SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549 
F O R M   10-Q 
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) 
OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended October 31, 2003                                                                     Commission File No.
0-8862

First Hartford Corporation
(Exact name of registrant as specified in its charter)

Maine
   
   01-0185800(State of Incorporation)
   
   (I.R.S. EmployerIdentification No.)149 Colonial Road, Manchester, Connecticut
   
   06040(Address of principal executive offices)
   
   (Zip Code)


(860) 646-6555(Registrant's telephone number, including area code)

Indicate by check mark whether the Company (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  ________            NO  
X

As of November 8, 1997, 3,089,985 shares of common stock of the Company were outstanding.



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|                              | FIRST HARTFORD CORPORATION                 |      
|----------------------------- | ------------------------------------------ | -----
|                              |                                            |      
|                              |                                            |      
|                              | INDEX                                      |      
|                              |                                            |      
|                              |                                            |      
|                              |                                            |      
|PART I. FINANCIAL INFORMATION | PAGE                                      
|                              |                                           
|                              |                                            |      
|Item 1.                       | Financial Statements                       |      
|                              |                                            |      
|                              | Independent Auditors Review Letter        | 1    
|                              |                                            |      
|                              | Consolidated Balance Sheets -              |      
|                              | October 31, 2003 and April 30, 2003        | 2 & 3
|                              |                                            |      
|                              | Consolidated Statements of Operations      |      
|                              | For the Six Months and Three Months        |      
|                              | Ended October 31, 2003 and 2002.           | 4    
|                              |                                            |      
|                              | Consolidated Statements of Cash Flows      |      
|                              | For the Six Months and Three Months        |      
|                              | Ended October 31, 2003 and 2002.           | 5 & 6
|                              |                                            |      
|                              | Notes to Consolidated Financial Statements | 7    
|                              |                                            |      
|Item 2.                       | Management's Discussion and Analysis       |      
|                              | of Financial Condition and Results         |      
|                              | of Operations                              | 8 & 9
|                              |                                            |      
|PART II. OTHER INFORMATION    |                                           
|                              |                                           
|Item 6.                       | Exhibits
and Reports on Form 8-K           | 10   
|                              |                                            |      
|                              | Signatures                                 | 10   



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Kostin, Ruffkess & Company,
      LLC
      Business Advisors and Certified Public Accountants
      Pond View Corporate Center
      76 Batterson Park Road
      Farmington, CT 06032
      Main Line:   (860)
      678-6000
      Toll Free:    (800) 286-KRCO
      Fax:           (860)
      678-6110
      Web:          
      www.kostin.com


INDEPENDENT ACCOUNTANTS' REPORT

We have reviewed the accompanying consolidated
balance sheet of First Hartford Corporation and Subsidiaries as of October 31,
2003 and October 31, 2002, and the related consolidated statements of
operations, and cash flows for the three months and six months then ended. 
These consolidated financial statements are the responsibility of the Company's
management.

We conducted our review in accordance with
Statements on Standards for accounting and Review Services issued by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters.  It is substantially less in scope than an audit
conducted in accordance with auditing standards generally accepted in the United
States of America, the objective of which is the expression of an opinion
regarding the consolidated financial statements taken as a whole. 
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any
material modifications that should be made to the accompanying consolidated
financial statements in order for them to be in conformity with accounting
principles generally accepted in the United States of America.



/s/ Kostin, Ruffkess & Company, LLC



Farmington, Connecticut
December 12, 2003

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PART I - FINANCIAL INFORMATIONItem 1.    Financial Statements:FIRST HARTFORD CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited)Assets
   
   October 31,
   
   
   April 30,2003
   
   
   2003Real Estate and equipment:Developed properties
   
   $
   21,060,577
   
   $
   21,017,365Equipment and leasehold improvements
   
   113,099
   
   
   113,71921,173,676
   
   
   21,131,084Less accumulated depreciation andamortization
   
   
   2,864,629
   
   
   2,632,87018,309,047
   
   
   18,498,214Properties under construction andinvestment in undeveloped properties.
   
