<PAGE>


                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB


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


                      For the Quarter Ended March 31, 2003
                          Commission File No. 000-26828


--------------------------------------------------------------------------------


                                MORO CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


--------------------------------------------------------------------------------


            Delaware                                   51-0338736
 -------------------------------          ------------------------------------
 (State or other jurisdiction of          (I.R.S. Employer Identification No.)
 Incorporation or organization)



                             Bala Pointe, Suite 240
                           111 Presidential Boulevard
                         Bala Cynwyd, Pennsylvania 19004
               ---------------------------------------------------
               (Address of principal executive offices) (zip code)

                                 (610) 667-9050
              ----------------------------------------------------
              (Registrant's telephone number, including area code)



         Check whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 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
                                     ---     ---

         As of March 31, 2003, 6,250,000 shares of common stock were
outstanding.


<PAGE>

                                MORO CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                      MARCH 31, 2003 AND DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                            March 31,              December 31,
                                                                              2003                     2002
                                                                           -----------             ------------
                                                                           (Unaudited)
<S>                                                                             <C>                      <C>
                                        ASSETS
CURRENT ASSETS
   Cash and cash equivalents                                              $    806,973            $    976,239
   Trade accounts receivable, net                                            1,355,071               1,927,920
   Accounts receivable on contracts (including retentions)                   2,549,376               2,567,006
   Inventory                                                                   679,595                 598,030
   Costs and estimated earnings in excess of billings
     on uncompleted contracts                                                  313,863                 732,300
   Prepaid income taxes                                                        101,060                       -
   Other current assets                                                         73,213                  46,260
                                                                          ------------            ------------
        Total current assets                                                 5,879,151               6,847,755

PROPERTY AND EQUIPMENT, NET                                                  1,145,989               1,157,915

OTHER INTANGIBLE ASSETS, NET                                                    53,645                  62,530

OTHER ASSETS                                                                     7,093                   5,593

GOODWILL                                                                       385,341                 380,863
                                                                          ------------            ------------
                                                                          $  7,471,219            $  8,454,656
                                                                          ============            ============
</TABLE>

          See accompanying notes to consolidated financial statements
<PAGE>
                                MORO CORPORATION
                           CONSOLIDATED BALANCE SHEETS
                      MARCH 31, 2003 AND DECEMBER 31, 2002
<TABLE>
<CAPTION>
                                                                        March 31,          December 31,
                                                                          2003                 2002
                                                                       -----------         ------------
                                                                       (Unaudited)

<S>                                                                         <C>                  <C>
                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
  Line of credit                                                     $   765,225           $ 1,031,625
  Current portion of long-term debt                                      422,293               409,828
  Trade accounts payable                                               1,504,295             1,188,491
  Amounts payable related party                                          928,948               967,155
  Accrued expenses                                                       236,787               488,673
  Billings in excess of costs and estimated earnings
    on uncompleted contracts                                             151,866               610,742
  Income taxes payable                                                         -               124,282
                                                                     -----------           -----------
      Total current liabilities                                        4,009,414             4,820,796
                                                                     -----------           -----------

LONG-TERM LIABILITIES
  Long-term debt                                                         851,279             1,008,542
  Convertible debentures                                                 650,000               650,000
  Deferred tax liability                                                  80,000                67,000
                                                                     -----------           -----------
      Total long-term liabilities                                      1,581,279             1,725,542
                                                                     -----------           -----------
      Total liabilities                                                5,590,693             6,546,338
                                                                     -----------           -----------


STOCKHOLDERS' EQUITY
  Preferred stock, $.001 par value, authorized 5,000,000 shares;
    none issued or outstanding                                                 -                     -
  Common stock, $.001 par value, 25,000,000 shares;
    issued and outstanding 6,250,000 shares at March 31, 2003
    and 6,250,000 shares at December 31, 2002                              6,250                 6,250
  Additional paid-in capital                                             793,325               793,325
  Retained earnings                                                    1,080,951             1,108,743
                                                                     -----------           -----------
      Total stockholders' equity                                       1,880,526             1,908,318
                                                                     -----------           -----------

                                                                     $ 7,471,219           $ 8,454,656
                                                                     ===========           ===========
</TABLE>

          See accompanying notes to consolidated financial statements
<PAGE>

                                MORO CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
<TABLE>
<CAPTION>

                                                                         2003                     2002
                                                                     ------------              -----------
<S>                                                                       <C>                       <C>
REVENUES
   Product sales, net                                                $  1,428,711              $ 2,276,509
   Construction contracts revenue                                       3,287,990                        -
                                                                     ------------              -----------
     Total revenues                                                     4,716,701                2,276,509
                                                                     ------------              -----------

COST OF REVENUES
   Cost of goods sold                                                   1,123,525                1,768,310
   Cost of construction contract revenue                                2,927,138                        -
                                                                     ------------              -----------
     Total cost of revenues                                             4,050,663                1,768,310
                                                                     ------------              -----------

GROSS PROFIT                                                              666,038                  508,199

OPERATING EXPENSES
   Selling, general and administrative expenses                           671,827                  390,066
                                                                     ------------              -----------

OPERATING (LOSS) INCOME                                                    (5,789)                 118,133

OTHER INCOME (EXPENSE)
   Other                                                                    4,412                        -
   Interest income                                                          1,542                    2,029
   Interest expense                                                       (39,299)                 (24,497)
                                                                     ------------              -----------

(LOSS) INCOME BEFORE INCOME TAXES                                         (39,134)                  95,665

(BENEFIT) PROVISION FOR INCOME TAXES                                      (11,342)                  27,000
                                                                     ------------              -----------

NET (LOSS) INCOME                                                    $    (27,792)             $    68,665
                                                                     ============              ===========

EARNINGS PER SHARE - BASIC                                           $          -              $      0.01
                                                                     ============              ===========

EARNINGS PER SHARE - DILUTED                                         $          -              $      0.01
                                                                     ============              ===========

