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

           For the Quarter Ended: February 29, 2004
                 Commission File Number: 0-7568

                   TOTH ALUMINUM CORPORATION
    (Exact name of registrant as specified in its charter)

           LOUISIANA                             72-0646580
(State or other jurisdiction of     (I.R.S. Employer Identification
  incorporation or organization)                   Number)

    HIGHWAY 18--RIVER ROAD, P.O. BOX 250, VACHERIE, LA 70090
    (Address of principal executive offices)      (Zip code)

Registrant's telephone number, including area code: (225)  265-8181

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

                              NONE
                     (Title of each class)

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

                COMMON STOCK, WITHOUT PAR VALUE
                       (Title of class)

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 periods that the registrant was required  to
file   reports),  and  (2)  has  been  subject  to  such   filing
requirements for the past 90 days: Yes   X    No

Indicate  the  number  of  shares  outstanding  of  each  of  the
registrant's   classes  of  common  stock,  as  of   the   latest
practicable date:

Common stock, without par value                  35,466,193
         Class                   Outstanding at February 29, 2004

<PAGE>

                   TOTH ALUMINUM CORPORATION
                       INDEX TO FORM 10-Q
            For The Quarter Ended February 29, 2004


                                                                       Page
 Part I  Financial Information

    Balance Sheets - February 29, 2004 and August 31, 2003...........

    Statements of Operations - Six Months
    Ended February 29, 2004 and February 28, 2003....................

    Statements of Cash Flows - Six Months
    Ended February 29, 2004 and February 28, 2003....................

    Notes to Financial
    Statements.......................................................

    Management's Discussion and Analysis of the Financial
    Conditions and Results of Operations.............................



Part II Other
    Information......................................................



<TABLE>
TOTH ALUMINUM CORPORATION (A DEVELOPMENT STAGE ENTERPRISE)
COMBINED BALANCE SHEETS (UNAUDITED)
                                               February 29,      AUGUST 31,


                                                  2004             2003
ASSETS
<S>                                            <C>                <C>
CURRENT ASSETS:
Cash.....................................      $    380              570
Total Current Assets.....................           380              570

Property, Plant and Equipment Net........             -                -

OTHER ASSETS
Investments in and Advances to
     Armant Partnership Net..............             -                -
Patents and Patent Rights (net of
     Accumulated amortization:...........        27,124           27,998
Total Other Assets.......................        27,124           27,998

TOTAL....................................      $ 27,504         $ 28,568

See notes to financial statement



                                              February 29,      August 31,
                                                  2004             2003
LIABILITIES

CURRENT LIABILITIES:
Notes payable-related parties...........      $  23,100         $ 23,100
Notes payable-bank......................             -                -
Notes payable-other ....................        300,000          300,000
Accounts payable:
     Trade..............................      1,203,457        1,109,555
     Officers and employees.............      1,135,187        1,062,427
Accrued salaries .......................      3,895,117        3,517,660
Accrued expenses .......................        994,435          935,140
Accrued interest payable................      7,345,951        6,206,906
Total current liabilities...............     14,897,247       13,154,788

Series "A-1" Convertible Promissory Note1
  Related Parties Principal.............     12,080,096       12,080,096
     Accrued interest payable...........     10,976,581       10,251,777
 Non-Related Parties Principal..........      5,978,421        5,978,421
     Accrued interest payable...........      9,180,524        8,821,820
     Total Series "A-1" Notes...........     38,215,622       37,132,114

CONVERTIBLE DEBENTURES PAYABLE
     (net of discounts, commissions,
     and offering costs of $1563........         20,437           20,437

STOCKHOLDERS' EQUITY:
Common stock - no par value.............     38,258,097*      38,258,097*
Common stock subscribed.................         20,000           20,000
Paid in capital.........................        164,774          164,774
Deficit accumulated during the
     development stage..................    (91,548,673)     (88,721,641)
Total stockholders' equity..............    (53,105,802)     (50,278,771)


