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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

December 31, 2000

Commission 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 / /

At
December 31, 2000, the registrant had 4,854,739 shares of common stock outstanding.

T.J.T., INC.

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TABLE OF CONTENTS    PART I. FINANCIAL INFORMATION

|                           |  |                                                                                       |  |                                                                                |  | Page
|-------------------------- |  | ------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------ |  | ----
|Item 1.                    |  | Financial Statements (Unaudited)                                                      |  |                                                                               
|                           |  |                                                                                       |  | Balance Sheets at December 31, 2000 and September 30, 2000                     |  | 3   
|                           |  |                                                                                       |  | Statements of Income for the Three Months Ended December 31, 2000 and 1999     |  | 4   
|                           |  |                                                                                       |  | Statements of Cash Flows for the Three Months Ended December 31, 2000 and 1999 |  | 5   
|                           |  |                                                                                       |  | Notes to Financial Statements                                                  |  | 6   
|Item 2.                    |  | Management's Discussion and Analysis of Financial Condition and Results of Operations |  | 7                                                                             
|PART II. OTHER INFORMATION
|Item 1.                    |  | Legal Proceedings                                                                     |  | 9                                                                             
|Item 2.                    |  | Changes in Securities and Use of Proceeds                                             |  | 9                                                                             
|Item 3.                    |  | Defaults Upon Senior Securities                                                       |  | 9                                                                             
|Item 4.                    |  | Submission of Matters to a Vote of Security Holders                                   |  | 9                                                                             
|Item 5.                    |  | Other Information                                                                     |  | 9                                                                             
|Item 6.                    |  | Exhibits and Reports on Form 8-K                                                      |  | 9                                                                             
|Signatures                 |  | 9                                                                                    

2

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T.J.T., INC.  BALANCE SHEETS (unaudited)  (Dollars in thousands)

|                                                               |                                                                                                      | Dec. 31
2000               |                                            | Sept. 30
2000 |      
|-------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------ | ------------- | -----
|Current assets:                                                |                                                                                                      |                            |                                            |               |      
|                                                               | Cash and cash equivalents                                                                            |                            | $                                          | 37            |      
|                                                               | Accounts receivable and notes receivable (net of allowance for doubtful accounts of $89 and $8)      |                            |                                            | 978           |      
|                                                               | Income taxes receivable                                                                              |                            |                                            | 296           |      
|                                                               | Inventories                                                                                          |                            |                                            | 4,242         |      
|                                                               | Prepaid expenses and other current assets                                                            |                            |                                            | 65            |      
|                                                               |                                                                                                      |                            |                                            |               |      
|                                                               |                                                                                                      | Total current assets       |                                            |               | 5,618
|Property, plant and equipment, net of accumulated depreciation |                                                                                                      |                            | 1,201                                      |               |      
|Notes receivable                                               |                                                                                                      |                            | 564                                        |               |      
|Real estate held for investment                                |                                                                                                      |                            | 635                                        |               |      
|Deferred charges and other assets                              |                                                                                                      |                            | 172                                        |               |      
|Deferred tax asset                                             |                                                                                                      |                            | 548                                        |               |      
|Goodwill                                                       |                                                                                                      |                            | 848                                        |               |      
|                                                               |                                                                                                      |                            |                                            |               |      
|                                                               | Total assets                                                                                         |                            | $                                          | 9,586         |      
|                                                               |                                                                                                      |                            |                                            |               |      
|Current liabilities:                                           |                                                                                                      |                            |                                            |               |      
|                                                               | Line of credit                                                                                       |                            | $                                          | 1,632         |      
|                                                               | Accounts payable                                                                                     |                            |                                            | 616           |      
|                                                               | Accrued liabilities                                                                                  |                            |                                            | 366           |      
|                                                               |                                                                                                      |                            |                                            |               |      
|                                                               |                                                                                                      | Total current liabilities  |                                            |               | 2,614
|Deferred income and other noncurrent obligations               |                                                                                                      |                            | 148                                        |               |      
|                                                               |                                                                                                      |                            |                                            |               |      
|                                                               | Total liabilities                                                                                    |                            |                                            | 2,762         |      
|Shareholders' equity:                                          |                                                                                                      |                            |                                            |               |      
|                                                               | Common stock, $.001 par value; 10,000,000 shares authorized; 4,854,739 shares issued and outstanding |                            |                                            | 5             |      
|                                                               | Common stock warrants                                                                                |                            |                                            |              |      
|                                                               | Capital surplus                                                                                      |                            |                                            | 6,181         |      
|                                                               | Retained earnings                                                                                    |                            |                                            | 1,031         |      
|                                                               | Treasury stock (351,200 shares at cost)                                                              |                            |                                            | (393          | )    
|                                                               |                                                                                                      |                            |                                            |               |      
|                                                               |                                                                                                      | Total shareholders' equity |                                            |               | 6,824
|                                                               |                                                                                                      |                            |                                            |               |      
|                                                               |                                                                                                      |                            | Total liabilities and shareholders' equity |               | $    
|                                                               |                                                                                                      |                            |                                            |               |      

See
accompanying notes to financial statements.

