<PAGE>

              UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                  FORM 10-Q

                                 (Mark one)

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

               For the quarterly period ended February 2, 2002

                                     OR

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

         For the transition period from ____________ to ___________

                       Commission File Number 1-11577

                            FALCON PRODUCTS, INC.
           (Exact name of registrant as specified in its charter)

                    DELAWARE                                  43-0730877
         (State or other jurisdiction of                   (I.R.S. Employer
         incorporation or organization)                 Identification Number)

          9387 DIELMAN INDUSTRIAL DRIVE
               ST. LOUIS, MISSOURI                              63132
    (Address of principal executive offices)                  (Zip Code)

                               (314) 991-9200
            (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding twelve months, and (2) has been subject to such
filing requirements for the past 90 days. YES  X  NO
                                              ---    ---

As of March 18, 2002, the registrant had 8,831,335 shares of common stock,
$.02 par value, outstanding.




                                     1

<PAGE>
<PAGE>

PART I - FINANCIAL INFORMATION
Item 1. - Financial Statements
          --------------------

<TABLE>
                   Falcon Products, Inc. and Subsidiaries
                   --------------------------------------
                     Consolidated Statements of Earnings
                     -----------------------------------
                                 (Unaudited)


<CAPTION>
                                                                 Thirteen Weeks Ended
                                                          --------------------------------
                                                            February 2,       January 27,
(In thousands, except per share data)                          2002               2001
                                                          -------------     --------------
<S>                                                       <C>               <C>
Net sales                                                 $      64,342     $       76,187

Cost of sales                                                    49,433             56,187
                                                          -------------     --------------

     Gross margin                                                14,909             20,000

Selling, general and administrative expenses                     11,530             13,462

Special and nonrecurring items                                      639                  -
                                                          -------------     --------------

     Operating profit                                             2,740              6,538

Interest expense, net                                             4,026              4,290

Minority interest in consolidated subsidiary                          8                (49)
                                                          -------------     --------------

     Earnings (loss) before income taxes                         (1,294)             2,297

Income tax expense (benefit)                                       (415)             1,045
                                                          -------------     --------------

     Net earnings (loss)                                  $        (879)    $        1,252
                                                          =============     ==============

Basic and diluted earnings (loss) per share               $       (0.10)    $         0.14
                                                          =============     ==============

See accompanying notes to consolidated financial statements.
</TABLE>



                                     2

<PAGE>
<PAGE>

<TABLE>
                               Falcon Products, Inc. and Subsidiaries
                               --------------------------------------
                                     Consolidated Balance Sheets
                                     ---------------------------
                                             (Unaudited)

<CAPTION>
(In thousands, except share data)
                                                                              February 2,   November 3,
Assets                                                                           2002          2001
------                                                                        ---------     ---------
<S>                                                                           <C>           <C>
Current assets:
    Cash and cash equivalents                                                 $   1,899     $   1,670
    Accounts receivable, less allowances
        of $1,049 and $949, respectively                                         30,051        35,268
    Inventories                                                                  53,155        49,224
    Prepayments and other current assets                                          7,267         6,977
                                                                              ---------     ---------
           Total current assets                                                  92,372        93,139
                                                                              ---------     ---------
Property, plant and equipment:
    Land                                                                          3,392         3,392
    Buildings and improvements                                                   20,372        20,345
    Machinery and equipment                                                      46,374        44,953
                                                                              ---------     ---------
                                                                                 70,138        68,690
    Less: accumulated depreciation                                               27,520        26,156
                                                                              ---------     ---------
           Net property, plant and equipment                                     42,618        42,534
                                                                              ---------     ---------
Other assets, net of accumulated amortization:
    Goodwill                                                                    117,474       117,474
    Other                                                                        13,276        14,320
                                                                              ---------     ---------
           Total other assets                                                   130,750       131,794
                                                                              ---------     ---------

Total Assets                                                                  $ 265,740     $ 267,467
                                                                              =========     =========

Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
    Accounts payable                                                          $  16,462     $  20,101
    Customer deposits                                                            11,091        10,953
    Accrued liabilities                                                          11,945        18,303
    Current maturities of long-term debt                                         12,403        11,510
                                                                              ---------     ---------
           Total current liabilities                                             51,901        60,867
Long-term obligations:
    Long-term debt                                                              144,043       136,461
    Minority interest in consolidated subsidiary                                    685           677
    Other                                                                         9,472         9,421
                                                                              ---------     ---------
           Total liabilities                                                    206,101       207,426
                                                                              ---------     ---------
Stockholders' equity:
    Common stock, $.02 par value:  authorized 20,000,000 shares;
        issued 9,915,117 shares                                                     198           198
    Additional paid-in capital                                                   47,376        47,376
    Treasury stock, at cost (1,029,782 and 1,117,151 shares, respectively)      (12,205)      (13,468)
    Accumulated other comprehensive loss                                         (6,418)       (6,460)
    Retained earnings                                                            30,688        32,395
                                                                              ---------     ---------
           Total stockholders' equity                                            59,639        60,041
                                                                              ---------     ---------

Total Liabilities and Stockholders' Equity                                    $ 265,740     $ 267,467
                                                                              =========     =========

See accompanying notes to consolidated financial statements.
</TABLE>


                                     3

<PAGE>
<PAGE>

<TABLE>
                        Falcon Products, Inc. and Subsidiaries
                        --------------------------------------
                         Consolidated Statements of Cash Flows
                         -------------------------------------
                                      (Unaudited)

<CAPTION>
                                                                  Thirteen Weeks Ended
                                                                ------------------------
(In thousands)                                                  February 2,  January 27,
                                                                   2002         2001
                                                                -----------  -----------
<S>                                                              <C>          <C>
Cash flows from operating activities:
    Net earnings (loss)                                          $   (879)    $ 1,252
    Adjustments to reconcile net earnings (loss) to net cash
     used in operating activities:
       Depreciation and amortization                                2,114       2,713
       Minority interest in consolidated subsidiary                     8         (49)
       Change in assets and liabilities:
                       Accounts receivable                          5,217       3,912
                       Inventories                                 (3,931)     (5,988)
                       Prepayments and other current assets          (290)        185
                       Other assets                                   428      (1,776)
                       Accounts payable and customer deposits      (3,501)      3,657
                       Accrued liabilities                         (6,358)     (7,302)
                       Other liabilities                               26        (128)
                                                                 --------     -------
               Cash used in operating activities                   (7,166)     (3,524)
                                                                 --------     -------
Cash flows from investing activities:
    Additions to property, plant and equipment                     (1,459)     (1,861)
                                                                 --------     -------
               Cash used in investing activities                   (1,459)     (1,861)
                                                                 --------     -------
Cash flows from financing activities:
    Repayment of long-term debt                                    (2,072)        (13)
    Proceeds from long-term debt                                   10,547       2,716
    Common stock issuances                                            379         403
    Cash dividends                                                     --        (351)
                                                                 --------     -------
               Cash provided by financing activities                8,854       2,755
                                                                 --------     -------
Increase (decrease) in cash and cash equivalents                      229      (2,630)
Cash and cash equivalents-beginning of period                       1,670       3,929
                                                                 --------     -------
Cash and cash equivalents-end of period                          $  1,899     $ 1,299
                                                                 ========     =======

Supplemental cash flow information:
    Cash paid for interest                                       $  7,024     $ 7,049
                                                                 ========     =======
    Cash paid for taxes                                          $    103     $   300
                                                                 ========     =======

See accompanying notes to consolidated financial statements.
</TABLE>


                                     4

<PAGE>
<PAGE>


                   Falcon Products, Inc. and Subsidiaries
                   --------------------------------------
                 Notes to Consolidated Financial Statements
                 ------------------------------------------
                For the Thirteen Weeks Ended February 2, 2002
                ---------------------------------------------

Note 1 - Interim Results

     The financial statements contained herein are unaudited. In the opinion
of management, these financial statements reflect all adjustments,
consisting only of normal recurring adjustments, which are necessary for a
fair presentation of the results of the interim periods presented. Reference
is made to the footnotes to the consolidated financial statements contained
in the Company's Annual Report on Form 10-K for the year ended November 3,
2001, filed with the Securities and Exchange Commission.