WEIGHTED AVERAGE SHARES                                                 6,250,000                5,650,000
                                                                     ============              ===========
</TABLE>

          See accompanying notes to consolidated financial statements


<PAGE>
                                MORO CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
<TABLE>
<CAPTION>
                                                                                          2003                2002
                                                                                      -------------       ------------
<S>                                                                                        <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net (loss) income                                                                  $    (27,792)       $    68,665
   Adjustments to reconcile net (loss) income to net cash provided by
     operating activities:
        Amortization                                                                         8,885                  -
        Depreciation                                                                        58,168             16,956
        Deferred income taxes                                                               13,000                  -
     Changes in assets and liabilities, net of acquisitions:
        Trade accounts receivable                                                          572,849            200,959
        Contract accounts receivable                                                        17,630                  -
        Inventory                                                                          (81,565)            (5,731)
        Costs excess of billings                                                           418,437                  -
        Prepaid income taxes                                                              (225,342)                 -
        Other current assets                                                               (26,953)            (9,032)
        Other assets                                                                        (1,500)                 -
        Trade accounts payable                                                             315,804            193,171
        Amounts payable related party                                                      (38,207)                 -
        Accrued expenses                                                                  (251,886)           (35,945)
        Billings in excess of costs                                                       (458,876)                 -
        Income taxes payable                                                                     -             18,347
                                                                                      ------------        -----------
          Net cash provided by operating activities                                        292,652            447,390
                                                                                      ------------        -----------

CASH FLOWS FROM INVESTING ACTIVITIES
   Purchase of property and equipment                                                      (46,242)           (81,298)
   Business acquisition costs                                                               (4,478)                 -
                                                                                      ------------        -----------
          Net cash used in investing activities                                            (50,720)           (81,298)
                                                                                      ------------        -----------

CASH FLOWS FROM FINANCING ACTIVITIES
   Proceeds of line of credit                                                              648,600             35,700
   Repayments of line of credit                                                           (915,000)          (500,000)
   Proceeds of long-term debt                                                               20,000                  -
   Principal payments of notes payable                                                    (164,798)            (6,250)
                                                                                      ------------        -----------
          Net cash used in financing activities                                           (411,198)          (470,550)
                                                                                      ------------        -----------
          Net decrease in cash                                                            (169,266)          (104,458)

CASH, BEGINNING                                                                            976,239            645,714
                                                                                      ------------        -----------
CASH, ENDING                                                                          $    806,973        $   541,256
                                                                                      ============        ===========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
   Cash paid for interest                                                             $     28,844        $    21,714
                                                                                      ============        ===========
   Cash paid for taxes                                                                $    200,000        $         -
                                                                                      ============        ===========

</TABLE>

          See accompanying notes to consolidated financial statements



<PAGE>


                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002



NOTE 1        BASIS OF PRESENTATIONS

              Moro Corporation (the "Company") is engaged in two lines of
              business - Construction Materials (fabrication of concrete
              reinforcing steel and distribution of construction accessories)
              and Mechanical Contracting (heating, ventilation, air conditioning
              (HVAC), industrial plumbing and process piping services including
              in-house sheet metal and pipe fabrication capabilities). These
              products/services are used primarily in construction projects such
              as highways, bridges, industrial and commercial buildings,
              hospitals, schools, office buildings, and other kinds of
              structures. The Company's customers are mainly contractors and end
              users.

              The accompanying unaudited consolidated financial statements have
              been prepared in accordance with generally accepted accounting
              principles for interim financial information with the instructions
              for Form 10-QSB and Article 10 of Regulation S-X. Accordingly,
              they do not include all of the information and footnotes required
              by generally accepted accounting principles for complete financial
              statements. In the opinion of management, all adjustments
              (consisting of normal recurring accruals) considered necessary for
              a fair presentation have been included. Operating results for the
              three months ended March 31, 2003 are not necessarily indicative
              of the results that may be expected for the year ended December
              31, 2003. The unaudited financial statements should be read in
              conjunction with the financial statements and footnotes thereto
              included in the Company's annual report on Form 10-K for the year
              ended December 31, 2002.

NOTE 2        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

              Principles of consolidation
              ---------------------------

              The consolidated financial statements include the accounts of the
              Company's wholly-owned subsidiaries. All intercompany accounts and
              transactions have been eliminated.

              Accounts receivable
              -------------------

              Accounts receivable, trade are reported at amounts management
              expects to collect on balances outstanding at year-end. Accounts
              are charged to bad debt expense when deemed uncollectible based
              upon a periodic review of individual accounts. Accounts receivable
              are considered fully collectible by management and, accordingly,
              no allowance for doubtful accounts is considered necessary.

              Revenue recognition
              -------------------

              Revenue from product sales is recognized upon shipment to
              customers, title passing and all obligations of the Company have
              been satisfied. Provisions for returns are provided for in the
              same period the related sales are recorded.



<PAGE>


                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002



NOTE 2        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

              Contract revenue and cost recognition
              -------------------------------------

              Revenues from construction contracts are recognized on the
              percentage-of-completion method, measured by the percentage of
              direct cost incurred to date to the estimated total direct cost
              for each contract. That method is used because management
              considers total direct cost to be the best available measure of
              progress on the contracts. Revenues from time and material
              contracts are recognized currently as the work is performed.

              Contract costs include all direct material, labor, subcontractor
              and those indirect costs that relate to construction performance.
              All other costs are expensed as incurred. Provisions for estimated
              losses on uncompleted contracts are made in the period in which
              such losses are first determined. Changes in job performance, job
              conditions and estimated profitability may result in revisions to
              costs and income and are recognized in the period in which the
              revisions are determined. The Company recognizes claim and
              contract modification costs as they are incurred and revenues when
              realization is probable and the amount can be reliably estimated,
              which is generally at the time a claim or contract modification is
              accepted by all parties. Because of the inherent uncertainties in
              estimating costs, it is at least reasonably possible that the
              estimates used will change in the near term.

