SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C.  20549
                                   FORM 10-Q

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

        For the quarterly period ended April 30, 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  0-1287


                              STERLING SUGARS, INC.
        ____________________________________________________________________
              Exact name of registrant as specified in its charter


                 Louisiana                              72-0327950
        _______________________________       ______________________________
        State or other jurisdiction of         IRS employer identification
        incorporation or organization                     number


            P. O. Box 572, Franklin, La.                   70538
        ____________________________________________________________________
        Address of principal executive offices            Zip Code


        Registrant's telephone number including area code       337 828 0620

                                  Not Applicable
        ____________________________________________________________________
        Former name, former address and former fiscal year, if changed since
        last report.


        Indicate by check mark whether 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 requirments for the past 90 days.

        YES X  NO

        There were 2,500,000 common shares outstanding at May 24, 2002.


                                                  Total number of pages    14

                                                                          -1-



                            STERLING SUGARS, INC.

                                 I N D E X

                                                                  PAGE
                                                                 NUMBER
        PART I:  FINANCIAL INFORMATION:

         ITEM 1. FINANCIAL STATEMENTS

                 Condensed balance sheets April 30, 2002
                 (unaudited) and July 31, 2001                     I-1

                 Statements of earnings and retained earnings
                 Nine months ended April 30, 2002 (unaudited)
                 and 2001 (unaudited)                              I-2

                 Statements of earnings and retained earnings
                 Three months ended April 30, 2002 (unaudited)
                 and 2001 (unaudited)                              I-3

                 Statements of cash flows
                 Nine months ended April 30, 2002 (unaudited)
                 and 2001 (unaudited)                              I-4

                 Notes to condensed financial statements
                 Three and nine months ended April 30, 2002
                 and 2001                                          I-6

         ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS     I-7

        PART II. OTHER INFORMATION:

         ITEM 6. EXHIBITS AND REPORTS ON FORM 8K                  II-1






















                                                                      -2-

                            STERLING SUGARS, INC.
                          CONDENSED BALANCE SHEETS

                                                   April 30,     July 31,
                                                     2002          2001
                                                   UNAUDITED       NOTE
     ASSETS:                                    ---------------------------
      CURRENT ASSETS:
         Cash and short-term investments        $      3,467 $      33,949
         Notes receivable                             60,016        60,016
         Accounts receivable                       2,570,987       989,413
         Raw sugar and molasses inventories
           (at lower of cost or market)           10,307,413          -
         Operating supplies - at cost                745,410       760,647
         Deferred income taxes                       357,260       357,260
         Other current assets                        612,741       471,424
                                                ------------- -------------
            TOTAL CURRENT ASSETS                $ 14,657,294  $  2,672,709
                                                ------------- -------------
       Property, plant and equipment - net      $ 23,597,015  $ 24,522,612
                                                ------------- -------------
       Expenditures for future crops            $  1,138,963  $  1,138,963
                                                ------------- -------------
       Notes receivable                         $    394,625  $    410,871
                                                ------------- -------------
       Other assets                             $     65,876  $     59,959
                                                ------------- -------------
                                                $ 39,853,773  $ 28,805,114
                                                ============= =============

     LIABILITIES AND STOCKHOLDERS' EQUITY:
      CURRENT LIABILITIES:
        Notes Payable                           $  6,787,000  $  2,446,615
        Accounts payable and accrued expenses      2,043,266       965,476
        Due cane growers                           5,002,880          -
        Current portion long-term debt               628,905     4,091,220
                                                ------------- -------------
            TOTAL CURRENT LIABILITIES           $ 14,462,051  $  7,503,311
                                                ------------- -------------
       Long-term debt                           $  4,201,178  $  1,927,321
                                                ------------- -------------
       Deferred income taxes                    $  1,810,000  $  1,810,000
                                                ------------- -------------
     STOCKHOLDERS' EQUITY:
        Common stock                            $  2,500,000  $  2,500,000
        Additional paid in capital                    40,455        40,455
        Retained earnings                         16,840,089    15,024,027
                                                ------------- -------------
                                                $ 19,380,544  $ 17,564,482
                                                ------------- -------------

                                                $ 39,853,773  $ 28,805,114
                                                ============= =============

       NOTE: The balance sheet at July 31, 2001 has been taken from the
             audited financial statements at that date, and condensed.