Note 2 - Special and Nonrecurring Items

     During the first quarter of 2002, the Company recorded a pre-tax charge
of $0.6 million, $0.4 million after-tax, for special and nonrecurring items.
This charge is a result of the Company executing its strategic initiative to
close its Statesville, North Carolina facility and transfer production into
the Company's other plants. The initiative was announced during the third
quarter of 2001.

A summary of activity related to the strategic initiative is as follows:

<TABLE>
<CAPTION>
                                                            Thirteen Weeks Ended
                                                              February 2, 2002
                                                              ----------------
<S>                                                                <C>
Liability, beginning of period                                     $ 2,836
Charges to operations:
      Facility shut-down costs                                         639
Cash paid:
      Facility shut-down costs                                        (931)
      Severance and other costs                                       (731)
                                                                   -------
Liability, end of period                                           $ 1,813
                                                                   =======
</TABLE>

Note 3 - Inventories

     Inventories consisted of the following:

<TABLE>
<CAPTION>
                                           February 2,    November 3,
In thousands                                  2002           2001
                                           -----------    -----------
<S>                                         <C>            <C>
Raw materials.......................        $  36,803      $ 33,501
Work in process.....................            9,075         9,054
Finished goods......................            7,277         6,669
                                            ---------      --------
                                            $  53,155      $ 49,224
                                            =========      ========
</TABLE>


                                     5

<PAGE>
<PAGE>



Note 4 - Earnings Per Share

     The following table reconciles net earnings (loss) and weighted average
shares outstanding to the amounts used to calculate basic and diluted
earnings (loss) per share:


<TABLE>
<CAPTION>
                                        Thirteen Weeks Ended
                                      -----------------------
In thousands,                         February 2, January 27,
except per-share data                    2002       2001
                                      ----------- -----------
<S>                                    <C>         <C>
Net earnings (loss)                    $  (879)    $1,252
                                       =======     ======

Weighted average shares outstanding      8,931      8,775
Assumed exercise of options                 --         83
                                       -------     ------
Weighted average diluted shares
       outstanding                       8,931      8,858
                                       =======     ======
Basic earnings (loss) per share        $ (0.10)    $ 0.14
                                       =======     ======
Diluted earnings (loss) per share      $ (0.10)    $ 0.14
                                       =======     ======
</TABLE>

     Basic earnings (loss) per share was computed by dividing net earnings
(loss) by the weighted average shares of common stock outstanding during the
period. Diluted earnings (loss) per share was determined assuming the
options issued and outstanding were exercised. Outstanding options to
purchase shares were not included in the computation of diluted earnings per
share if the exercise price was greater than the average market price of the
common stock or the shares would be antidilutive.

Note 5 - Comprehensive Income

     Comprehensive income includes, in addition to net earnings (loss), the
change in stockholders' equity during the period from transactions and other
events and circumstances from non-owner sources. It includes all changes in
equity except those resulting from investments by owners and distributions
to owners.

<TABLE>
<CAPTION>
                                              Thirteen Weeks Ended
                                            -------------------------
                                            February 2,   January 27,
                                               2002          2001
                                            -----------   -----------
               <S>                            <C>           <C>
               Net earnings (loss)            $(879)        $1,252
               Translation adjustments          (43)           665
               Cash flow hedge                   85             --
                                              -----         ------
               Comprehensive income (loss)    $(837)        $1,917
                                              =====         ======
</TABLE>

Note 6 - Recently Issued Accounting Standards

     On June 29, 2001, the Financial Accounting Standards Board approved the
issuance of Statements of Financial Accounting Standards ("SFAS") No. 141,
"Business Combinations", and No. 142, "Goodwill and Other Intangible
Assets". SFAS No. 141 eliminates the pooling-of-interests method of
accounting for business combinations except for qualifying business
combinations that were initiated prior to July 1, 2001. SFAS No. 141 also
includes new criteria to recognize intangible assets separately from
goodwill. The requirements of SFAS No. 141 are effective for any business
combination accounted for by the purchase method that is completed after
June 30, 2001. Under SFAS No. 142, goodwill and intangible assets with
indefinite lives are no longer amortized but are reviewed for impairment
annually, or more

                                     6

<PAGE>
<PAGE>

frequently if impairment indicators arise. Separable intangible assets that
are not deemed to have an indefinite life will continue to be amortized over
their useful lives. The amortization provisions of SFAS No. 142 requiring
nonamortization of goodwill and indefinite lived intangible assets apply to
goodwill and indefinite lived intangible assets acquired after June 30,
2001. The Company adopted SFAS No. 142 on November 4, 2001. Upon adoption,
the Company did not have an impairment charge and eliminated the
amortization of goodwill, which totaled $0.9 million during the first
quarter of 2001.