   107,066
   
   
   107,90718,416,113
   
   
   18,606,121Cash
   
   
   4,635
   
   
   29,051Accounts receivable, less allowancefor doubtful accounts of $70,6001,162,615
   
   
   1,187,296Deposits, escrows, and prepaid anddeferred expenses
   
   
   1,699,152
   
   
   1,340,464Investment in affiliates
   
   
   308,507
   
   
   1,132,908Due from related parties and affiliates
   
   361,951
   
   
   192,505Deferred Tax Assets
   
   
   1,700,000
   
   
   1,700,000$
   23,652,973
   
   $
   24,188,345




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PART I - FINANCIAL INFORMATIONFIRST HARTFORD CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited)October 31,
   
   
   April 30,2003
   
   
   2003Liabilities:Mortgages, notes payable;Construction Loans
   $
   919,761
   
   
   474,627Mortgages payable
   $
   22,778,788
   
   
   23,349,955Notes Payable:Other
   
   2,038,324
   
   
   2,368,78925,736,873
   
   
   26,193,371Accounts payable
   
   2,548,071
   
   
   2,097,292Accrued Liabilities
   
   310,955
   
   
   494,512Other Liabilities
   
   809,048
   
   
   772,984Deferred Income
   
   320,054
   
   
   265,467Due to Related Parties and affiliatedpartnerships
   
   115,665
   
   
   248,35929,840,666
   
   
   30,071,985Shareholders' equity (deficiency):Common stock, $1 par; authorized6,000,000 shares; issued 3,322,213shares
   
   3,322,213
   
   
   3,322,213Capital in excess of par
   
   4,857,645
   
   
   4,857,645Deficit
   (12,299,427)
   
   (11,995,374)( 4,119,569)
   
   
   (3,815,516)Less 232,228 shares of common stockheld in treasury, at cost
   
   2,068,124
   
   
   2,068,124( 6,187,693)
   
   ( 5,883,640)$
   23,652,973
   
   $
   24,188,345


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FIRST HARTFORD CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) 
FOR THE SIX MONTHS AND THREE MONTHS ENDED OCTOBER 31, 2003 AND 2002
(Unaudited)



Six Months EndedThree Months EndedOctober 31, 2003October 31, 2002October 31, 2003October 31, 2002Revenues, Including RelatedParty Respectively:Sale of Real
    Estate$     73,096$         
    - 0 -$     73,096$           
    -0-Construction104,947274,76217,65581,080Rental
    1,908,0201,712,098976,752826,191Other
    138,223315,36240,58839,846Non-Recurring Items
    200,367183,456200,367183,456Equity in Earnings ofJoint Ventures165,000- 0 -85,000- 0 -2,589,6532,485,6781,393,4581,130,573Costs and Expenses:Cost of Sales Real Estate15,771- 0 -15,771- 0Construction21,376242,54515,332108,685Operating, selling, generaland administrative1,297,8181,037,037617,000491,481Interest988,0131,008,625489,564504,625Depreciation and amortization260,595253,514131,668126,626Real estate taxes305,432291,953154,178151,6312,889,0052,833,6741,423,5131,383,048Net Income Gain (Loss)


    ($ 299,352)($ 347,996)($ 30,055)($252,475)Income Tax Provisions

    4,701- 0 -- 0 -- 0 -($304,053)( $347,996)($ 30,055)($252,475)Income Per Share($0.10)($0.11)($ 0.01)($ 0.08)Weighted Average Number of Common 
    Shares Outstanding3,089,9853,089,9853,089,9853,089,985


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FIRST HARTFORD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS AND THREE MONTHS ENDED OCTOBER 31, 2003 AND 2002

Cash flows from operating
   
   6 months ended
   
   
   3 months endedactivities:
   10/31/03
   
   10/31/02
   
   10/31/03
   10/31/02Net Loss
   
   $(304,053)
   
   
   $(347,996)
   
   
   $(30,055)
   
   $(252,475)Adjustments to reconcile net (loss)to net cash provided by (used in)operating activities:Depreciation
   
   236,401
   
   
   232,504
   
   
   119,446
   
   116,240Amortization
   
   24,194
   
   
   21,010
   
   
   12,222
   
   10,386Gain on sale of real estate
   
   (57,325)
   
   
   -0-
   
   
   (57,325)
   
   -0-Changes in assets and liabilities:Increase (Decrease) in:Accounts and notes receivable
   