              The asset, "Costs and estimated earnings in excess of billings on
              uncompleted contracts," represents revenues recognized in excess
              of amounts billed. The liability, "Billings in excess of costs and
              estimated earnings on uncompleted contracts," represents billings
              in excess of revenues recognized.

              Shipping and handling costs
              ---------------------------

              Shipping and handling revenues are included in net sales and the
              related costs are included in cost of sales.

              Stock-based compensation
              ------------------------

              Effective December 31, 2002, the Company adopted the disclosure
              provisions of SFAS No. 148, "Accounting for Stock-Based
              Compensation - Transition and Disclosure." Since the Company does
              not plan to adopt the fair value method of accounting of Statement
              No. 123, the Company does not expect any impact on consolidated
              results of operations or financial condition in 2003. At March 31,
              2003, the Company had one stock-based employee compensation plan.
              The Company accounts for this plan under the intrinsic value
              recognition and measurement principles of APB Opinion No. 25,
              "Accounting for Stock Issued to Employee," and related
              Interpretations.

              Segment information
              -------------------

              The Company operates in two business segments: Construction
              Materials and Mechanical Contracting; the Mechanical Contracting
              segment began on October 1, 2002.




<PAGE>

                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002



NOTE 2        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

              Segment information
              -------------------

              The operating segments are managed separately and maintain
              separate personnel due to the differing services offered by each
              segment. Management of each of the segments evaluates and monitors
              the performance of the segments based on the operating earnings or
              losses prior to income taxes. The significant accounting policies
              utilized by the operating segments are the same as those
              summarized in the footnote entitled "Summary of Significant
              Accounting Policies" of the notes to the consolidated financial
              statements. The financial information presented for each segment
              does not allocate corporate overhead costs. There are no
              intersegment sales.

              Use of estimates
              ----------------

              The preparation of financial statements in conformity with
              accounting principles generally accepted in the United States of
              America requires management to make estimates and assumptions that
              affect the reported amounts of assets and liabilities and
              disclosure of contingent assets and liabilities at the date of the
              financial statements and the reported amounts of revenues and
              expenses during the reporting period. Actual results could differ
              from those estimates.

NOTE 3        RECENTLY ISSUED ACCOUNTING PRINCIPLES

              In June 2002, the FASB issued Statement of Financial Accounting
              Standards No. 146 ("SFAS No. 146"), "Accounting for Costs
              Associated with Exit or Disposal Activities." This Statement
              addresses financial accounting and reporting for costs associated
              with exit or disposal activities and nullifies Emerging Issues
              Task Force Issue No. 94-3, "Liability Recognition for Certain
              Employee Termination Benefits and Other Costs to Exit and Activity
              (including Certain Costs Incurred in a Restructuring)," SFAS No.
              146 is effective for exit or disposal activities initiated after
              December 31, 2002. The Company is currently evaluating the impact
              of adopting SFAS No. 146, but does not expect it to have a
              material impact on its results of operations or its financial
              condition.

              On November 25, 2002, the Financial Accounting Standards Board
              ("FASB" or the "Board") issued FASB Interpretation No. 45 ("FIN
              45" or the "Interpretation"), Guarantor's Accounting and
              Disclosure Requirements for Guarantees, Including Indirect
              Guarantees of Indebtedness of Others, an interpretation of FASB
              Statements No. 5, 57, and 107 and Rescission of FASB
              Interpretation No. 34. FIN 45 clarifies the requirements of FASB
              Statement No. 5, Accounting for Contingencies (FAS 5), relating to
              the guarantor's accounting for, and disclosure of, the issuance of
              certain types of guarantees. The disclosure provisions of the
              Interpretation are effective for financial statements of annual
              periods that end after December 15, 2002. However, the provisions
              for initial recognition and measurement are effective on a
              prospective basis for guarantees that are issued or modified after
              December 31, 2002, irrespective of a guarantor's year-end. The
              Company does not have any guarantees that require additional
              disclosure in the annual financial statements and does not expect
              the impact of adopting the recognition and measurement provisions
              of FIN 45 to have a material impact on its results of operations
              or its financial condition.



<PAGE>


                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002



NOTE 3        RECENTLY ISSUED ACCOUNTING PRINCIPLES

              On January 17, 2003, the Financial Accounting Standards Board
              (FASB or the "Board") issued FASB Interpretation No. 46 ("FIN 46"
              or the "Interpretation"), Consolidation of Variable Interest
              Entities, an interpretation of ARB 51. The primary objectives of
              FIN 46 are to provide guidance on the identification of entities
              for which control is achieved through means other than through
              voting rights ("variable interest entities" or "VIEs") and how to
              determine when and which business enterprise should consolidate
              the VIE (the "primary beneficiary"). This new model for
              consolidation applies to an entity which either (1) the equity
              investors (if any) do not have a controlling financial interest or
              (2) the equity investment at risk is insufficient to finance that
              entity's activities without receiving additional subordinated
              financial support from other parties. In addition, FIN 46 requires
              that both the primary beneficiary and all other enterprises with a
              significant variable interest in a VIE make additional
              disclosures. FIN 46 is effective immediately, for VIEs created
              after January 31, 2003. FIN 46 is effective no later than the
              beginning of the first annual financial reporting period beginning
              after June 15, 2003. The Company is currently evaluating the
              impact of adopting SFAS No. 146, but does not expect it to have a
              material impact on its results of operations or its financial
              condition.

              In April 2003, the FASB issued SFAS No. 149, "Amendment of
              Statement 133 on Derivative Instruments and Hedging Activities"
              (SFAS 149"). SFAS 149 amends and clarifies financial accounting
              and reporting for derivative instruments, including certain
              derivative instruments embedded in other contracts, and for
              hedging activities under SFAS No. 133, "Accounting for Derivative
              Instruments and Hedging Activities." This Statement amends SFAS
              No. 133 for decisions made as part of the Derivatives
              Implementation Group process and in connection with implementation
              issues raised in relation to the application of the definition of
              a derivative. SFAS 149 is effective for contracts entered into or
              modified after June 30, 2003. The Company does not expect the
              requirements of SFAS 149 to have a material impact on the results
              of operations, financial position, or liquidity.

