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 March 31, 2006

                                       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 1-5354

                                   Swank, Inc.
             (Exact name of registrant as specified in its charter)

               Delaware                                    04-1886990
   (State or other jurisdiction             (IRS Employer Identification Number)
  of incorporation or organization)


             90 Park Avenue
              New York, NY                                              10016
(Address of principal executive offices)                              (Zip code)

                                 (212) 867-2600
              (Registrant's telephone number, including area code)

                                 NOT APPLICABLE
              (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by X 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 for 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
           ---                             ----

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 of the Exchange  Act.  (Check
one):

Large accelerated filer ___    Accelerated filer ___   Non-accelerated filer _X_

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

         Yes                             No  X
             ----                          ----

                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 a plan
confirmed by a court.

         Yes                             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:

        Title of Class                      Shares Outstanding on April 30, 2006
        --------------                      ------------------------------------
        Common stock, $.10 par value                     5,731,844


<PAGE>

                                   SWANK, INC.
                                      INDEX


                                                                        Page No.
                                                                        --------

 PART I.  FINANCIAL INFORMATION

 Item 1.    Condensed Financial Statements and Related Notes              3 - 6

 Item 2.    Management's Discussion and Analysis of Financial
            Condition and Results of Operations                          7 - 11

 Item 3.    Quantitative and Qualitative Disclosures about Market Risk       11

 Item 4.    Controls and Procedures                                          11


 PART II. OTHER INFORMATION

 Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds      12

 Item 6.    Exhibits                                                         12

 Signatures                                                                  13

 Exhibit Index                                                               14



<PAGE>
                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
-----------------------------

<TABLE>
<CAPTION>
                                   SWANK, INC.
                      CONDENSED BALANCE SHEETS (UNAUDITED)
                      ------------------------------------
                    (DOLLARS IN THOUSANDS EXCEPT SHARE DATA)

                                                                             MARCH 31, 2006            DECEMBER 31, 2005
                                                                             --------------            -----------------
            ASSETS
 Current:
<S>                                                                                  <C>                        <C>
   Cash and cash equivalents                                                         $ 659                      $ 505
   Accounts receivable, less allowances
     of $4,689 and $5,241, respectively                                             12,883                     11,262
    Inventories, net:
           Raw materials                                                               143                        143
           Work in process                                                           1,604                      1,466
           Finished goods                                                           16,775                     13,266
                                                                                    ------                     ------
                                                                                    18,522                     14,875

   Prepaid and other current assets                                                    840                        741
                                                                                       ---                        ---

           Total current assets                                                     32,904                     27,383

 Property, plant and equipment, net of
     accumulated depreciation and amortization                                         440                        475
 Other assets                                                                        3,420                      3,463
                                                                                     -----                      -----

 Total assets                                                                     $ 36,764                   $ 31,321
                                                                                  ========                   ========

            LIABILITIES
 Current:
   Notes payable to banks                                                         $ 16,804                    $ 8,264
   Current portion of long-term debt                                                   487                      1,000
   Accounts payable                                                                  1,480                      4,346
   Accrued employee compensation                                                       539                        639
   Convertible note due to related party                                               350                        350
   Other current liabilities                                                         2,897                      2,847
                                                                                     -----                      -----

           Total current liabilities                                                22,557                     17,446

 Long-term obligations                                                               6,259                      5,817
                                                                                     -----                      -----

 Total liabilities                                                                  28,816                     23,263
                                                                                    ------                     ------

            STOCKHOLDERS' EQUITY
 Preferred stock, par value $1.00:
   Authorized - 1,000,000 shares                                                         -                          -
 Common stock, par value $.10:
   Authorized - 43,000,000 shares:
     Issued -- 5,983,712 and 5,908,712 shares, respectively                            598                        591
 Capital in excess of par value                                                      1,465                      1,460
 Retained earnings                                                                   6,475                      6,450
 Accumulated other comprehensive (loss), net of tax                                   (102)                      (102)
 Treasury stock, at cost, 251,868 and 176,791 shares, respectively                    (488)                      (341)
                                                                                      -----                      -----

           Total stockholders' equity                                                7,948                      8,058
                                                                                     -----                      -----