   24,681
   
   
   178,718
   
   
   416,005
   
   61,296Deposits, escrows, prepaid anddeferred expenses
   (398,653)
   
   
   342,293
   
   (225,978)
   
   149,701Accrued liabilities anddeferred income
   (128,970)
   
   
   500,789
   
   
   (45,726)
   
   672,740Other liabilities
   
   36,064
   
   
   41,904
   
   
   (18,176)
   
   41,904(Increase) Decrease in:Acct's payable
   
   450,779
   
   ( 544,750)
   
   
   (7,487)
   
   (281,294)Net cash provided by (used in)operating activities
   (116,882)
   
   
   424,472
   
   162,926
   
   518,498Cash flow from investing activities:Return of Invested Capital
   
   824,401
   
   
   -0-
   
   
   69,500
   
   -0-Purchase of equipment & leaseholdimprovements
   
   (4,022)
   
   
   (16,007)
   
   
   (1,559)
   
   (12,731)Payments for:Additions to propertiesunder construction
   ( 42,371)
   
   ( 297,211)
   
   
   6,726
   (102,107)Net Cash provided by (used in)investing activities:
   
   778,008
   
   
   (313,218)
   
   
   74,667
   (114,838)


The accompanying notes are an integral part of these financial statements.

5

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FIRST HARTFORD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS, CONTINUED

FOR THE SIX MONTHS AND THREE MONTHS ENDED OCTOBER 31, 2003 AND 2002

6 months ended
   
   
   3 months ended10/31/03
   
   10/31/02
   
   10/31/03
   
   10/31/02Cash flows from operating activities:Proceeds from:Construction Loans
   
   $  445,134
   
   
   
   
   261,596Mortgage Payable
   $          -0-
   
   
   313,034
   
   
   -0-
   
   
   31,517Notes Payable
   
   
   -0-
   
   
   840,000
   
   
   -0-
   
   
   440,000Principal payments on:Mortgage Payable
   ( 571,167)
   
   
   (268,110)
   
   (240,577)
   
   (139,251)Notes Payable
   
   
   ( 330,465)
   
   
   (1,654,298)
   
   
   (239,022)
   
   
   (1,604,298)Gross Proceeds Sale of RealEstate
   
   
   73,096
   
   
   -0-
   
   
   73,096
   
   
   -0-Advances from Related Parties andaffiliated Parties
   
   (302,140)
   
   
   718,629
   
   (106,924)
   
   
   800,372Net Cash Used in FinancingActivities
   
   (685,542)
   
   
   (50,745)
   
   ( 251,831)
   
   (471,660)Net Increase (Decrease) in cash& Cash Equivalents
   
   (24,416)
   
   
   60,509
   
   ( 14,238)
   
   
   (68,000)Cash & Cash EquivalentsBeginning of Period
   
   
   29,051
   
   
   67,748
   
   
   18,873
   
   
   196,257Cash & Cash EquivalentsEnd of Period
   
   $
   4,635
   
   $
   128,257
   
   $
   4,635
   
   $
   128,257


The accompanying notes are an integral part of these financial statements.

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Summary of Significant Account Policies:

Description of business:

First Hartford Corporation (the Company) was incorporated in Maine in 1909, and is engaged in the purchase, development, ownership, management and sale of real estate. The Company extends credit
to companies/tenants throughout the United States.

Principles of consolidation:

The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries, including partnerships in which the Company is a majority owner or has substantial
control. All significant intercompany transactions and accounts have been eliminated in the consolidated financial statements, including construction revenues and costs of development for the Company's own use (rental/future sale). The Company
records its investment in partnerships in which it is not a majority owner on the equity method. Construction revenue and cost for minority interests are also eliminated.

Financial Statement Presentation:

Because the Company is engaged in the development and sale of real estate in various stages of construction, the operating cycle may extend beyond one year. Accordingly, following the usual
practice of the real estate industry, the accompanying consolidated balance sheets are unclassified.

Revenue recognition:

Since the Company is primarily involved in development for its own use (rental/future sale), construction revenue is recorded only upon sale of the property built for sale to third parties.
Revenues from projects built for third parties are recognized on the percentage-of-completion method of accounting based on costs incurred to date in relation to total actual costs and estimated costs to complete. Revisions in costs and profit
estimates are reflected in operations during the accounting period in which the facts become known. The Company provides for estimated losses on contracts in the year such losses become known. There are no properties built for sale to third parties
during the reporting period.