              In May 2003, the FASB issued SFAS No. 150, for certain financial
              instruments with characteristics of both liabilities and equity.
              This statement establishes standards for how an issuer classifies
              and measures certain financial instruments with characteristics of
              both liabilities and equity. This statement is effective for
              financial instruments entered into or modified after May 31, 2003,
              and otherwise is effective at the beginning of the first interim
              period beginning after June 15, 2003. The Company does not expect
              a material impact on the results of operations, financial position
              or liquidity.

NOTE 4        ACQUISITION

              At the close of business on September 30, 2002, Moro/Rado
              Acquisition Corporation purchased substantially all of the
              operating assets of the former Rado Enterprises, Inc., a
              Pennsylvania corporation for cash and amounts payable. Moro/Rado
              Acquisition Corporation subsequently changed its name to Rado
              Enterprises, Inc. ("Rado"). Rado fabricates sheet metal ductwork
              and process piping and provides mechanical contracting services.
              The typical operating cycle for Rado, from the award of a contract
              through the completion of the contract, ranges from several weeks
              up to a period of approximately two years.


<PAGE>

                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002


NOTE 4        ACQUISITION

              The following unaudited pro forma consolidated results of
              operations are presented as if the acquisition of Rado had been
              made at the beginning of the period presented. This unaudited pro
              forma information is being provided for informational purposes
              only. It is not necessarily indicative of the results of
              operations that would have occurred had the purchase been made at
              the beginning of the periods presented or the future results of
              the combined operations.
                                                            Three Months Ended
                                                              March 31, 2002
                                                            ------------------
                  Sales                                        $ 4,753,000
                  Cost of sales                                  3,894,000
                                                               -----------
                  Gross profit                                     859,000
                  Operating expenses                               529,000
                                                               -----------
                  Operating income                                 330,000
                  Other income - net                                 3,000
                                                               -----------
                  Income before income taxes                       333,000
                  Provision for income taxes                       121,000
                                                               -----------

                  Net income                                   $   212,000
                                                               ===========

                  Basic earnings per common share              $       .04
                                                               ===========
                  Diluted earnings per common share            $       .04
                                                               ===========

                  Weighted average shares                        5,650,000
                                                               ===========

NOTE 5        EARNINGS PER SHARE

              The consolidated financial statements are presented in accordance
              with SFAS No. 128, "Earnings Per Share." Basic earnings per share
              are computed using the weighted average number of common shares
              outstanding during the period.


<PAGE>
                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002


NOTE 5        EARNINGS PER SHARE

              The following represents a reconciliation from basic earnings per
              share to diluted earnings per share. Options to purchase 325,000
              shares of common stock under the convertible debentures were
              outstanding at March 31, 2003. These options and the incentive
              stock options were not included in the computation of diluted
              earnings per share because the conversion and exercise prices were
              greater than the average market price of the common shares and,
              therefore, the effect would be anti-dilutive.
<TABLE>
<CAPTION>
                                                                          Three Months Ended
                                                                                March 31,
                                                                        2003                 2002
                                                                     ----------           ---------
                             <S>                                        <C>                  <C>
                    Net (loss) income, as reported                   $ (27,792)           $  68,665

                    Deduct: Total stock-based employee
                     compensation expense determined
                     under fair value based method for
                     all awards, net of tax effects                          -                    -
                                                                     ---------            ---------

                    Pro-forma net income                             $ (27,792)           $  68,665
                                                                     =========            =========
                    Earnings per share:
                         Basic - as reported                         $       -            $     .01
                                                                     =========            =========
                         Basic - pro-forma                           $       -            $     .01
                                                                     =========            =========
                         Diluted - as reported                       $       -            $     .01
                                                                     =========            =========
                         Diluted - pro-forma                         $       -            $     .01
                                                                     =========            =========
</TABLE>

NOTE 6        INVENTORY

              Inventory is recorded at the lower of cost or market using the
              first-in, first-out (FIFO) method. As of March 31, 2003, all
              inventories consist of raw materials and parts, which are
              available for resale.



<PAGE>

                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002



NOTE 7        GOODWILL AND OTHER INTANGIBLE ASSETS

              Goodwill has been classified as an indefinite-lived asset and is
              not subject to amortization. The Company expects to complete its
              annual impairment evaluation of goodwill in the fourth quarter of
              each fiscal year. The covenant-not-to-compete agreement was
              assigned a value and is being amortized on a straight-line basis
              over the term of the covenant, which is 5 years. A value, which
              was assigned to customer contracts acquired, is being amortized
              over the lives of the contracts.

              The changes in the carrying amount of goodwill for the period
              January 1, 2003 through March 31, 2003 are as follows:

                    Balance at January 1, 2003                    $ 380,863

                    Goodwill adjustment                               4,478
                                                                  ---------
                    Balance at March 31, 2003                     $ 385,341
                                                                  =========

              The following table provides the components of other intangible
              assets:
<TABLE>
<CAPTION>

                                                                                                   Net
                                                      Gross              Accumulated            Intangible
                                                      Amount             Amortization             Asset
                                                     --------            ------------           ----------
                       <S>                              <C>                   <C>                   <C>
                 Covenant-not-to-compete             $ 25,000              $  (2,493)            $ 22,507

                 Acquired contracts                    46,548                (15,410)              31,138
                                                     --------              ---------             --------
                 Balance at March 31, 2003           $ 71,548              $ (17,903)            $ 53,645
                                                     ========              =========             ========
</TABLE>


              Amortization expense totaled $8,885 for the three months ending
              March 31, 2003.


