SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q



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

For the quarterly period ended:              September 30, 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                       (IRS Employer
     incorporation or organization)                    Identification No.)


4360 Brownsboro Road, Louisville, Kentucky                    40207
------------------------------------------        ------------------------------
  (Address of principal executive office)                  (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
October 27, 2001, was 15,197,761 shares.








                                  Page 1 of 11

<PAGE>

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

<TABLE>

                     THOMAS INDUSTRIES INC. AND SUBSIDIARIES
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                     (In Thousands Except Amounts Per Share)
<CAPTION>


                                                 Three Months Ended      Nine Months Ended
                                                     September 30            September 30
                                                 ------------------     ------------------

                                                   2001       2000       2001        2000
                                                 --------   --------   --------   --------


<S>                                              <C>        <C>        <C>        <C>
Net sales                                        $ 44,008   $ 45,048   $140,619   $144,295
Cost of products sold                              28,613     28,503     90,170     92,122
                                                 --------   --------   --------   --------
Gross profit                                       15,395     16,545     50,449     52,173

Selling, general, and
  administrative expenses                          10,733     10,364     32,720     32,375
Equity income from Lighting                         6,508      6,556     17,681     17,862
                                                 --------   --------   --------   --------

Operating income                                   11,170     12,737     35,410     37,660
Interest expense                                      914        968      2,800      2,939
Interest income and other                             312        538      1,331      2,410
                                                 --------   --------   --------   --------
Income before income taxes                         10,568     12,307     33,941     37,131
Income taxes                                        3,963      4,736     12,728     13,990
                                                 --------   --------   --------   --------
Net income                                       $  6,605   $  7,571   $ 21,213   $ 23,141
                                                 ========   ========   ========   ========
Net income per share:
  Basic                                          $    .43   $    .49   $   1.40   $   1.49
  Diluted                                        $    .42   $    .48   $   1.35   $   1.46

Dividends declared per share                     $   .085   $   .075   $   .255   $   .225

Weighted average number of shares outstanding:
  Basic                                            15,184     15,399     15,155     15,499
  Diluted                                          15,721     15,750     15,674     15,833



See notes to condensed consolidated financial statements.


</TABLE>


                                       2

<PAGE>



                     THOMAS INDUSTRIES INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in Thousands)
                                                      (Unaudited)
                                                     September 30   December 31
                                                         2001          2000*
                                                         ----          ----
ASSETS
Current assets
  Cash and cash equivalents                            $ 10,962       $ 13,941
  Accounts receivable, less allowance
       (2001--$899; 2000--$752)                          23,259         22,255
  Inventories:
       Finished products                                  6,504          7,046
       Raw materials                                     11,438         11,032
       Work in process                                    3,836          4,210
                                                        -------        -------
                                                         21,778         22,288
  Deferred income taxes                                   2,969          3,082
  Other current assets                                    3,034          2,251
                                                        -------        -------
                            Total current assets         62,002         63,817
Investment in GTG                                       179,727        168,954
Property, plant, and equipment                           93,907         87,556
  Less accumulated depreciation and amortization         53,505         48,035
                                                        -------        -------
                                                         40,402         39,521
Note receivable from GTG                                 22,287         22,287
Intangible assets--less accumulated amortization          9,532         10,111
Other assets                                              3,729          3,430
                                                        -------        -------
                                    Total assets       $317,679       $308,120
                                                        =======        =======

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Notes payable                                        $    350       $    --
  Accounts payable                                        6,519          7,385
  Accrued Expenses and other current liabilities         17,845         18,014
  Current portion of long-term debt                       7,786          7,786
                                                        -------        -------
                       Total current liabilities         32,500         33,185
Deferred income taxes                                     9,407          9,415
Long-term debt (less current portion)                    34,955         40,727
Other long-term liabilities                               6,698          7,436
                                                        -------        -------
                               Total liabilities         83,560         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--17,812,511
                                2000--17,670,342         17,812         17,670
  Capital surplus                                       113,410        111,982
  Deferred compensation                                     751            401
  Treasury stock held for deferred compensation            (751)         (401)
  Retained earnings                                     152,498        135,153
  Accumulated other comprehensive income (loss)         (11,144)        (9,058)
  Less cost of treasury shares:
       (2001--2,622,339; 2000--2,619,039)               (38,457)       (38,390)
                                                        -------        -------
                      Total shareholders' equity        234,119        217,357
                                                        -------        -------
      Total liabilities and shareholders' equity       $317,679       $308,120
                                                        =======        =======