Note 7 - Derivative Instruments

     The Company uses interest rate swap agreements to manage the relative
mix of the Company's debt between fixed and variable rate instruments. The
Company has two interest rate swap agreements that modify the interest rate
characteristics without changing the underlying principal amount. At
February 2, 2002, the Company has an interest rate collar agreement with a
notional amount of $35 million that provides a 5.25% floor and an 8% cap for
LIBOR rates. The Company makes payments when interest rates fall below the
floor level and receives payments when interest rates rise above the cap.
Also at February 2, 2002, the Company has an interest rate swap agreement
with a notional amount of $65 million that has the Company paying a swap
rate of 11.26% and receiving a swap rate of 11.375% through June 2004.

Note 8 - Guarantor Subsidiaries

     In June 1999, the Company entered into a $120 million senior secured
credit facility (the "Senior Secured Credit Facility") with a group of
financial institutions.

     All of the Company's domestic subsidiaries have guaranteed the Senior
Secured Credit Facility. A first priority security interest in substantially
all of the Company's properties and assets of its domestic subsidiaries,
including a pledge of all of the stock of the Company's domestic
subsidiaries and 66% of the stock of its foreign subsidiaries, secures the
Senior Secured Credit Facility.

     The Company's senior subordinated notes are fully and unconditionally
(as well as jointly and severally) guaranteed on an unsecured, senior
subordinated basis by each subsidiary of the Company (the "Guarantor
Subsidiaries") other than Howe Europe a/s, Falcon Products (Shenzhen)
Limited, Falcon Mimon, a.s., Falcon De Juarez, S.A. de C.V. and Industrial
Mueblera Shelby Williams, S.A. de C.V. (the "Non-Guarantor Subsidiaries").
Each of the Guarantor Subsidiaries and Non-Guarantor Subsidiaries is
wholly-owned by the Company, except for Falcon Mimon, a.s., and Epic
Furniture Group which are owned 87.4% and 80%, respectively.

     The following condensed consolidating financial statements of the
Company include the combined accounts of the Company and its Guarantor
Subsidiaries and the combined accounts of the Non-Guarantor Subsidiaries.
Given the size of the Non-Guarantor Subsidiaries, relative to the Company
and its Guarantor Subsidiaries on a consolidated basis, separate financial
statements of the respective Company and its Guarantor Subsidiaries are not
presented because management has determined that such information is not
material in assessing the Company and its Guarantor Subsidiaries.



                                     7

<PAGE>
<PAGE>

<TABLE>
                                                  Falcon Products, Inc.
                                           Consolidating Statement of Earnings
                                      For the Thirteen Weeks Ended February 2, 2002

<CAPTION>
                                                     Parent         Total           Total
                                                     Company      Guarantor     Non-Guarantor    Eliminations     Total
                                                  -------------------------------------------------------------------------
<S>                                                     <C>         <C>                <C>           <C>         <C>
Net sales                                               $   -       $61,461            $7,973        $(5,092)    $64,342
Cost of sales                                               -        47,352             7,173         (5,092)     49,433
Selling, general and administrative expenses                -        10,911               619              -      11,530
Special and nonrecurring items                              -           639                 -              -         639
                                                  -------------------------------------------------------------------------
      Operating profit                                      -         2,559               181              -       2,740

Equity in earnings (loss) of subsidiary                  (879)            -                 -            879           -
Interest expense, net                                       -         3,997                29              -       4,026
Minority interest in consolidated subsidiary                -             8                 -              -           8
                                                  -------------------------------------------------------------------------
      Earnings (loss) before income taxes                (879)       (1,446)              152            879      (1,294)
Income tax expense (benefit)                                -          (554)              139              -        (415)
                                                  -------------------------------------------------------------------------
      Net earnings (loss)                               $(879)      $  (892)           $   13        $   879     $  (879)
                                                  =========================================================================
</TABLE>