<PAGE>
                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002



NOTE 8        LONG-TERM DEBT/AMOUNT PAYABLE
<TABLE>
<CAPTION>
                                                                                                   March 31,
                                                                                                     2003
                                                                                                 -----------
                                         <S>                                                           <C>
              Term loan, bank, due April 1, 2005, payable per annum in monthly
              installments with interest at prime plus .5%
              per annum (4.75% at March 31, 2003).                                               $    50,000

              Term loan, bank, due October 1, 2007, payable in monthly
              installments with interest at prime plus 1.0%
              per annum (5.25% per annum at March 31, 2003).                                         315,000

              Subordinated term loan, payable to the President of the Company,
              due April 1, 2005, payable in annual installments of $75,000 with
              interest at prime plus .5% per annum (4.75% per
              annum at March 31, 2003).                                                              150,000

              Term loan, former owner of business acquired, due April 1, 2004,
              payable in quarterly installments and bears
              no interest. Interest has been imputed at 8% per annum.                                 24,033

              Term loan to former owner of business acquired
              due September 30, 2004, payable in semi-annual
              installments with interest at 6% per annum.                                            150,000

              Auto loans due December 2005, payable in 36 equal
              monthly principal payments. The loans bear no interest.                                 57,939

              Term loan, bank, due November 1, 2004, payable
              in monthly installments with interest at 4.25% per annum.                               19,000

              Deferred amount payable to former owner of business acquired due
              in six equal annual payments of $100,000 beginning September 30,
              2003 through September 30, 2008. Interest has been imputed
              at 5% per annum.                                                                       507,600
                                                                                                 -----------
                                                                                                   1,273,572
              Less: current portion                                                                  422,293
                                                                                                 -----------
                                                                                                 $   851,279
                                                                                                 ===========
</TABLE>
              Maturities of long-term debt are as follows:

                           2003                                    $   422,293
                           2004                                        384,601
                           2005                                        176,378
                           2006                                        137,300
                           2007                                         78,400
                     Thereafter                                         74,600
                                                                   -----------
                          Total                                    $ 1,273,572
                                                                   ===========

<PAGE>
                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002


NOTE 8        LONG-TERM DEBT/AMOUNT PAYABLE

              On March 31, 2000 the President of the Company borrowed $300,000
              from a bank on substantially the same terms and conditions as
              exist in connection with the subordinated term loan made by the
              President to the Company. The Company and subsidiary guarantee the
              repayment of bank loan to the President.

              Convertible debentures
              ----------------------

              During the year 2002, the Company issued 10% convertible
              debentures totaling $650,000 due in one lump sum payable on
              September 30, 2007. Interest is payable semi-annually. The
              debentures are convertible anytime prior to maturity into the
              Company's common stock, $.001 par value, at a conversion price of
              $2.00 per common share. If all of the debentures were converted a
              total of 325,000 common shares would be issued, which the Company
              has reserved.

NOTE 9        DEMAND NOTES PAYABLE, BANK

              The Company through its subsidiaries maintains two separate credit
              facilities both of which are collateralized by the Company's
              assets. The Credit Facilities also require the Company to maintain
              certain financial covenants, which the Company was in compliance
              with at March 31, 2003.

              J.M. Ahle Co. has an amended credit facility, which matures on
              June 30, 2003. The Credit Facility entitles the subsidiary to
              borrow an amount which, in the aggregate, shall not exceed the
              lesser of (i) the Borrowing Base as defined in the Loan Agreement,
              or (ii) $2,000,000, less the sum of the then unpaid principal
              amount of all previous advances. As of March 31, 2003 and December
              31, 2002, borrowings on the line of credit were $765,225 and
              $1,031,625, respectively. At March 31, 2003, J.M. Ahle had unused
              and available borrowings of $380,369. Amounts borrowed under the
              Credit Facility bear interest payable monthly in arrears
              commencing on September 1, 2002 and on the first day of each month
              thereafter at a rate of prime plus one quarter percent (.25%). The
              Company can prepay amounts under the Credit Facility without
              penalty or premium but with accrued interest to the date of such
              prepayment on the amount prepaid.

              Rado Enterprises, Inc. has a credit facility, which matures on
              June 30, 2003. The Credit Facility entitles the subsidiary to
              borrow an amount which, in the aggregate, shall not exceed the
              lesser of (i) the Borrowing Base as defined in the Loan Agreement,
              or (ii) $2,000,000, less the sum of the then unpaid principal
              amount of all previous advances. As of March 31, 2003 and December
              31, 2002, there were no amounts outstanding. At March 31, 2003,
              Rado had unused and available borrowings under the Credit Facility
              of $1,608,000. Amounts borrowed under the Credit Facility bear
              interest payable monthly in arrears commencing on November 1, 2002
              and on the first day of each month thereafter at a rate of prime
              plus one half percent (.50%). The Company can prepay amounts under
              the Credit Facility without penalty or premium but with accrued
              interest to the date of such prepayment on the amount prepaid.


<PAGE>
                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002

NOTE 10       SEGMENT INFORMATION

              The Company operates in two business segments: Construction
              Materials and Mechanical Contracting. The operating segments are
              managed separately and maintain separate personnel due to the
              differing services offered by each segment.

              Segment information for the three months ended March 31, 2003 is
              as follows:
<TABLE>
<CAPTION>
                                            Construction          Mechanical
                                              Materials          Contracting        Corporate           Total
                                            -------------        -----------        ---------           -----
                 <S>                             <C>                <C>                 <C>               <C>
              Revenues                      $ 1,428,711        $  3,287,990        $        -        $ 4,716,701
              Gross profit                  $   305,186        $    360,852        $        -        $   666,038
              Income (loss) from
               operations                   $   (62,061)       $     69,562        $  (13,290)       $    (5,789)

              Total assets                  $ 2,859,331        $  4,489,955        $  121,933        $ 7,471,219

              Depreciation and
               amortization expenses        $    23,513        $     43,540        $        -        $    67,053
</TABLE>


               For the three months ended March 31, 2002, the Company operated
               in one business segment: Construction Materials.

NOTE 11       COMMITMENTS AND CONTINGENCIES

              Legal matters
              -------------

              The Company does not have any pending legal proceedings against
              it.

