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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

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FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Quarter Ended June 30, 2000Commission File Number 33-98404

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T.J.T., INC.(Exact name of registrant as specified in its charter)

WASHINGTON(State or other jurisdiction of
incorporation or organization)

82-0333246(IRS Employer
Identification No.)


843 North Washington, P.O. Box 278, Emmett, Idaho 83617(Address of principal executive offices)

(208) 365-5321(Issuer's telephone number)

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Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 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 the past
90 days. Yes /x/  No / /

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At
June 30, 2000, the registrant had 4,854,739 shares of common stock outstanding.

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Page 1

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June 30, 2000

TABLE OF CONTENTS

|                                                                                              |  |                                                                                        |  | PAGE
|--------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------- |  | ----
|PART I. FINANCIAL INFORMATION                                                                
|Item 1. Financial Statements (Unaudited)                                                      |  |                                                                                       
|                                                                                              |  | Balance Sheets at June 30, 2000 and September 30, 1999                                 |  | 3   
|                                                                                              |  | Statements of Income for the Three Months and Nine Months Ended June 30, 2000 and 1999 |  | 4   
|                                                                                              |  | Statements of Cash Flows for the Nine Months Ended June 30, 2000 and 1999              |  | 5   
|                                                                                              |  | Notes to Financial Statements                                                          |  | 6   
|Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |  | 8                                                                                     
|PART II. OTHER INFORMATION                                                                   
|Item 1. Legal Proceedings                                                                     |  | 10                                                                                    
|Item 2. Changes in Securities and Use of Proceeds                                             |  | 10                                                                                    
|Item 3. Defaults Upon Senior Securities                                                       |  | 10                                                                                    
|Item 4. Submission of Matters to a Vote of Security Holders                                   |  | 10                                                                                    
|Item 5. Other Information                                                                     |  | 10                                                                                    
|Item 6. Exhibits and Reports on Form 8-K                                                      |  | 10                                                                                    
|Signatures                                                                                    |  | 11                                                                                    

Page 2

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T.J.T., INC.

BALANCE SHEETS

(Dollars in thousands)

|                                                               |                                                                                                      | June 30,
2000              |                                            | Sept. 30,
1999 |      
|-------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------ | -------------- | -----
|Current assets:                                                |                                                                                                      |                            |                                            |                |      
|                                                               | Cash and cash equivalents                                                                            |                            | $                                          | 76             |      
|                                                               | Accounts receivable and notes receivable (net of allowances for doubtful accounts of $21 and $35)    |                            |                                            | 1,971          |      
|                                                               | Inventories                                                                                          |                            |                                            | 3,652          |      
|                                                               | Income taxes receivable                                                                              |                            |                                            | 395            |      
|                                                               | Prepaid expenses and other current assets                                                            |                            |                                            | 43             |      
|                                                               |                                                                                                      |                            |                                            |                |      
|                                                               |                                                                                                      | Total current assets       |                                            |                | 6,137
|Property, plant and equipment, net of accumulated depreciation |                                                                                                      |                            | 1,509                                      |                |      
|Notes receivable                                               |                                                                                                      |                            | 575                                        |                |      
|Income taxes receivable                                        |                                                                                                      |                            | 41                                         |                |      
|Real estate held for investment                                |                                                                                                      |                            | 707                                        |                |      
|Deferred charges and other assets                              |                                                                                                      |                            | 230                                        |                |      
|Goodwill                                                       |                                                                                                      |                            | 1,668                                      |                |      
|                                                               |                                                                                                      |                            |                                            |                |      
|                                                               | Total assets                                                                                         |                            | $                                          | 10,867         |      
|                                                               |                                                                                                      |                            |                                            |                |      
|Current liabilities:                                           |                                                                                                      |                            |                                            |                |      
|                                                               | Line of credit                                                                                       |                            | $                                          | 1,573          |      
|                                                               | Accounts payable                                                                                     |                            |                                            | 889            |      
|                                                               | Accrued liabilities                                                                                  |                            |                                            | 378            |      
|                                                               |                                                                                                      |                            |                                            |                |      
|                                                               |                                                                                                      | Total current liabilities  |                                            |                | 2,840
|Deferred credits and other noncurrent obligations              |                                                                                                      |                            | 160                                        |                |      
|Deferred income taxes                                          |                                                                                                      |                            |                                           |                |      
|                                                               |                                                                                                      |                            |                                            |                |      
|                                                               | Total liabilities                                                                                    |                            |                                            | 3,000          |      
|                                                               |                                                                                                      |                            |                                            |                |      
|Shareholders' equity:                                          |                                                                                                      |                            |                                            |                |      
|                                                               | Common stock, $.001 par value; 10,000,000 shares authorized; 4,854,739 shares issued and outstanding |                            |                                            | 5              |      
|                                                               | Common stock warrants                                                                                |                            |                                            | 113            |      
|                                                               | Capital surplus                                                                                      |                            |                                            | 6,068          |      
|                                                               | Retained earnings                                                                                    |                            |                                            | 2,074          |      
|                                                               | Treasury stock (349,800 and 279,800 shares at cost)                                                  |                            |                                            | (393           | )    
|                                                               |                                                                                                      |                            |                                            |                |      
|                                                               |                                                                                                      | Total shareholders' equity |                                            |                | 7,867
|                                                               |                                                                                                      |                            |                                            |                |      
|                                                               |                                                                                                      |                            | Total liabilities and shareholders' equity |                | $    
|                                                               |                                                                                                      |                            |                                            |                |      