                   See notes to condensed financial statements
                                      I-1                               -3-


                            STERLING SUGARS, INC.
                 STATEMENT OF EARNINGS AND RETAINED EARNINGS
                                 (UNAUDITED)

                                                NINE MONTHS ENDED APRIL 30
                                                ---------------------------
                                                      2002         2001
                                                      ----         ----
        REVENUES:

         Sugar and molasses sales                $ 32,917,426 $ 38,837,482
         Interest earned                                3,908        3,735
         Mineral leases and royalties                 413,458      890,054
         Gain (Loss) on disposal of assets        (   214,668)        -
         Other                                      1,584,071    1,484,218
                                                 ------------  ------------
                                                 $ 34,704,195 $ 41,215,489
                                                 ------------  ------------

        COSTS AND EXPENSES:

         Cost of products sold                   $ 30,378,159 $ 36,426,526
         General and administrative                   843,746      723,649
         Interest expense                             553,157      826,599
                                                 ------------  ------------
                                                 $ 31,775,062 $ 37,976,774
                                                 ------------  ------------

        NET EARNINGS BEFORE INCOME TAXES         $  2,929,133 $  3,238,715
        INCOME TAXES                                1,113,071    1,230,712
                                                 ------------  ------------
        NET EARNINGS                             $  1,816,062 $  2,008,003

        RETAINED EARNINGS AT BEGINNING OF PERIOD   15,024,027   14,659,694
                                                 ------------  ------------
        RETAINED EARNINGS AT END OF PERIOD       $ 16,840,089 $ 16,667,697
                                                 ============  ============

        NET EARNINGS PER SHARE                   $        .73  $       .80
                                                 ============  ============










                    See notes to condensed financial statements







                                      I-2                                 -4-


                            STERLING SUGARS, INC.
                 STATEMENT OF EARNINGS AND RETAINED EARNINGS
                                 (UNAUDITED)

                                               THREE MONTHS ENDED APRIL 30
                                              -----------------------------
                                                      2002         2001
                                                      ----         ----
        REVENUES:

         Sugar and molasses sales                $10,110,905   $ 8,243,872
         Interest earned                               2,180         1,970
         Mineral leases and royalties                166,676       378,928
         Gain (Loss) on disposal of assets             8,892          -
         Other                                        36,497        22,270
                                                 ------------  ------------
                                                 $10,325,150   $ 8,647,040
                                                 ------------  ------------

        COSTS AND EXPENSES:

         Cost of products sold                   $12,062,844   $ 9,462,152
         General and administrative                  327,881       190,524
         Interest expense                            208,810       311,083
                                                 ------------  ------------
                                                 $12,599,535   $ 9,963,759
                                                 ------------  ------------

        NET LOSS BEFORE INCOME TAXES             $(2,274,385)  $(1,316,719)
        INCOME TAXES (CREDIT)                     (  864,266)   (  500,353)
                                                 ------------  ------------
        NET LOSS                                 $(1,410,119)  $(  816,366)

        RETAINED EARNINGS AT BEGINNING OF PERIOD  18,250,208    17,484,063
                                                 ------------  ------------
        RETAINED EARNINGS AT END OF PERIOD       $16,840,089   $16,667,697
                                                 ============  ============

        NET LOSS PER SHARE                       $(      .56)  $(      .33)
                                                 ============  ============