TOTAL...................................      $  27,504        $  28,568


*See section 11, notes to Financial Statements of the August 31, 2003 10-K.
</TABLE>
<PAGE>

TOTH ALUMINUM CORPORATION  (A DEVELOPMENT STAGE ENTERPRISE)
STATEMENTS OF OPERATIONS (UNAUDITED)
<TABLE>
                         Three Months Ended   Six Months Ended   From Inception
                          February February   February February    to February
                             29,       28,       29,        28,         29,
                            2004      2003      2004       2003        2004
COSTS AND EXPENSES:
<S>                       <C>       <C>      <C>          <C>       <C>
  Research and
Development............   $ 1,350   $ 1,130    $ 2,450    $  2,090  $  7,779,310
  Promotional, general
and administrative.....   308,586   287,890    603,414     626,911  $ 20,980,372
  Interest............. 1,376,240 1,043,829  2,472,553   1,711,050  $ 32,252,544
      Total............ 1,686,176 1,332,849  3,078,417   2,340,051  $ 61,275,589


OTHER (INCOME) EXPENSE:


Loss in Investment and
   Advances to ArmantA..                                              17,661,102

Equity in loss
of Armant..............                                               12,864,345
 NET LOSS.............. 1,686,176 1,332,849  3,078,417   2,340,051  $ 91,548,673


Loss Per Common Share..      $.05      $.03      $.09        $.06

</TABLE>
A-Due to the prolonged delay in attaining the necessary funding, the
company was forced to write down $17,471,835 of its investment in and
advances to Armant.



See notes to financial statements.

TOTH ALUMINUM CORPORATION (A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF CASH FLOW
<TABLE>
                                    Six Months Ended        From Inception
                                        February 29,        To February 29,
                                    2004          2003            2004
<S>                            <C>             <C>           <C>
OPERATING ACTIVITIES
NET LOSS...................... $(3,078,417)    $(2,340,051)   ($91,548,673)

ADJUSTMENTS TO RECONCILE
  NET INCOME TO NET CASH
  PROVIDED BY OPERATING
  ACTIVITIES:

 Depreciation and
   amortization...............                                   1,214,879
 Amortization and write
   off of patents.............          874                        442,860
 Amortization of prepaid
   leases.....................          -              -           302,424
 Amortization of financing
   Cost.......................                                      95,000
 Loss on divestiture of
   Subsidiaries...............                                     912,586
 Loss from joint venture......                                  11,130,435
 Other........................                                     111,616
 Proceeds from royalty
   Prepayments................                                     172,760
 Prepayment of Leases.........                                     (16,104)
 Disposition of property,
   Plant, and equipment.......                                      27,745

CHANGES IN OPERATING ASSETS
  AND LIABILITIES:

  Increases in accounts
    receivable.................
  Decrease (Increase) in
    Prepaid expenses...........                                    (27,371)
  Increase in accounts payable
    and accrued expenses.......    604,800        636,385       19,336,434
  Increase (decrease) in notes
    notes payable..............  2,472,553      1,711,050       37,016,218
                                      (190)         7,384    ($ 20,828,834)


<PAGE>
TOTH ALUMINUM CORPORATION (A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF CASH FLOWS
                                     Six Months Ended        From Inception
                                        February 29,         To February 29,
                                     2004           2003           2004
INVESTING ACTIVITIES:
  Purchase of property, plant
    and equipment.............                                ($ 1,159,046)
  Acquisition of patents......                     (7,574)        (451,049)
  Cash investment in and
    Advances to TACMA.........                                  (1,076,595)
  Cash investments in and
    advances to Armant........                                 (20,760,548)
  Write off of Investments in
    and Cash advance to Armant.                                 17,408,589
  Proceeds from sale of net
    Profit interest...........   _________        ________     $    50,000
                                                    (7,574)   ($ 5,988,649)
FINANCING ACTIVITIES:
  Stock issued or subscribed
    For cash..................                                  18,481,076
  Preferred stock issued
    For cash..................                                     266,400
  Proceeds from long term
    Obligations...............                                   1,430,349
  Proceeds from warrants
    Issued for cash...........                                   6,236,507
  Common stock issuance
    cost......................                                    (166,550)
  Issuance of convertible
    Debentures................                                   1,913,973
  Cash received upon
    Conversion of debentures
    To common stock...........                                     112,999
  Payment of long term
    Obligations...............     _______         ______       (1,457,071)
                                        -              -        26,817,673