See
accompanying notes to financial statements.

Page 3

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T.J.T., INC.

STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

|                                             |                         | Three Months Ended
June 30, |           | Nine Months Ended
June 30, |      
|-------------------------------------------- | ----------------------- | --------------------------- | --------- | -------------------------- | -----
|
|Sales (net of returns and allowances):       |                         |                             |           |                            |      
|                                             | Axles and tires         |                             | $         | 5,396                      |      
|                                             | Accessories and siding  |                             |           | 2,033                      |      
|                                             | Investment property     |                             |           | 44                         |      
|                                             |                         |                             |           |                            |      
|                                             |                         | Total sales                 |           |                            | 7,473
|Cost of goods sold                           |                         |                             | 6,243     |                            |      
|                                             |                         |                             |           |                            |      
|                                             | Gross profit            |                             |           | 1,230                      |      
|Selling, general and administrative expenses |                         |                             | 1,396     |                            |      
|                                             |                         |                             |           |                            |      
|                                             | Operating income (loss) |                             |           | (166                       | )    
|Interest income                              |                         |                             | 20        |                            |      
|Interest expense                             |                         |                             | (37       | )                          |      
|Other income (expense)                       |                         |                             | (9        | )                          |      
|                                             |                         |                             |           |                            |      
|                                             | Loss before taxes       |                             |           | (192                       | )    
|Income taxes (benefit)                       |                         |                             | (60       | )                          |      
|                                             |                         |                             |           |                            |      
|                                             | Net income (loss)       |                             | $         | (132                       | )    
|                                             |                         |                             |           |                            |      
|Net income (loss) per common share           |                         | $                           | (.03      | )                          | $    
|Weighted average shares outstanding          |                         |                             | 4,504,939 |                            |      
|                                             |                         |                             |           |                            |      

See
accompanying notes to financial statements.

Page 4

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T.J.T., INC.

STATEMENTS OF CASH FLOWS

(Dollars in thousands)