                    See notes to condensed financial statements




                                      I-3                                 -5-


                            STERLING SUGARS, INC.
                           STATEMENT OF CASH FLOWS
                                (UNAUDITED)
                                                  NINE MONTHS ENDED APRIL 30
                                                  ---------------------------
                                                         2002         2001
                                                         ----         ----
   OPERATING ACTIVITIES:
    Net earnings                                    $  1,816,062  $  2,008,003
    Adjustments to reconcile net earnings to net
     cash provided by operating activities:
     Depreciation                                      1,525,271     1,680,668
     (Gain) losss on disposal of assets                  214,668          -
    Changes in operating assets and liabilities:
     Increase in accounts receivable                 ( 1,581,574)  ( 2,482,266)
     Increase in inventories                         (10,292,176)  ( 2,281,466)
     Increase in accounts payable accrued
      expenses and due cane growers                    6,080,670     3,608,480
     Other items - net                               (   147,374)  (   350,110)
                                                    ------------  ------------
    Net cash provided by operating activities       $( 2,384,453) $  2,183,309
                                                    ------------  ------------
    INVESTING ACTIVITIES:
     Collection on notes receivable                 $     36,245  $     14,067
     Issuance of notes receivable                    (    20,000)  (    10,980)
     Purchase of property, plant and equipment       (   876,088)  ( 1,163,112)
     Proceeds from sale of assets                         61,887          _
                                                    ------------- ------------
     Net cash used in investing activities          $(   797,956) $( 1,160,025)
                                                    ------------  ------------
    FINANCING ACTIVITIES:
     Proceeds from short-term notes payable
      and long-term debt                            $ 34,425,667  $ 27,667,809
     Payments on short-term notes payable
      and long-term debt                             (31,273,740)  (28,707,023)
                                                    ------------  ------------
     Net cash provided by financing activities      $  3,151,927  $( 1,039,214)
                                                    ------------  ------------

    Increase (decrease) in cash and temporary
     investments                                    $(    30,482) $ (   15,930)
    Cash and temporary investments at the
     beginning of the period                              33,949        11,500
                                                    ------------  ------------
    Cash and temporary investments at the
     end of the period                              $      3,467  $(     4,430)
                                                    ============= ============



    Continued

                  See notes to condensed financial statements





                                      I-4                                 -6-


                            STERLING SUGARS, INC.
                           STATEMENT OF CASH FLOWS
                                (UNAUDITED)

                                                NINE MONTHS ENDED APRIL 30
                                               ----------------------------
                                                        2002        2001
                                                        ----        ----
      Supplemental information:

         Interest paid                              $  588,150  $  742,852
                                                    =========== ===========
         Income taxes paid                          $   32,610  $  134,051
                                                    =========== ===========











































                                      I-5                               -7-



                            STERLING SUGARS, INC.
                   NOTES TO CONDENSED FINANCIAL STATEMENTS
              THREE AND NINE MONTHS ENDED APRIL 30, 2002 AND 2001
                      (UNAUDITED)          (CONTINUED)


        A. CONDENSED FINANCIAL STATEMENTS:

             The condensed balance sheet as of April 30, 2002,
           the statements of earnings and retained earnings for the three
           and  nine months ending April 30, 2002 and 2001, and the condensed
           statements of cash flows for the nine month periods then
           ended have been prepared by the Company, without audit.  In
           the opinion of management, all adjustments (which include
           only normal recurring adjustments) necessary to present
           fairly the financial position, results of operations and
           cash flows at April 30, 2002 and for all periods presented
           have been made.

             Certain information and footnote disclosures normally
           included in financial statements prepared in accordance with
           generally accepted accounting principles have been condensed
           or omitted.  It is suggested that these condensed financial
           statements be read in conjunction with the July 31, 2001
           report to stockholders and/or the Form 10-K filed with
           the Securities and Exchange Commission on October 26, 2001.
           The results of operations for the period ending April 30, 2002
           are not necessarily indicative of the operating results expected
           for the full year.



