INCREASE (DECREASE) IN CASH           (190)          (190)            (190)
CASH BEGINNING OF PERIOD               570            430           ______
CASH END OF PERIOD                     380            240              380

See notes to financial statements
<PAGE>
</TABLE>

TOTH ALUMINUM CORPORATION  (A DEVELOPMENT STAGE ENTERPRISE)
NOTES TO FINANCIAL STATEMENTS


1.   In  the  opinion  of management, the accompanying  unaudited
condensed financial statements contain all adjustments (consisting
only of normal recurring adjustments) necessary to present fairly
the financial position of Toth Aluminum Corporation (the Company)
as of February 29, 2004, and the results of  its  operations  and
changes in financial position for the three months then ended.

    The  accounting  policies followed by  the  Company  are  set
forth in Note 1 to the  Company's  financial  statements in Form
10-K, dated August 31, 2003.


2.   The  accompanying  unaudited  financial  statements  of  the
Company  have  been  prepared  on  a  going  concern basis, which
contemplates  the realization  of assets  and the satisfaction of
liabilities in  the normal  course of business.   The Company has
incurred net  losses  from its  inception in  August 1976 through
February  29, 2004,  and  August  31,  2003,  of $91,548,673  and
$88,721,641,  respectively.

    The  Company  plans to  fund its near term operations through
short-term  borrowing.    The  recoverability  of  the  Company's
investments in and  advances to Armant  and the recoverability of
the  capitalized cost  of Armant is  doubtful.

    The Company's ability  to continue  in existence is dependent
upon its ability to generate sufficient cash  flow  to  meet  its
continuing  obligations on a timely basis, to fund the  operating
and  capital  needs,  obtain  additional  financing  as  may   be
required, and ultimately to attain successful operations.  Should
the  Company  be  unable  to  obtain  investment  partners it may
experience significant difficulty raising funds.   These factors,
among  others, may indicate that the Company will  be  unable  to
continue  in existence.  The financial statements do not  include
any adjustments relating to the recoverability and classification
of  recorded  asset  amounts or the amount and classification  of
liabilities that might be necessary, should the Company be unable
to continue in existence.


Armant

    The  Company  is  General Partner in  a  limited  partnership
(Armant)  formed  in  1982  to  construct  and  operate  a  metal
chlorides plant in Vacherie, Louisiana. The plant, which  through
August 31, 2003, has cost approximately $23 million to construct,
has been built on land (the Armant site) owned by Empresas Lince,
S.A.,  (ELSA),  a  Central American corporation controlled  by  a
former member of the Company's Board of Directors.


Costs capitalized and deferred by Armant consisted of the
following:


                                            February 29,     August 31,
                                                2004            2003
Direct carbo-chlorination plant costs:

  Process equipment....................     $        -      $  540,000
  Other equipment......................              -              -
  Leasehold improvements...............              -              -
                                                     -         540,000

Self-construction and start-up costs:
  Salaries:
     Engineering ......................              -              -
     Plant construction and
     operations........................              -              -
     Indirect labor and overhead.......              -              -
                                                     -              -

Total..................................     $         0    $   540,000



Presented below is summarized financial information of Armant.


