FORM 10-QSB
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                  For the quarterly period ended March 31, 2002

                         Commission File Number 0-10449

                                 TVI CORPORATION
        (Exact name of small business issuer as specified in its charter)

            Maryland                                                  52-1085536
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                               Identification No.)

7100 Holladay Tyler Road, Glenn Dale, MD                                   20769
(Address of principal executive offices)                              (Zip Code)

Issuer's telephone number, including area code: (301) 352-8800

Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 12
months (or for such  shorter  pefriod 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
     ---        ---

State the number of shares  outstanding  of each of the issuer's class of Common
Stock as of the latest practicable date.

                                                                  Outstanding
                  Class                                           at May 1, 2002
                  -----                                           --------------
Common Stock, $0.01 par value per share                             25,271,036

Transitional Small Business Disclosure Format (Check One);

YES          NO   X
     ---         ---


<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

     The  interim  financial  statements  are  unaudited  but, in the opinion of
management,  reflect all adjustments for a fair presentation of results for such
period.  The results of operations  for any interim  period are not  necessarily
indicative of results for the full year.  These financial  statements  should be
read in conjunction with the financial statements and notes thereto contained in
the Company's  Annual  Report on Form 10-KSB for the fiscal year ended  December
31, 2001.


<PAGE>

                                 TVI Corporation
                                 Balance Sheets
                             March 31, 2002 and 2001

ASSETS                                                     2002          2001
                                                       ----------    ----------
       Current Assets
             Cash                                        490,751        603,141
             Accounts Receivable                       1,178,122        542,857
             Inventories, Manufacturing                  737,389        775,753
             Inventories, Demonstrators                   53,481         52,939
             Prepaid Expenses & Other Current Assets      60,653         25,291
                                                     -----------    -----------
                     Total Current Assets              2,520,396      1,999,981

       Fixed Assets
             Property and Equipment                      392,100        396,543
             Accumulated Depreciation                   (212,222)      (242,567)
             Leasing Inventory                              --          400,000
             Accumulated Depreciation                       --         (369,000)
                                                     -----------    -----------
                     Net Fixed Assets                    179,878        184,976

       Other Assets
             Patents                                      73,262         36,541
             Accumulated Amortization                    (17,971)        (8,208)
             Other Assets                                 42,538         68,535
                                                     -----------    -----------
                     Net Other Assets                     97,829         96,868

TOTAL ASSETS                                           2,798,104      2,281,825
                                                     ===========    ===========



LIABILITIES & STOCKHOLDERS' EQUITY
       Current Liabilities
             Current Portion of Long Term Debt             6,130          6,130
             Accounts Payable                            360,107        157,434
             Notes Payable                               191,967           --
             Accrued Liabilities                         256,123        263,845
                                                     -----------    -----------
                     Total Current Liabilities           814,327        427,409

       Long Term Debt                                      8,570        169,282

                                                     -----------    -----------
TOTAL LIABILITIES                                        822,897        596,691
                                                     -----------    -----------

STOCKHOLDERS' EQUITY
             Stock                                       299,421        291,645
             Additional Paid in Capital               12,275,621     12,125,521
             Accumulated Deficit                     (10,599,835)   (10,732,032)
                                                     -----------    -----------
TOTAL STOCKHOLDERS' EQUITY                             1,975,207      1,685,134
                                                     -----------    -----------

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY               2,798,104      2,281,825
                                                     ===========    ===========

<PAGE>
                                 TVI Corporation
                                Income Statement
               For the Three Months Ending March 31, 2002 and 2001


                                             2002           2001
                                        -----------    -----------

REVENUE                                   1,353,818        996,671

COST OF SALES                               727,540        505,165
                                        -----------    -----------

GROSS PROFIT                                626,278        491,506

GENERAL & ADMINISTRATIVE EXPENSES           414,223        297,883
                                        -----------    -----------

OPERAING INCOME                             212,055        193,623

OTHER INCOME (EXPENSE)                         (924)        (9,940)
                                        -----------    -----------

NET INCOME BEFORE TAXES                     211,131        183,683

INCOME TAXES                                   --             --
                                        -----------    -----------

NET INCOME                                  211,131        183,683

ACCUMUALTED DEFICIT, BEGINNING OF QTR   (10,810,966)   (10,915,715)

                                        -----------    -----------
ACCUMUALTED DEFICIT, END OF QTR         (10,599,835)   (10,732,032)
                                        ===========    ===========


AVERAGE SHARES OUTSTANDING               24,878,715     24,636,393

NET INCOME PER SHARE                         0.0085         0.0075

<PAGE>
                                 TVI Corporation
                             Statement of Cash Flows
               For the Three Months Ending March 31, 2002 and 2001




CASH FLOW FROM OPERATING ACTIVITIES                         2002        2001
                                                          --------    --------

Net Income                                                211,131     183,683

Adjustments to reconcile net income to net
      cash provided by (used in) operating activities:
      Depreciation and amortization                        13,700       8,835
      (Increase) decrease in accounts receivable          (13,376)    (86,127)
      (Increase) decrease in inventories                  (78,336)     (8,389)
      (Increase) decrease in prepaid expenses              (9,974)     68,751
      (Increase) decrease in other assets                  (6,353)    (34,654)
       Increase (decrease) in accounts payable              9,889      (8,542)
       Increase (decrease) in accrued expenses             43,749     112,870
                                                         --------    --------

