================================================================================
                       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              MARCH 31, 2001
                               --------------------------------

                                       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                          0 - 19596
                      ----------------------------------------------------------
                               THE HOCKEY COMPANY
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                  DELAWARE                             13-36-32297
--------------------------------------------------------------------------------
       (State or other jurisdiction of                (IRS Employer
       incorporation or organization)              Identification No.)

C/O MASKA U.S., INC., 929 HARVEST LANE, P.O. BOX 1200, WILLISTON, VT    05495
--------------------------------------------------------------------------------
         (Address of principal executive offices)                    (Zip code)

Registrant's telephone number, including area code               (802) 872-4226
                                                   -----------------------------

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days:

                  YES    X                 NO
                       -----             -----
                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

     Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under the plan
confirmed by the court :

                  YES    X                 NO
                       -----             -----

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

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

              CLASS                              OUTSTANDING AT MAY 11, 2001
--------------------------------------------------------------------------------
          Common Stock,                                   6,500,549
         $.01 par value

<PAGE>

                               THE HOCKEY COMPANY
                                    FORM 10-Q
                     INDEPENDENT ACCOUNTANTS' REVIEW REPORT


                                                                        PAGE NO.

PART I     FINANCIAL INFORMATION

Item 1.    Financial Statements

           Unaudited and Audited Consolidated Balance Sheets
           at March 31, 2001 and December 31, 2000                            1

           Unaudited Consolidated Statements of Operations for the
           Three Months ended March 31, 2001 and for the
           Three Months ended March 31, 2000                                  2

           Unaudited Consolidated Statements of Comprehensive Loss
           for the Three Months ended March 31, 2001 and
           for the Three Months ended March 31, 2000                          3

           Unaudited Consolidated Statements of Cash Flows for the
           Three Months Ended March 31, 2001 and for the
           Three Months ended March 31, 2000                                  4

           Notes to Unaudited Consolidated Financial Statements               5


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



PART II    OTHER INFORMATION

Item 1.    Legal Proceedings                                                 14

Item 2.    Changes in Securities                                             14

Item 3.    Defaults Upon Senior Securities                                   14

Item 4.    Submission of Matters to a Vote of Security Holders               14

Item 5.    Other Information                                                 14

Item 6.    Exhibits and Reports on Form 8-K                                  14

<PAGE>

                               THE HOCKEY COMPANY
                           CONSOLIDATED BALANCE SHEETS
                                 (In thousands)


<TABLE>
<CAPTION>
                                                                                Unaudited              Audited
                                                                                ---------              -------
                                                                              Mar. 31, 2001         Dec. 31, 2000
                                                                              -------------         -------------
<S>                                                                              <C>                   <C>
ASSETS

Current assets
     Cash and cash equivalents                                                   $    518              $  2,423
     Accounts receivable, net                                                      29,261                39,376
     Inventories (Note 2)                                                          45,809                42,110
     Prepaid expenses and other receivables                                         6,405                 3,931
     Income taxes receivable                                                        1,857                 4,043
                                                                                 --------              --------
     Total current assets
                                                                                   83,850                91,883
Property, plant and equipment, net of accumulated depreciation and
     amortization ($12,562 and $12,310, respectively)                              19,562                21,142
Intangible and other assets, net of accumulated amortization  (Note 3)             83,353                82,554
                                                                                 --------              --------
     Total assets                                                                $186,765              $195,579
                                                                                 ========              ========
LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
     Short-term borrowings (Note 4)                                             $  22,259              $ 12,282
     Accounts payable and accrued liabilities                                      18,083                23,673
     Income taxes payable                                                           2,384                 3,322
     Current portion of long term debt                                                241                   264
     Other current liabilities                                                        698                   698
                                                                                 --------              --------
     Total current liabilities                                                     43,665                40,239
Long-term debt (Note 4)                                                            86,699                91,252
Deferred income taxes                                                                 469                   495
                                                                                 --------              --------
     Total liabilities                                                            130,833               131,986
                                                                                 --------              --------
Contingencies (Note 7)

13% Pay-In-Kind preferred stock (Note 5)                                           11,392                11,333

Stockholders' equity
Common stock, par value $0.01 per share, 20,000,000 shares authorized,
      6,500,549 shares issued and outstanding at March 31, 2001 and at
      December 31, 2000                                                                65                    65
Re-organization warrants, 300,000 issued and 299,451 outstanding at March
     31, 2001 and at December 31, 2000                                                  -                     -
Common stock purchase warrants, 699,101 issued and outstanding at
       March 31, 2001 and 159,127 outstanding at December 31, 2000                  5,115                 1,665
Additional paid-in capital                                                         66,515                66,515
Retained earnings                                                                 (19,637)               (9,290)
Foreign currency translation adjustments                                           (7,518)               (6,695)
                                                                                 --------              --------
     Total stockholders' equity                                                    44,540                52,260
                                                                                 --------              --------
     Total liabilities and stockholders' equity                                 $ 186,765              $195,579
                                                                                 ========              ========

</TABLE>

          The accompanying notes are an integral part of the unaudited
                       consolidated financial statements.