<TABLE>
                                                  Falcon Products, Inc.
                                           Consolidating Statement of Earnings
                                      For the Thirteen Weeks Ended January 27, 2001

<CAPTION>
                                                      Parent          Total           Total
                                                      Company       Guarantor     Non-Guarantor    Eliminations     Total
                                                 --------------------------------------------------------------------------
<S>                                                    <C>          <C>              <C>            <C>            <C>
Net sales                                              $    -       $ 70,357         $   4,574      $  (2,543)     $72,388

Cost of sales                                               -         50,878             4,053         (2,543)      52,388

Selling, general and administrative expenses                -         12,912               550              -       13,462
                                                 --------------------------------------------------------------------------
      Operating profit (loss)                               -          6,567               (29)             -        6,538
Equity in earnings of subsidiary                        1,252              -                 -         (1,252)           -
Interest expense, net                                       -          4,250                40              -        4,290
Minority interest in consolidated subsidiary                -            (49)                -              -          (49)
                                                 --------------------------------------------------------------------------
      Earnings (loss) before income taxes               1,252          2,366               (69)        (1,252)       2,297
Income tax expense (benefit)                                -          1,103               (58)             -        1,045
                                                 --------------------------------------------------------------------------
      Net earnings (loss)                              $1,252       $  1,263         $     (11)     $  (1,252)     $ 1,252
                                                 ==========================================================================
</TABLE>


                                     8

<PAGE>
<PAGE>

<TABLE>
                                                       Falcon Products, Inc.
                                                    Consolidating Balance Sheet
                                                      As of February 2, 2002

<CAPTION>
                                                          Parent          Total           Total
                                                          Company       Guarantor     Non-Guarantor     Eliminations        Total
                                                    --------------------------------------------------------------------------------
<S>                                                        <C>         <C>               <C>              <C>          <C>
Assets
         Cash and cash equivalents                        $     -      $    838          $  1,061         $      -     $    1,899
         Accounts receivable                                    -        26,807             3,244                -         30,051
         Inventories                                            -        45,855             7,300                -         53,155
         Other current assets                                   -         6,512               755                -          7,267
                                                    --------------------------------------------------------------------------------
               Total current assets                             -        80,012            12,360                -         92,372
         Property, plant and equipment, net                     -        29,272            13,346                -         42,618
         Investment in subsidiaries                        59,639             -                 -          (59,639)             -
         Goodwill and other assets                              -       130,750                 -                -        130,750
                                                    --------------------------------------------------------------------------------
Total assets                                              $59,639      $240,034          $ 25,706         $(59,639)    $  265,740
                                                    ================================================================================

Liabilities and Stockholders' Equity
         Current liabilities                              $     -      $ 47,899          $  4,002         $      -     $   51,901
         Long-term debt                                         -       142,761             1,282                -        144,043
         Other long-term liabilities                            -        10,157                 -                -         10,157
         Intercompany payable (receivable)                      -        (9,687)            9,687                -              -
                                                    --------------------------------------------------------------------------------
Total liabilities                                               -       191,130            14,971                -        206,101
Total stockholders' equity                                 59,639        48,904            10,735          (59,639)        59,639
                                                    --------------------------------------------------------------------------------
Total liabilities and stockholders' equity                $59,639      $240,034          $ 25,706         $(59,639)    $  265,740
                                                    ================================================================================
</TABLE>


                                     9

<PAGE>
<PAGE>

<TABLE>
                                                        Falcon Products, Inc.
                                                     Consolidating Balance Sheet
                                                       As of November 3, 2001

<CAPTION>
                                                       Parent             Total             Total
                                                       Company          Guarantor       Non-Guarantor     Eliminations       Total
                                                 -----------------------------------------------------------------------------------
<S>                                                    <C>              <C>                 <C>           <C>             <C>
Assets
         Cash and cash equivalents                     $     -          $   1,505         $      165      $       -       $   1,670
         Accounts receivable                                 -             32,740              2,528              -          35,268
         Inventories                                         -             44,532              4,692              -          49,224
         Other current assets                                -              6,068                909              -           6,977
                                                 -----------------------------------------------------------------------------------
               Total current assets                          -             84,845              8,294              -          93,139
         Property, plant and equipment, net                  -             30,460             12,074              -          42,534
         Investment in subsidiaries                     60,041                  -                  -        (60,041)              -
         Goodwill and other assets                           -            131,794                  -              -         131,794
                                                 -----------------------------------------------------------------------------------
Total assets                                           $60,041         $  247,099         $   20,368      $ (60,041)      $ 267,467
                                                 ===================================================================================