 Total liabilities and stockholders' equity                                       $ 36,764                   $ 31,321
                                                                                  ========                   ========
</TABLE>



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

                                       3
<PAGE>
                                   SWANK, INC.
                 CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
                 FOR THE QUARTERS ENDED MARCH 31, 2006 AND 2005
             (DOLLARS IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
                        ---------------------------------

<TABLE>
<CAPTION>
                                                                                         2006             2005
                                                                                         ----             ----
<S>                                                                                  <C>              <C>
 Net sales                                                                           $ 22,167         $ 19,243

 Cost of goods sold                                                                    14,843           13,102
                                                                                       ------           ------

 Gross profit                                                                           7,324            6,141

 Selling and administrative expenses                                                    6,971            6,848

 (Gain) on termination of lease and other non-recurring items                               -             (75)
                                                                                            -             ----

 Income (loss) from operations                                                            353            (632)

 Interest expense                                                                         329              239
                                                                                          ---             ----

 Income (loss) from operations before income taxes                                         24            (871)

 Income taxes                                                                               -                -
                                                                                     --------         --------

 Net income (loss)                                                                       $ 24          $ (871)
                                                                                         ----          -------

 Share and per share information:
 Basic net income (loss) per weighted average common share outstanding                    $ -          $ (.16)
 Basic weighted average common shares outstanding                                   5,740,203        5,522,490
 Diluted net (loss) per weighted average common share outstanding                         $ -          $ (.16)
 Diluted weighted average common shares outstanding                                 6,002,850        5,522,490

</TABLE>

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


                                       4
<PAGE>
<TABLE>
<CAPTION>
                                   SWANK, INC.
                 CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
               FOR THE THREE-MONTHS ENDED MARCH 31, 2006 AND 2005
                             (Dollars in thousands)
                                 --------------

                                                                                          2006                2005
                                                                                          ----                ----
<S>                                                                                       <C>              <C>
 Cash flows from operating activities:
 Net income (loss)                                                                        $ 24             $ (871)
 Adjustments to reconcile net income (loss) to net cash (used in) operations:
    Depreciation and amortization                                                           58                  57
    (Gain) on termination of lease                                                           -                (75)
    Bad debt expense (recovery)                                                             74                (22)

 Changes in assets and liabilities:
    (Increase) decrease in accounts receivable                                         (1,695)                 539
    (Increase) in inventory                                                            (3,647)               (628)
    (Increase) in prepaid and other assets                                                (59)               (134)
    (Decrease) increase in accounts payable, accrued and other liabilities             (3,428)                 505
    Increase (decrease) in other long-term obligations and deferred credits                442               (119)
                                                                                           ---               -----
        NET CASH (USED IN) OPERATIONS                                                  (8,231)               (748)
                                                                                       -------               -----

 Cash flows from investing activities:
    Capital expenditures                                                                     -                (23)
    Premiums on life insurance                                                            (20)                (60)
                                                                                          ----                ----
        NET CASH (USED IN) INVESTING ACTIVITIES                                           (20)                (83)
                                                                                          ----               -----

 Cash flows from financing activities:
    Borrowing under revolving credit agreements                                         16,318              14,191
    Payments of revolving credit obligations                                           (7,778)            (13,530)
    Proceeds from stock option exercises                                                    12                   -
    Treasury stock received                                                              (147)                   -
                                                                                         -----                   -
        Net cash provided by financing activities                                        8,405                 661
                                                                                         -----               -----

    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                   154               (170)

    Cash and cash equivalents at beginning of period                                       505                 733
                                                                                           ---                 ---

    CASH AND CASH EQUIVALENTS AT END OF PERIOD                                           $ 659               $ 563
                                                                                         -----               -----
</TABLE>


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

                                       5
<PAGE>
SWANK, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
---------------------------------------------------


(1)  The  unaudited   information  furnished  herein  reflects  all  adjustments
     (consisting only of normal recurring adjustments) which are, in the opinion
     of management, necessary to present a fair statement of the results for the
     periods ended March 31, 2006 and 2005. The financial  information contained
     herein represents condensed financial data and, therefore, does not include
     all footnote  disclosures  required to be included in financial  statements
     prepared in  conformity  with  generally  accepted  accounting  principles.
     Footnote  information was included in the financial  statements included in
     our 2005 Annual Report on Form 10-K. The condensed  financial data included
     herein should be read in  conjunction  with the  information  in the Annual
     Report.

