<PAGE>

                       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 quarterly period ended  March 31, 2001
                               ---------------

                           Commission File No. 1-13453


                          TODHUNTER INTERNATIONAL, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)



  Delaware                                                          59-1284057
--------------------------------------------------------------------------------
(State or other jurisdiction of                  IRS Employer Identification No.
incorporation or organization)

222 Lakeview Avenue,          Suite 1500,         West Palm Beach, Fl      33401
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code:  (561) 655-8977


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, and (2) has been subject to such filing requirements
for the past 90 days.

Yes    X        No
    --------

The number of shares outstanding of registrant's Common Stock, $.01 par value
per share, as of May 9, 2001 was 5,513,734.

<PAGE>

                          TODHUNTER INTERNATIONAL, INC.

                                      INDEX



<TABLE>
<CAPTION>
                                                                                                      Page No.
                                                                                                      --------
<S>                                                                                                     <C>
PART I            FINANCIAL INFORMATION

                  Item 1    Financial Statements

                            Consolidated Balance Sheets -
                            March 31, 2001 and September 30, 2000                                        1

                            Consolidated Statements of Income -
                            Six and Three Months Ended March 31, 2001 and 2000                           3

                            Consolidated Statements of Cash Flows -
                            Six Months Ended March 31, 2001 and 2000                                     4

                            Notes to Consolidated Financial Statements                                   6

                  Item 2    Management's Discussion and Analysis of Financial Condition
                            and Results of Operations                                                   11

                  Item 3    Quantitative and Qualitative Disclosures About Market Risk                  17


PART II           OTHER INFORMATION

                  Item 1    Legal Proceedings                                                            *

                  Item 2    Changes in Securities and Use of Proceeds                                    *

                  Item 3    Defaults Upon Senior Securities                                              *

                  Item 4    Submission of Matters to a Vote of Security Holders                         17

                  Item 5    Other Information                                                            *

                  Item 6    Exhibits and Reports on Form 8-K                                            17

                  Signatures                                                                            19
</TABLE>

* Item is omitted because answer is negative or item is inapplicable.

<PAGE>

PART I - FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
                          TODHUNTER INTERNATIONAL, INC.
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                       March 31,              September 30,
                                                                         2001                     2000
                                                                  --------------------      ------------------
                                                                      (Unaudited)                   *
<S>                                                               <C>                       <C>
              ASSETS

CURRENT ASSETS
     Cash and cash equivalents                                    $         2,256,795       $       3,245,866
     Short-term investments                                                 7,068,264               4,843,348
     Trade receivables                                                     15,619,324              15,296,445
     Other receivables                                                      2,755,809               2,932,531
     Inventories                                                           25,339,487              23,529,578
     Notes receivable, current maturities                                     897,615               1,378,380
     Deferred income taxes                                                  1,347,500               1,131,000
     Other current assets                                                   5,346,920               3,082,184
                                                                  --------------------      ------------------
         Total current assets                                              60,631,714              55,439,332
                                                                  --------------------      ------------------

LONG-TERM INVESTMENTS AND NOTES RECEIVABLE
Investments in subsidiaries                                                 1,277,701               1,067,805
Note receivable from affiliate, less current maturities                     3,431,157               3,447,928
Notes receivable, less current maturities                                   2,731,695               2,973,984
                                                                  --------------------      ------------------
                                                                            7,440,553               7,489,717
                                                                  --------------------      ------------------

PROPERTY AND EQUIPMENT                                                     81,520,073              78,957,060
     Less accumulated depreciation                                         41,415,651              39,268,253
                                                                  --------------------      ------------------
                                                                           40,104,422              39,688,807
                                                                  --------------------      ------------------

GOODWILL, less accumulated amortization                                    21,403,597              21,819,734
                                                                  --------------------      ------------------

OTHER ASSETS                                                                2,154,887               2,110,858
                                                                  --------------------      ------------------
                                                                  $       131,735,173       $     126,548,448
                                                                  ====================      ==================
</TABLE>


*From audited financial statements.
See Notes to Consolidated Financial Statements.


                                       1
<PAGE>

                          TODHUNTER INTERNATIONAL, INC.
                           CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                             March 31,                  September 30,
                                                                               2001                         2000
                                                                        --------------------         --------------------
                                                                            (Unaudited)                       *
<S>                                                                     <C>                          <C>
         LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
     Current maturities of long-term debt                               $       8,000,000            $        8,000,000
     Accounts payable                                                           6,234,913                     5,076,380
     Accrued interest expense                                                     104,994                       107,035
     Other accrued expenses                                                     1,799,551                     1,884,392
                                                                        --------------------         --------------------
         Total current liabilities                                             16,139,458                    15,067,807

LONG-TERM DEBT, less current maturities                                        52,679,531                    51,334,224

DEFERRED INCOME TAXES                                                           3,989,500                     4,122,000

OTHER LIABILITIES                                                               1,270,523                     1,183,854
                                                                        --------------------         --------------------
                                                                               74,079,012                    71,707,885
                                                                        --------------------         --------------------

STOCKHOLDERS' EQUITY
     Preferred stock, par value $.01 per share;
         authorized 2,500,000 shares;
         no shares issued                                                             -                            -
     Common stock, par value $.01 per share;
         authorized 10,000,000 shares; issued 5,612,934 shares
         as of March 31, 2001 and September 30, 2000                               56,129                        56,129
     Additional paid-in capital                                                18,326,014                    18,326,014
     Accumulated other comprehensive loss                                        (155,500)                     (240,500)
     Retained earnings                                                         40,167,298                    37,436,700
                                                                        --------------------         --------------------
                                                                               58,393,941                    55,578,343
     Less cost of 99,200 shares of treasury stock                                (737,780)                     (737,780)
                                                                        --------------------         --------------------
                                                                               57,656,161                    54,840,563
                                                                        --------------------         --------------------
                                                                        $     131,735,173            $      126,548,448
                                                                        ====================         ====================
</TABLE>



*From audited financial statements.
See Notes to Consolidated Financial Statements.


