primarily  related to a lower effective
tax rate in the first quarter of 2001.

Interest expense for the 2001 first quarter was $.9 million,  or 4.6% lower than
the 2000 amount of $1.0 million.  This  reduction  was primarily  related to the
$7.7 million  payment of long-term  debt on January 31, 2001,  which reduced our
interest expense over the prior-year amount.




                                       8

<PAGE>


Item 2.  Management's  Discussion  and  Analysis - Continued

Our note  receivable  from GTG at March 31, 2001,  and  December  31,  2000,  is
$22,287,000 which represents the debt equalization note payable to Thomas by GTG
related to the formation of the Joint Venture.  Interest on the principal amount
outstanding  under the note  accrues  at a  variable  rate and is  payable  on a
quarterly basis. The principal amount of the note is due on August 29, 2003, and
may be prepaid in whole or in part at any time without premium or penalty.

Working  capital of $22.2  million at March 31, 2001, is $8.4 million lower than
the amount at December  31,  2000,  primarily  resulting  from the $7.7  million
long-term  debt  payment on  January  31,  2001,  capital  expenditures  of $2.6
million,  increases in accounts  receivable  of $2.7  million,  and increases in
inventory of $1.1 million, offset by proceeds from short-term borrowings of $5.8
million.  For the period December 31, 2000,  through March 31, 2001, the Company
purchased an additional 3,300 shares under the stock repurchase program that was
announced in December 1999. Through May 11, 2001, the Company has purchased,  on
a  cumulative  basis,  879,189  shares at an  aggregate  cost of $17.3  million.
Accounts receivable at March 31, 2001, have increased by 9.8% since December 31,
2000, due to a higher concentration of shipments occurring toward the end of the
first  quarter of 2001  compared to the end of the fourth  quarter of 2000.  The
number of days sales in receivables at March 31, 2001,  compared to December 31,
2000,  has decreased to 45.9 days from 49.3.  Annualized  inventory  turnover at
March 31, 2001, of 4.94 decreased from the December 31, 2000, level of 5.04.

Certain loan agreements of the Company include  restrictions on working capital,
operating  leases,  tangible net worth,  and the payment of cash  dividends  and
stock distributions. Under the most restrictive of these arrangements,  retained
earnings of $71.4 million are not restricted at March 31, 2001.

As of March 31, 2001,  the Company had  available  credit of $15.3  million with
banks  under  borrowing   arrangements,   of  which  $7.3  million  was  unused.
Anticipated funds from operations,  along with available  short-term credit, are
expected to be sufficient to meet cash  requirements in the year ahead.  Cash in
excess of  operating  requirements  will  continue to be invested in  investment
grade, short-term securities.

New European Currency
---------------------

Eleven  European  countries  (The European  Monetary  Union) have  implemented a
single currency zone as of January 1, 1999. The new currency (euro) will replace
the existing currencies of the participating  countries. The transition from the
various  currencies to the euro is occurring  over a three-year  period and will
become effective in 2002. The software used by our European  operations has been
modified to accommodate the dual currencies during the transition period. A team
is in place to monitor any changing EMU  requirements  and has  established  the
final conversion timetable for the single EMU currency.



                                      9

<PAGE>


Item 2.  Management's  Discussion  and  Analysis - Continued

While  management  currently  believes the Company has accommodated any required
changes  in its  operations,  there  can be no  assurance  that  its  customers,
suppliers,  service  providers,  or  government  agencies will all meet the euro
currency requirements in a timely manner. Such failure to complete the necessary
work on a timely basis could result in material financial risk.


Item 3.  Quantitative and Qualitative Disclosures about Market Risk

The Company's long-term debt bears interest at fixed rates with the exception of
the $8  million  note that  accrues  interest  at a  variable  rate.  Short-term
borrowings are also priced at variable  interest rates. The Company's results of
operations  and cash flows,  therefore,  would only be affected by interest rate
changes to the extent of variable  rate debt.  At March 31,  2001,  the variable
rate debt outstanding was $13.8 million,  consisting of the $8 million long-term
note and the $5.8 million of short-term  borrowings.  A 100 basis point movement
in the interest rate on the $13.8  million  variable rate debt would result in a
$138,000 annualized effect on interest expense and cash flows.

The Company also has a long-term note  receivable  from GTG of $22,287,000  that
bears interest at a variable rate. Therefore,  a 100 basis point movement in the
interest rate on the  $22,287,000  note would result in an approximate  $223,000
annualized effect on interest income and cash flows.

The fair value of the  Company's  long-term  debt with fixed  interest  rates is
estimated  based on current  interest  rates  offered to the Company for similar
instruments.  A 100 basis point movement in the interest rate would result in an
approximate $700,000 annualized effect on the fair value of long-term debt.

The Company has  significant  operations  consisting of sales and  manufacturing
activities in foreign countries.  As a result,  the Company's  financial results
could be  significantly  affected by factors such as changes in foreign currency
exchange rates or changing  economic  conditions in the foreign markets in which
the Company manufactures or distributes its products. Currency exposures for our
Pump and Compressor  Segment are  concentrated  in Germany but exist to a lesser
extent in other parts of Europe and Asia. Our Lighting Segment currency exposure
is primarily in Canada.


PART II. OTHER INFORMATION
-------  -----------------

Item 6.  Exhibits and Reports on Form 8-K

          (a)      Exhibits

                       None

          (b)  No reports on Form 8-K were filed during the quarter.



                                       10

<PAGE>


                                    SIGNATURE

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.

                                               THOMAS INDUSTRIES INC.
                                         ---------------------------------------
                                                   Registrant


                                         /s/ Phillip J. Stuecker
                                         ---------------------------------------
                                         Phillip J. Stuecker, Vice President and
                                           Chief Financial Officer

Date      May 11, 2001
    ------------------------




                                       11