|                                          |                                                                                 | For the nine months ended
June 30,                  |                                                 
|----------------------------------------- | ------------------------------------------------------------------------------- | --------------------------------------------------- | ------------------------------------------------
|
|Cash flows from operating activities:     |                                                                                 |                                                     |                                                 
|                                          | Net loss                                                                        |                                                     | $                                               
|                                          | Adjustments to reconcile net loss to net cash provided by operating activities: |                                                     |                                                 
|                                          |                                                                                 | Depreciation and amortization                       |                                                 
|                                          |                                                                                 | (Gain) Loss on sale of assets                       |                                                 
|                                          |                                                                                 | Change in receivables                               |                                                 
|                                          |                                                                                 | Change in inventories                               |                                                 
|                                          |                                                                                 | Change in prepaid expenses and other current assets |                                                 
|                                          |                                                                                 | Change in accounts payable                          |                                                 
|                                          |                                                                                 | Change in other assets and liabilities              |                                                 
|                                          |                                                                                 |                                                     |                                                 
|                                          |                                                                                 |                                                     | Net cash provided (used) by operating activities
|                                          |                                                                                 |                                                     |                                                 
|Cash flows from investing activities:     |                                                                                 |                                                     |                                                 
|                                          | Additions to property, plant and equipment                                      |                                                     |                                                 
|                                          | Proceeds from sale of assets                                                    |                                                     |                                                 
|                                          | Issuance of notes receivable                                                    |                                                     |                                                 
|                                          | Payments on notes receivable                                                    |                                                     |                                                 
|                                          | Land purchased for investment                                                   |                                                     |                                                 
|                                          | Sale of land purchased for investment                                           |                                                     |                                                 
|                                          | Direct aquisition costs                                                         |                                                     |                                                 
|                                          | Cash paid for Ford acquisition                                                  |                                                     |                                                 
|                                          |                                                                                 |                                                     |                                                 
|                                          |                                                                                 | Net cash used by investing activities               |                                                 
|                                          |                                                                                 |                                                     |                                                 
|Cash flows from financing activities:     |                                                                                 |                                                     |                                                 
|                                          | Proceeds from debt                                                              |                                                     |                                                 
|                                          | Payments on debt                                                                |                                                     |                                                 
|                                          | Treasury stock transactions                                                     |                                                     |                                                 
|                                          |                                                                                 |                                                     |                                                 
|                                          |                                                                                 | Net cash provided by financing activities           |                                                 
|                                          |                                                                                 |                                                     |                                                 
|Net decrease in cash and cash equivalents |                                                                                 |                                                     | (53                                             
|Beginning cash and cash equivalents       |                                                                                 |                                                     | 129                                             
|                                          |                                                                                 |                                                     |                                                 
|Ending cash and cash equivalents          |                                                                                 | $                                                   | 76                                              
|                                          |                                                                                 |                                                     |                                                 
|Supplemental information:                 |                                                                                 |                                                     |                                                 
|                                          | Interest paid                                                                   |                                                     | $                                               
|                                          | Income taxes paid                                                               |                                                     |                                                 
|Noncash transactions:                     |                                                                                 |                                                     |                                                 
|                                          | Acquisition of plant property and equipment by capital lease                    |                                                     | $                                               
|                                          | Re-acquisition of investment property by cancellation of notes receivable       |                                                     |                                                 
|                                          | Sale of Bend, Oregon facility by note receivable                                |                                                     |                                                 
|                                          | Sale of land by issuance of notes receivable                                    |                                                     |                                                 

See
accompanying notes to financial statements.

Page 5

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T.J.T., INC.

NOTES TO FINANCIAL STATEMENTS (unaudited)

NOTE AUNAUDITED INTERIM FINANCIAL STATEMENTS

In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting solely of normal recurring adjustments)
necessary to present fairly the financial position of T.J.T., Inc. (the company) and the results of operations and cash flows. Certain reclassifications of prior quarter amounts were made to
conform with current quarter presentation, none of which affect previously recorded net income.

NOTE BINVENTORIES

Inventories are stated at the lower of cost (first-in, first-out and average cost methods) or market.