Rental revenues are recognized as income under the operating method as the rentals become due. Other income includes management and service fees and interest income which is recognized over the
period in which the service is provided or the interest is earned.

7

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Interim Financial Information (Unaudited)

The interim financial statements of the Company for the six months ended October 31, 2003 and 2002 included herein, have been prepared by the Company, without audit, pursuant to the rules and regulations of the SEC. Certain
information and footnote disclosures normally included in financial statements prepared in accordance with accounting principals generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations
relating to interim financial statements.

Item 2.FIRST HARTFORD CORPORATION AND SUBSIDIARIES
MANAGEMENTS DISCUSSION AND ANALYSISOF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

The financial and business analysis below provides information which the Company believes is relevant to an assessment and understanding of the Companys consolidated financial position and
results of operations. This financial and business analysis should be read in conjunction with the consolidated financial statements and related notes.

The following discussion and certain other sections of this Report on Form 10-Q contain statements reflecting the Companys views about its future performance and constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These views may involve risks and uncertainties that are difficult to predict and may cause the Companys actual results to
differ materially from the results discussed in such forward-looking statements. Readers should consider that various factors including changes in general economic conditions, interest rates and availability of funds, nature of competition and
relationships with key customers may affect the Companys performance. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or other.

Result of Operations

The quarter ended Oct. 31, 2003 resulted in a loss of $30,055 or ($.01) per share compared to a loss of $252,475 or ($.08) per share.

This quarter has a $85,000 gain from earnings of unconsolidated subsidiaries. This gain was only picked up in prior years at year end. Sale of Real Estate this quarter netted $57,000. These two items resulted in .05 of the .07
improvement in performance this quarter.

Capital Resource and Liquidity

Highlighting cash flow and liquidity; (1) Received cash distributions this quarter of $139,500 from the Cranston and Dover Shopping Centers, (2) Borrowed in Construction Loan related to expanding
the Plainfield Shopping Center, $253,000 against prior period cost. Received a $102,000 refund from the Sewer Authority in Mt. Olive for a participation of cost from another developer for utilizing our sewer line. This item reduced our cost basis.

8

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On the outflow side, we had $750,000 invested in new properties at October 31, 2003. Upon the initial draw of the West Springfield Project (see subsequent events) approximately $225,000 was
recovered. The balance which is for projects in New York State, New Hampshire and Maine, which may keep going forward or terminate. Management cannot make a determination at this time.

Subsequent Events

In November the Company purchased a shopping center in West Springfield, Mass. for $3,650,000. It contained a closed Kmart of approximately 83,000 square feet and 50,000 square feet of other
retail (39,000 of which is occupied and paying rent). At the same time, we closed a Construction Loan of $7,235,000 with a take out for permanent financing. The loan provides 100% financing of the project. The permanent lender is charging 5.5% fixed
interest for a 25 year loan callable after 3 years and gets 50% of the profits as additional interest.

The Company presently has three signed Leases for approximately 62,000 square feet of the Kmart building. Construction is presently under way on the new space which will also include a new facade
on the other shop space.

On January 1, 2004 the Lease for the Katharine Gibbs School will be in effect. The Company will be entitled to 50% of the cash flow from that project.

9

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PART II - OTHER INFORMATION

ITEM
6.  EXHIBITS AND REPORTS ON FORM 8-K

a)  Exhibits:

Exhibit 31.1  Certification of Chief Executive Officer,
pursuant to Rule 13a-14(c) under the Securities Exchange Act of 1934

Exhibit 31.1  Certification of Chief Financial Officer,
pursuant to Rule 13a-14(c) under the Securities Exchange Act of 1934

Exhibit 32.1 Certification of Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350

Exhibit 32.1 Certification of Chief Financial, pursuant to 18
U.S.C. Section 1350



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.

FIRST HARTFORD CORPORATION/s/
Stuart GreenwaldStuart Greenwald 
      Treasurer 
      Chief Financial Officer 
      (Duly Authorized Officer, 
      Principal Financial and 
      Accounting Officer)


Date: December 12, 2003

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