3

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T.J.T., INC.  STATEMENTS OF INCOME (unaudited)  (Dollars in thousands except per share amounts)

|                                             |                            | For the three months ended December 31, |          
|-------------------------------------------- | -------------------------- | --------------------------------------- | ---------
|
|Sales (net of returns and allowances):       |                            |                                         |          
|                                             | Axles and tires            |                                         | $        
|                                             | Accessories and siding     |                                         |          
|                                             |                            |                                         |          
|                                             |                            | Total sales                             |          
|Cost of goods sold                           |                            |                                         | 4,624    
|                                             |                            |                                         |          
|                                             | Gross profit               |                                         |          
|Selling, general and administrative expenses |                            |                                         | 1,277    
|                                             |                            |                                         |          
|                                             | Operating income (loss)    |                                         |          
|Interest income                              |                            |                                         | 21       
|Interest expense                             |                            |                                         | (39      
|Other income                                 |                            |                                         | 6        
|Investment property income                   |                            |                                         | 47       
|                                             |                            |                                         |          
|                                             | Income before taxes (loss) |                                         |          
|Income taxes (benefit)                       |                            |                                         | (127     
|                                             |                            |                                         |          
|                                             | Net income (loss)          |                                         | $        
|                                             |                            |                                         |          
|Net income (loss) per common share           |                            | $                                       | (.05     
|Weighted average shares outstanding          |                            |                                         | 4,503,539
|                                             |                            |                                         |          

See
accompanying notes to financial statements.

4

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T.J.T., INC.  STATEMENTS OF CASH FLOWS (unaudited)  (Dollars in thousands)

|                                                     |                                                                                   | For the three months ended December 31,             |                                      
|---------------------------------------------------- | --------------------------------------------------------------------------------- | --------------------------------------------------- | -------------------------------------
|
|Cash flows from operating activities:                |                                                                                   |                                                     |                                      
|                                                     | Net income (loss)                                                                 |                                                     | $                                    
|                                                     | Adjustments to reconcile net income to net cash provided by operating activities: |                                                     |                                      
|                                                     |                                                                                   | Depreciation and amortization                       |                                      
|                                                     |                                                                                   | (Gain) loss on sale of assets                       |                                      
|                                                     |                                                                                   | Change in receivables                               |                                      
|                                                     |                                                                                   | Change in inventory                                 |                                      
|                                                     |                                                                                   | Change in prepaid expenses and other current assets |                                      
|                                                     |                                                                                   | Change in accounts payable                          |                                      
|                                                     |                                                                                   | Change in taxes                                     |                                      
|                                                     |                                                                                   | Change in other assets and liabilities              |                                      
|                                                     |                                                                                   |                                                     |                                      
|                                                     |                                                                                   |                                                     | Net cash used by operating activities
|                                                     |                                                                                   |                                                     |                                      
|Cash flows from investing activities:                |                                                                                   |                                                     |                                      
|                                                     | Additions to property, plant and equipment                                        |                                                     |                                      
|                                                     | Payments on notes receivable                                                      |                                                     |                                      
|                                                     | Proceeds from sale of assets                                                      |                                                     |                                      
|                                                     | Land purchased for investment                                                     |                                                     |                                      
|                                                     | Sale of land                                                                      |                                                     |                                      
|                                                     |                                                                                   |                                                     |                                      
|                                                     |                                                                                   | Net cash used by investing activities               |                                      
|                                                     |                                                                                   |                                                     |                                      
|Cash flows from financing activities:                |                                                                                   |                                                     |                                      
|                                                     | Net proceeds from credit line                                                     |                                                     |                                      
|                                                     | Treasury stock transactions                                                       |                                                     |                                      
|                                                     |                                                                                   |                                                     |                                      
|                                                     |                                                                                   | Net cash provided by financing activities           |                                      
|                                                     |                                                                                   |                                                     |                                      
|Net increase (decrease) in cash and cash equivalents |                                                                                   |                                                     | (17                                  
|Cash and cash equivalents at October 1               |                                                                                   |                                                     | 54                                   
|                                                     |                                                                                   |                                                     |                                      
|Cash and cash equivalents at December 31             |                                                                                   | $                                                   | 37                                   
|                                                     |                                                                                   |                                                     |                                      
|Supplemental information:                            |                                                                                   |                                                     |                                      
|                                                     | Interest paid                                                                     |                                                     | $                                    
|                                                     | Income taxes paid, net of refunds                                                 |                                                     |                                      
|Noncash transactions:                                |                                                                                   |                                                     |                                      
|                                                     | Sale of land by issuance of notes receivable                                      |                                                     | $                                    

See
accompanying notes to financial statements.

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.