              Rado acquisition earnings contingency
              -------------------------------------

              The Company is required to share, with the former owner of an
              acquired business, additional excess profits, as defined in the
              Asset Purchase Agreement, related to a certain customer contract.

              As of March 31, 2003, such mechanical contract is substantially
              complete and it appears probable an amount will be paid in
              accordance with the terms above; therefore, the Company has
              accrued expense of $384,000 related to this matter.

              Profit participation agreements
              -------------------------------

              The Company has a profit participation arrangement with certain
              employees of a subsidiary based on earnings in excess of graduated
              targets, as defined, for the twelve months ending September 30,
              2003 and September 30, 2004. As of March 31, 2003, earnings, as
              defined, have not exceeded any of the graduated targets and the
              Company has not accrued any amounts.
<PAGE>
                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002


NOTE 11       COMMITMENTS AND CONTINGENCIES

              Other matters
              -------------

              The Company is negotiating contract change orders and claims with
              customers in the ordinary course of business. In the opinion of
              management, it is not possible to determine the outcome of these
              negotiations and no amounts have been recognized in the financial
              statements for these matters.

              The Company, as a condition for entering into construction
              contracts, had outstanding surety bonds of $1,947,000 as of March
              31, 2003. The President of the Company has personally guaranteed a
              maximum of $1,000,000 of the outstanding surety bonds.

NOTE 12       INCENTIVE STOCK OPTION PLAN

              In 2000, the Company established an incentive stock option plan
              (the Plan) and presently has reserved 300,000 shares of the
              Company's common stock for issuance under the Plan. Options
              granted pursuant to the Plan and contractual agreements at March
              31, 2003 were 60,000 and those options were granted to key
              employees. The exercise price is $.75 per common share, and are
              exercisable through July 31, 2005. All issuances were granted at
              the fair market value of the Company's common stock at time of
              grant.

              Stock options may be granted as either incentive stock options
              intended to qualify under Section 422 of the Internal Revenue Code
              of 1986, as amended (the "Code"), or as options not qualified
              under Section 422 of the Code. All options are issued with an
              exercise price at or above 100 percent of the fair market value of
              the common stock on the date of grant. Incentive stock option plan
              awards of restricted stock are intended to qualify as deductible
              performance-based compensation under Section 162(m) of the Code.
              Incentive stock option awards of unrestricted stock are not
              designed to be deductible to the Company under Section 162(m).

              Stock option transactions for employees during 2003 are as
              follows:
<TABLE>
<CAPTION>
                                                                                                      Weighted Average
                                                                                 Exercise Price        Exercise Price
                                                     Option          Vested        Per Vested            Per Vested
                                                     Shares          Shares       Common Share          Common Share
                                                     --------        ------      ---------------      -----------------
                        <S>                            <C>             <C>            <C>                    <C>
              Balance, January 1, 2003                60,000         60,000
              Granted/vested during the period             0              0         $   .75               $   .75
                                                      ------         ------
              Balance, March 31, 2003                 60,000         60,000
                                                      ======         ======
</TABLE>



<PAGE>
                                MORO CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2003 AND 2002


NOTE 12       INCENTIVE STOCK OPTION PLAN

              Information with respect to employee stock options outstanding and
              employee stock options exercisable at March 31, 2003 is as
              follows:
<TABLE>
<CAPTION>
                                              Employee Options Outstanding
                                         --------------------------------------
                                           Number             Weighted Average
                Exercise                 Outstanding              Remaining              Weighted Average
                 Prices                  at 3/31/03           Contractual Life            Exercise Price
                --------                 ----------           ----------------           ----------------
                    <S>                     <C>                     <C>                         <C>
                 $ .75                     60,000                2.33 years                   $ .75

</TABLE>
<TABLE>
<CAPTION>
                                       Employee Options Exercisable
                                       ----------------------------
                                                   Number
                       Exercise                 Outstanding           Weighted Average
                        Prices                   at 3/31/03            Exercise Price
                       --------                 -----------           ----------------
                           <S>                       <C>                      <C>
                        $ .75                       60,000                  $ .75
</TABLE>

<PAGE>

Item 2.       Management's Discussion and Analysis or Plan of Operations.

Forward Looking Statements

This Form 10-QSB contains certain forward looking statements regarding, among
other things, the anticipated financial and operating results of the Company.
For this purpose, forward looking statements are any statements contained herein
that are not statements of historical fact and include, but are not limited to,
those preceded by or that include the words, "believes," "expects",
"anticipates," or similar expressions. Those statements are subject to known and
unknown risks, uncertainties and other factors that could cause the actual
results to differ materially from those contemplated by the statements.
Important factors that could cause the Company's actual results to differ
materially from those projected include, for example (i) there is no assurance
that the Company can locate and purchase businesses that meet its criteria for
acquisition, (ii) there is no assurance that the Company will achieve high
returns on capital because of, among other reasons, unanticipated fluctuations
in costs such as material and labor, ineffective management of business
operations, or adverse change in the demand in the marketplace for our products,
or (iii) there may be unanticipated issues relating to the integration of new
businesses into our existing management and corporate culture. Although the
Company believes that the forward looking statements contained herein are
reasonable, it can give no assurance that the Company's expectations will be
met.

Critical Accounting Policies

The preparation of financial statements requires management to make estimates
and assumptions that affect amounts reported therein. The financial statements
are prepared to conformity with generally accepted accounting principles, and,
as such, include amounts based on informed estimates and judgments of
management. For example, estimates are used in determining total contract costs
and profitability and valuation allowances for uncollectible receivables and
obsolete inventory. Actual results achieved in the future could differ from
current estimates. The Company used what it believes are reasonable assumptions
and where applicable, established valuation techniques in making its estimates.
Management believes the Company's most critical accounting policies are
discussed below:

Revenue Recognition

Revenue from product sales is recognized upon shipment to customers, title
passing and all obligations of the Company have been satisfied. Provisions for
returns are provided for in the same period the related sales are recorded.