June 30,
2000

Sept. 30,
1999(Dollars in thousands)Raw materials

$
1,102

$
1,271Finished goods


2,550


2,750Total

$
3,652

$
4,021


NOTE CPROPERTY, PLANT AND EQUIPMENT

June 30,
2000

Sept. 30,
1999(Dollars in thousands)Land and building

$
386

$
389Leasehold improvements


380


400Furniture and equipment


1,198


1,184Vehicles and trailers


1,409


1,4453,373


3,418Less accumulated depreciation


1,864


1,556Net property, plant and equipment

$
1,509

$
1,862


NOTE DSHAREHOLDERS' EQUITY

Authorized stock of the company consists of 10,000,000 shares of $.001 par value common stock and 5,000,000 shares of $.001 par value preferred stock. No
shares of preferred stock have been issued. The company also has 4,500,644 outstanding warrants to purchase common stock. Each warrant entitles the holder to purchase one share of common stock at
$4.00 per share. The warrants are exercisable beginning December 21, 1996 and expire December 21, 2000. The warrants are redeemable by the company with 30 days written notice at
the rate of $.10 per warrant after December 21, 1996 and only if the average stock closing bid price equals or exceeds $7.50 per share for 10 consecutive trading days. The company does not have
the ability to the call the warrants as of June 30, 2000 because it has not met the closing bid requirements.

The
company has a stock option plan which allows officers, directors and key employees of the company to receive non-qualified and incentive stock options. The company did
not award any stock

Page 6

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options to directors and officers during the quarter ended June 30, 2000. There were options for 254,000 shares of stock available for grant at June 30, 2000.

As
of June 30, 2000, the company had purchased 338,893 shares pursuant to a 740,000 share buy back program authorized by the Board of Directors.

NOTE ESEGMENT DISCLOSURE

The
Company operates in three business segments: Axles and Tire Reconditioning, Housing Accessories, and Investment Real Property. These segments have been determined by evaluating
the Company's internal reporting structure and nature of products offered.

Axles
and Tire Reconditioning: The Company provides reconditioned axles and tires to manufactured housing factories.

Housing
Accessories: The Company provides skirting, siding, and other aftermarket accessories to manufactured housing dealers and contractors.

Investment
Real Property: The Company invests in and, on a limited basis, develops real estate for sale.

|                                 |  | Axle & Tire
Reconditioning |   | Housing
Accessories |   | Investment
Real Property |   | Total  |  
|-------------------------------- |  | -------------------------- | - | ------------------- | - | ------------------------ | - | ------ | -
|Three months ended June 30, 2000 |  |                            |   |                     |   |                          |   |        |  
|Operating revenue                |  | 5,396                      |   | 2,033               |   | 44                       |   | 7,473  |  
|Operating income (loss)          |  | (106                       | ) | (73                 | ) | 13                       |   | (166   | )
|Depreciation                     |  | 163                        |   | 37                  |   | 1                        |   | 201    |  
|Three months ended June 30, 1999 |  |                            |   |                     |   |                          |   |        |  
|Operating revenue                |  | 7,077                      |   | 2,276               |   | 5                        |   | 9,358  |  
|Operating income (loss)          |  | 131                        |   | 2                   |   | (14                      | ) | (119   | )
|Depreciation                     |  | 166                        |   | 32                  |   | 1                        |   | 199    |  
|Nine months ended June 30, 2000  |  |                            |   |                     |   |                          |   |        |  
|Operating revenue                |  | 13,771                     |   | 5,601               |   | 378                      |   | 19,750 |  
|Operating income (loss)          |  | (771                       | ) | (657                | ) | 98                       |   | (1,330 | )
|Depreciation                     |  | 500                        |   | 114                 |   | 2                        |   | 616    |  
|Nine months ended June 30, 1999  |  |                            |   |                     |   |                          |   |        |  
|Operating revenue                |  | 20,169                     |   | 6,115               |   | 13                       |   | 26,297 |  
|Operating income (loss)          |  | 156                        |   | (70                 | ) | (31                      | ) | 55     |  
|Depreciation                     |  | 464                        |   | 87                  |   | 2                        |   | 553    |  

The
Company does not assign interest income, interest expense, other expenses or income taxes to operating segments. Identifiable assets and related capital expenditures are assigned
to operating locations rather than operating segments, with depreciation allocated to the segments based upon usage.