Dec 31,
2000

Sept. 30,
2000(Dollars in thousands)Raw materials

$
2,599

$
1,337Finished goods


1,643


2,479Total

$
4,242

$
3,816


NOTE CPROPERTY, PLANT AND EQUIPMENT

Dec 31,
2000

Sept. 30,
2000(Dollars in thousands)Land and building

$
386

$
386Leasehold improvements


369


369Furniture and equipment


1,101


1,101Vehicles and trailers


1,326


1,3453,182


3,418Less accumulated depreciation


1,981


1,881Net property, plant and equipment

$
1,201

$
1,320


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 had 4,500,644 warrants to purchase common stock which expired on December 21, 2000.

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 options to directors and officers during the quarter ended December 31, 2000. There were options for 260,000 shares of stock available for grant at December 31, 2000.

NOTE ESEGMENT DISCLOSURE

The Company operates in two business segments: Axles and Tire Reconditioning and Housing Accessories. These segments have been determined by evaluating the
Company's internal reporting

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structure and nature of products offered. Investment Real Property was previously reported as a segment but is now a non-operating part of the business due to the low level of sales and
management's intent to discontinue these activities when current property is sold.

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.

Axle & Tire
Reconditioning

Housing
Accessories

TotalThree months ended Dec 31, 2000Operating revenue

3,880

1,636

5,516Operating income (loss)

(296
)
(89
)
(385
)Depreciation

121

39

160Three months ended Dec 31, 1999Operating revenue

4,387

1,922

6,309Operating income (loss)

(345
)
(266
)
(611
)Depreciation

158

50

208


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.

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

All period references are to the three month period ended December 30, 2000 and 1999, unless otherwise indicated. Quarterly financial results may not be
indicative of the financial results for any
future period. This Form 10-Q contains certain forward-looking statements which are based on management's current expectations. The Company has identified risk factors which could
cause actual results to differ substantially from the forward looking statements. These risk factors include, but are not limited to, general economic conditions, changes in interest rates,
availability of financing, real estate values, competitive pressure on both the purchasing of used axles and tires from manufactured housing dealers and the selling of refurbished axles and tires to
manufactured housing factories, adverse weather conditions, the economic viability of our customers and vendors, changes in legislation or regulations, and availability of qualified employees.

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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 |  
|------------------------------------------- |  | ------------------ | -
|
|Axle and tire reconditioning                |  | 70.3               | %
|Manufactured housing accessories and siding |  | 29.7               |  
|Gross margin                                |  | 16.2               |  
|Selling expense                             |  | 16.4               |  
|Administrative expense                      |  | 6.8                |  
|Interest expense                            |  | 0.7                |  
|Interest income                             |  | 0.4                |  
|Investment property income                  |  | 0.9                |  
|Other income (expense)                      |  | 0.1                |  

Sales
were $5.5 million for the three months ended December 31, 2000 compared to $6.3 million in the same quarter a year ago. Gross profit was $892,000 compared
to $1,004,000 for the same quarter in 1999. Gross margin for the quarter was 16.2 percent compared to 15.9 percent for the same period a year ago.

The
manufactured housing industry continues to experience an overabundance of new and used homes due in part to overproduction as well as a decrease in consumer demand due to a
tightening of credit requirements. Manufactured housing production facilities as well as numerous sales centers have closed and/or filed for bankruptcy. In the Company's market area the decrease in
manufactured housing production from the quarter ended December 31, 1999 to the quarter ended December 31, 2000 was
approximately 26% according to statistics from the National Conference of States on building Codes and Standards. The decrease in manufactured housing production has also resulted in an relative
excess supply of axles and tires. At December 31, 2000 the Company still has a significant amount of inventory purchased at prices higher than current market acquisition prices. Based on
current sales prices the company expects to show limited profit margin on sales of the higher priced inventory.

On
January 11, 2001 American Homestar Corp (Homestar) filed a petition for bankruptcy under Chapter 11 of the US Bankruptcy Code. Information is not yet available on the
recovery, if any, that the Company will be able to collect of the $72,000 in receivables that was due from Homestar. During the quarter ended December 31, 2000 the Company wrote off $65,000 of
the $72,000 that was due from Homestar. Homestar represented approximately 4% of the Company's sales.

Due
to the losses at the Company's Colorado plant, management has decided to scale back activities at the plant to those necessary to service the plants two main customers. Less than
ten employees are expected to remain after the shutdown is completed on February 16, 2001. The Colorado plant had losses of $135,000 and $93,000 for the quarters ended December 31, 2000
and 1999, respectively. The Company expects sales to decrease approximately $350,000 annually due to the shutdown.

Selling
and general administrative expenses decreased $338,000 during the quarter compared to the same quarter a year ago primarily as a result of decreased payroll costs of $289,000.

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

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receivable and inventories which expires June 30, 2001. The credit line bears interest at the Federal Funds rate plus 3.25 percent. The Company has not met the various restrictive
covenants attached to the revolving credit line and has obtained waivers for the noncompliance through December 31, 2000.

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 had 4,500,644 warrants to purchase common stock which expired on December 21, 2000.

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

Nothing to report

6. Exhibits and Reports on Form 8-K

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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: February 14, 2001 |  | By:                   

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