(2)  The following table sets forth the computation of the net income (loss) per
     share  for the  periods  ended  March  31,  2006  and  March  31,  2005 (in
     thousands, except for share and per share data):

<TABLE>
<CAPTION>
                                                                                                      Quarter
                                                                                                  Ended March 31,
                                                                                                  ---------------
                                                                                               2006             2005
                                                                                               ----             ----
 Numerator:
<S>                                                                                             <C>          <C>
 Net income (loss)                                                                              $24          $ (871)
 Denominators:
 Shares used in computing basic net income (loss) per weighted average common             5,740,203        5,522,490
 share outstanding
 Effect of dilutive options                                                                 262,647                -
                                                                                          ---------        ---------
 Shares used in computing net income (loss) per weighted average common share
 outstanding assuming dilution                                                            6,002,850        5,522,490
                                                                                          =========        =========

 Basic net (loss) per weighted average common share outstanding                                 $ -          $ (.16)
 Fully diluted net (loss) per weighted average common share outstanding                         $ -          $ (.16)

For the three month period ended March 31, 2005, basic and diluted net loss per
share are equal as the effect of all options is anti-dilutive and therefore
excluded from the number of shares used in the calculation.
</TABLE>


(3)  Segment  Information.  We  presently  have one  reportable  segment,  men's
     accessories,  consisting of men's costume jewelry, belts and suspenders and
     personal leather goods.

(4)  Recent   Accounting   Pronouncements.   In  December  2004,  the  Financial
     Accounting  Standards  Board  ("FASB")  issued SFAS No. 123 (revised  2004,
     "SFAS 123R"),  Share-Based Payment.  SFAS 123R addresses the accounting for
     share-based  payments to  employees,  including  grants of  employee  stock
     options.  Under  the new  standard,  companies  will no  longer  be able to
     account  for  share-based  compensation  transactions  using the  intrinsic
     method in accordance  with APB Opinion No. 25,  Accounting For Stock Issued
     To  Employees.  Instead,  companies  will be  required  to account for such
     transactions  using a fair-value  method and  recognize  the expense in the
     consolidated  statement  of  operations.  We  adopted  SFAS 123R  under the
     modified  prospective  method effective January 1, 2006. Under that method,
     compensation  cost is recognized for share-based  payments granted prior to
     but not yet  vested  based  on the  grant  date  fair  value  estimated  in
     accordance  with the provisions of SFAS 123R. The results for prior periods
     are not restated.  Stock  options  issued by us to certain  executives  and
     non-employee  directors under either our 1998 Equity Incentive Compensation
     Plan or 1994 Non-Employee Director Plan respectively, vest immediately (see
     footnote H to the consolidated  financial  statements  included in our Form
     10-K for the fiscal year ended  December  31,  2005).  We did not grant any
     stock options  during either of the quarters  ended March 31, 2006 or March
     31, 2005. The adoption of SFAS 123R on January 1, 2006 had no impact on our
     net income for the first  quarter of 2006.  Additionally,  since we did not
     grant any stock options  during the first quarter of 2005,  there is no pro
     forma stock-based employee compensation expense for that period.

                                       6
<PAGE>
SWANK, INC.
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS


OVERVIEW
--------

     We are currently engaged in the importation, sale and distribution of men's
belts, leather accessories, suspenders, and men's jewelry. Our products are sold
both  domestically  and  internationally  under a  broad  assortment  of  brands
including  both  licensed  tradenames  and private  labels.  We  distribute  our
merchandise  principally through department stores and through a wide variety of
specialty  stores and mass  merchandisers.  We also  operate a number of factory
outlet stores primarily to distribute excess and out of line merchandise.