Liabilities and Stockholders' Equity
         Current liabilities                           $     -         $   57,284         $    3,583      $       -       $  60,867
         Long-term debt                                      -            135,110              1,351              -         136,461
         Other long-term liabilities                         -             10,098                  -              -          10,098
         Intercompany payable (receivable)                   -             (4,712)             4,712              -               -
                                                 -----------------------------------------------------------------------------------
Total liabilities                                            -            197,780              9,646              -         207,426
Total stockholders' equity                              60,041             49,319             10,722        (60,041)         60,041
                                                 -----------------------------------------------------------------------------------
Total liabilities and stockholders' equity             $60,041         $  247,099         $   20,368      $ (60,041)      $ 267,467
                                                 ===================================================================================
</TABLE>


                                     10

<PAGE>
<PAGE>

<TABLE>
                                                       Falcon Products, Inc.
                                               Consolidating Statement of Cash Flows
                                           For the Thirteen Weeks Ended February 2, 2002

<CAPTION>
                                                               Parent         Total             Total
                                                              Company       Guarantor       Non-Guarantor    Eliminations     Total
                                                          --------------------------------------------------------------------------
<S>                                                            <C>          <C>                <C>               <C>       <C>
Cash provided by (used in) operating activities                $   -        $ (9,103)          $  1,937          $   -     $(7,166)
                                                          --------------------------------------------------------------------------
Cash flows from investing activities
           Additions to property, plant and equipment,
             net                                                   -            (487)              (972)             -      (1,459)
           Cash received from (contributed to) parent           (379)            379                  -              -           -
                                                          --------------------------------------------------------------------------
Cash provided by (used in) investing activities                 (379)           (108)              (972)             -      (1,459)
                                                          --------------------------------------------------------------------------

Cash flows from financing activities
           Common stock issuances                                379               -                  -              -         379
           Additions to long-term debt, net                        -           8,544                (69)             -       8,475
                                                          --------------------------------------------------------------------------
Cash provided by (used in) financing activities                  379           8,544                (69)             -       8,854
                                                          --------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents               $   -        $   (667)          $    896          $   -     $   229
                                                          ==========================================================================
</TABLE>



<TABLE>
                                                        Falcon Products, Inc.
                                                Consolidating Statement of Cash Flows
                                            For the Thirteen Weeks Ended January 27, 2001

<CAPTION>
                                                               Parent          Total            Total
                                                              Company        Guarantor      Non-Guarantor     Eliminations    Total
                                                          --------------------------------------------------------------------------
<S>                                                            <C>          <C>                 <C>              <C>      <C>
Cash provided by (used in) operating activities                $   -        $  (3,544)          $     20         $    -   $ (3,524)
                                                          --------------------------------------------------------------------------
Cash flows from investing activities
           Additions to property, plant and equipment,
             net                                                   -           (1,723)              (138)             -     (1,861)
           Cash received from (contributed to) parent            (52)              52                  -              -          -
                                                          --------------------------------------------------------------------------

Cash provided by (used in) investing activities                  (52)          (1,671)              (138)             -     (1,861)
                                                          --------------------------------------------------------------------------
Cash flows from financing activities
           Common stock issuances                                403                -                  -              -        403
           Cash dividends                                       (351)               -                  -              -       (351)
           Additions to long-term debt, net                        -            2,600                103              -      2,703
                                                          --------------------------------------------------------------------------
Cash used in financing activities                                 52            2,600                103              -      2,755
                                                          --------------------------------------------------------------------------
Decrease in cash and cash equivalents                          $   -        $  (2,615)          $    (15)        $    -   $ (2,630)
                                                          ==========================================================================
</TABLE>


                                     11

<PAGE>
<PAGE>


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

     Certain information presented herein includes "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. However, there can be no assurance that the Company's actual
results will not differ materially from its expectations. The matters
referred to in forward-looking statements may be affected by risks and
uncertainties affecting the Company's business.