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

                                       3

<PAGE>


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

                                                            Nine Months Ended
                                                              September 30
                                                            --------------------
                                                              2001       2000
                                                              ----       ----
Operating activities:
  Net income                                                $21,213     $23,141
  Adjustments to reconcile net income to net
    cash (used in)/provided by operating activities:
         Depreciation and amortization                       6,300        6,372
         Deferred income taxes                                (221)        (734)
         Equity income from Lighting                       (17,681)     (17,862)
         Distributions from Lighting                         6,092        7,597
         Other items                                            81          202
         Changes in operating assets and liabilities:
           Accounts receivable                              (1,349)      (3,837)
           Inventories                                          12       (2,048)
              Accounts payable                                (810)        (159)
           Accrued expenses and other liabilities           (1,093)       3,185
           Other                                              (550)         899
                                                            ------       ------
Net cash provided by operating activities                   11,994       16,756


Investing activities:
  Purchases of property, plant and equipment                (7,033)      (7,821)

  Sale of property, plant and equipment                         26           12
                                                            ------       ------
Net cash used in investing activities                       (7,007)      (7,809)

Financing activities:
  Proceeds from notes payable to banks, net                    350         -0-
  Payments on long-term debt                                (7,772)      (7,770)
  Proceeds from long-term debt                               2,000        8,000
  Treasury stock purchased                                     (67)     (11,723)
  Dividends paid                                            (3,706)      (3,519)
  Other                                                      1,570        1,018
                                                            ------       ------
Net cash used in financing activities                       (7,625)     (13,994)
Effect of exchange rate change                                (341)        (947)
                                                            -------      ------

Net decrease in cash and cash equivalents                   (2,979)      (5,994)

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

Cash and cash equivalents at end of period                 $10,962      $10,493
                                                            ======       ======




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 nine-month  period ended  September 30, 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 periods indicated
follows.

(In Thousands)
For the three months ended September 30:               2001          2000
                                                       ----          ----

       Net income                                     $6,605        $7,571
       Foreign currency translation                    1,177        (2,081)
                                                       -----        ------
       Comprehensive income                           $7,782        $5,490
                                                       =====         =====

For the nine months ended September 30:

       Net income                                    $21,213       $23,141
       Foreign currency translation                   (2,086)       (4,207)
                                                      ------        -------
       Comprehensive income                          $19,127       $18,934
                                                      ======        ======

                                       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     Nine Months
                                                 Ended Sept. 30  Ended Sept. 30
                                                 --------------  --------------
                                                 2001     2000    2001   2000
                                                 ----     ----    ----   ----
    Numerator:
        Net income                             $ 6,605  $ 7,571  $21,213 $23,141
                                                ======   ======   ======  ======

    Denominator:
        Weighted average shares outstanding     15,184   15,399   15,155  15,499

      Effect of dilutive securities:
         Director and employee stock options       513      339      494     318
         Employee performance shares                24       12       25      16
                                                ------   ------   ------  ------
         Dilutive potential common shares          537      351      519     334
                                                ------   ------   ------  ------
         Denominator for diluted earnings per
           share--adjusted weighted average
          shares and assumed conversions        15,721   15,750   15,674  15,833
                                                ======   ======   ======  ======

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)
                                              Septemeber 30      December 31
                                                  2001              2000
                                                  ----              ----
       Balance sheet:
          Current assets                       $358,017            $326,626
          Long-term assets                      277,296             288,082
          Current liabilities                   165,742             177,454
          Long-term liabilities                  83,642              89,948

<TABLE>

                                                          Three Months            Nine Months
                                                         Ended Sept. 30           Ended Sept. 30
                                                         --------------          ---------------
                                                        2001        2000          2001       2000
                                                        ----        ----          ----       ----
       <S>                                            <C>          <C>          <C>         <C>
       Income statement:
          Net sales                                   $251,348     $259,292     $753,985    $758,866
          Gross profit                                  88,525       90,101      264,527     260,979
          Earnings before interest and taxes            24,976       24,611       68,591      67,017
          Net income*                                   22,153       22,214       60,699      60,852

   *Amounts recorded by Thomas Industries Inc.:
          Equity income from GTG                      $  7,090     $  7,109     $ 19,424    $ 19,473
          Stock option expense                             (53)         (24)        (156)        (24)
       Amortization of excess investment                  (529)        (529)      (1,587)     (1,587)
                                                       -------       ------      -------      ------
          Equity income reported by Thomas            $  6,508     $  6,556     $ 17,681    $ 17,862
                                                       =======      =======      =======     =======

</TABLE>


                                       6

<PAGE>

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

Included in Other Long-Term Assets at September 30, 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
----------------------------

<TABLE>

                                            Three Months Ended             Nine Months Ended
                                               September 30                  September 30
                                            -----------------            --------------------
                                              2001       2000            2001          2000
                                              ----       ----            ----          ----
<S>                                         <C>          <C>            <C>           <C>
Total net sales including
  intercompany sales
       Pump and Compressor                  $49,878      $51,769        $158,783      $161,902