                                       2
<PAGE>

                          TODHUNTER INTERNATIONAL, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                       Six Months Ended March 31,                Three Months Ended March 31,
                                                   ------------------------------------     ---------------------------------------
                                                         2001               2000                  2001                  2000
                                                   -----------------  -----------------     -----------------      ----------------
<S>                                                <C>                <C>                   <C>                    <C>
Sales                                              $   62,314,094     $   60,819,573        $   32,466,744         $   31,232,215
     Less excise taxes                                 14,576,620         16,900,111             6,992,749              7,774,576
                                                   -----------------  -----------------     -----------------      ----------------
     Net sales                                         47,737,474         43,919,462            25,473,995             23,457,639

Cost of goods sold                                     32,269,277         30,136,075            17,696,994             16,181,331
                                                   -----------------  -----------------     -----------------      ----------------
     Gross profit                                      15,468,197         13,783,387             7,777,001              7,276,308

Selling, general and administrative expenses            9,944,258          8,742,709             5,023,796              4,576,681
                                                   -----------------  -----------------     -----------------      ----------------
     Operating income                                   5,523,939          5,040,678             2,753,205              2,699,627
                                                   -----------------  -----------------     -----------------      ----------------

Other income (expense):
    Interest income                                       456,262            501,969               231,093                231,196
    Interest expense                                   (2,558,697)        (2,223,340)           (1,167,351)            (1,186,135)
    Equity in income (loss) of equity investee             59,896            (39,392)               48,156                (68,879)
    Other, net                                            117,732            121,012                74,418                 10,177
                                                   -----------------  -----------------     -----------------      ----------------
                                                       (1,924,807)        (1,639,751)             (813,684)            (1,013,641)
                                                   -----------------  -----------------     -----------------      ----------------

Income before income taxes and
  extraordinary item                                    3,599,132          3,400,927             1,939,521              1,685,986
                                                   -----------------  -----------------     -----------------      ----------------

Income tax expense (benefit):
     Current                                            1,217,534          1,070,840               671,207                498,786
     Deferred                                            (349,000)          (290,000)             (218,500)              (142,000)
                                                   -----------------  -----------------     -----------------      ----------------
                                                          868,534            780,840               452,707                356,786
                                                   -----------------  -----------------     -----------------      ----------------

     Income before extraordinary item                   2,730,598          2,620,087             1,486,814              1,329,200
                                                   -----------------  -----------------     -----------------      ----------------

     Extraordinary item - early extinguishment
     of debt, net of income taxes of $382,075                -            (1,168,790)                    -                      -
                                                   -----------------  -----------------     -----------------      ----------------

     Net income                                    $    2,730,598     $    1,451,297        $    1,486,814         $    1,329,200
                                                   =================  =================     =================      ================

Earnings per common share - basic:
     Income before extraordinary item              $         0.50     $         0.48        $         0.27         $        0.24
     Extraordinary item                                        -               (0.21)                   -                     -
                                                   -----------------  -----------------     -----------------      ----------------
     Net income                                    $         0.50     $         0.27        $         0.27         $        0.24
                                                   =================  =================     =================      ================


Earnings per common share - diluted:
     Income before extraordinary item              $         0.49     $         0.47        $         0.27         $        0.24
     Extraordinary item                                        -               (0.21)                   -                     -
                                                   -----------------  -----------------     -----------------      ----------------
     Net income                                    $         0.49     $         0.26        $         0.27         $        0.24
                                                   =================  =================     =================      ================

Common shares and equivalents outstanding:
     Basic                                              5,513,734          5,513,734             5,513,734              5,513,734
                                                   =================  =================     =================      ================
     Diluted                                            5,524,296          5,566,322             5,558,661              5,551,781
                                                   =================  =================     =================      ================
</TABLE>


See Notes to Consolidated Financial Statements.


                                       3
<PAGE>

                          TODHUNTER INTERNATIONAL, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                Six Months Ended March 31,
                                                                        --------------------------------------------
                                                                               2001                     2000
                                                                        --------------------     -------------------
<S>                                                                     <C>                      <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                                         $     2,730,598          $     1,451,297
     Adjustments to reconcile net income to net cash provided by
       operating activities:
         Depreciation                                                         2,332,635                2,213,309
         Amortization                                                           757,482                  498,767
         (Gain) on sale of property and equipment                               (37,981)                 (41,254)
         Equity in (income) loss of equity investee                             (59,896)                  39,392
         Deferred income taxes                                                 (349,000)                (290,000)
         Changes in assets and liabilities:
         (Increase) decrease in:
              Receivables                                                      (146,157)                  (7,857)
              Inventories                                                    (1,809,909)                (104,013)
              Other current assets                                           (2,264,736)                 628,312
         Increase (decrease) in:
              Accounts payable                                                1,158,533               (1,044,696)
              Accrued interest expense                                           (2,041)              (1,158,779)
              Other accrued expenses                                            (84,841)                 536,772
              Other liabilities                                                  86,669                 (651,423)
                                                                        --------------------     -------------------
                         Net cash provided by operating activities            2,311,356                2,069,827
                                                                        --------------------     -------------------

CASH FLOWS FROM INVESTING ACTIVITIES
     Proceeds from sale of property and equipment                                64,283                   46,780
     Principal payments received on notes receivable                            749,125                  860,255
     Purchase of property and equipment                                      (2,774,552)              (3,072,567)
     Disbursements for notes receivable                                          (9,300)                (307,174)
     Purchase of short-term investments                                      (2,224,916)              (6,413,240)
     Redemption of short-term investments                                             -                2,547,365
     Purchase of Monarch Wine Company                                                 -              (23,518,064)
     Investments in subsidiaries                                               (150,000)                       -
     Increase in other assets                                                  (300,374)              (1,485,697)
                                                                        --------------------     -------------------
         Net cash used in investing activities                          $    (4,645,734)         $   (31,342,342)
                                                                        --------------------     -------------------
</TABLE>


                                   (Continued)


                                       4
<PAGE>

                          TODHUNTER INTERNATIONAL, INC.
                CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                  Six Months Ended March 31,
                                                                           ------------------------------------------
                                                                                  2001                   2000
                                                                           -------------------    -------------------
<S>                                                                        <C>                    <C>
CASH FLOWS FROM FINANCING ACTIVITIES
     Net borrowings on line of credit                                      $       5,370,000      $       5,995,222
     Proceeds from long-term borrowings                                                    -             56,914,901
     Principal payments on long-term borrowings                                   (4,024,693)           (36,059,849)
                                                                           -------------------    -------------------
          Net cash provided by financing activities                                1,345,307             26,850,274
                                                                           -------------------    -------------------

          Net (decrease) in cash and cash equivalents                               (989,071)            (2,422,241)

Cash and cash equivalents:
     Beginning                                                                     3,245,866              5,265,318
                                                                           -------------------    -------------------
     Ending                                                                $       2,256,795      $       2,843,077
                                                                           ===================    ===================

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
     Cash payments for:
         Interest                                                          $       2,560,738      $       3,382,119
                                                                           ===================    ===================
         Income taxes                                                      $       1,078,759      $         389,045
                                                                           ===================    ===================

SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING
   AND FINANCING ACTIVITIES
     Acquisition of Monarch Wine Company:
       Cash purchase price                                                 $               -      $      23,518,064
                                                                           ===================    ===================

       Working capital acquired                                            $               -      $       2,006,792
       Goodwill                                                                            -             22,284,509
       Operating lease assumed, to be abandoned                                            -               (773,237)
                                                                           -------------------    -------------------
                                                                           $               -      $      23,518,064
                                                                           ===================    ===================
</TABLE>


See Notes to Consolidated Financial Statements.