                                      -1-
<PAGE>

                               THE HOCKEY COMPANY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
                        (In thousands, except share data)


<TABLE>
<CAPTION>
                                                                For the Three       For the Three
                                                                 Months ended       Months ended
                                                                Mar. 31, 2001      Mar. 31, 2000
                                                                -------------      -------------

<S>                                                                <C>                 <C>
Net sales                                                          $ 34,835            $34,406
Cost of goods sold                                                   20,873             20,659
                                                                   --------            -------
       Gross profit                                                $ 13,962            $13,747
Selling, general and administrative expenses                         14,921             15,601
Amortization of excess reorganization value and goodwill              1,105              1,138
                                                                   --------            -------
       Operating loss                                              $ (2,064)           $(2,992)
Other expense, net                                                      576                424
Interest expense                                                      2,991              2,964
                                                                   --------            -------
Loss before following items                                        $ (5,631)           $(6,380)
Restructuring charges                                                 2,906                  -
                                                                   --------            -------
Loss before income taxes and extraordinary item                    $ (8,537)           $(6,380)
Income taxes (benefit)                                                  134             (1,185)
                                                                   --------            -------
Loss before extraordinary item                                     $ (8,671)           $(5,195)
                                                                   --------            -------
Extraordinary item
       Loss on early extinguishment of debt (See Note 3)              1,091                  -
                                                                   --------            -------
       Net loss                                                    $ (9,762)           $(5,195)
                                                                   ========            =======
Preferred stock dividends                                               526                492
Accretion of 13% Pay-In-Kind preferred stock                             59                 63
                                                                   --------            -------
Net loss attributable to common shareholders                       $(10,347)           $(5,750)
                                                                   ========            =======

Basic loss before extraordinary item per share (See Note 6)        $  (1.29)           $ (0.86)
Diluted loss before extraordinary item per share (See Note 6)      $  (1.29)           $ (0.86)

Basic loss per share (See Note 6)                                  $  (1.44)           $ (0.86)
Diluted loss per share (See Note 6)                                $  (1.44)           $ (0.86)

</TABLE>


          The accompanying notes are an integral part of the unaudited
                       consolidated financial statements.


                                      -2-
<PAGE>

                               THE HOCKEY COMPANY
                  CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
                                   (UNAUDITED)
                                 (In thousands)

<TABLE>
<CAPTION>

                                                  For the Three         For the Three
                                                   Months ended         Months ended
                                                  Mar. 31, 2001         Mar. 31, 2000
                                                  -------------         -------------
<S>                                                 <C>                    <C>
Net loss                                            $ (9,762)              $(5,195)
Foreign currency translation adjustments                (823)                 (513)
                                                    --------               -------
Net comprehensive loss                              $(10,585)              $(5,708)
                                                    ========               =======

</TABLE>

          The accompanying notes are an integral part of the unaudited
                       consolidated financial statements.


                                      -3-
<PAGE>

                                                THE HOCKEY COMPANY
                                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                    (UNAUDITED)
                                                  (In thousands)

<TABLE>
<CAPTION>
                                                         For the Three     For the Three
                                                          Months ended     Months ended
                                                         Mar. 31, 2001     Mar. 31, 2000
                                                         -------------     -------------
<S>                                                         <C>               <C>
OPERATING ACTIVITIES:
Net loss before extraordinary item                          $(8,671)          $(5,195)
Adjustments to reconcile net loss to net cash used
     in operating activities:
       Restructuring charges                                  2,906                  -
       Depreciation and amortization                          3,290              2,778
       Provisions for inventory, doubtful accounts
         and other deductions                                 1,227              1,134
       Deferred Income Taxes                                    121             (1,074)
       Gain on disposal of fixed assets                          (6)                 -
       Gain on foreign exchange                               (488)               (103)
Change in operating assets and liabilities:
       Accounts receivable                                    8,034              9,686
       Inventories                                           (5,866)            (6,490)
       Prepaid expenses and other assets                       (502)              (900)
       Accounts payable and accrued liabilities              (9,058)            (6,712)
       Income taxes payable                                    (935)              (553)
                                                            -------            -------
           Net cash used in operating activities            $(9,948)           $(7,429)
                                                            -------            -------
INVESTING ACTIVITIES:
       Deferred expense                                         268                  -
       Purchases of fixed assets                               (543)              (485)
       Proceeds from sales of fixed assets                        8                 19
                                                            -------            -------
           Net cash used in investing activities            $  (267)           $  (466)
                                                            -------            -------
FINANCING ACTIVITIES:
       Net change in short-term borrowings                   10,468              4,330
       Deferred financing costs                              (5,937)                 -
       Principal payments on debt                              (63)                  -
       Issuance of warrants                                   3,450                  -
                                                            -------            -------
           Net cash provided by financing activities        $ 7,918            $ 4,330
                                                            -------            -------
Effects of foreign exchange rate changes on cash                392                (62)
                                                            -------            -------
Decrease in cash                                            $(1,905)           $(3,627)
Cash and cash equivalents at beginning of period              2,423              3,517
                                                            -------            -------
Cash and cash equivalents at end of period                  $   518            $  (110)
                                                            =======            =======

</TABLE>

          The accompanying notes are an integral part of the unaudited
                       consolidated financial statements.