Intercompany sales
       Pump and Compressor                  $(5,870)     $(6,721)       $(18,164)     $(17,607)
                                             ------       ------         -------       -------


Net sales to unaffiliated customers
       Pump and Compressor                  $44,008      $45,048        $140,619      $144,295
                                             ======       ======         =======       =======


Operating income
       Pump and Compressor                  $ 5,909      $ 7,659        $ 22,018      $ 24,827
       Lighting*                              6,508        6,556          17,681        17,862
       Corporate                             (1,247)      (1,478)         (4,289)       (5,029)
                                             ------       ------         -------       -------
                                            $11,170      $12,737        $ 35,410      $ 37,660
                                             ======       ======         =======       =======

</TABLE>

*Three months ended September 30 consists of equity income of $7,090,000 in 2001
and  $7,109,000  in 2000 from our 32%  interest  in the joint  venture,  Genlyte
Thomas Group LLC (GTG),  less $529,000 of  amortization in both 2001 and 2000 of
Thomas' excess investment and less $53,000 in 2001 and $24,000 in 2000,  related
to expense recorded for Thomas Industries stock options issued to GTG employees.
Nine months ended  September 30 consists of equity income of $19,424,000 in 2001
and  $19,473,000  in 2000  from our 32%  interest  in GTG,  less  $1,587,000  of
amortization  in both  2001  and  2000 of  Thomas'  excess  investment  and less
$156,000 in 2001 and  $24,000 in 2000,  related to expense  recorded  for Thomas
Industries stock options issued to GTG employees.


Note H - Accounting Pronouncement
---------------------------------

In September  2000, the Emerging  Issues Task Force 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, Thomas has restated net sales and cost
of sales for the three  months and nine months  ended  September  30,  2000,  by
reclassifying  shipping  and handling  costs  totaling  $384,000 and  $1,277,000
respectively, from net sales to costs of sales.


                                       7

<PAGE>

In July 2001,  the  Financial  Accounting  Standards  Board issued SFAS No. 141,
"Business  Combinations"(SFAS  141)  and  SFAS  No.  142,  "Goodwill  and  Other
Intangible  Assets" (SFAS 142).  These  statements  establish new accounting and
reporting  standards  for  business  combinations  and  associated  goodwill and
intangible assets.  SFAS 141, effective  immediately,  eliminates the pooling of
interest  method  of  accounting  and  amortization  of  goodwill  for  business
combinations initiated after June 30, 2001. SFAS 142, effective January 1, 2002,
will require that goodwill and intangible assets with indefinite useful lives no
longer be amortized,  but instead be tested for impairment at least annually. We
are  currently  reviewing  the  statements  to  determine  their  impact  on the
Company's results of operations and financial position.


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

As of September  30, 2001,  the Company had  short-term  borrowings  of $350,000
which bear interest at variable rates.  These  borrowings were primarily used to
fund working capital needs and capital expenditures.  We paid down $3,700,000 of
short-term borrowings during the third quarter of 2001. Short-term borrowings at
December 31, 2000, and September 30, 2000, were zero.

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

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

Net sales during the third quarter ended  September 30, 2001,  decreased 2.3% to
$44 million  compared to $45 million for the third 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.  The shortfall in sales came primarily from
the North American  operations,  where we experienced  softness and continued to
see many of our  customers  push out or  cancel  orders.  A bright  spot for the
quarter was in the medical  market,  which  comprises  over a third of our North
American sales.  Oxygen  concentrator  sales, which represent our single largest
application in the medical  market,  increased 19 percent over the third quarter
of 2000.  The  European and Asia Pacific  operations  were flat  compared to the
third  quarter of 2000,  primarily  due to  softness  in certain  markets and to
weakening local currencies.  Overall third quarter sales would be 1.3% higher if
measured in constant  exchange rates. Net sales for the nine-month  period ended
September 30, 2001, were $140.6 million compared to $144.3 million for the prior
year. This decline was attributed to softness in the North American  operations,
while the European and Asia Pacific  operations  posted  increases in net sales,
despite negative currency effects. Overall sales for the nine-month period would
be 2.2% higher if measured in constant exchange rates.

Operating  income for the third  quarter  ended  September  30, 2001,  was $11.2
million or 12.3% lower than the prior-year amount of $12.7 million. The Pump and
Compressor  Segment had a 22.8% decline in operating  income over the 2000 third
quarter.  This decline was due to several factors including  pricing  pressures,
unfavorable  manufacturing  variances  due  to  lower  plant  utilization,   and
unfavorable exchange rate effects.  Also, due to the high number of OEM projects
that we are currently  working on, which may not generate sales volume until six
to  twenty  four  months  in the  future,  we  are  currently  absorbing  higher
engineering  costs. For the third quarter of 2001, our engineering  costs are up
12.6% over last year's third quarter and are also up as a percent of sales,  due
to the lower  volume.  We are  committed to this  engineering  effort which will
benefit our company in the future.  The Lighting  Segment