                                              February 29,  August 31,
                                                 2004          2003
Assets:
     Plant and equipment...............    $         -     $   540,000
     Other.............................              -              -

        Total..........................     $        -     $   540,000

Liabilities and Equity:
   Notes payable - Toth Aluminum
     Corporation.......................     $ 3,240,000    $ 3,240,000
     Notes payable - Bank..............              -              -
     Payables - Toth Aluminum Corp.....      17,420,000     17,420,000
          Other payables...............         890,000        890,000

     Equity - Toth Aluminum
          Corporation..................     (21,537,000)   (20,997,000)
          - Other......................         (13,000)       (13,000)
                                            (21,550,000)   (20,725,000)

    Total..............................    $          0  $     540,000




                                                  Six Months Ended
                                           February 29,    February 28,
                                                2004           2003

Statement of Plant Expenses
     Direct plant costs................              -              -
     Interest expense..................           6,000         12,000
     General and
           administrative costs........           8,000         16,000
Net loss                                      $  14,000      $  32,000




                                           February 29,    August 31,
                                               2004            2003
Payable to and Equity of Toth Aluminum
     Corporation:
  Notes payable........................    $ 20,013,000   $ 20,013,000
  Payables.............................       4,689,000      4,689,000
  Beginning equity of the Company......      (5,560,000)    (5,560,000)
       Less:  Loss from Armant.........     (10,989,000)   (10,989,000)
       Affiliates interest:
        Capitalized by Armant, but
         not accrued by the Company....      (5,620,000)    (5,620,000)
        Expensed by Armant, but not
         accrued by the Company........      (2,533,000)    (2,533,000)
   Investment in and advances to
         Armant........................       $       0     $        0



TACMA


    In  January  1982, the Company and an Indian company  entered
into  a Promotion Agreement providing for the formation of TACMA.
TACMA  was  formed  to  construct a plant in  India  designed  to
produce   metal  chloride  through  the  use  of  the   Company's
carbo-chlorination  processes.    During  the  fiscal  year ended
August 31, 1987,  because of the continuing  delays  in obtaining
government   approval,   the  Company   reversed   the previously
recorded  receivable  from TACMA.   During  1988,  based upon the
Company's decision to indefinitely postpone attempts to bring the
TACMA  plant  to  full  commercial  production,   its  previously
recorded investment in the TACMA  facility  was  also reversed.

4.  Notes payable consisted of the following:

                                        February 29,   August  31,
                                            2004          2003

Demand notes payable to related
    parties, unsecured:
    At 12% .........................        23,100        23,100

Notes payable to other parties,
     secured (A):
    At 12% .........................       300,000       300,000
                                           323,100       323,100
Series "A-1" Convertible
  Promissory Notes
     Payable to related parties.....    12,080,096    12,080,096
     Payable to others..............     5,978,421     5,978,421
     Interest payable...............    20,157,107    19,073,597
                                        38,215,624    37,455,214

Total...............................  $ 38,538,724  $ 37,778,314


5.  The financial statements are summarized and reference is made
to  the "NOTES TO FINANCIAL STATEMENTS" included in the Company's
Annual  Report on Form 10-K for the fiscal year ended August  31,
2003, as filed with the Securities and Exchange Commission.

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

Liquidity and Capital Resources

    During  the six months ended February 29, 2004, total  assets
decreased to $27,504 from $28,562 at August 31, 2003, and current
assets  decreased from  $570 to  $380.   The primary asset of the
Company  is its  proprietary technology,  commonly referred to as
the  TAC-ACS  process,  the  Clay-to-Aluminum  Process.   TAC has
developed  its  proprietary  clay chlorination  and  purification
technology, the TAC Process, from laboratory, through bench scale,
to large scale pilot plant and is now poised to commercialize its
breakthrough, low cost  continuous manufacturing process. Several
prestigious  engineering companies have evaluated the technology,
and have declared it ready for commercialization.