                                      -4-
<PAGE>

                               THE HOCKEY COMPANY
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                        (In thousands, except share data)




1.  DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.  DESCRIPTION OF BUSINESS, CHANGE OF CORPORATE NAME AND PRINCIPLES
    OF CONSOLIDATION

    The Hockey Company ("THC" or the "Company") was incorporated in September
    1991 and reorganized in April 1997.

    On January 31, 1999, the Board of Directors and stockholders of THC adopted
    an amendment to the Company's Certificate of Incorporation to change the
    name of THC from SLM International, Inc. to The Hockey Company.

    The consolidated financial statements include the accounts of THC and its
    wholly-owned subsidiaries. The Company designs, develops, manufactures and
    markets a broad range of sporting goods. The Company manufactures hockey and
    hockey related products, including hockey uniforms, hockey sticks,
    goaltender equipment, protective equipment, hockey, figure and inline skates
    as well as street hockey products. These are marketed under the CCM(R), JOFA
    (R), KOHO (R), HeatON (R), TitAN(R) AND CAnadien tm brand names, and private
    LAbel brands and licensed sports apparel under the CCM(R) anD #1 APPAREL tm
    brand names. THC sells its products world-wide to a diverse customer base
    consisting of mass merchandisers, retailers, wholesalers, sporting goods
    shops and international distributors. THC manufactures and distributes most
    of its products at facilities in North America, Finland and Sweden and
    sources products internationally.


B.  BASIS OF PRESENTATION

    The accompanying unaudited interim consolidated financial statements
    appearing in this quarterly report have been prepared on a basis consistent
    with the annual financial statements of THC and its subsidiaries.

    In the opinion of management, all normal recurring adjustments necessary for
    a fair presentation of the Company's Unaudited Consolidated Balance Sheets,
    Statements of Operations, Statements of Comprehensive Loss and Statements of
    Cash Flows for the 2001 and 2000 periods, have been included. These
    unaudited interim consolidated financial statements do not include all of
    the information and footnotes required by generally accepted accounting
    principles to be included in a full set of financial statements. Results for
    the interim periods are not necessarily a basis from which to project
    results for the full year due to the seasonality of the Company's business.
    These unaudited consolidated financial statements should be read in
    conjunction with the Company's annual report on Form 10-K, filed with the
    Securities and Exchange Commission for the year ended December 31, 2000.
    Certain prior period amounts have been reclassified to conform to the
    current period presentation.

C.  ACCOUNTING PRONOUNCEMENTS

    The Company has adopted SFAS 133 and no significant transition adjustment
resulted from its adoption.


                                      -5-
<PAGE>

                               THE HOCKEY COMPANY
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                        (In thousands, except share data)


2.  INVENTORIES

    Net inventories consist of:

<TABLE>
<CAPTION>

                                                March 31, 2001        December 31, 2000
                                                --------------        -----------------
          <S>                                       <C>                   <C>
          Finished products                         $33,508               $29,745
          Work in process                             3,206                 2,727
          Raw materials and supplies                  9,095                 9,638
                                                    -------               -------
                                                    $45,809               $42,110
                                                    =======               =======

</TABLE>

3.  INTANGIBLE AND OTHER ASSETS

Net intangible and other assets consist of:

<TABLE>
<CAPTION>

                                                March 31, 2001        December 31, 2000
                                                --------------        -----------------
          <S>                                        <C>                  <C>
          Goodwill                                  $44,632               $46,643
          Excess Reorganization intangible           29,382                30,052
          Deferred Financing Costs                    5,881                 2,084
          Other                                       3,458                 3,775
                                                    -------               -------
                                                    $83,353               $82,554
                                                    =======               =======

</TABLE>

Amortization expense for intangible assets was $2,090 for the three months
ended March 31, 2001 and $6,569 for the twelve months ended December 31,
2000. A write-off of $1,091 of deferred financing costs was booked as an
extraordinary item as a result of the Company's substantive modifications of
the terms of its credit agreements. (See Note 4b).

4.  SHORT-TERM BORROWINGS AND LONG-TERM DEBT

A)  SHORT-TERM BORROWINGS

    i) Effective November 19, 1998, two of the Company's U.S. subsidiaries,
       Maska U.S., Inc. and SHC Hockey Inc., entered into a credit agreement
       (the "U.S. Credit Agreement") with the lenders referred to therein and
       with General Electric Capital Corporation, as Agent and Lender.
       Simultaneously, two of the Company's Canadian subsidiaries, Sport Maska
       Inc. and Tropsport Acquisitions Inc., entered into a credit agreement
       (the "Canadian Credit Agreement") with the lenders referred to therein
       and General Electric Capital Canada Inc., as Agent and Lender. The
       Credit Agreements are collateralized by eligible accounts receivable
       and inventories of the borrowers and are further collateralized by a
       guarantee of the Company and its other North American subsidiaries.