Contract Revenue and Cost Recognition

Revenues from construction contracts are recognized on the
percentage-of-completion method, measured by the percentage of direct cost
incurred to date to the estimated total direct cost for each contract. That
method is used because management considers total direct cost to be the best
available measure of progress on the contracts. Revenues from time and material
contracts are recognized currently as the work is performed.


<PAGE>



Contract costs include all direct material, labor, subcontractor and those
indirect costs that relate to construction performance. All other costs are
expensed as incurred. Provisions for estimated losses on uncompleted contracts
are made in the period in which such losses are first determined. Changes in job
performance, job conditions and estimated profitability may result in revisions
to costs and income and are recognized in the period in which the revisions are
determined. The Company recognizes claim and contract modification costs as they
are incurred and revenues when realization is probable and the amount can be
reliably estimated, which is generally at the time a claim or contract
modification is accepted by all parties. Because of the inherent uncertainties
in estimating costs, it is at least reasonably possible that the estimates used
will change in the near term.

The asset, "Costs and estimated earnings in excess of billings on uncompleted
contracts," represents revenues recognized in excess of amounts billed. The
liability, "Billings in excess of costs and estimated earnings on uncompleted
contracts," represents billings in excess of revenues recognized.

Inventory

Inventory is recorded at the lower of cost or market using the first-in,
first-out (FIFO) method.

Income Taxes

Income taxes are provided for the tax effects of transactions reported in the
financial statements and consist of taxes currently due plus deferred taxes
related primarily to differences between the basis of balance sheet items for
financial and income tax reporting. The deferred tax liabilities represent the
future tax return consequences of those differences, which will either be
taxable or deductible when the liabilities are settled. A valuation allowance is
provided when realization of a deferred tax asset is unlikely.

Results of Operations

Sales for the three months ending March 31, 2003 were $4,716,701 compared with
$2,276,509 for the same period a year ago, an increase of $2,440,192 or 107%.
Sales for the Mechanical Contracting Division were $3,287,990 compared with no
sales for the year ago period because this segment was not created until October
1, 2002 with the acquisition of Rado Enterprises, Inc. This sales increase was
partially offset by a sales decline of $847,798 or 37% for the Construction
Materials Division, which suffered from very bad winter weather conditions
during the first quarter of 2003.

Cost of sales for the three months ending March 31, 2003 were $4,050,663
compared with $1,768,310 for the same period a year ago, an increase of
$2,282,353. Cost of sales for the Mechanical Contracting Division were
$2,927,138 compared with no cost for the year ago period because this segment
was not created until October 1, 2002. Cost of sales for the Construction
Materials Division were $1,123,525 (79% of segment sales) compared to $1,768,310
(78% of segment sales).

Selling, general and administrative expenses for the three months ending March
31, 2003 were $671,827 compared with $390,066 for the same period a year ago.
This increase of $281,761 is primarily due to the acquisition of the Mechanical
Contracting Division on October 1, 2002.
<PAGE>
Net loss for the three months ending March 31, 2003 was $27,792 compared with
net income of $68,665 for the same period a year ago, a decrease of $96,457. The
Construction Materials segment reported a loss for the quarter of $48,690 and a
year-to-year negative swing of $117,355. This unfavorable swing is due primarily
to very bad winter weather conditions during the first quarter of 2003.

The first quarter loss of the Construction Materials segment was partially
offset by net income of $20,898 reported by the Mechanical Contracting segment;
however, the offset for the first quarter was not large enough to offset all of
the swing from there being a profit a year ago to there being a loss this year
for the Construction Materials segment.

Liquidity and Capital Resources

For the three months ended March 31, 2003, there was a net decrease of cash of
$169,266. Cash flows from operating activities of $292,652 were offset by cash
flows used in financing activities of $411,198 (mainly repayments of bank debt)
and capital expenditures of $46,242.

As of March 31, 2003, cash on hand was $806,973 and working capital was
$1,869,737. The Company believes that its financial resources are adequate to
fund the current level of operations.

The Company through its subsidiaries maintains two separate credit facilities
both of which are collateralized by the Company's assets. The Credit Facilities
also require the Company to maintain certain financial covenants, which the
Company was in compliance with at March 31, 2003.

J.M. Ahle Co. has an amended credit facility, which matures on June 30, 2003.
The Credit Facility entitles the subsidiary to borrow an amount which, in the
aggregate, shall not exceed the lesser of (i) the Borrowing Base as defined in
the Loan Agreement, or (ii) $2,000,000, less the sum of the then unpaid
principal amount of all previous advances. As of March 31, 2003 borrowings on
the line of credit were $765,225. At March 31, 2003, J.M. Ahle had unused and
available borrowings of $380,369. Amounts borrowed under the Credit Facility
bear interest payable monthly in arrears commencing on September 1, 2002 and on
the first day of each month thereafter at a rate of prime plus one quarter
percent (.25%). The Company can prepay amounts under the Credit Facility without
penalty or premium but with accrued interest to the date of such prepayment on
the amount prepaid.

Rado Enterprises, Inc. has a credit facility, which matures on June 30, 2003.
The Credit Facility entitles the subsidiary to borrow an amount which, in the
aggregate, shall not exceed the lesser of (i) the Borrowing Base as defined in
the Loan Agreement, or (ii) $2,000,000, less the sum of the then unpaid
principal amount of all previous advances. As of March 31, 2003, there were no
amounts outstanding. At March 31, 2003, Rado had unused and available borrowings
under the Credit Facility of $1,608,000. Amounts borrowed under the Credit
Facility bear interest payable monthly in arrears commencing on November 1, 2002
and on the first day of each month thereafter at a rate of prime plus one half
percent (.50%). The Company can prepay amounts under the Credit Facility without
penalty or premium but with accrued interest to the date of such prepayment on
the amount prepaid.

The Company's other commitments primarily include operating leases.