                                       5
<PAGE>

                          TODHUNTER INTERNATIONAL, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)




Note 1.  Basis of Presentation

The consolidated financial statements included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations. In the opinion of management, all adjustments, consisting only of
normal recurring adjustments, necessary for a fair presentation of the financial
information for the periods indicated have been included. For further
information regarding the Company's accounting policies, refer to the
consolidated financial statements and related notes included in the Company's
Annual Report on Form 10-K for the year ended September 30, 2000.


Note 2.  Inventories


The major components of inventories are:

<TABLE>
<CAPTION>
                                               March 31, 2001                 September 30, 2000
                                               --------------                 ------------------
                                                (Unaudited)
<S>                                        <C>                              <C>
Finished goods                             $           13,648,302           $           14,382,361
Work in process                                         1,123,767                          928,486
Raw materials and supplies                             10,567,418                        8,218,731
                                           -----------------------          -----------------------

                                           $           25,339,487           $           23,529,578
                                           =======================          =======================
</TABLE>


                                       6
<PAGE>

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
                                   (Unaudited)



Note 3.  Financing Arrangements

Long-term debt consists of the following as of March 31, 2001:

<TABLE>
<S>                                                                                       <C>
    Term loans under a credit agreement (i), interest payable monthly based on
         either the Eurodollar or prime rate at the Company's option, plus an
         applicable margin as defined in the agreement. The interest rate at
         March 31, 2001 was 8.15%. Quarterly principal installments of
         $2,000,000 through September 30, 2004 with any remaining balance due
         December 31, 2004.
                                                                                          $    46,000,000

     Revolving loans under a credit agreement (i), interest payable quarterly
         based on either the Eurodollar or prime rate at the Company's option,
         plus an applicable margin as defined in the agreement. The interest
         rate at March 31, 2001 was 8.5%. The revolving lines of credit
         terminate in
         November 2002.                                                                        13,882,981

    Other                                                                                         796,550
                                                                                          ----------------
                                                                                               60,679,531
     Less current maturities                                                                    8,000,000
                                                                                          ----------------
                                                                                          $    52,679,531
                                                                                          ================
</TABLE>

(i) In November 1999, the Company entered into a $71 million credit agreement
    consisting of $56 million of term loans and a $15 million revolving loan
    facility. The credit agreement is collateralized by 65% of the issued and
    outstanding stock of the Company's majority-owned subsidiaries. The proceeds
    from these loans were used to prepay all borrowings under previous finance
    agreements and to finance a business acquisition. The Company is required to
    maintain minimum fixed charge and interest coverage ratios in addition to
    other financial covenants.

In the first quarter of fiscal year 2000, the Company recognized an
extraordinary loss of $1,168,790, net of an income tax benefit of $382,075, on
its early extinguishment of debt.

On January 14, 2000, the Company entered into an interest rate cap agreement.
The agreement caps the applicable Eurodollar rate under the credit agreement at
7.5%. At March 31, 2001 the underlying applicable Eurodollar rate was 5.65%. The
Company paid $250,000 for this cap, which has a term of two years. The notional
amount of this agreement at March 31, 2001 was $46,000,000.


                                       7
<PAGE>

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
                                   (Unaudited)

Note 4.  Earnings Per Common Share

Basic earnings per common share are calculated by dividing net income by the
average common shares outstanding. On a diluted basis, shares outstanding are
adjusted to assume the exercise of stock options.

<TABLE>
<CAPTION>
                                                  Six Months Ended March 31,         Three Months Ended March 31,
                                                --------------------------------   ---------------------------------
                                                     2001            2000               2001             2000
                                                --------------- ----------------   ---------------  ----------------
<S>                                             <C>             <C>                <C>              <C>
Income before extraordinary item                $   2,730,598   $    2,620,087     $  1,486,814     $   1,329,200
                                                =============== ================   ===============  ================
Net income                                      $   2,730,598   $    1,451,297     $  1,486,814     $   1,329,200
                                                =============== ================   ===============  ================
Determination of shares:
   Weighted average number of
       common shares outstanding                    5,513,734        5,513,734        5,513,734         5,513,734
   Shares issuable on exercise
       of stock options, net of shares assumed
       to be purchased out of proceeds                 10,562           52,588           44,927            38,047
                                                --------------- ----------------   ---------------  ----------------
   Average common shares outstanding for
       diluted computation                          5,524,296        5,566,322        5,558,661         5,551,781
                                                =============== ================   ===============  ================

Earnings per common share - basic:
    Income before extraordinary item            $        0.50   $         0.48     $       0.27     $        0.24
    Extraordinary item                                   -               (0.21)            -                 -
                                                ---------------  ---------------   ---------------  ----------------
    Net income                                  $        0.50   $         0.27     $       0.27     $        0.24
                                                =============== ================   ===============  ================

Earnings per common share - diluted:
    Income before extraordinary item            $        0.49   $         0.47     $       0.27     $        0.24
    Extraordinary item                                   -               (0.21)            -                 -
                                                --------------- ----------------   ---------------  ----------------
    Net income                                  $        0.49   $        0.26      $       0.27     $        0.24
                                                =============== ================   ===============  ================
</TABLE>

The Company's Virgin Islands subsidiary, through the Industrial Development
Commission of the Government of the Virgin Islands of the United States, has
received a 90% exemption from income taxes on operating income. This exemption
is effective through January 31, 2002. The effect of this exemption was to
increase earnings per share by $0.09 and $0.05 for the six and three months
ended March 31, 2001, respectively, and $0.10 and $0.05 for the six and three
months ended March 31, 2000, respectively.