                                       8

<PAGE>

Item 2.  Management's Discussion and Analysis - Continued

(GTG Joint  Venture)  results  decreased  slightly to $6.5  million in the third
quarter of 2001, compared to $6.6 million in the same period last year. This was
primarily due to the Company's share of increased  interest  expense and foreign
income tax at the Joint Venture  level,  which occurred due to  acquisitions  by
GTG.  Corporate expenses decreased to $1.2 million in the third quarter of 2001,
compared  to $1.5  million  in the same  period  last  year.  This  decline  was
primarily due to lower  compensation  and professional  fees in 2001.  Operating
income for the  nine-month  period ended  September 30, 2001,  was $35.4 million
compared to $37.7  million in 2000.  The Pump and  Compressor  Segment  posted a
11.3%  decline  from  2000,  primarily  due to  pricing  pressures,  unfavorable
manufacturing  variances,  and  negative  exchange  rate  effects.  The Lighting
Segment's  income  decreased to $17.7 million in the nine-month  period of 2001,
compared  to $17.9  million  in 2000.  This  decline  was  primarily  due to the
Company's  share of  increased  interest  expense  and  foreign tax at the Joint
Venture level,  which occurred due to  acquisitions by GTG.  Corporate  expenses
also decreased to $4.3 million in 2001,  compared to $5.0 million in 2000,  with
the reduction primarily due to reduced compensation and professional fees.

Net income for the 2001 third  quarter of $6.6  million was 12.8  percent  lower
than the $7.6  million  for the  comparable  2000  period.  Net  income  for the
nine-month  period ended September 30, 2001, was $21.2 million compared to $22.3
million  in 2000,  after  excluding  a  one-time  gain of $.8  million  from the
proceeds of a life insurance  policy recorded in the second quarter of 2000. The
third  quarter and  nine-month  decreases  from 2000 were  primarily  due to the
operating  income  discussion  above and lower interest  income on  investments,
partially  offset by lower  interest  expense and a lower  effective tax rate in
2001.

Interest expense for the 2001 third quarter was $.9 million compared to the 2000
amount of $1.0 million.  The 2001 nine-month  interest  expense was $2.8 million
compared  to $2.9  million for 2000.  The  reductions  in the third  quarter and
nine-month  periods  were  primarily  related  to the $7.7  million  payment  of
long-term debt on January 31, 2001, which carried a 9.36 percent annual interest
rate. This payment did reduce interest  expense over the prior-year  amounts but
was partially offset by interest expense in 2001 on higher amounts of short-term
borrowings  and additional  long-term  debt proceeds,  of which $8.0 million was
received on September 29, 2000, and $2.0 million on May 31, 2001. The additional
short-term  and long-term  borrowings in 2001 were at variable  interest  rates,
which were lower than the comparable rates in 2000.

The note  receivable  from GTG at September 30, 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 $29.5  million at September  30, 2001, is $1.1 million lower
than the amount at December 31, 2000,  primarily resulting from the $7.7 million
long-term  debt payment on January 31, 2001,  offset by proceeds from  long-term
borrowings  of $2.0 million  received May 31, 2001,  and  distributions  of $6.1
million from GTG. For the period December 31, 2000,  through September 30, 2001,
the  Company  purchased  an  additional  3,300  shares for the stock  repurchase
program that was announced in December 1999. Through November 9,


<PAGE>

Item 2.  Management's Discussion and Analysis - Continued

2001, the Company has  purchased,  on a cumulative  basis,  879,189 shares at an
aggregate cost of $17.3 million. Accounts receivable at September 30, 2001, have
increased by 5.0 percent since December 31, 2000, due to a higher  concentration
of shipments  occurring  toward the end of the third quarter of 2001 compared to
the end of the fourth  quarter of 2000.  The number of days sales in receivables
at September 30, 2001, compared to December 31, 2000, has decreased to 49.0 days
from 49.3.  Inventory at September  30, 2001,  has  decreased  2.2 percent since
December 31, 2000; while annualized inventory turnover at September 30, 2001, of
4.70 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 $79.3 million are not restricted at September 30, 2001.

As of September 30, 2001,  the Company had available  credit of $10 million with
banks under borrowing  arrangements and all of this was being used.  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
eventually 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.

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 $10 million  note that accrues  interest at variable  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  September  30,
2001, the variable rate debt  outstanding  was $10.4 million,  consisting of the
$10 million long-term note and the $.4 million of short-term  borrowings.  A 100
basis point  movement in the interest  rate on the $10.4  million  variable rate
debt would result in a $104,000  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

                                       10


<PAGE>

Item 3. Quantitative and Qualitative Disclosures about Market Risk - Continued

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 $575,000 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. The 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.





                                    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    November 9, 2001
    ------------------------