       On March 14, 2001, (i) the Second Amendment to the U.S. GECC Credit
       Agreement was entered into by Maska U.S., as borrower, the Credit
       Parties, the U.S. Lenders and General Electric Capital Corporation, as
       Agent and Lender, and (ii) the second Amendment to the Canadian GECC
       Credit Agreement was entered into by Sport Maska, as borrower, the
       Credit Parties, the Canadian Lenders and General Electric Capital
       Canada Inc., as Agent and Lender. On terms and subject to the
       conditions of each of the Second Amendments, the GECC Credit Agreements
       were amended to reflect the Amended and Restated Credit Agreement. The
       maximum amount of loans and letters of credit that may be outstanding
       under the two credit agreements is $60,000. Total borrowings
       outstanding under the Credit Agreements at March 31, 2001 and December
       31, 2000 were $18,258 and $12,282, respectively (excluding outstanding
       letters of credit). The Credit Agreements were for a period of two
       years with a possible extension of one year by the Company.


                                      -6-
<PAGE>

       Borrowings under the U.S. Credit Agreements bear interest at rates of
       either U.S. prime rate plus 0.50%-1.25% or LIBOR plus 1.75%-2.75%
       depending on the borrower's Operating Cash Flow Ratio, as defined in
       the agreement. Borrowings under the Canadian Credit Agreement bear
       interest at rates of either the Canadian prime rate plus 0.75%-1.50% or
       LIBOR plus 1.75%-2.75% depending on the borrower's Operating Cash Flow
       Ratio, as defined in the agreement. In addition, the borrowers are
       charged a monthly commitment fee at an annual rate of up to 3/8 of 1%
       on the unused portion of the revolving credit facilities under the
       credit agreements and certain other fees.

       The Credit Agreements contain customary negative and affirmative
       covenants including those relating to capital expenditures, total
       indebtedness to EBITDA, minimum interest coverage and fixed charges
       coverage ratio.


ii)    Effective March 18, 1999, Jofa AB ("Jofa"), a Swedish subsidiary of the
       Company, entered into a credit agreement with MeritaNordbanken in
       Sweden. The maximum amount of loans and letters of credit that may be
       outstanding under the agreement is SEK 50,000 ($6,000). The facility is
       collateralized by the assets of Jofa, excluding intellectual property,
       bears interest at a rate of STIBOR plus 0.65% and is renewable
       annually. Total borrowings at March 31, 2001 and December 31, 2000 were
       SEK 7,338 ($707) and nil, respectively.

       Effective July 14, 1999, KHF Sports Oy ("KHF"), a Finnish subsidiary of
       the Company, entered into a credit agreement with MeritaNordbanken in
       Finland. The maximum amount of loans and letters of credit that may be
       outstanding under the agreement is FIM 30,000 ($5,300). The facility is
       collateralized by the assets of KHF, bears interest at a rate of
       EURIBOR plus 2.0% and is renewable annually. Total borrowings as at
       March 31, 2001 and December 31, 2000 were nil, respectively.


B)  LONG-TERM DEBT

    SECURED LOANS

    On November 19,1998, in connection with its acquisition of Sports Holdings
    Corp., the Company and Sport Maska Inc. entered into a Secured Loan
    Agreement with the Caisse de depot et placement du Quebec ("Caisse") to
    borrow a total of Canadian $135,800. The loan was for a period of two years,
    renewable on November 19, 2000 at the Company's option.

    On March 14, 2001, an Amended and Restated Credit Agreement was entered into
    by the Company and Sport Maska, as borrowers, Caisse de depot et placement
    du Quebec ("Caisse"), as Agent and Lender, and Montreal Trust Company, as
    Paying Agent (the "Amended and Restated Credit Agreement"). On the terms and
    subject to the conditions of the Amended and Restated Credit Agreement,
    Facility 1 of the Caisse Loan, which is a facility in the maximum amount of
    Canadian $90,000, was extended to June 30, 2004, and Facility 2 of the
    Caisse Loan, which is a facility in the Maximum amount of Canadian $45,800
    was extended to October 31, 2002. A repayment of Facility 1 in the
    minimum amount of Canadian $5,000 is due on January 31, 2004. Facility 1 and
    Facility 2 have been fully utilized and no new advances are expected to be
    made under the Amended and Restated Credit Agreement. Each facility bears
    interest equal to the Canadian Banker's Acceptance Rate plus 6% and Facility
    2 bears additional interest of 3.5% which is to be capitalized and repaid
    on facility 2 maturity.

    The loan is collateralized by all of the tangible and intangible assets of
    the Company subject to the prior ranking claims on accounts receivable and
    inventories by the lenders under the Company's revolving credit facilities.

    The loan contains customary negative and affirmative covenants including
    those relating to capital expenditures, total indebtedness to EBITDA and
    minimum interest coverage.

    In May 2000, Jofa AB, a subsidiary of the Company, entered into a loan
    agreement with MeritaNordBanken Sweden to borrow SEK 10,000 ($1,100). The
    loan is for 4 years with annual principal repayments of SEK 2,500 ($275).
    The loan is secured by a chattel mortgage on the assets of the subsidiary
    and bears an interest rate of STIBOR plus 1.25%.