Note 5.  Segment and Geographical Information

The Company operates primarily in the beverage alcohol industry in the United
States. The Company reports its operating results in five segments:

          Bulk Alcohol Products (citrus brandy, citrus spirits, rum, cane
          spirits, fortified citrus wine, purchased distilled products and
          byproducts)
          Premium Branded Spirits (primarily rum, flavored rum and tequila)
          Bottling Operations (contract bottling services and proprietary and
          private label products)
          Vinegar and Cooking Wine (bulk vinegar, bulk cooking wine, vinegar
          stock and proprietary and private label case goods)
          Corporate Operations and Other (primarily corporate related items)

The accounting policies of the reportable segments are the same as those
referred to in Note 1 to the Consolidated Financial Statements. The Company
evaluates the performance of its operating segments based on income before
income taxes, equity in losses of equity investee, interest income and interest
expense. Material intersegment sales and transfers have been eliminated.


                                       8
<PAGE>

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
                                   (Unaudited)

Summarized financial information concerning the Company's reportable segments is
shown in the following table. "Corporate Operations and Other" includes
corporate items and the results of certain nonmaterial operations.

Net sales, operating income (loss), depreciation and amortization and capital
expenditures for the Company's operating segments for the six and three months
ended March 31, 2001 and 2000, and identifiable assets as of March 31, 2001 and
2000, were as follows:

<TABLE>
<CAPTION>
                                                      SIX MONTHS ENDED              THREE MONTHS ENDED
                                                         MARCH 31,                        MARCH 31,
                                              ---------------------------------   ---------------------------
                                                      2001            2000           2001           2000
-------------------------------------------------------------------------------------------------------------
                                                       (in thousands)                 (in thousands)
<S>                                           <C>               <C>             <C>            <C>
NET SALES
   Bulk Alcohol Products                      $       19,606    $     17,444    $     10,222   $      9,206
   Premium Branded Spirits                             8,117           6,785           4,134          3,151
   Bottling Operations                                 9,917           8,095           5,933          4,636
   Vinegar and Cooking Wine                           10,097          10,333           5,185          5,946
   Corporate Operations and Other                          -           1,262               -            518
                                              ---------------------------------------------------------------
                                              $       47,737    $     43,919    $     25,474   $     23,457
                                              ===============================================================

OPERATING INCOME (LOSS)
   Bulk Alcohol Products                      $        7,017    $      7,200    $      3,628   $      4,047
   Premium Branded Spirits                              (825)           (128)           (313)          (155)
   Bottling Operations                                    60            (616)           (151)          (226)
   Vinegar and Cooking Wine                            1,831           1,865             952            876
   Corporate Operations and Other                     (2,559)         (3,280)         (1,363)        (1,842)
                                              ---------------------------------------------------------------
                                              $        5,524    $      5,041    $      2,753   $      2,700
                                              ===============================================================
DEPRECIATION AND AMORTIZATION
   Bulk Alcohol Products                      $        1,586    $      1,163    $       808   $         585
   Premium Branded Spirits                                89              52             55              25
   Bottling Operations                                   730             735            363             375
   Vinegar and Cooking Wine                              565             181            284              94
   Corporate Operations and Other                        120             581             60             387
                                              ---------------------------------------------------------------
                                              $        3,090    $      2,712    $     1,570   $       1,466
                                              ===============================================================

CAPITAL EXPENDITURES
   Bulk Alcohol Products                      $        1,565    $      2,313    $       914   $       1,066
   Premium Branded Spirits                               203              23             19               -
   Bottling Operations                                   607             463            341             267
   Vinegar and Cooking Wine                              356             161            170              78
   Corporate Operations and Other                         44             113              2              50
                                              ---------------------------------------------------------------
                                              $        2,775    $      3,073    $     1,446   $       1,461
                                              ===============================================================

IDENTIFIABLE ASSETS
   Bulk Alcohol Products                      $       67,423    $     49,389
   Premium Branded Spirits                             9,048           6,058
   Bottling Operations                                23,791          23,870
   Vinegar and Cooking Wine                           20,758           7,435
   Corporate Operations and Other                     10,715          37,956
                                              ---------------------------------
                                              $      131,735    $    124,708
                                              =================================
</TABLE>


                                       9
<PAGE>

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
                                   (Unaudited)

Sales and operating income for the six and three months ended March 31, 2001 and
2000 and identifiable assets as of March 31, 2001 and 2000, classified by
geographic area, were as follows:

<TABLE>
<CAPTION>
                                                                            U. S. VIRGIN
                                                                            ISLANDS AND
SIX MONTHS ENDED                                          UNITED STATES     THE BAHAMAS      CONSOLIDATED
-----------------------------                            ---------------------------------------------------
                                                                           (in thousands)
<S>                                                      <C>              <C>               <C>
March 31, 2001:
     Net sales                                           $      42,116    $      5,621      $    47,737
     Operating income                                            3,868           1,656            5,524
     Identifiable assets                                        94,170          37,565          131,735
March 31, 2000:
     Net sales                                                  37,170           6,749           43,919
     Operating income                                            3,516           1,525            5,041
     Identifiable assets                                        89,714          34,994          124,708

THREE MONTHS ENDED
-----------------------------
March 31, 2001:
     Net sales                                           $      22,865    $      2,609      $    25,474
     Operating income                                            1,944             809            2,753
March 31, 2000:
     Net sales                                                  20,170           3,287           23,457
     Operating income                                            2,003             697            2,700
</TABLE>

Included in net sales for the United States are export sales, primarily to
Europe, Canada and the Caribbean, totaling approximately $3,111,000 and
$1,660,000 for the six and three months ended March 31, 2001, respectively, and
$2,486,000 and $1,268,000 for the six and three months ended March 31, 2000,
respectively.