Page 7

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

All period references are to the three month or nine month periods ended June 30, 2000 and 1999, unless otherwise indicated. Quarterly financial results
may not be indicative of the financial results for any future period. The following discussion may contain forward-looking statements within the meaning of the federal securities laws which involve
risks and uncertainties. When used in this discussion, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the company or its management are intended to
identify such forward-looking statements. The company's actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking
statements. Factors that could cause or contribute to such differences include, among others, the following: general economic and business conditions; competition; success of operating initiatives;
development and operating costs; the existence or absence of adverse publicity; availability, locations and terms of sites for facility development; changes in business strategy or development plans;
quality of management; availability, terms and deployment of capital; business abilities and judgment of personnel; availability of qualified personnel; labor and employee benefit costs; and
construction costs.

The
following table sets forth the operating data of the company as a percentage of net sales for the periods listed below:

Three Months Ended

Nine Months EndedJune 30,
2000

June 30,
1999

June 30,
2000

June 30,
1999Axle and tire reconditioning

72.2
%
75.6
%
69.7
%
76.7
%Manufactured housing accessories and siding

27.2

24.3

28.4

23.3Investment property income

.6

0.1

1.9

0.0Gross margin

16.5

18.8

16.4

17.8Selling expense

13.6

14.2

16.0

12.8Administrative expense

5.3

3.3

7.1

4.8Interest expense

0.5

0.3

0.6

0.2Interest income

0.3

0.3

0.2

0.2Other income (expense)

(0.1
)
0.0

0.1

0.0


Sales
were $7.5 million for the three months ended June 30, 2000 compared to $9.4 million in the same quarter a year ago. Gross profit was $1,230,000 compared to
$1,762,000 for the same quarter in 1999. Gross margin for the quarter was 16.5 percent compared to 18.8 percent for the same period a year ago.

Sales
of manufactured housing have continued to be slow throughout the company's 11 state market area. Sales for fiscal year 2000 are expected to be well under 1999 averages.

Selling
and general administrative expenses decreased $247,000 during the quarter compared to the same quarter a year ago.

Overall
payroll cost was decreased another 4% during the quarter ending June 30, 2000, as compared to the preceding quarter. For the nine months ending June 30, 2000
payroll cost has decreased 9% as compared to the nine months ending June 30, 1999.

The
company has increased its market share of the axle and tire business. During May 2000, the company began supplying the last two manufacturing plants covered by the service
agreement with Oakwood/Schultz Homes to supply six manufacturing plants and purchase used axles and tires from 67 company-owned stores.

Page 8

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Liquidity and Capital Resources

Historically, the company's principal sources of liquidity have been retained earnings from operations as well as borrowings under a revolving line of credit
with a bank. The company has a $3,000,000 maximum bank line of credit secured by designated percentages of eligible accounts receivable and inventories. The credit line bears interest at the Federal
Funds rate plus 3.25 percent.

Authorized
stock of the company consists of 10,000,000 shares of $.001 par value common stock and 5,000,000 shares of $.001 par value preferred stock. No shares of preferred stock
have been issued. The company also has 4,500,644 outstanding warrants to purchase common stock. Each warrant entitles the holder to purchase one share of common stock at $4.00 per share. The warrants
were exercisable beginning December 21, 1996 and expire December 21, 2000. The warrants are redeemable by the company with 30 days written notice at the rate of $.10 per warrant
after December 21, 1996 and only if the average stock closing bid price equals or exceeds $7.50 per share for 10 consecutive trading days. The company does not have the ability to the call the
warrants as of June 30, 2000 because it has not met the closing bid requirements.

Page 9

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## 

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Nothing to report

Item 2. Changes in Securities

Nothing to report

Item 3. Defaults Upon Senior Securities

Nothing to report

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

Nothing to report

Item 5. Other Information

The company was delisted from the Nasdaq SmallCap Market on June 22, 2000 and is currently trading on the OTCBB.

6. Exhibits and Reports on Form 8-K

Page 10

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## 

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
hereunto duly authorized.

|                         |  | T.J.T., INC.Registrant
|------------------------ |  | ----------------------
|Date: August      , 2000 |  | By:                   

Page 11

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