                                      -7-
<PAGE>

5.  COMMON STOCK, WARRANTS AND PREFERRED STOCK

    The Company has authorized 20,000,0000 shares of common stock of which of
    6,500,549 are issued and outstanding.

    Pursuant to the Warrant Agreement, dated as of March 14, 2001, between the
    Company and Caisse, the Company issued a warrant to Caisse to purchase
    539,974 shares of common stock, par value $.01 per share, of the Company,
    representing approximately 7.5% of the outstanding common stock, on a fully
    diluted basis, at an exercise price of $.01 per share. The number of shares
    issuable upon exercise of the warrants are subject to certain adjustments as
    provided in the Warrant Agreement and, pursuant to the Warrant Agreement, if
    by May 14, 2001, a fully financed firm offer is received by the Company
    which would be sufficient to repay Facility 2 and if Facility 2 is so repaid
    in full as a result of such offer no later than June 13, 2001, warrants
    issued which represent the right to 179,991 common shares shall be
    cancelled. The fair value of the warrants was determined to be $3,450 and
    has been recorded in shareholders' equity as stock purchase warrants.
    In addition, the Company also issued warrants to Caisse to acquire 993,408
    shares of common stock, par value $.01 per share, which are only exercisable
    by Caisse if a minimum EBITDA required is not met and if Facility 2 is not
    repaid in cash on or prior to certain dates.

    On November 19, 1998, the Company issued 100,000 shares of 13% Pay-In-Kind
    redeemable, $0.01 par value per share, cumulative preferred stock together
    with warrants to purchase 159,127 common shares of the Company at a purchase
    price of $0.01 per share, for cash consideration of $12,500 (par value).

    The fair value of the warrants was determined to be $1,665 and has been
    recorded in Stockholder's Equity as common stock purchase warrants. The
    balance of the proceeds, $10,835, has been recorded as 13% Pay-In-Kind
    preferred stock. The difference between the redemption value of the
    preferred stock and the recorded amount is being accreted on a straight-line
    basis over the seven-year period ending November 19, 2005, by a charge to
    retained earnings.

    Dividends, which are payable semi-annually from November 19, 1998, may be
    paid in cash or in shares of the 13% Pay-In-Kind preferred stock, at the
    Company's option. The preferred stock is non-voting. If the Company fails to
    redeem the preferred stock on or before November 19, 2005 and for a sixty
    day period or more after being notified of its failure to redeem the
    preferred stock, then the preferred stockholders, as a class of
    stockholders, have the option to elect one director to the Company's Board
    of Directors with the provision that the preferred stockholders are to elect
    28% of the Company's directors. At December 31, 2001 unpaid dividends
    totalled $3,676.

    The preferred stock is redeemable, at any time after November 19, 2000, in
    whole or in part, at the option of the Company, at a redemption price
    (together with all accumulated and unpaid dividends) as follows:

<TABLE>
<CAPTION>

     Year                                 Percentage of par value
     <S>                                         <C>
     2001                                        104.333%
     2002                                        102.166%
     2003 and thereafter                         100.000%

</TABLE>

    The preferred stock must be redeemed by the Company at the earlier of a
    change of control or by November 19, 2005.


                                      -8-
<PAGE>

6.  EARNINGS PER SHARE

    LOSS PER SHARE FOR THE THREE MONTH PERIODS ARE AS FOLLOWS:

<TABLE>
<CAPTION>
                                                  For the Three Months ended     For the Three Months ended
                                                         March 31, 2001                 March 31, 2000
                                                  --------------------------     --------------------------
                                                      Basic          Diluted          Basic         Diluted
                                                      -----          -------          -----         -------
<S>                                                <C>             <C>              <C>           <C>
Net loss before extraordinary item
attributable to common stockholders                $  ( 9,256)     $ ( 9,256)       $  (5,750)    $   (5,750)
Net  loss attributable to common stockholders      $  (10,347)     $ (10,347)       $  (5,750)    $   (5,750)
                                                   ----------      ---------        ---------     ----------
Weighted average common and common equivalent
      shares outstanding:
                                 Common stock       6,500,549      6,500,549        6,500,549     6,500,549
                                                   ----------      ---------        ---------     ----------
                 Common equivalent shares (a)         698,289        698,289          158,977       193,741
                                                   ----------      ---------        ---------     ----------
Total weighted average common and common
equivalent shares outstanding                       7,198,838      7,198,838        6,659,526     6,694,290
                                                   ----------      ---------        ---------     ----------
Net loss before extraordinary item
per common share (b)                                $   (1.29)    $    (1.29)      $    (0.86)   $    (0.86)
Net loss per common share (b)                       $   (1.44)    $    (1.44)      $    (0.86)   $    (0.86)
                                                   ----------      ---------        ---------     ----------

</TABLE>

(a) Common equivalent shares include warrants and stock options. The Company
    used the average book value of its common stock in calculating the common
    equivalent shares as required by Statement of Financial Accounting Standards
    No. 128 due to the fact that the Company's stock had extremely limited
    trading volume during the period.