Note 6.   Comprehensive income

Comprehensive income is the total of net income and other changes in equity.
Total comprehensive income for the six months ended March 31, 2001 and 2000 was
as follows:

<TABLE>
<CAPTION>
                                                                                     SIX MONTHS ENDED
                                                                                          MARCH 31,
                                                                                  ---------------------------
                                                                                     2001            2000
-------------------------------------------------------------------------------------------------------------
                                                                                        (in thousands)
<S>                                                                            <C>            <C>
 Net income                                                                    $     2,731    $     1,451
 Other comprehensive income, interest rate
 cap adjustment                                                                         85              -
                                                                               ------------------------------
                                                                               $      2,816   $      1,451
                                                                               ==============================
</TABLE>


                                       10
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

FORWARD-LOOKING STATEMENTS

         Management's Discussion and Analysis of Financial Condition and Results
of Operations may contain, among other things, statements regarding anticipated
revenue growth, expenditure levels and plans for development. These
forward-looking statements involve a number of risks and uncertainties. The
following is a list of the principal factors that could cause actual results to
differ materially from those contemplated by the forward-looking statements:
business conditions and growth in certain market segments and industries and the
general economy; competitive factors, including increased competition and price
pressures; availability of third party component products at reasonable prices;
excise taxes; foreign currency exposure; changes in product mix; lower than
expected customer orders and quarterly seasonal fluctuations of those orders;
and product shipment interruptions. See "Risk Factors" in previous filings with
the Securities and Exchange Commission.

INTRODUCTION

         The following discussion and analysis summarizes the significant
factors affecting (i) consolidated results of operations of the Company for the
six months ended March 31, 2001 compared to the six months ended March 31, 2000,
(ii) consolidated results of operations of the Company for the three months
ended March 31, 2001 compared to the three months ended March 31, 2000 and (iii)
financial liquidity and capital resources. This discussion and analysis should
be read in conjunction with the Company's consolidated financial statements and
notes thereto included herein. Certain amounts presented in this Item 2 have
been rounded to the nearest thousand or hundred thousand, as applicable, but the
percentages calculated are based on actual amounts without rounding.

         The Company operates primarily in the beverage alcohol industry in the
United States. The Company is a leading producer and supplier of brandy, rum,
wine and spirits to other beverage alcohol manufacturers; produces, imports and
markets premium branded spirits; bottles beverage alcohol and other beverages on
a contract basis and under its own labels; and produces vinegar and cooking
wine. The Company reports its operating results in five segments: Bulk Alcohol
Products (citrus brandy, citrus spirits, rum, cane spirits, fortified citrus
wine, purchased distilled products and byproducts); Premium Branded Spirits
(primarily rum, flavored rum and tequila); Bottling Operations (contract
bottling services and proprietary and private label products); Vinegar and
Cooking Wine (bulk vinegar, bulk cooking wine, vinegar stock and proprietary and
private label case goods); and Corporate Operations and Other (primarily
corporate related items).

         Information regarding the net sales, operating income and total assets
of each of the Company's business segments and information regarding geographic
areas is set forth in Note 5 to the Consolidated Financial Statements.

         The Company's net sales and gross margins (gross profit as a percentage
of net sales) vary depending on the mix of business among the Company's
products. Historically, gross margins have been highest in bulk alcohol products
and premium branded spirits and lower in bottling operations and vinegar and
cooking wine operations.

         The Company has a limited number of customers, and these customers
often purchase bulk alcohol products in significant quantities or place
significant orders for contract bottling services, distilled spirits, vinegar
and cooking wine. Accordingly, the size and timing of purchase orders and
product shipments can cause operating results to fluctuate significantly from
quarter to quarter. Additionally, some Company products generate higher profit
margins than others, and changes in the Company's product mix can cause gross
margins to fluctuate. Certain aspects of the Company's business are seasonal,
with increased demand for the Company's contract bottling services from April to
October and increased production of the Company's bulk alcohol products from
November to June, corresponding to the Florida citrus harvest. As a result of
these factors, the Company's operating results may vary significantly from
quarter to quarter.

         Net sales represent the Company's gross sales less excise taxes. Excise
taxes are generally payable on products bottled by the Company. In addition,
excise taxes are payable on sales of industrial alcohol to certain customers.
Accordingly, excise taxes vary from period to period depending upon the
Company's product and customer mix.


                                       11
<PAGE>

ACQUISITION OF MONARCH WINE COMPANY

         In November 1999, the Company acquired substantially all of the assets
of Adams Wine Company d/b/a Monarch Wine Company of Georgia ("Monarch"),
Atlanta, Georgia (the acquisition of the assets of Monarch is hereafter referred
to as the "Monarch Acquisition"). The purchase price was $23.5 million in cash.
Monarch specializes in the manufacture of wines, including custom blended wines
and cooking wines for the food industry and base wines for producers of vinegar
and beverage alcohol. The Monarch Acquisition has strengthened the Company's
position in the beverage alcohol and food industry by expanding the Company's
customer base and product offerings, and has improved the Company's plant
capacity utilization.

RESULTS OF OPERATIONS

         The following table sets forth statement of income items as a
percentage of net sales.

<TABLE>
<CAPTION>
                                           SIX MONTHS ENDED                     THREE MONTHS ENDED
                                               MARCH 31,                             MARCH 31,
                                     ------------------------------        ------------------------------

                                        2001               2000              2001               2000
                                     -----------        -----------        ----------        ------------
<S>                                       <C>                <C>               <C>               <C>
Net sales                                 100.0 %            100.0 %           100.0 %           100.0 %
Cost of goods sold                         67.6               68.6              69.5              69.0
                                     -----------        -----------        ----------        ------------
Gross margin                               32.4               31.4              30.5              31.0
Selling, general and
  administrative expenses                  20.8               19.9              19.7              19.5
                                     -----------        -----------        ----------        ------------
Operating income                           11.6               11.5              10.8              11.5
Interest expense                           (5.4)              (5.1)             (4.6)             (5.1)
Other income, net                           1.3                1.3               1.4               0.8
                                     -----------        -----------        ----------        ------------
Income before income taxes                  7.5                7.7               7.6               7.2
Income tax expense                         (1.8)              (1.7)             (1.8)             (1.5)
                                     -----------        -----------        ----------        ------------
Income before extraordinary item            5.7                6.0               5.8               5.7
Extraordinary item                          -                 (2.7)              -                 -
                                     -----------        -----------        ----------        ------------
Net income                                  5.7 %              3.3 %             5.8 %             5.7 %
                                     ===========        ===========        ==========        ============
</TABLE>

The following table provides information on net sales of certain Company
products.