RESULTS OF OPERATIONS

General

     The following table sets forth, for the periods presented, certain
information relating to the operating results of the Company, expressed as a
percentage of net sales:

<TABLE>
<CAPTION>
                                                                              Thirteen Weeks
                                                                                   Ended
                                                                      --------------------------------
                                                                       February 2,      January 27,
                                                                           2002            2001
                                                                      --------------- ----------------
<S>                                                                      <C>              <C>
Net sales                                                                100.0 %          100.0 %
Cost of sales, including nonrecurring items                               76.8             73.7
                                                                      ---------------   --------------
Gross margin                                                              23.2             26.3
Selling, general and administrative expenses                              17.9             17.7
Special and nonrecurring items                                             1.0                -
                                                                      ---------------   --------------
Operating profit                                                           4.3              8.6
Interest expense, net                                                      6.3              5.6
                                                                      ---------------   --------------
Earnings (loss) before income taxes                                       (2.0)             3.0
Income tax expense (benefit)                                              (0.6)             1.4
                                                                      ---------------   --------------
Net earnings (loss)                                                       (1.4)%            1.6 %
                                                                      ===============   ==============
</TABLE>

Thirteen weeks ended February 2, 2002 compared to the thirteen weeks ended
January 27, 2001

         The Company reported a net loss of $0.9 million in the first
quarter of fiscal 2002 compared to net earnings of $1.3 million in the same
period of 2001. Net earnings (loss) per share were $(0.10) in 2002, and
$0.14 in 2001. The decrease in net earnings is primarily attributable to the
decline in sales and the decrease in gross margin as a result of sales. Net
loss, before the special and nonrecurring item, was $0.5 million or $0.05
per share, in the first quarter of 2002, compared with net earnings of $1.3
million, or $0.14 per share for 2001. The decrease in net earnings is
discussed in the following paragraphs. Weighted average shares outstanding
were 8.9 million shares in both the first quarter of 2002 and 2001.

     During the first quarter of 2002, the Company recorded a pre-tax charge of
$0.6 million, $0.4 million after-tax, for special and nonrecurring items.
This charge is a result of the Company executing its strategic initiative to
close its Statesville, North Carolina facility and transfer production into
the Company's other plants.

     Net sales for the first quarter of 2002 were $64.3 million, a decrease
of 15.5% from the 2001 first quarter net sales of $76.2 million. The
decrease reflects continued weak market conditions, particularly in the
hospitality and contract office markets. A decline in the hospitality and
contract office markets

                                     12

<PAGE>
<PAGE>

was partially offset by gains in our food service segment. In addition,
sales declined during the quarter due to our decision to discontinue
business with certain large buying groups.

     Cost of sales was $49.4 million for the first quarter of 2002, a
decrease of 12.0% from $56.2 million in the first quarter of 2001. Gross
margin decreased to $14.9 million for the first quarter of 2002, from $20.0
million in the same quarter of 2001. Gross margin as a percentage of net
sales decreased to 23.2% in 2002, compared to 26.3% in 2001. The decrease in
gross margin as a percentage of net sales is mainly the result of the
decline in sales, which reduced fixed overhead absorption and negatively
impacted efficiencies at the manufacturing plants. In addition, gross margin
was negatively affected by product mix and pricing pressures, primarily in
the hospitality market.

     Selling, general and administrative expenses were $11.5 million in the
first quarter of 2002, compared to $13.5 million in the first quarter of
2001. Selling, general and administrative expenses as a percentage of net
sales were 17.9% for the first quarter of 2002, compared to 17.7% for the
first quarter of 2001. The decrease is a result of significant cost
reduction activities initiated by the Company, the adoption of SFAS No. 142,
which no longer requires goodwill to be amortized and lower variable selling
expenses related to the decline in sales. Goodwill amortization was $0.9
million in the first quarter of 2001.

LIQUIDITY AND CAPITAL RESOURCES

     The Company's working capital at February 2, 2002, was $40.5 million
compared with $32.3 million at November 3, 2001. The Company's ratio of
current assets to current liabilities increased to 1.8 to 1.0 at February 2,
2002 from 1.5 to 1.0 at November 3, 2001.