(b) Common equivalent shares include warrants and stock options when
    dilutive. The Company used the average book value of its common stock in
    calculating the common equivalent shares as required by statement of
    Financial Accounting Standards no. 128 due to the fact that Company's stock
    had extremely limited trading volume during the period.


7.  CONTINGENCIES AND LITIGATION

A.  ENVIRONMENTAL LITIGATION

    In 1992, T. Copeland & Sons, Inc. (" Copeland "), the owner of a property
    adjacent to Maska's former manufacturing facility in Bradford, Vermont (now
    used as a US apparel distribution centre), filed an action in Vermont
    Superior Court alleging that its property had been contaminated as a result
    of the Company's manufacturing activities and seeking compensatory and
    punitive damages under the Vermont Groundwater Protection Law and various
    common law theories. In June 1995, Maska settled this action for $1,000
    cash, paid in July 1995, and a $6,000 promissory note. Subsequently,
    Copeland received a distribution of shares of THC's Common Stock to satisfy
    the note. Copeland asserted the right to recover from the Company as a
    secured claim, the difference between the aggregate value of the Common
    Stock and the amount of the promissory note. In October 1998, Copeland's
    claim in the Bankruptcy Court to recover this difference was disallowed
    without an evidentiary hearing. Copeland filed an appeal of this decision.
    On May 1, 2000, the District Court overruled the Bankruptcy Court's decision
    and remanded the claim to the Bankruptcy Court for an evidentiary hearing.
    In February, 2001, the Company reached an agreement with Copeland, subject
    to Bankruptcy Court approval, to settle this claim for $1 million in cash.


B.   PRODUCT LIABILITY LITIGATION

    The Company is unaware of any personal injury claims for which there is
    inadequate insurance coverage.

C.  OTHER LITIGATION

    On October 16, 1997, ZMD Sports Investments Inc. and 2938201 Canada Inc.,
    landlords of the Company's properties located in St. Jean, Quebec and St.
    Hyacinthe, Quebec, brought motions against the Company which would require
    the

                                      -9-
<PAGE>

    Company to undertake certain repairs to the properties for an estimated
    $630. The Company believes these motions to be without merit.

    Other than certain legal proceedings arising from the ordinary course of
    business, which we believe will not have a material adverse effect, either
    individually or collectively, on the financial position, results of
    operations or cash flows, there is no other litigation pending or threatened
    against us.


8.  SEGMENT INFORMATION

    REPORTABLE SEGMENTS

    The Company has two reportable segments: Equipment and Apparel. The
    Equipment segment derives its revenue from the sale of skates, including
    ice-hockey, roller-hockey and figure skates, as well as protective hockey
    equipment and sticks for both players and goaltenders. The Apparel segment
    derives its revenue from the sale of hockey apparel, such as authentic and
    replica hockey jerseys, as well as a high quality line of baseball style
    caps, jackets and other casual apparel using its own designs and graphics.


    MEASUREMENT OF SEGMENT PROFIT OR LOSS AND SEGMENT ASSETS

    Segment assets only include inventory.

    INFORMATION ABOUT SEGMENT PROFIT OR LOSS AND SEGMENT ASSETS


<TABLE>
<CAPTION>
                                             Equipment                       Apparel                     Segment Total
                                    ----------------------------  -----------------------------  ----------------------------
                                    For the Three  For the Three   For the Three  For the Three  For the Three  For the Three
                                     Months ended   Months ended    Months ended   Months ended   Months ended   Months ended
                                    Mar. 31, 2001  Mar. 31, 2000   Mar. 31, 2001  Mar. 31, 2000  Mar. 31, 2000  Mar. 31, 2001
                                    ------------- --------------  -------------   -------------  -------------  -------------
<S>                                     <C>           <C>             <C>            <C>            <C>            <C>
Net sales to external customers         $21,319       $24,653         $13,516        $ 9,753        $34,835        $34,406
Gross profit                              7,895         9,817           6,067          3,930         13,962         13,747
Depreciation of property, plant
and equipment                               743           709             155            139            898            848
Inventories                              32,185        40,459          13,624         14,480         45,809         54,939

</TABLE>

    RECONCILIATION OF SEGMENT PROFIT OR LOSS

<TABLE>
<CAPTION>

                                                          For the Three      For the Three
                                                          Months ended        Months ended
                                                          Mar. 31, 2001      Mar. 31, 2000
                                                          -------------      -------------
<S>                                                           <C>                <C>
Segment Gross Profit                                          $13,962            $13,747

Unallocated amounts:
                                                               14,921             15,601
        Selling general and administrative expenses
                                                                1,105              1,138
        Amortization of excess reorganizational
            value and goodwill                                    576                424
        Other expense, net
        Interest expense                                        2,991              2,964
                                                              -------            -------
Loss before income taxes                                      $(5,631)           $(6,380)
                                                              -------            -------

</TABLE>

                                      -10-
<PAGE>

                               THE HOCKEY COMPANY
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS


ITEM 2.

INTRODUCTION

The Hockey Company ("THC" or the "Company") was incorporated in September 1991
and reorganized in April 1997.