<TABLE>
<CAPTION>
                                          SIX MONTHS ENDED                           THREE MONTHS ENDED
                                              MARCH 31,                                   MARCH 31,
                               ----------------------------------------    ----------------------------------------


                                  2001          2000      % CHANGE              2001          2000     % CHANGE
                               ------------  ------------ -------------       ---------     ---------  ------------
                                    (in thousands)                              (in thousands)
<S>                            <C>           <C>              <C>          <C>           <C>               <C>
Bulk Alcohol Products          $    19,606   $    17,444        12.4       $    10,222   $     9,206          11.0
Premium Branded Spirits              8,117         6,785        19.6             4,134         3,151          31.2
Bottling Operations                  9,917         8,095        22.5             5,933         4,636          28.0
Vinegar and Cooking Wine            10,097        10,333        (2.3)            5,185         5,946         (12.8)
Corporate Operations and
   Other                                 -         1,262      (100.0)                -           518        (100.0)
                               ------------  ------------                  ------------  ------------
                               $    47,737   $    43,919         8.7       $    25,474   $    23,457           8.6
                               ============  ============                  ============  ============
</TABLE>


                                       12
<PAGE>

RESULTS OF OPERATIONS (CONTINUED)

The following table provides unit sales volume data for certain Company
products.

<TABLE>
<CAPTION>
                                                SIX MONTHS ENDED                       THREE MONTHS ENDED
                                                    MARCH 31,                              MARCH 31,
                                        ----------------------------------    -------------------------------------


                                       2001        2000        % CHANGE         2001        2000       % CHANGE
                                     ----------  ----------  -------------    ----------  ---------    ------------
                                          (in thousands)                         (in thousands)
<S>                                      <C>         <C>          <C>             <C>        <C>             <C>
Bulk alcohol products:
  Distilled products, in proof gallons
   Citrus Brandy                           970         852         13.9             504        420            20.2
   Citrus Spirits                          256         534        (52.0)            113        137           (16.7)
   Rum                                   2,195       2,144          2.3           1,053      1,069            (1.5)
   Cane Spirits                            254         252          0.6              95        105           (10.0)
  Fortified citrus wine, in gallons      5,788       4,744         22.0           3,108      2,689            15.5
Premium branded spirits, in cases          165         115         43.3              80         47            72.0
Bottling operations, in cases            2,579       1,695         52.1           1,738      1,076            61.5
Vinegar
   Bulk, in 100 grain gallons            2,580       2,574          0.3           1,439      1,428             0.9
   Cases                                   344         284         21.0             187        126            48.4
   Drums, in 100 grain gallons             385         742        (48.2)            239        387           (38.4)
Cooking Wine
   Bulk, in gallons                      1,392         950         46.6             696        920           (24.2)
   Cases                                   417         334         24.6             201        270           (25.9)
</TABLE>


SIX MONTHS ENDED MARCH 31, 2001 COMPARED TO SIX MONTHS ENDED MARCH 31, 2000.
Unless otherwise noted, references to 2001 represent the six-month period ended
March 31, 2001 and references to 2000 represent the six-month period ended March
31, 2000.

     NET SALES. Net sales were $47.7 million in 2001, an increase of 8.7% from
net sales of $43.9 million in 2000.

     Net sales of bulk alcohol products were $19.6 million in 2001, an increase
of 12.4% from net sales of $17.4 million in 2000. The increase resulted
primarily from increased sales of wine products due to the Monarch Acquisition.
Unit sales of citrus spirits decreased 52.0% and unit sales of wine products
increased 22.0% in 2001 compared to 2000. These changes resulted from the
Monarch Acquisition, as Monarch was a major purchaser of the Company's citrus
spirits for use in producing fortified citrus wine.

     Net sales of premium branded spirits were $8.1 million in 2001, an increase
of 19.6% from net sales of $6.8 million in 2000. This sales increase reflected
the continued success of the Company's Cruzan Rums. Sales of the Company's
Cruzan Rums and Cruzan Flavored Rums increased 30.3% and 70.9% respectively in
2001 compared to 2000. Sales of Porfidio tequila decreased 37.6% due to an
industry-wide shortage of agave, the principal raw material for the Company's
premium tequila brand.

     Net sales of the Company's bottling operations were $9.9 million in 2001,
an increase of 22.5% from net sales of $8.1 million in 2000. The unit volume of
the Company's bottling operations increased 52.1% in 2001 as a result of a new
bottling contract. Management expects the unit volume in its bottling operations
to increase over fifty percent for the fiscal year ending September 30, 2001, as
a result of this new business.


                                       13
<PAGE>

RESULTS OF OPERATIONS (CONTINUED)


     Net sales of vinegar and cooking wine were $10.1 million in 2001, a
decrease of 2.3% from net sales of $10.3 million in 2000.

     GROSS PROFIT. Gross profit was $15.5 million in 2001, an increase of 12.2%
from gross profit of $13.8 million in 2000. Gross margin increased to 32.4% in
2001 from 31.4% in 2000. The increase in gross margin was primarily attributable
to a change in product mix as a result of the Monarch Acquisition.

     SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative expenses were $9.9 million in 2001, an increase of 13.7% from
$8.7 million in 2000. The increase was primarily attributable to (1) increased
marketing expenses related to the Company's premium branded spirits business,
and (2) increased amortization expense.

     OPERATING INCOME. The following table sets forth the operating income
(loss) by operating segment of the Company for 2001 and 2000.

<TABLE>
<CAPTION>
                                                               SIX MONTHS ENDED
                                                                  MARCH 31,
                                                        -------------------------------
                                                                2001           2000            % CHANGE
                                                                ----           ----            --------
                                                                 (in thousands)
<S>                                                      <C>              <C>                  <C>
Bulk Alcohol Products                                    $     7,017      $    7,200             (2.5)
Premium Branded Spirits                                         (825)           (128)          (542.3)
Bottling Operations                                               60            (616)           109.8
Vinegar and Cooking Wine                                       1,831           1,865             (1.8)
Corporate Operations and Other                                (2,559)         (3,280)            22.0
                                                        -------------------------------
                                                         $     5,524      $    5,041              9.6
                                                        ===============================
</TABLE>

      As a result of the above factors, operating income was $5.5 million in
2001, an increase of 9.6% over operating income of $5.0 million in 2000.

      INTEREST INCOME. The Company earns interest income on its cash, short-term
investments and notes receivable. The decrease in interest income in 2001 was
attributable to lower average amounts of cash, short-term investments and notes
receivable outstanding compared to 2000.

     INTEREST EXPENSE. Interest expense was $2.6 million in 2001 and $2.2
million in 2000. The increase in interest expense was due to increased
borrowings on the Company's line of credit during 2001 as compared to 2000.