     Our net sales during the quarter  ended March 31, 2006  increased  15.2% to
$22,167,000  compared to $19,243,000 for the  corresponding  period in 2005. The
increase was mainly due to higher  shipments of our jewelry and belt merchandise
offset in part by a reduction  in net sales in certain of our  personal  leather
goods businesses.  Gross profit during the quarter increased 19.3% to $7,324,000
from  $6,141,000 in 2005 and, as a percentage  of net sales,  increased to 33.0%
from 31.9% last year.  The increase in gross profit was due to a more  favorable
sales mix resulting  from the growth in our relatively  high-margin  jewelry net
sales and, in part, an increase in net sales of belts, as well as a reduction in
certain   inventory-related   expenses.   Selling  and  administrative  expenses
increased  $123,000 or 1.8% during the quarter  primarily due to severances  and
other costs  associated  with  certain  changes  made to our  merchandising  and
product development organizations.



CRITICAL ACCOUNTING POLICIES AND ESTIMATES
------------------------------------------

     We believe that the accounting policies discussed below are important to an
understanding  of our financial  statements  because they require  management to
exercise  judgment  and  estimate  the  effects  of  uncertain  matters  in  the
preparation and reporting of financial results. Accordingly, management cautions
that these  policies and the judgments and estimates they involve are subject to
revision and adjustment in the future.

     Net sales are  generally  recorded  upon  shipment,  provided  there exists
persuasive  evidence of an  arrangement,  the fee is fixed or  determinable  and
collectability  of the  related  receivable  is  reasonably  assured.  We record
revenues net of sales  allowances,  including cash discounts,  in-store customer
allowances,  cooperative  advertising,  and  customer  returns,  which  are  all
accounted for in accordance with Statement of Financial Accounting Standards No.
48, "Revenue  Recognition When Right of Return Exists," and Emerging Issues Task
Force Issue No.  01-09,  "Accounting  for  Consideration  Given by a Vendor to a
Customer or Reseller of the Vendor's  Products".  Sales allowances are estimated
using a number of factors including historical experience, current trends in the
retail industry and individual  customer and product  experience.  We reduce net
sales and cost of sales by the  estimated  effect of future  returns  of current
period shipments. Each spring upon the completion of processing returns from the
preceding fall season, we record  adjustments to net sales in the second quarter
to reflect  the  difference  between  customer  returns of prior year  shipments
actually  received in the current  year and the estimate  used to establish  the
allowance for customer returns at the end of the preceding fiscal year.

     We determine our allowance for doubtful  accounts using a number of factors
including historical collection experience,  general economic conditions and the
amount of time an account  receivable  is past its payment due date.  In certain
circumstances  where it is believed a customer  is unable to meet its  financial
obligations,  a specific  allowance for doubtful  accounts is recorded to reduce
the account receivable to the amount believed to be collectable.

     In  accordance  with  AICPA  Statement  of  Position  96-1,  "Environmental
Remediation  Liabilities",  environmental  expenditures  that  relate to current
operations are expensed or capitalized, as appropriate. Expenditures that relate
to an existing condition caused by past operations,  and which do not contribute
to current or future revenue generation, are expensed.  Liabilities are recorded
when  environmental  assessments  and/or  remedial  efforts are probable and the
costs can be reasonably  estimated.  Generally,  adjustments  to these  accruals
coincide with the completion of a feasibility  study or a commitment  made by us
to a formal plan of action or other appropriate benchmark.

     Inventories are stated at the lower of cost (principally average cost which
approximates FIFO) or market. Our inventory is somewhat fashion oriented and, as
a  result,  is  subject  to risk of  rapid  obsolescence.  We  believe  that our
inventory has been  adequately  adjusted,  where  appropriate,  and that we have
adequate channels to dispose of excess and obsolete inventory.



                                       7
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (CONTINUED)


     We determine  the  valuation  allowance  for deferred tax assets based upon
projections  of  taxable  income  or loss for  future  tax  years  in which  the
temporary  differences  that created the deferred tax asset are  anticipated  to
reverse,  and the  likelihood  that the  Company's  deferred  tax assets will be
recovered.