On January 31, 1999, the Board of Directors and stockholders of The Hockey
Company adopted an amendment to THC's Certificate of Incorporation to change the
name of THC from SLM International, Inc. to The Hockey Company. The amendment
was filed with the Secretary of State of the State of Delaware on February 9,
1999.

The operations of The Hockey Company and its subsidiaries include the design,
development, manufacturing and marketing of hockey and hockey related
products, including hockey uniforms, hockey sticks, protective equipment,
hockey, figure and inline skates and street hockey products, marketed under
the CCM(R), JOfa (R), Koho (R), HeatON (R), TITAN(R) AND CANadien TM brand
names, and private label brands and licensed hockey apparel under the
CCM(R),, and #1 APPAREL TM names. The Company sells its products worldwide to
a diverse customer base consisting of mass merchandisers, sporting goods
chains, independent retailers and international distributors. The Company
manufactures and distributes most of its products at facilities in North
America, Finland and Sweden and sources products internationally.

The Company's business is seasonal. The seasonality of the Company's business
affects net sales and borrowings under the Company's credit agreements.
Traditional quarterly fluctuations in the Company's business may vary in the
future depending upon, among other things, changes in order cycles and product
mix.


SELECTED FINANCIAL DATA

The following discussion provides an assessment of the Company's results of
continuing operations, financial condition and liquidity and capital resources,
and should be read in conjunction with the Unaudited Consolidated Financial
Statements of the Company and Notes thereto included elsewhere herein. (All
references to "Note(s)" refer to the Notes to Unaudited Consolidated Financial
Statements.)

EBITDA is a measure of the cash generated from operations and has been included
in the selected income statement highlights, because management believes that it
would be a useful indicator for readers. EBITDA is defined as the earnings (net
income) before interest, income and capital taxes, depreciation and
amortization, and unusual items. EBITDA is not a measure of performance or
financial condition under generally accepted accounting principles, but is
presented because it is a widely accepted indicator of a company's ability to
source and incur debt. EBITDA should not be considered as an alternative to net
income as an indicator of the company's operating performance or as an
alternative to cash flows as a measure of liquidity.



RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2001

2001 COMPARED TO 2000

Net sales increased 1.1% to $34.8 million in the three months ended March 31,
2001, as compared to $34.4 million in the three months ended March 31, 2000. The
increase was attributable to higher sales of apparel, as well as strong sales of
non-hockey products in Scandinavia, offset by slightly lower equipment sales.

Gross profit for the three months ended March 31, 2001 was $14.0 million
compared to $13.7 million in 2000, an increase of 1.6%, attributable to the
strong apparel sales in the period. Measured as a percentage of net sales, gross
profit margins remained steady at 40.0% versus the same period in 2000.


                                      -11-
<PAGE>

                               THE HOCKEY COMPANY
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

In the three months ended March 31, 2001, selling, general and administrative
expenses decreased as a percentage of sales to 42.8% from 45.3% in 2000. In
absolute dollar terms there was a 4.4% decrease to $14.9 million in the first
quarter of 2001 from $15.6 million in the same period of 2000. The decrease in
the selling, general and administrative expenses is a result of first quarter
restructuring activities, offset by increased NHL commitments.

The amortization of excess reorganization value and goodwill remained virtually
constant at $1.1 million. The operating loss for the three month period ended
March 31, 2001 was $2.1 million, compared to a $3.0 million loss for the three
month period ending March 31, 2000.

Other expense of $0.5 million consists primarily of amortization of deferred
financing costs.

Earnings before interest, taxes, depreciation and amortization (EBITDA), which
is a measure of cash generated from operations, was $0.4 million for the three
months ended March 31, 2001 compared to $(0.5 million) for the three months
ended March 31, 2000.

Interest expense of $3.0 million for the three months ended March 31, 2001 was
consistent with the same three months of 2000.

As a result of a business restructuring at the beginning of the year, the
Company incurred costs related to severance and facility closures
(restructuring charges - see Restructuring Reserves). Accordingly, the
Company's net loss for the three months ended March 31, 2001 was $9.8 million
compared to a net loss of $5.2 million for the three months ended March 31,
2000.

LIQUIDITY AND CAPITAL RESOURCES

Management expects to finance the Company's working capital and capital
expenditures requirements through cash generated by its operations and through
its new credit facilities established on November 19, 1998 and amended and
restated on March 14, 2001.

Effective November 19, 1998, two of the Company's subsidiaries, Maska U.S. Inc.
and SHC Hockey Inc., entered into a credit agreement (the "U.S. Credit
Agreement") with the lenders referred to therein and with General Electric
Capital Corporation, as Agent and Lender. Simultaneously, two of the Company's
Canadian subsidiaries, Sport Maska Inc. and Tropsport Acquisitions Inc., entered
into a credit agreement (the " Canadian Credit Agreement") with the lenders
referred to therein and General Electric Capital Canada Inc., as Agent and
Lender. The maximum amount of loans and letters of credit that may be
outstanding under the two credit agreements (collectively, the "Credit
Agreements") is $60.0 million.