     Inventories were $53.2 million at February 2, 2002, compared to $49.2
million at November 3, 2001. Inventories increased for several reasons:
inventories are typically at their lowest level at fiscal year-end due to
the timing of the business cycle; seasonal purchases of raw lumber; and an
increase in finished goods due to customer demands.

     Cash flow activity for the first quarter of fiscal 2002 is presented in
the Consolidated Statements of Cash Flows. During the thirteen weeks ended
February 2, 2002, the Company used $7.2 million of cash from its operating
activities. During the first three months of 2002, the Company incurred $1.5
million in capital expenditures.

     The Company has a $30.0 million revolving line of credit agreement with
a group of financial institutions. The revolving line of credit bears
interest at the Company's option, at the Prime Rate, Federal Funds Rate or
LIBOR adjusted for a spread based on the Company's leverage ratio. During
the thirteen weeks ended February 2, 2002, the Company borrowed against the
revolver and had $10.4 million outstanding at February 2, 2002.

     The Company expects that it will meet its ongoing working capital and
capital requirements from a combination of existing cash, internally
generated funds and available borrowings under its revolving credit
facility. The Company's operating cash flows constitute its primary internal
source of liquidity.

     The Company was not in compliance with certain financial covenants for
the first quarter of 2002. The Company obtained a 60-day waiver agreement
from its bank credit group through the end of March. We are reviewing
alternatives on a restructuring of the credit agreement and expect to
complete this process before March 31, 2002.

                                     13

<PAGE>
<PAGE>

OTHER DATA

     EBITDA is defined as earnings before interest, income taxes,
depreciation and amortization. EBITDA is commonly used to analyze companies
on the basis of operating performance, leverage and liquidity. EBITDA is not
intended to represent cash flow for the period, nor has it been presented as
an alternative to operating income as an indicator of operating performance
and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with generally accepted accounting
principles.

     EBITDA, excluding the special and nonrecurring charge, was $5.2 million
for the first three months of 2002 compared with $9.1 million, for the first
three months of 2001. EBITDA margins decreased to 7.8% of sales for the
first three months of 2002 from 11.9% of sales for the first three months of
2001.

Item 3. - Quantitative and Qualitative Disclosures About Market Risk
          ----------------------------------------------------------

     The Company is exposed to market risk from changes in interest rates
and foreign exchange rates. To modify the risk from interest rate
fluctuations, the Company enters into interest rate swap transactions that
have been authorized pursuant to the Company's policies and procedures. The
Company does not use financial instruments for trading purposes. The
interest rate swaps are used to modify the Company's exposure to interest
rate movements and to reduce borrowing costs. The Company's net exposure to
interest rate risk consists of floating-rate instruments based on LIBOR
rates.

PART II - OTHER INFORMATION

Item 1. - Legal Proceedings
          -----------------

     From time to time, the Company is subject to legal proceedings and
other claims arising in the ordinary course of its business. The Company
maintains insurance coverage against potential claims in an amount it
believes to be adequate. There are no material pending legal proceedings,
other than routine litigation incidental to the business, to which the
Company is a party or of which any of the Company's property is the subject.

Item 2. -  Changes in Securities
           ---------------------

           None.

Item 3. -  Defaults Upon Senior Securities
           -------------------------------

           None.

Item 4. -  Submission of Matters to a Vote of Security Holders
           ---------------------------------------------------

           None.


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<PAGE>
<PAGE>

Item 5. -  Other Information
           -----------------

           None.

Item 6. -  Exhibits and Reports on Form 8-K
           --------------------------------

           (a) Exhibits

           (b) Reports on Form 8-K

               None.



                                     15

<PAGE>
<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.

                                            FALCON PRODUCTS, INC.

Date: March 18, 2002                        /s/ Franklin A. Jacobs
                                            ----------------------
                                            Franklin A. Jacobs
                                            Chief Executive Officer
                                            and Chairman of the Board


Date: March 18, 2002                        /s/ Michael J. Dreller
                                            ----------------------
                                            Michael J. Dreller
                                            Vice President and
                                            Chief Financial Officer








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