     INCOME TAX EXPENSE. The Company's effective income tax rate was 24.1% in
2001 and 22.9% in 2000. The low tax rate was attributable to the Virgin Islands
subsidiary, which has a 90% exemption from United States federal income taxes
through January 2002 (see Note 4 to the Consolidated Financial Statements).

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000.
Unless otherwise noted, references to 2001 represent the three-month period
ended March 31, 2001 and references to 2000 represent the three-month period
ended March 31, 2000.

NET SALES. Net sales were $25.5 million in 2001, an increase of 8.6% from net
sales of $23.5 million in 2000.

     Net sales of bulk alcohol products were $10.2 million in 2001, an increase
of 11.0% from net sales of $9.2 million in 2000. The increase resulted primarily
from increased sales of wine products due to the Monarch Acquisition. Unit sales
of citrus spirits decreased 16.7% and unit sales of wine products increased
15.5% in 2001 compared to 2000. These changes resulted from the Monarch
Acquisition, as Monarch was a major purchaser of the Company's citrus spirits
for use in producing fortified citrus wine.


                                       14
<PAGE>

RESULTS OF OPERATIONS (CONTINUED)

     Net sales of premium branded spirits were $4.1 million in 2001, an increase
of 31.2% from net sales of $3.2 million in 2000. This sales increase reflected
the continued success of the Company's Cruzan Rums. Sales of the Company's
Cruzan Rums and Cruzan Flavored Rums increased 17.7% and 87.4% respectively in
2001 compared to 2000. Sales of Porfidio tequila decreased 8.1% due to an
industry-wide shortage of agave, the principal raw material for the Company's
premium tequila brand.

     Net sales of the Company's bottling operations were $5.9 million in 2001,
an increase of 28.0% from net sales of $4.6 million in 2000. The unit volume of
the Company's bottling operations increased 61.5% in 2001 as a result of a new
bottling contract. Management expects the unit volume in its bottling operations
to increase over fifty percent for the fiscal year ending September 30, 2001, as
a result of this new business.

     Net sales of vinegar and cooking wine were $5.2 million in 2001, a decrease
of 12.8% from net sales of $5.9 million in 2000. The decrease in net sales was
primarily attributable to timing of customer orders.

     GROSS PROFIT. Gross profit was $7.8 million in 2001, an increase of 6.9%
from gross profit of $7.3 million in 2000. Gross margin decreased to 30.5% in
2001 from 31.0% in 2000.

     SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative expenses were $5.0 million in 2001, an increase of 9.8% from $4.6
million in 2000. The increase was primarily attributable to increased marketing
expenses related to the Company's premium branded spirits business.

     OPERATING INCOME. The following table sets forth the operating income
(loss) by operating segment of the Company for 2001 and 2000.

<TABLE>
<CAPTION>
                                                              THREE MONTHS ENDED
                                                                  MARCH 31,
                                                        -------------------------------
                                                                2001           2000            % CHANGE
                                                                ----           ----            --------
                                                                 (in thousands)
<S>                                                      <C>              <C>                   <C>
Bulk Alcohol Products                                    $     3,628      $    4,047            (10.4)
Premium Branded Spirits                                         (313)           (155)          (101.9)
Bottling Operations                                             (151)           (226)            33.2
Vinegar and Cooking Wine                                         952             876              8.6
Corporate Operations and Other                                (1,363)         (1,842)            26.1
                                                        -------------------------------
                                                         $     2,753      $    2,700              2.0
                                                        ===============================
</TABLE>

     As a result of the above factors, operating income was $2.8 million in
2001, an increase of 2.0% over operating income of $2.7 million in 2000.

     INTEREST INCOME. The Company earns interest income on its cash, short-term
investments and notes receivable.

     INTEREST EXPENSE. Interest expense was $1.2 million in 2001 and $1.2
million in 2000. Interest expense remained constant as increased borrowings on
the Company's line of credit in 2001 were offset by lower interest rates.

     INCOME TAX EXPENSE. The Company's effective income tax rate was 23.3% in
2001 and 21.1% in 2000. The low tax rate was attributable to the Virgin Islands
subsidiary, which has a 90% exemption from United States federal income taxes
through January 2002 (see Note 4 to the Consolidated Financial Statements).


                                       15
<PAGE>

FINANCIAL LIQUIDITY AND CAPITAL RESOURCES

         GENERAL

         The Company's principal use of cash in its operating activities is to
purchase raw materials to be used in its manufacturing operations, purchase
imported products for its premium branded spirits business and carry inventories
and receivables. The Company's sources of liquidity have historically been cash
flow from operations and borrowings. Some of the Company's manufacturing
operations are seasonal and the Company's borrowings on its line of credit vary
during the year. For example, the Company uses citrus molasses as its primary
raw material in the production of citrus brandy and spirits at its two Florida
distilleries. The Company buys citrus molasses, a byproduct of citrus juice
production, from local manufacturers of citrus juice and concentrate during the
citrus harvest, which generally runs from November to June. The Company
generally begins purchasing citrus molasses in November and builds inventory of
citrus brandy and spirits. The Company must manufacture and build inventory
while raw materials are available due to the short life of the citrus molasses
it purchases. Another seasonal business of the Company is its contract bottling
services. Demand for contract bottling services is highest during the months
from April through October. Management believes that cash provided by its
operating and financing activities will provide adequate resources to satisfy
its working capital, liquidity and anticipated capital expenditure requirements
for both its short-term and long-term needs.

         OPERATING ACTIVITIES

         Net cash provided by operating activities in 2001 was $2.3 million,
which resulted from $5.4 million in net income adjusted for noncash items, and
$3.1 million representing the net change in operating assets and liabilities.

         INVESTING AND FINANCING ACTIVITIES

         Net cash used in investing activities in 2001 was $4.7 million, which
resulted primarily from $2.8 million of capital expenditures and a net increase
of $2.2 million in short-term investments.

         Net cash provided by financing activities in 2001 was $1.3 million,
which resulted from an increase of $5.4 million in borrowings under the
revolving credit facility and payments of long-term debt totaling $4.0 million.

         The Company's present revolving credit facility provides for maximum
borrowings of $15 million. Borrowings under this facility were $13.9 million at
March 31, 2001 (see Note 3 to the Consolidated Financial Statements).

         The Company's total debt was $60.7 million as of March 31, 2001, and
its ratio of debt to equity was 1.1 to 1.