    TAC  intends  to  combine the  TAC Process with other  aluminum
chloride  smelting,  ACS,  technology,  creating  a new  integrated
TAC-ACS Process,  the  Clay-to-Aluminum   Process,  to  manufacture
primary  aluminum  and  titanium  tetrachloride  from clays.    TAC
protects part of the technology as Trade Secrets under Intellectual
Property Law.  TAC has patented parts of the technology and applied
for  a  patent  of  the continuous  process and  other parts of the
Clay-to-Aluminum Process.  Effectively, TAC has  collected, created
and maintains unique control over the  information that will enable
them  to  commercialize and  exploit  the Clay-to-Aluminum  Process
Technology more efficiently than any other party.


Total  liabilities,  including   the  Series   "A-1"    Convertible
Promissory   Note,   increased   from  $50,307,339  to  $53,133,306
during the same period.




Working Capital Meeting Operating Needs and Commitments

    From  inception,  the  Company has sustained  its  operations
primarily through funds provided by private placements and public
offerings  of   its  common  stock and short term borrowings from
individual  sources  and creditors have  been obtained,   with  a
commitment  to  continue into  the forseeable  future. Due to the
length of  its development stage activities, liquidity has always
been a continuing concern.  The  Company has incurred  net losses
from  its  inception   in   1966  through  February 29, 2004,  of
approximately  $91,548,673.  These  factors,  among  others,  may
indicate   that  the  Company   will  be  unable to  continue  in
existence.   The   financial  statements   do  not   include  any
adjustments   relating  to  the recoverability and classification
of recorded asset  amounts  or the  amount  and classification of
liabilities   that   might   be  necessary  should the Company be
unable  to  continue  in existence.   The  Company's continuation
in  existence   is   dependent   upon  its  ability   to generate
sufficient  cash  flow  to  meet  its continuing obligations on a
timely   basis,  to   obtain   additional  financing   as may  be
required,  and  ultimately  to  attain   successful   operations.
Management  believes that the plants constructed  by  Armant  and
TACMA  demonstrate  that the production of  metal  chlorides  and
aluminum  intermediates through the Company's patented  processes
is possible.

Immediate Development Plans

     TAC is committed to provide the highest-grade technology  to
empower the world's lowest cost, most energy efficient production
of  primary  aluminum  metal  and  titanium  tetrachloride,   and
associated  by-products,  and to  generate robust returns for its
investors.   Today,  the world  consumes approximately 20 million
short tons of  primary  aluminum annually, with demand growing at
approximately  3%  to  5%  per  year, creating a need for 600,000
additional tons of  primary  aluminum, every year.  TAC's initial
goal is to capture the  growth market with aluminum produced from
clay via its new chloride processing technology.   In the future,
as existing   Bayer-Hall  aluminum   plants   eventually   become
uncompetitive,  TAC foresees  that they will be replaced with new
Clay-to-Aluminum facilities.

    TAC intends to be  the catalyst for this evolutionary  change
in the aluminum industry.

    TAC's   plans  include  not  only the provision of processing
technology, but also the development and supply of operating know
how, engineering  designs and construction expertise, in order to
accomplish this vision.

    TAC is totally committed to producing the highest quality  of
primary  aluminum  metal  and  associated  chemical  products, at
lowest  cost  through  conservation  of  energy  and  the  use of
abundant  low  cost  raw  materials.   TAC intends that its Clay-
to-Aluminum  processing  will  become  the  recognized technology
for manufacturing primary aluminum.

    TAC's  future   plans  call for expanding its technology into
other  fields,  including   recovery  of  metals  from wastes and
extraction of other metals from the
ir ores.

    TAC had endeavored to commercialize its technology since 1987
but despite  the  apparent  advantages  of clay based processing;
the technology has  yet  to  be  commercially implemented.  There
are several reasons for TAC's lack  of   success   in  attracting
development Participants, but two hurdles are clearly evident.