RESULTS OF OPERATIONS
---------------------

     As is customary in the fashion accessories  industry, we make modifications
to our  merchandise  lines  coinciding with our Spring (January - June) and Fall
(July - December) selling seasons. We believe that the results of operations are
more  meaningful on a seasonal  basis than on a quarterly  basis.  The timing of
shipments can be affected by the  availability of materials,  retail sales,  and
fashion trends.  These factors may shift volume between quarters within a season
differently in one year than in another.  Due to seasonality  and other factors,
the results for the quarter are not necessarily  indicative of the results to be
expected for the full year.


NET SALES
---------

     Net sales for the  quarter  ended March 31, 2006  increased  $2,924,000  or
15.2%  compared to the quarter  ended March 31, 2005.  The  increase  during the
quarter was  principally due to higher jewelry and belt net sales offset in part
by a  decrease  in men's  personal  leather  goods net  sales.  Net sales of our
jewelry  merchandise  increased  56.5% during the quarter  compared to the prior
year mainly due to  additional  shipments  of both  branded  and  private  label
collections.  We  generally  increased  sales  volume  to a number  of  existing
customers,  which  included  some  accounts  to whom we  first  shipped  jewelry
merchandise  last fall. The increase in our belt business was principally due to
higher  shipments of several private label programs.  In addition,  last fall we
expanded our private  label  programs for certain  accounts,  which  resulted in
higher  shipments  during the  quarter  ended  March 31,  2006  relative  to the
corresponding  period last year. The decrease in net sales of our men's personal
leather goods  merchandise  was mainly due to the launch of new  merchandise and
packaging  associated  with one of our  branded  programs  which was  shipped to
retailers primarily during last year's first quarter.

     Net sales to international  customers (including certain military accounts)
decreased  $311,000 or 16.7% during the quarter.  The decrease was due primarily
to orders  received last spring in connection with new accounts as well as lower
shipments  of  certain  branded  merchandise  to  licensor-affiliates  and other
foreign retailers compared to the prior year.


GROSS PROFIT
------------

      Gross profit for the quarter ended March 31, 2006 increased  $1,183,000 or
19.3%  compared to the quarter  ended March 31,  2005.  For the  quarter,  gross
profit  expressed  as a  percentage  of net sales  increased to 33.0% from 31.9%
compared to the same period last year.

      The increase in gross profit during the quarter ended March 31, 2006, both
in terms of dollars  and as a  percentage  of net sales,  was  primarily  due to
increased net sales,  especially with regard to higher-margin men's jewelry, and
improved  margins for our personal leather goods  merchandise,  particularly for
branded collections. The improvement in personal leather goods margin is largely
attributable  to certain  changes made in the sourcing  and  development  of our
merchandise.  Inventory-related  expenses  were also lower  during the  quarter,
reflecting a reduction in costs  associated  with the  disposition of excess and
discontinued  inventory.  Royalty expense  increased 17.2% during the quarter in
response to both higher net sales and, in certain  circumstances,  increases  in
minimum  obligations due to licensors  relative to the  corresponding  period in
2005.

SELLING AND ADMINISTRATIVE EXPENSES
-----------------------------------

     Selling and  administrative  expenses for the quarter  ended March 31, 2006
increased $123,000 or 1.8% compared to the quarter ended March 31, 2005. Selling
and  administrative  expenses  expressed as a percentage of net sales were 31.4%
and 35.6% for the quarters ended March 31, 2006 and 2005 respectively.



                                       8
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (CONTINUED)


     Selling  expenses  decreased  $54,000 or about 1%  compared  to the quarter
ended March 31, 2005,  and,  expressed as a percentage of net sales,  were 21.9%
and 25.5% for the  quarters  ended  March 31, 2006 and 2005,  respectively.  The
decrease  in  selling  expense  dollars  was  due  to  a  reduction  in  certain
merchandising  and  development  costs,   offset  in  part  by  an  increase  in
advertising  and  promotion  expenditures.  During the quarter,  we made certain
changes to our merchandising and  production-control  organization in an attempt
to streamline our  operations and generally  improve our ability to respond more
quickly to changes in our business.  The decrease in selling expenses  expressed
as a  percentage  of net sales during the quarter was due to the increase in net
sales.