The Credit Agreements were for a period of two years with a possible extension
of one year by the Company, and were amended and restated on March 14, 2001.
Total borrowings outstanding under the Credit Agreements were $18.3 million on
March 31, 2000 (excluding $5.9 million of letters of credit outstanding). Total
borrowing as at December 31, 2000 under the New Credit Agreements were $12.3
million (excluding $0.9 million of letters of credit outstanding).

In addition, on March 14, 2001, an Amended and Restated Credit Agreement was
entered into by the Company and Sport Maska, as borrowers, Caisse de depot et
placement du Quebec ("Caisse"), as Agent and Lender, and Montreal Trust Company,
as Paying Agent (the "Amended and Restated Credit Agreement"). On the terms and
subject to the conditions of the Amended and Restated Credit Agreement, Facility
1 of the Caisse Loan, which is a facility in the maximum amount of Canadian $90
million, was extended to June 30, 2004, and Facility 2 of the Caisse Loan, which
is a facility in the maximum amount of Canadian $45.8 million, was extended to
October 31, 2002. A repayment of Facility 1 in the minimum amount of Canadian $5
million is due on January 31, 2004. Facility 1 and Facility 2 have been fully
utilized and no new advances are expected to be made under the Amended and
Restated Credit Agreement.


The Company's financing requirements for long-term growth, future capital
expenditures and debt service are expected to be met through its operations as
well as cash borrowed under its Credit Agreements. During the three months ended
March 31,


                                      -12-
<PAGE>

                               THE HOCKEY COMPANY
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

2001, the Company's operations used $9.9 million of cash from its operations as
compared to $7.4 million of cash used in the same three months of 2000.

Cash used in investing activities during the three months ended March 31, 2001
and the three months ended March 31, 2000 were $0.3 million and $0.5 million,
respectively.

During the three month period ended March 31, 2001, financing activities
provided $7.9 million and $4.3 million for the same period last year.

The Company follows the customary practice in the sporting goods industry of
offering extended payment terms to credit-worthy customers on qualified orders.
The Company's working capital requirements generally peak in the third and
fourth quarters as it builds inventory and make shipments under these extended
payment terms.


EURO CONVERSION

On January 1, 1999, eleven of the fifteen member countries of the European Union
established fixed conversion rates between their existing sovereign currencies
and the Euro. The participating countries agreed to adopt the Euro as their
common legal currency on that date. Fixed conversion rates between these
participating countries' existing currencies (the legacy currencies) and the
Euro were established as of that date. The legacy currencies are scheduled to
remain legal tender as denominations of the Euro until at least January 1, 2002
(but not later than July 1, 2002.) During this transition period, parties may
settle transactions using either the Euro or a participating country's legacy
currency.

Management currently believes that the introduction of the Euro will not have a
material impact related to pricing or foreign currency exposures. Finland is one
of the countries adopting the Euro however Sweden has not yet chosen to adopt
the new currency. The Finnish subsidiaries' base currency is now the Euro,
Sweden has yet to decide on adopting the new currency. The Company foresees no
adverse impact resulting from the Euro conversion, including competitive
implications related to pricing and foreign currency considerations. However,
uncertainty exists as to the effects the Euro will have on the marketplace.


RESTRUCTURING RESERVES

Effective January 24, 2001, the Company embarked on a plan to rationalize its
operations. This rationalization involved the elimination of certain
redundancies, both in terms of personnel and operations as well as the
consolidation of facilities including the closure of its Mount Forest, Ontario
plant. Accordingly, the Company has set up a reserve of 2.9 million.

The Company has estimated that the restructuring charges capitalized as part of
the restructuring would total $2.9 million as follows:

An amount of $2.4 million has been accrued for severance packages in Canada and
the U.S., including the closure of the Mount Forest, Ontario plant. To date $0.7
million has been spent.

An amount of $0.5 million has been accrued to cover the cost of facility
consolidations. To date no amount has yet been spent.


                                      -13-
<PAGE>

                               THE HOCKEY COMPANY
                                     PART II
                                OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS

           Reference is made to Note 7 of the Notes to Unaudited Consolidated
           Financial Statements included in Part I of this report.


ITEM 2.   CHANGES IN SECURITIES.
          None.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES.
          Not applicable.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
          None.

ITEM 5.   OTHER INFORMATION
          None.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.

           (a) Exhibits:

               27.1   Financial Data Schedule.

           (b) Reports on Form 8-K:

               On March 26, 2001 the Company filed a Current Report on Form
               8-K with respect to the renewal of the credit loans to the
               Company and Sport Maska furnished by the Caisse de depot et
               placement du Quebec and General Electric Capital Corporation.
               This report was filed in compliance with Item 5 of Form 8-K.


                                      -14-
<PAGE>

                               THE HOCKEY COMPANY




                                   SIGNATURES

Pursuant to 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.


                               THE HOCKEY COMPANY
                                  (REGISTRANT)


                        By:           /S/ MATTHEW H. O'TOOLE
                             ----------------------------------------
                             Name:      Matthew H. O'Toole
                             Title:     President
                                        (Principal Executive Officer)




Date: May 14, 2001