         No provision has been made for income taxes that would result from the
remittance of undistributed earnings of the Company's Bahamian and Virgin
Islands subsidiaries, as the Company intends to reinvest these earnings
indefinitely. The Company's shares of the undistributed earnings of the Bahamian
and Virgin Islands subsidiaries were approximately $8.1 million and $21.1
million, respectively, as of September 30, 2000. See Note 9 to the Company's
consolidated financial statements included in the Company's Annual Report on
Form 10-K for the year ended September 30, 2000 for additional information on
income taxes related to these subsidiaries.

         Based on current plans and business conditions, management expects that
its cash, cash equivalents, and short-term investments, together with any
amounts generated from operations and available borrowings, will be sufficient
to meet the Company's cash requirements for at least the next 12 months.


                                       16
<PAGE>

EFFECTS OF INFLATION AND CHANGING PRICES

         The Company uses natural gas in its distilling operations and has
recently experienced significant increases in its energy costs as a result of
natural gas price increases. At the present time, management believes that the
Company's energy costs relating to natural gas will continue to increase. Where
competitively feasible, management plans to increase selling prices to offset
the effects of natural gas price increases, but the Company may not be able to
recover these energy cost increases.

         Except as noted above, the Company's results of operations and
financial condition have not been significantly affected by inflation and
changing prices. The Company has been able, subject to normal competitive
conditions, to pass along rising costs through increased selling prices.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The information required under this Item 3 is incorporated herein by
reference to the Company's Annual Report on Form 10-K for the year ended
September 30, 2000.

PART II.  OTHER INFORMATION

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     The annual meeting of stockholders of the Company was held on March 20,
2001, in West Palm Beach, Florida, for the purpose of electing three Class III
directors to hold office for a term of three years.

         Proxies for the meeting were solicited pursuant to Section 14(a) of the
Securities Exchange Act of 1934, as amended and there was no solicitation in
opposition to management's solicitations.

         ELECTION OF DIRECTORS

                  All of management's nominees for election as directors as
         listed in the proxy statement were elected. The results of the election
         were as follows:

<TABLE>
<CAPTION>
                                                                                               ABSTENTIONS AND
         NAME                                FOR                       WITHHELD                BROKER NON-VOTES
         ----                                ---                       --------                ----------------
<S>                                          <C>                         <C>                           <C>
         Jay S. Maltby                       4,725,549                   66,850                        0
         Edward F. McDonnell                 4,719,449                   72,950                        0
         D. Chris Mitchell                   4,715,149                   77,250                        0
</TABLE>


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

3.1      Amended and Restated Certificate of Incorporation of Todhunter
         International, Inc. (1)
3.2      Amended and Restated By-Laws of Todhunter International, Inc. (6)
4.1      Form of Todhunter International, Inc. Common Stock Certificate (1)
10.6     Todhunter International, Inc. 1992 Stock Option Plan, as amended (3)
10.8     Lease, dated March 24, 1988, as amended, between Todhunter
         International, Inc. and Especially West Palm Beach, Inc. (1)
10.8(a)  Amendment to Lease, dated January 1, 1997, between Todhunter
         International, Inc. and Florida Acquisition Fund Esperante, Ltd. (4)
10.16    Asset Purchase Agreement dated as of September 27, 1999, among
         Todhunter International, Inc. and Adams Wine Company d/b/a Monarch Wine
         Company of Georgia, and Howard J. Weinstein, David Paszamant, Jay
         Paszamant and Matthew Paszamant (5)
10.17    Credit Agreement dated as of November 17, 1999, by and among Todhunter
         International, Inc. and each of the Financial Institutions Initially a
         Signatory thereto, and SouthTrust Bank, National


                                       17
<PAGE>

         Association (5)
10.17(a) Waiver and Modification of Credit Agreement dated as of September 29,
         2000, by and among Todhunter International, Inc. and each of the
         Financial Institutions Initially a Signatory thereto, and SouthTrust
         Bank, National Association (8)
10.18    Executive Employment Agreement dated as of July 15, 1999, between
         Thomas A. Valdes and Todhunter International, Inc. (6)
10.19    Executive Employment Agreement dated as of July 15, 1999, between Jay
         S. Maltby and Todhunter International, Inc. (6)
10.20    Executive Employment Agreement dated as of July 15, 1999, between A.
         Kenneth Pincourt, Jr. and Todhunter International, Inc. (6)
10.21    Executive Employment Agreement dated as of July 15, 1999, between D.
         Chris Mitchell and Todhunter International, Inc. (6)
11.1     Statement of Computation of Per Share Earnings (9)
13.1     Quantitative and Qualitative Disclosures about Market Risk (7)
21.1     Subsidiaries of Todhunter International, Inc. (2)



(1)  Incorporated herein by reference to the Company's Registration Statement on
     Form S-1 (File No. 33-50848).

(2)  Incorporated herein by reference to the Company's Annual Report on Form
     10-K for the year ended September 30, 1995.

(3)  Incorporated herein by reference to the Company's Annual Report on Form
     10-K for the year ended September 30, 1997.

(4)  Incorporated herein by reference to the Company's Annual Report on Form
     10-K for the year ended September 30, 1998.

(5)  Incorporated herein by reference to the Company's Report on Form 8-K for
     November 17, 1999.

(6)  Incorporated herein by reference to the Company's Annual Report on Form
     10-K for the year ended September 30, 1999.

(7)  Incorporated herein by reference to the Company's Annual Report on Form
     10-K for the year ended September 30, 2000.

(8)  Incorporated herein by reference to the Company's Quarterly Report on Form
     10-Q for the quarter ended December 31, 2000.

(9)  Filed herewith and incorporated herein by reference to Note 4 of notes to
     consolidated financial statements, included in Item 1 of the Company's
     Quarterly Report on Form 10-Q for the quarter ended March 31, 2001.

(b)  REPORTS ON FORM 8-K

     No reports on Form 8-K were filed during the quarter ended March 31, 2001.


                                       18
<PAGE>

                                   SIGNATURES

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



Date: May 9, 2001                        /s/ A. Kenneth Pincourt, Jr.
                                         -----------------------------------
                                         A. Kenneth Pincourt, Jr.
                                         Chairman
                                         and Chief Executive Officer


Date: May 9, 2001                        /s/ Troy Edwards
                                         -----------------------------------
                                         Chief Financial Officer,
                                         Treasurer and Controller


                                       19