     We routinely make  expenditures  for advertising and promotion as necessary
to maintain and enhance both our licensed and private label businesses.  Certain
or our license  agreements  also require  specified  levels of  spending.  These
expenditures, which consist primarily of media and print advertising, image fund
contributions  and  other  promotional   costs,  are  included  in  selling  and
administrative   expenses  as  incurred.   In  addition,   we  frequently   make
expenditures  in connection  with  cooperative  advertising  programs to support
various marketing  initiatives  sponsored by our customers.  Accruals associated
with  cooperative  advertising  expenditures  are recorded as a reduction to net
sales.  Expenditures  for  advertising  and  promotion,   including  cooperative
advertising,  totaled  $723,000 or 3.3% of net sales for the quarter ended March
31, 2006, compared to $656,000 or 3.4% percent of net sales for the same quarter
in fiscal 2005.

     For the quarter  ended March 31, 2006,  administrative  expenses  increased
$177,000 or 9.1%  compared to the quarter  ended March 31, 2005.  Administrative
expenses  expressed  as a  percentage  of net sales  were 9.6% and 10.1% for the
quarters  ended  March  31,  2006  and  2005,  respectively.   The  increase  in
administrative  expenses for the quarter  ended March 31, 2006 was mainly due to
certain  severance and other costs recorded  during the quarter  associated with
the reorganization of our merchandising and production-control functions, offset
in part by decreases in  administrative  compensation,  professional  fees,  and
insurance expense.


INTEREST EXPENSE
----------------

     Net interest expense increased by $90,000 or 37.7% during the quarter ended
March 31, 2006 compared to the corresponding  period last year. The increase was
mainly due to both higher average  borrowings  outstanding  and increases in our
average  borrowing  cost.   Borrowings  increased  during  the  quarter  due  to
additional  inventory  purchases made toward the end of fiscal 2005 and early in
the in quarter ending March 31, 2006 in  anticipation  of higher net sales.  Our
average borrowing cost increased approximately 180 basis points compared to last
year due to increases generally in short-term interest rates.


BENEFIT FOR INCOME TAXES
------------------------

     We recorded no current income tax provision or benefit on our net income or
loss  during  each of the  quarters  ended  March 31,  2006 and March 31,  2005,
respectively.  We have been  recording  a valuation  reserve  against all of the
deferred  tax assets we generate  due to the  uncertainty  as to whether we will
generate sufficient taxable income to allow us to benefit from these assets. The
amount of the deferred tax asset considered  realizable could be adjusted in the
future if estimates of taxable income or loss for future years are revised based
on actual results.


LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

     As  is  customary  in  the  fashion   accessories   industry,   substantial
percentages of our sales and earnings occur in the months of September,  October
and November,  when we make  significant  shipments of our products to retailers
for sale during the holiday season. As a result, accounts receivable peak in the
fourth quarter.  We build  inventory  during the year to meet the demand for the
holiday season. The required cash is provided by a revolving credit facility.

     Our working  capital  increased by $410,000  during the quarter ended March
31, 2006  compared to a decrease of  $1,047,000  for the quarter ended March 31,
2005.  The increase for the period ended March 31, 2006 was  principally  due to
increases in both net  accounts  receivable  and  inventories  and  decreases in
accounts payable, offset in part by increases in

                                       9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS (CONTINUED)


short-term  borrowings.  The  decrease  for the period  ended March 31, 2005 was
mainly due to lower net accounts  receivable  and increases in accounts  payable
and bank borrowings  offset in part by a reduction in other current  liabilities
and increases in net inventories.

     Cash used in  operations  during  the  quarter  ended  March  31,  2006 was
$8,231,000 compared to cash used in 2005 of $748,000. Cash used in operations in
the current quarter primarily reflects increases in accounts  receivable and net
inventories  as well  as a  decrease  in  accounts  payable  and  other  current
liabilities. During the quarter ended March 31, 2005, cash used reflects the net
loss for that period and increases in inventory and other current assets, offset
in part by decreases in accounts  receivable  and increases in accounts  payable
and other current liabilities.