NET CASH PROVIDED BY OPERATING ACTIVITIES                 170,430     236,427

CASH FLOWS FROM INVESTING ACTIVITIES

       Purchase of intangible assets                         (227)     (3,287)
       Purchase of capital equipment                      (49,026)    (26,072)
                                                         --------    --------

NET CASH USED FOR INVESTING ACTIVITIES                    (49,254)    (29,359)

CASH FLOWS FROM FINANCING ACTIVITIES
       Increase (decrease) in notes payable                  --          --
       Issuance of common stock                            34,000        --
       Pricipal payments on long-term obligations          (1,882)    (83,398)
                                                         --------    --------

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES        32,118     (83,398)

NET INCREASE (DECREASE) IN CASH                           153,294     123,670
CASH, BEGINNING OF QUARTER                                337,457     479,471

                                                         --------    --------
CASH, END OF QUARTER                                      490,751     603,141
                                                         ========    ========

<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION


              CAUTIONARY NOTE REGARDING THE USE OF FORWARD-LOOKING
                      STATEMENTS CONCERNING OUR BUSINESS:


     Management's  Discussion  and  Analysis  or Plan  of  Operation  and  other
sections  contain  forward-looking  statements  that are  based on  management's
expectations,  estimates,  projections and assumptions. Words such as "expects",
"anticipates", "plans", "believes", "estimates" and variations of such words and
similar  expressions  are intended to identify such  forward-looking  statements
that include, but are not limited to, projections of revenues, earnings, segment
performance, cash flows and contract awards. Such forward-looking statements are
made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.  These  statements are not guarantees of future  performance
and involve  certain  risks and  uncertainties  that are  difficult  to predict.
Therefore,  actual future results and trends may differ  materially from what is
indicated in forward-looking statements due to a variety of factors. In addition
to other  factors,  these  factors  that  could  cause  our  actual  results  to
materially  differ from our  forward-looking  statements:  1) the results of our
research  and  development  efforts;  2) the  time  and  costs  involved  in the
marketing and promotion for our systems and products;  3) our ability to respond
to changes in the  counter-terrorism,  military,  public safety, and hospitality
markets  including  our  ability  to develop or  acquire  new  technologies;  4)
competitive factors in our markets and industry  generally;  5) the availability
of  needed  financing  on  terms  and  conditions   acceptable  to  us;  6)  the
availability of management and other needed  personnel with requisite skills and
experience; and 7) the terms of any new strategic alliance,  licensing and other
arrangements that we may establish.

     We have no obligation, or intent, to update or revise these forward-looking
statements to reflect future events, new information or otherwise.

     The  following  discussion  and  analysis of our  financial  condition  and
results  of  operations  should  be  read  in  conjunction  with  our  Financial
Statements and Notes thereto contained herein.

<PAGE>

                       Management Discussion and Analysis

Product  sales were  $1,353,818  for the first three months of 2002, up from the
first quarter of last year by $357,147 or 36%. The revenue increase was a result
of increase in spending by hospitals and government  agencies on decontamination
equipment related to the Weapons of Mass Destruction  (WMD) threat.  These sales
were the highest quarterly revenues in recent history.  Sales increases were the
most dramatic in the hospital and public safety markets.

Gross  margins were lower than the same  quarter  last year,  46% in 2002 vs 49%
last  year.  This was an  improvement  from 2001 full year  performance  of 36%.
Current  results  were  primarily  a result  of an  increase  in  material  cost
associated  with a change  in  product  mix,  to ones  which  are more  material
intensive.

Selling,  General,  and  Administrative  (SG&A)  expense  was  $414,223  for the
quarter,  compared  to  $297,883  for the first  quarter  last year.  The slight
increase  from first quarter last year as a percent of sales of 31% vs 30% was a
result of an  increase in employee  related  costs to support the sales  growth.
This  performance  is favorably  comparable  to full year 2001 results of 33% of
revenues.

Net income  increased to $211,131 from $183,683 for the first quarter last year,
16% of sales vs 18% of sales.  The return was lower as a result of the  decrease
in gross margin as explained above.  Material cost increases have required us to
increase our commercial prices, which should return our net income to historical
levels.

The  increase in assets of $516,279 is  primarily  in accounts  receivable  as a
result  of sales  increases.  Accounts  payable  have  increased  as a result of
business volume increases.


     The  preceding  paragraphs  discussing  the Company's  financial  condition
contain  forward-looking  statements.  The factors  affecting the ability of the
Company to meet its funding  requirements and manage its cash resources include,
among other things, the amount and timing of product sales,  inventory turnover,
the magnitude of fixed costs and the ability to obtain working  capital,  all of
which involve risks and uncertainties that are difficult to predict.


<PAGE>

                           PART II - OTHER INFORMATION

Item 6. Exhibits and Report on Form 8-K

     (a)  Exhibits

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

          3.1                 Amended and Restated Bylaws

     (b)  Reports on Form 8-K

          None

                                    SIGNATURE

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act, the Registrant  caused this amendment to the Registrant  report to
be signed on its behalf by the undersigned, thereunto duly authorized.



                                  TVI CORPORATION


Date:  May __, 2002                       /s/ RICHARD V. PRIDDY
                                          --------------------------------------
                                          Richard V. Priddy, President and Chief
                                          Executive Officer

Date:  May __, 2002                       /s/ MARK N. HAMMOND
                                          --------------------------------------
                                          Mark N. Hammond, Treasurer & Principal
                                          Financial  Officer


<PAGE>

                                  EXHIBIT INDEX

Number          Description
-----           -----------

 3.1            Amended and Restated Bylaws