                                      I-6                                -8-


                            STERLING SUGARS, INC.
                  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
               FINANCIAL CONDITION AND RESULTS OF OPERATIONS

     Forward -Looking Information:

         This Form 10-Q contains certain statements that may be deemed
     "forward-looking statements."  All statements, other than historical
     statements, in this Form 10-Q that address activities, events or
     developments that the Company intends, expects, projects, believes or
     anticipates will or may occur in the future, are forward-looking
     statements.  Such statements are based on assumptions and analysis made
     by management of the Company in light of its experience and its
     perception of historical trends, current conditions, expected future
     developments and other factors it believes are appropriate.  The
     forward-looking statements in the Form 10-Q are also subject to a number
     of material risks and uncertainties, including weather conditions in
     south Louisiana during the sugarcane growing season, the success of
     sugarcane pest and disease abatement procedures, the quality and quantity
     of the sugarcane crops, mechanical failures at the Company's sugar mill,
     and prices for sugar and molasses produced by the Company.  Such
     forward-looking statements are not guarantees of future performance and
     actual results.  Development and business decisions may differ from
     those envisioned by such forward-looking statements.

     Results of Operations:

      General Information:

         The Company's grinding season commenced on September 18, 2001 and
     ended December 23, 2001.  A total of 1,027,102 tons of sugarcane were
     processed compared to 1,063,646 tons processed last year.  The Company
     processed a record breaking 1,139,296 for the 1999 crop.  The lesser
     tonnage ground in 2001 can be attributed to a drought suffered in the
     spring of 2001 which reduced yields of sugarcane to about ten percent
     less than the year before.

         Sugar yield was up this year and is estimated at 203 pounds of
     sugar per ton of sugarcane compared to 197 pounds the previous year.
     The marginally higher yield for the current year was most likely caused
     by the favorable weather patterns experienced during the spring and
     summer growing season.

         The price the Company receives for its raw sugar has rebounded
     somewhat from the lows experienced over the last two years.  The Company
     received an average of 20.45 cents per pound for the nine months ended
     April 30, 2002, compared to 18.93 cents per pound for the same period
     last year.  For the year ended July 31, 2001, the Company received
     19.24 cents per pound and for the year ended July 31, 2000, the Company
     received 19.38 cents per pound.  The Company systematically sells on the
     futures market throughout the year which tends to average the highs and
     lows over a period of time.





                                      I-7                                -9-


         Blackstrap molasses production is estimated at 5.34 gallons per ton
     this year compared to 5.63 gallons per ton of cane last year. Total
     production of molasses is estimated at 5,481,576 gallons this year
     compared to 5,987,764 gallons for the previous year.  The price for
     blackstrap molasses has rebounded from the depressed prices experienced
     over the last several years.  The current price averaged 62.88 per ton
     net of discounts compared to $44.52 per ton last year.

     Sugar and Molasses Sales:

         Sugar and molasses sales for the nine months ended April 30, 2002
     and 2001 were as follows:
                                                2002            2001
                                             ----------------------------

         Raw sugar sales                     $31,006,718      $37,005,185
         Blackstrap molasses                   1,910,708        1,832,297
                                             ------------    ------------
                                             $32,917,426      $38,837,482
                                             ============    ============

         Raw sugar sales decreased by $5,998,467 principally because of the
     lesser demand from refiners.  Molasses sales were up slightly compared
     to the previous year.  Raw sugar on hand at April 30, 2002 was 26,597
     tons compared to 5,908 tons for the same period last year. The Company
     expects to have all sugar shipped by August, 2002. The Company had 667
     tons in molasses inventory at April 30, 2002 and had shipped all of its
     molasses production as of April 30, 2001.

     Interest Earned:

         Interest earned for the nine month period ending April 30,
     2001 was $3,908 compared to $3,735 for the same period last year.  For
     the three month periods ending April 30, 2002 and 2001, interest earned
     was $2,180 and $1,970, respectively.

     Mineral Leases and Royalties:

          Mineral leases and royalties were down for the nine months ended
     April 30, 2002 at $413,458 compared to $890,054 for the same period last
     year.  Royalties for the two periods were $383,430 and $886,554,
     respectively.  Mineral leases for the same two periods were $30,028 and
     $3,500, respectively.  In November, 2000, the Company began receiving
     royalty payments from a new well named Zenor A16 located near Patterson,
     Louisiana.  Natural gas production from the well has remained fairly
     stable since the well started producing in May, 2000.  However, the
     price received for gas has ranged from a high of $10.82 per mcf in
     January, 2001 to a low of $1.94 per mcf in October, 2001.  The price
     received for gas in March, 2002 was $2.66 per mcf.  Payments received
     from the Zenor A16 well have been used to reduce the Company's
     long-term debt.