     Cash used during the quarter funded the  significant  increase in net sales
compared to the first  quarter of fiscal 2005 (an  increase of 15.2%),  which is
reflected in an increase in accounts  receivable  of  $1,695,000,  compared to a
decrease in accounts  receivable of $539,000 during the first quarter last year.
Cash was also used  during  the  quarter  to  increase  inventories  and  reduce
accounts payable and other current  liabilities.  These were offset, in part, by
net income,  depreciation and  amortization.  In anticipation of increased sales
for  certain new  merchandise  programs,  and also in an effort to respond  more
effectively to our customers' delivery and other  requirements,  we made certain
inventory investments, particularly for our various belt collections, earlier in
the year than usual. Belt inventory purchases for the current quarter,  however,
are planned  lower when  compared to the same quarter last year and,  subject to
the changing  requirements of our business,  may result in some decrease in belt
inventory over the next few months.

     Cash used in investing  activities was $20,000 and $83,000 for the quarters
ended March 31, 2006 and March 31,  2005,  respectively.  Cash used in investing
activities  in 2006  and  2005  reflects  premiums  on  certain  life  insurance
contracts  owned by us. Cash used in investing  activities in 2005 also reflects
capital expenditures.

     Cash provided by financing  activities for the quarter ended March 31, 2006
was  $8,405,000  compared to cash provided of $661,000  during the quarter ended
March 31, 2005.  Cash provided by financing  activities  in both years  consists
primarily of net borrowings of short-term debt.

     In the  ordinary  course  of  business,  we  are  contingently  liable  for
performance under letters of credit. At March 31, 2006,  outstanding  letters of
credit totaled $146,000.  We presently are required to pay a fee quarterly equal
to 2.00% per annum on outstanding letters of credit.

     The following chart  summarizes our contractual  obligations as of December
31, 2005 (in thousands):

<TABLE>
<CAPTION>
                                                                             Payments due by period
                                                                        Less than                                    More than
                                                            Total          1 year   1-3 years       3-5 years          5 years

<S>                                                      <C>              <C>         <C>             <C>                <C>
Operating leases                                         $ 10,177         $ 2,249     $ 4,234         $ 3,538            $ 156
Minimum royalty and advertising payments required
under License Agreements                                   23,680           7,877      15,053             750                -
Postretirement benefits                                     4,689             449         939             965            2,336
Deferred compensation                                         614             265         244             105                -
Total                                                    $ 39,160        $ 10,840    $ 20,470         $ 5,358          $ 2,492
</TABLE>


     We are also a party to employment  agreements with certain of our executive
officers that provide for the payment of compensation  and other benefits during
the term of each executives' employment and, under certain circumstances,  for a
period of time following their termination.

     During the quarter  ended March 31,  2006,  there were no material  changes
outside the ordinary course of business in the contractual obligations set forth
in the above chart.


                                       10
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (CONTINUED)


"FORWARD LOOKING STATEMENTS"
----------------------------

     Certain of the preceding  paragraphs  contain "forward looking  statements"
which  are  based  upon  current  expectations  and  involve  certain  risks and
uncertainties.  Under  the safe  harbor  provisions  of the  Private  Securities
Litigation Reform Act of 1995,  readers should note that these statements may be
impacted by, and the  Company's  actual  performance  may vary as a result of, a
number of known and unknown  risks and  uncertainties  that could  cause  actual
results,  performance or achievements to differ  materially from those described
or implied in the  forward-looking  statements,  including,  but not limited to,
general  economic  and  business  conditions,  competition  in  the  accessories
markets;  potential  changes in  customer  spending;  acceptance  of our product
offerings and designs; the level of inventories maintained by our customers; the
variability of consumer  spending  resulting  from changes in domestic  economic
activity;  a highly promotional retail environment;  any significant  variations
between actual amounts and the amounts estimated for those matters identified as
our  critical  accounting  estimates  as well as  other  significant  accounting
estimates made in the preparation of our financial statements; and the impact of
the  hostilities in the Middle East and the  possibility of hostilities in other
geographic areas as well as other  geopolitical  concerns.  Accordingly,  actual
results may differ  materially  from such  forward-looking  statements.  You are
urged to consider all such factors. In light of the uncertainty inherent in such
forward-looking  statements,  you should not  consider  their  inclusion to be a
representation that such forward-looking  matters will be achieved. We assume no
obligation  for updating any such  forward-looking  statements to reflect actual
results,  changes in  assumptions  or changes in other  factors  affecting  such
forward-looking statements.


ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
--------------------------------------------------------------------


     During the quarter ended March 31, 2006,  there were no material changes in
the information  called for by this item from the information  contained in Item
7A of our Annual  Report on Form 10-K for the fiscal  year  ended  December  31,
2005.


ITEM 4.   CONTROLS AND PROCEDURES
---------------------------------

     At the  end of the  period  covered  by  this  report,  we  carried  out an
evaluation,  with  the  participation  of our  management  including  our  Chief
Executive  Officer and Chief  Financial  Officer,  of the  effectiveness  of our
disclosure controls and procedures. Based on our evaluation, our Chief Executive
Officer and Chief Financial Officer  concluded that our disclosure  controls and
procedures  were  effective.  There was no change in our  internal  control over
financial  reporting during the quarter ended March 31, 2006 that has materially
affected,  or is reasonably  likely to materially  affect,  our internal control
over financial reporting.




                                       11
<PAGE>
                           PART II - OTHER INFORMATION



ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
----------------------------------------------------------------------

     (a)  Not applicable.

     (b)  Not applicable.

     (c)  Issuer Purchases of Equity Securities.

          The following table provides certain  information as to repurchases of
          shares of our Common  Stock  during the three  months  ended March 31,
          2006:

<TABLE>
<CAPTION>
                                                                                (c) Total Number            (d) Maximum Number
                                     (a) Total                                 of Shares (or Units)      (or Approximate Dollar
                                     Number of                 (b)              Purchased as Part          Value) of Shares (or
                                     Shares (or              Average              of Publicly             Units) that May Yet Be
                                       Units)               Price Paid          Announced Plans            Purchased Under the
               Period               Purchased (1)           per Share             or Programs               Plans or Programs
       ----------------------- ------------------------ ------------------- ------------------------- ------------------------------
<S>           <C>                      <C>                    <C>                     <C>                          <C>
          January 1, 2006-               --                     --                     --                           --
          January 31, 2006
       ----------------------- ------------------------ ------------------- ------------------------- ------------------------------
         February 1, 2006-
         February 28, 2006               --                     --                     --                           --
       ----------------------- ------------------------ ------------------- ------------------------- ------------------------------
        March 1, 2006-                 25,000                 $2.70                    --                           --
        March 31, 2006
       ----------------------- ------------------------ ------------------- ------------------------- ------------------------------
               Total                   25,000                 $2.70                    --                           --
       ----------------------- ------------------------ ------------------- ------------------------- ------------------------------
</TABLE>

     ----------------------
     (1)  These  shares  of Common  Stock  were  repurchased  by us in a private
          transaction.



 ITEM 6.    EXHIBITS
 -------------------

       Exhibit
       Number       Description
       ------       -----------

       31.01        Rule 13a-14(a)  Certification  of John Tulin,  President and
                    Chief Executive Officer of the Company.

       31.02        Rule 13a-14(a)  Certification  of Jerold R. Kassner,  Senior
                    Vice President and Chief Financial Officer of the Company.

       32.01        Certification Pursuant to 18 U.S.C. Section 1350, as Adopted
                    Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.




                                       12
<PAGE>


                                   SIGNATURES


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


                                                 SWANK, INC.
                                                 -----------
                                                 Registrant



                                                 /s/ Jerold R. Kassner
                                                 -------------------------------
                                                 Jerold R. Kassner,
                                                 Senior Vice President,
                                                 Chief Financial Officer
                                                 and Treasurer





Date:   May 12, 2006
        ------------


                                       13
<PAGE>

                                  EXHIBIT INDEX
                                  -------------


EXHIBIT NO.    DESCRIPTION
-----------    -----------

31.01          Rule 13a-14(a)  Certification of John Tulin,  President and Chief
               Executive Officer of the Company.

31.02          Rule 13a-14(a)  Certification  of Jerold R. Kassner,  Senior Vice
               President and Chief Financial Officer of the Company.

32.01          Certification  Pursuant  to 18 U.S.C.  Section  1350,  as Adopted
               Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.








                                       14