    Firstly,  TAC  is  not  a  major  player  in aluminum and its
financial condition does  not promote confidence in its perceived
ability  to  see  the Project through to a successful conclusion.
Secondly,  in   its  past   commercialization  efforts,  TAC  had
insisted  on  maintaining  total  ownership  of  the  technology,
which was  not acceptable  to  some  prospective participants.  A
third reason is that Clay-to-Aluminum technology does not enhance
today's bauxite and alumina  based aluminum processes-it replaces
them instead.   Successful   commercialization  of  the  Clay-to-
Aluminum  process  would mean that industry's hugh investments in
existing Bayer and Hall-Heroult  plants would  eventually be made
obsolete, and the value of industry's installed  capital  assets,
and  the  value of its  bauxite  reserves  would  be  drastically
reduced.   A  fourth  hurdle  results  from   Alcoa's decision to
abandon its own chloride based  ASP  process.     TAC's  approach
to   potential  project  Participants   has  invariably  elicited
responses  similar  to  the following: "Alcoa  expensed  enormous
resources  on  their  aluminum  chloride  smelting  process,  and
yet  they  abandoned  it.   If the largest  aluminum  company  in
the world, Alcoa, will not support the technology, why should I?"

    While  this is  a logical response, Alcoa's approach was very
different  from TAC's, and our approach has some very significant
cost  and  environmental  advantages  over Alcoa's, which make us
confident   of   success.     There  are   fundamental  technical
differences  between  TAC's  Clay-to-Aluminum process and Alcoa's
ASP  technology.   There  were  also  marked  differences between
Alcoa's  and   TAC's   research   and  development  philosophies,
especially  in  regard to the crucial question of purification of
aluminum  chloride.   Several  of  the  technical  problems  that
contributed  to  Alcoa's  cost  escalations do not occur in TAC's
processes.

     The  Company's intention in the near-term is  to  focus  its
efforts  and  resources on completing a project to  commercialize
the Clay-to-Aluminum Process be undertaken in multiple steps.

     In  August  1995,  Fluor  Daniel Inc. undertook a feasibility
study of a project to construct a commercial Metal Chlorides Plant
to  manufacture aluminum chloride, silicon tetrachloride, titanium
tetrachloride  and  other  products  from clay using the company's
proprietary   carbo-chlorination   technology.     Fluor  Daniel's
assessment was highly favorable, but the Company has not succeeded
in raising the funding needed to complete the project.

     In March 1998,  the  Company negotiated with and entered into
an  Engagement  Agreement  with  a  Denver,  CO   based  financial
brokerage  firm,  Mercantile Resource Finance, Inc. (MRFI) for the
sole  purpose  of  accelerating the efforts to fully commercialize
the TAC Process. Through the end of the fiscal year, some interest
had been shown by  prospective  investors, but nothing significant
and  as  of  this  writing,  nothing material or consequential has
materialized.


     In  the  first step, which TAC has designated Phase  1,  TAC
proposes that a semi-commercial demonstration plant be built  and
operated.   Operation of this semi-commercial plant  will  permit
engineers  to  fine  tune  the  design  of  the  subsequent  full
commercial facility in Phase 2.  Equally important, the  Phase  1
plant  will  provide a hands-on training facility for  commercial
plant staff.  Phase 2 of the project will comprise the design and
construction  of a full-scale commercial Clay-to-Aluminum  plant.
Cost  of  Phase 1 is estimated to be $45 million and the cost  of
Phase 2 will be determined after Phase 1 has been completed.

     There will be two principal goals in executing Phase 1.  The
first  goal  is to refine TAC's clay chlorination procedures  for
implementation  in  commercial production  facilities.   TAC  has
already  developed these procedures to an advanced stage  in  its
pilot  plant, but the design of that pilot plant did  not  permit
long   duration,  continuous  operation  runs.    Refinement   of
procedures   will   permit  confident  scale-up   to   full-scale
commercial plant capacity.

    The second goal will be the generation of refined designs for
full-scale  commercial smelting cells.  This will be accomplished
by  constructing  and operating a complete ACS smelting  facility
that will consume a portion of the aluminum chloride produced  in
clay chlorination.  The balance of production will be marketed as
high  purity anhydrous aluminum chloride to generate revenues  to
help  defray plant-operating costs.  Smelting specialists foresee
rapid development of a final design for commercial cells in Phase
1, and anticipate that this will consume nine to twelve months of
development time.