<PAGE>



Recently Issued Accounting Principles

In June 2002, the FASB issued Statement of Financial Accounting Standards No.
146 ("SFAS No. 146"), "Accounting for Costs Associated with Exit or Disposal
Activities." This Statement addresses financial accounting and reporting for
costs associated with exit or disposal activities and nullifies Emerging Issues
Task Force Issue No. 94-3, "Liability Recognition for Certain Employee
Termination Benefits and Other Costs to Exit and Activity (including Certain
Costs Incurred in a Restructuring)," SFAS No. 146 is effective for exit or
disposal activities initiated after December 31, 2002. The Company is currently
evaluating the impact of adopting SFAS No. 146, but does not expect it to have a
material impact on its results of operations or its financial condition.

On November 25, 2002, the Financial Accounting Standards Board ("FASB" or the
"Board") issued FASB Interpretation No. 45 ("FIN 45" or the "Interpretation"),
Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others, an interpretation of FASB
Statements No. 5, 57, and 107 and Rescission of FASB Interpretation No. 34. FIN
45 clarifies the requirements of FASB Statement No. 5, Accounting for
Contingencies (FAS 5), relating to the guarantor's accounting for, and
disclosure of, the issuance of certain types of guarantees. The disclosure
provisions of the Interpretation are effective for financial statements of
annual periods that end after December 15, 2002. However, the provisions for
initial recognition and measurement are effective on a prospective basis for
guarantees that are issued or modified after December 31, 2002, irrespective of
a guarantor's year-end. The Company does not have any guarantees that require
additional disclosure in the annual financial statements and does not expect the
impact of adopting the recognition and measurement provisions of FIN 45 to have
a material impact on its results of operations or its financial condition.

On January 17, 2003, the Financial Accounting Standards Board (FASB or the
"Board") issued FASB Interpretation No. 46 ("FIN 46" or the "Interpretation"),
Consolidation of Variable Interest Entities, an interpretation of ARB 51. The
primary objectives of FIN 46 are to provide guidance on the identification of
entities for which control is achieved through means other than through voting
rights ("variable interest entities" or "VIEs") and how to determine when and
which business enterprise should consolidate the VIE (the "primary
beneficiary"). This new model for consolidation applies to an entity which
either (1) the equity investors (if any) do not have a controlling financial
interest or (2) the equity investment at risk is insufficient to finance that
entity's activities without receiving additional subordinated financial support
from other parties. In addition, FIN 46 requires that both the primary
beneficiary and all other enterprises with a significant variable interest in a
VIE make additional disclosures. FIN 46 is effective immediately, for VIEs
created after January 31, 2003. FIN 46 is effective no later than the beginning
of the first annual financial reporting period beginning after June 15, 2003.
The Company is currently evaluating the impact of adopting SFAS No. 146, but
does not expect it to have a material impact on its results of operations or its
financial condition.


<PAGE>



In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133 on
Derivative Instruments and Hedging Activities" (SFAS 149"). SFAS 149 amends and
clarifies financial accounting and reporting for derivative instruments,
including certain derivative instruments embedded in other contracts, and for
hedging activities under SFAS No. 133, "Accounting for Derivative Instruments
and Hedging Activities." This Statement amends SFAS No. 133 for decisions made
as part of the Derivatives Implementation Group process and in connection with
implementation issues raised in relation to the application of the definition of
a derivative. SFAS 149 is effective for contracts entered into or modified after
June 30, 2003. The Company does not expect the requirements of SFAS 149 to have
a material impact on the results of operations, financial position, or
liquidity.

In May 2003, the FASB issued SFAS No. 150, for certain financial instruments
with characteristics of both liabilities and equity. This statement establishes
standards for how an issuer classifies and measures certain financial
instruments with characteristics of both liabilities and equity. This statement
is effective for financial instruments entered into or modified after May 31,
2003, and otherwise is effective at the beginning of the first interim period
beginning after June 15, 2003. The Company does not expect a material impact on
the results of operations, financial position or liquidity.


Item 3.       Controls and Procedures

(a) Evaluation of disclosure controls and procedures.

The principal executive officer and principal financial officer have evaluated
the disclosure controls and procedures as of the date within 90 days prior to
the filing date of this report. Based on this evaluation, they conclude that the
disclosure controls and procedures effectively ensure that information required
to be disclosed in our filings and submissions under the Exchange Act is
recorded, processed, summarized, and reported within the time periods specified
in the Securities and Exchange Commission's rules and forms.

(b) Changes in internal controls.

There have been no significant changes in our internal controls or in other
factors that could significantly affect these controls subsequent to the
evaluation of the internal controls, including any corrective actions with
regard to significant deficiencies or material weaknesses.


<PAGE>



PART II - OTHER INFORMATION

Item 6.       Exhibits

     (a) Exhibits

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


     (b) Reports on Form 8-K

           The Company did not file any reports on Form 8-K during the quarter
ended March 31, 2003.


                                   SIGNATURES

In accordance with the requirement of the Exchange Act, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                MORO CORPORATION

                                By: David W. Menard
                                    -------------------------------
                                    David W. Menard
                                    Chief Executive Officer
                                    and Principal Financial Officer




<PAGE>


CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002


I, David W. Menard, Chief Executive Officer and Chief Financial Officer of the
registrant, certify that:


1.   I have reviewed this quarterly report on Form 10-QSB of Moro Corporation;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a.  designed such disclosure controls and procedures to ensure that
         material information relating to the registrant, including its
         consolidated subsidiaries, is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

     b.  evaluated the effectiveness of the registrant's disclosure controls and
         procedures as of a date within 90 days prior to the filing date of this
         quarterly report (the "Evaluation Date"); and

     c.  presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls and procedures based on our
         evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent functions):

     a.  all significant deficiencies in the design or operation of internal
         controls which could adversely affect the registrant's ability to
         record, process, summarize and report financial data and have
         identified for the registrant's auditors any material weaknesses in
         internal controls; and

     b.  any fraud, whether or not material, that involves management or other
         employees who have a significant role in the registrant's internal
         controls; and


<PAGE>



6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: June 2, 2003                     David W. Menard
                                       ----------------------------------------
                                       David W. Menard, Chief Executive Officer
                                       and Chief Financial Officer