                                      I-8                               -10-


          The Company's activities with respect to oil and gas are limited to
     the granting of leases and the collection of bonuses, delay rentals and
     landowner royalties thereunder.  Accordingly, only limited information,
     furnished primarily by the Company's lessees, has been included with
     respect to oil and gas operations affecting Company lands.  Complete
     information respecting these and related matters, such as proved
     reserves, are unavailable to the Company and cannot be obtained without
     unreasonable effort and expense.

     Other Revenues:

          Other revenues, which consist mainly of miscellaneous income items
     and cane land rentals, were $1,584,071 for the nine months ended April
     30, 2002 and $1,484,218 for the nine months ended April 30, 2001.  Cane
     land rentals for the current period were $1,223,154 compared to
     $1,316,279 last year. Included in Other Revenues are the proceeds from
     pipeline rights of way and seismic permits granted by the Company.

     Cost of Products Sold:

          Cost of products sold totaled $30,378,159 for the nine months ended
     April 30, 2002 and $36,426,526 for the nine months ended April 30,
     2001.  The costs charged to this account are relative to the sales of
     raw sugar and molasses.

     General and Administrative Expenses:

          General and administrative expenses were $843,746 for the nine
     months ended April 30, 2002 and $723,649 for the same period last
     year.  The increase in cost this year is generally attributable to
     increased pension and hospitalization costs.

     Interest Expense:

          Interest expense was $553,157 compared to $826,599 for the nine
     months ended April 30, 2002 and 2001, respectively.  The short-term
     interest rate at April 30, 2002 was 4% compared to 7.5% at April 30,
     2001, which accounts for the lower interest cost for this period.

     Income Taxes:

          The income tax expense for the three and six month periods
     ending April 30, 2002 and 2001 were recorded at the statutory rate
     of 38 percent, which reflects the 34 percent federal corporate rate plus
     4 percent state income taxes.

     Liquidity and Capital Resources:

          At April 30, 2002, the Company had working capital of $195,243
     compared to a negative working capital of $4,830,602 at July 31, 2001.
     Due to the seasonal nature of the industry, it is not uncommon
     to have a negative working capital balance at July 31 of each year or
     just before the start of a new processing season.  However, the
     unusually large negative balance at July 31, 2001 was caused by the
     inclusion in current liabilities of a note due January 2, 2002, amounting
     to $3,363,388.  This note was paid on January 2, 2002 with the proceeds
     from a new note totaling $5,500,000.  Terms of the new note require

                                      I-9                              -11-


     nine semi-annual payments of $275,000 each with interest at the rate of
     7% payable quarterly.  The balance of the note is due and payable on
     December 31, 2006.

          For the period February 1, 2002 to September 30, 2002, the Company
     budgeted $3,517,500 for repairs and $1,427,947 for capital improvements
     to the factory.  The Company expects to finance the majority of these
     expenditures internally with any excess financed short-term through a
     bank with which the Company has a $12,000,000 line of credit.















































                                      I-10                              -12-



        PART II - OTHER INFORMATION


         ITEM 6 - EXHIBITS AND REPORTS ON FORM 8K
                  (a) Exhibits - None
                  (b) Reports on Form 8K - None


















































                                     II-1                                -13-


                                  SIGNATURES



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




                                             STERLING SUGARS, INC.
                                             ---------------------
                                                 (REGISTRANT)


     DATE     June 4, 2002                 By /s/ Craig P. Caillier
         ---------------------------          ---------------------
                                              CRAIG P. CAILLIER
                                              PRESIDENT AND
                                              CHIEF EXECUTIVE OFFICER



    DATE      June 4, 2002                 By /s/ Stanley H. Pipes
        ----------------------------          ---------------------
                                              STANLEY H. PIPES
                                              VICE PRESIDENT AND TREASURER
                                              (PRINCIPAL FINANCIAL AND
                                               ACCOUNTING OFFICER)




























                                     II-2                                -14-