     The  project  will  start as soon as  TAC  has  secured  the
financing   for   Phase  1.   Initial  tasks   include   detailed
engineering  design of clay chlorination and smelting facilities,
and  the  selection of a suitable plant site.  Construction  will

begin with site preparation, approximately nine months after  the
project start. After an initial ramp up period, the Phase 1 plant
is  expected to reach full design capacity within 36 months after
project start.

     After confirmation of the economic viability of the Clay-to-
Aluminum  Process,  work will begin on the second  phase  of  the
project,  namely  the design, construction  and  operation  of  a
commercial Clay-to-Aluminum plant.  TAC proposes that  a  modular
design  concept  be adopted for Phase 2, such that  the  eventual
full-scale  commercial plant will consist of a set  of  duplicate
plant   modules,   operating  in  parallel.  TAC anticipates that
additional modules  will be constructed in parallel in subsequent
years.


Results of Operations

    TAC's  Clay  Chlorination  Pilot Plant, at the Armant site in
Vacherie,  was  completed  in  1983  and  was  operated  in block
(continuous  chlorination  and   condensation  to  produce  crude
aluminum  chloride,  followed  by  continuous  operation  of  the
purification system)  mode through 1988.  Approximately 150 pilot
plant  runs  were  made, and tonnage lots of high purity aluminum
chloride  and  commercial   grade   silicon   tetrachloride  were
successfully  marketed.   TAC made several major breakthroughs in
systems  operation,  and  the  plant  sections  finally  achieved
smooth,  controlled  operation in 1987.  In l988, the Pilot Plant
was  shut  down  and  TAC planned to undertake the next stages of
its   process   commercialization   program   (higher   capacity,
continuous   mode   clay   chlorination,  and  aluminum  chloride
electrolysis)  in  expanded facilities to be acquired from Alcoa.
The  planned  transaction  with Alcoa was not completed, however,
and no furthers Pilot Plant operations have occurred since then.

    TAC  also  undertook   construction  of   an  aluminum  dross
chlorination  plant  in  New  Delhi,  India,  in partnership with
TACMA  and  a  local  secondary  aluminum  producer.   The  plant
succeeded  in demonstrating dross chlorination and the production
of crude aluminum chloride from secondary aluminum dross, but the
crude product was never purified. Due to a lack of local investor
financing,  the  purification  system  and  other sections of the
plant were never completed, and TAC withdrew from the project.

    The  Company  had  no  operating revenues  and  reported  net
losses.   The  Company  is considered to be a  development  stage
enterprise;  start-up activities had  commenced, but the  Company
has received no revenue therefrom.

    The net  loss  recognized  by  Armant  during the year  ended
August  31,  1988,  was first allocated to the  partners'  equity
accounts based upon their respective percentage interests in  the
total  partnership equity.  To the extent that this loss exceeded
the  total partners' equity, all additional losses were allocated
to  the  Company's equity interest in the partnership, since  the
Company  is  the sole general partner in the limited  partnership
and  is  at  risk  for these losses in the form  of  advances  to
The  net loss for  the six months  ended  February  29, 2004, was
$3,078,417 compared to $2,340,051 for the corresponding period in
2003.


PART II.  Other Information


Item 1.  Legal Proceedings

    See  Item  10 of the Company's Form 10-K for the  year  ended
August 31, 2003, concerning legal proceedings.


Item 6.  Exhibits and reports on Form 8.


           None

<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.


TOTH ALUMINUM CORPORATION
(Registrant)

BY:  Charles E. Toth                       Date: April 15, 2004
     Charles E. Toth
     Treasurer

BY:  Charles Toth                          Date: April 15, 2004
     Charles Toth
     Chairman of the Board of Directors
           Chief Executive Officer