UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-QSB

[X]      QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE
         ACT OF 1934
         For the quarterly period ended March 31, 2004
                                        ---------------

[_]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

      For the transition period from                   to
                                     -----------------    -----------------

                        Commission file number 010-10549
                                               ---------

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

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

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

(301) 352-8800
--------------------------------------------------------------------------------
 (Issuer's telephone number)


--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section l2, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by a court. Yes [ ] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 28,562,335 as of April 12, 2004.
                                           -------------------------------

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [X]


<PAGE>

Index-Form 10-QSB

PART I-FINANCIAL INFORMATION

Item 1. Financial Statements and Notes

Statements of Income

Balance Sheets

Statement of Cash Flow

Notes to Financial Statements

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

Item 4. Controls and Procedures

PART II-OTHER  INFORMATION

Item 6. Exhibits and Reports on FORM 8-K.
                                 ---------

Signatures





                         PART I -- FINANCIAL INFORMATION
Item 1. Financial Statements.  Please see the following financial statements.



















<PAGE>

TVI CORPORATION
STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003.
(in thousands,except per share data)
(unaudited)

                                                            2004         2003
                                                         ----------   ----------

NET SALES                                                $    8,593   $    5,654

COST OF SALES                                                 4,076        2,474
                                                         ----------   ----------

GROSS PROFIT                                                  4,517        3,180

SELLING & ADMINISTRATIVE  EXPENSES                            1,930        1,342
                                                         ----------   ----------

OPERATING INCOME                                              2,587        1,838

OTHER INCOME                                                     15            5
                                                         ----------   ----------

INCOME BEFORE INCOME TAXES                                    2,602        1,843

PROVISION FOR INCOME TAX EXPENSE                              1,002          713
                                                         ----------   ----------

NET INCOME                                               $    1,600   $    1,130
                                                         ==========   ==========

EARNINGS PER COMMON SHARE-BASIC                          $    0.056   $    0.042
                                                         ==========   ==========
AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING-BASIC                                            28,408       27,063
                                                         ==========   ==========
EARNINGS PER COMMON SHARE-DILUTED                        $    0.053   $    0.038
                                                         ==========   ==========
AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING-DILUTED                                          30,402       29,552
                                                         ==========   ==========






The accompanying notes to the Financial Statements are an integral part of these
Financial Statements.

<PAGE>

TVI CORPORATION
BALANCE SHEETS
March 31, 2004 and December 31, 2003
(in thousands)


                                                     March 31,     December 31,
ASSETS                                                 2004            2003
                                                   ------------    ------------
                                                    (Unaudited)
    CURRENT ASSETS
       Cash and cash equivalents                   $      8,894    $      7,592
       Accounts receivable                                5,858           4,214
       Inventories                                        2,724           2,028
       Deferred income tax assets                           385             386
       Prepaid expenses & other                             452             352
                                                   ------------    ------------
              Total current assets                       18,313          14,572
                                                   ------------    ------------
    PROPERTY,PLANT AND EQUIPMENT
       Property,plant and equipment,net                     769             638
                                                   ------------    ------------
    OTHER ASSETS
       Patents,net                                          100             109
       Other assets                                          33              24
                                                   ------------    ------------
             Net other assets                               133             133
                                                   ------------    ------------

TOTAL ASSETS                                       $     19,215    $     15,343
                                                   ============    ============


LIABILITIES & STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES
       Accounts payable                            $      1,894    $      1,145
       Accrued liabilities                                3,445           2,058
                                                   ------------    ------------
            Total current liabilities                     5,339           3,203
                                                   ------------    ------------

TOTAL LIABILITIES                                         5,339           3,203
                                                   ------------    ------------
STOCKHOLDERS' EQUITY
       Preferred stock                                       51              53
       Common stock                                         233             279
       Additional paid in capital                        13,005          12,821
       Retained earnings (deficit)                          587          (1,013)
                                                   ------------    ------------
TOTAL STOCKHOLDERS' EQUITY                               13,876          12,140
                                                   ------------    ------------
TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY                                             $     19,215    $     15,343
                                                   ============    ============




The accompanying notes to the Financial Statements are an integral part of these
Financial Statements.


<PAGE>
<TABLE>
<CAPTION>

TVI CORPORATION
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDING MARCH 31, 2004 and 2003.
(in thousands)
(Unaudited)
                                                        March 31,     March 31,
                                                           2004         2003
                                                         ---------    ---------
<S>                                                      <C>          <C>
Cash flows from operating activities:

Net Income                                               $   1,600    $   1,130

Adjustments to reconcile net income to net
     cash provided by (used in) operating activities:
      Depreciation and amortization                             52           28
      Deferred income taxes                                      0          713
      Stock compensation expense, director's fees                0           17
Changes in assets and liabilities:
      (Increase) in accounts receivable                     (1,643)      (2,199)
      (Increase) in inventories                               (696)        (728)
      (Increase) decrease in prepaid expenses                 (101)          10
      (Increase) in other assets                               (10)           0
       Increase in accounts payable                            750          717
       Increase in accrued expenses                          1,388          270

                                                         ---------    ---------
Net cash provided by (used in) operating activities          1,340          (42)
                                                         ---------    ---------

Cash flows from investing activities:

       Purchase of intangible assets                            (9)         (12)
       Purchase of property,plant and equipment               (164)        (303)
                                                         ---------    ---------
Net cash used in investing activities                         (173)        (315)
                                                         ---------    ---------

Cash flows from financing activities:

       Issuance of common stock                                135           18

                                                         ---------    ---------
Net cash provided by financing activities                      135           18
                                                         ---------    ---------

Net increase (decrease) in cash                              1,302         (339)
Cash and cash equivalents at beginninig of period            7,592        1,615

                                                         ---------    ---------
Cash and cash equivalents at end of period               $   8,894    $   1,276
                                                         ---------    ---------
</TABLE>

The accompanying notes to the Financial Statements are an integral part of these
Financial Statements.


<PAGE>

                                 TVI Corporation

                          Notes to Financial Statements



Note 1.  Basis of Presentation.
The  accompanying  unaudited  interim  condensed  financial  statements  of  TVI
Corporation ("Company") have been prepared in accordance with generally accepted
accounting principles for interim financial  information.  Accordingly,  they do
not  include  all  of the  information  and  footnotes  required  by  accounting
principles  generally  accepted  in the United  States of America  for  complete
financial  statements.  In the opinion of management,  all material  adjustments
(consisting  of  normal  recurring  items)  considered   necessary  for  a  fair
presentation  have been  included.  This quarterly  report and the  accompanying
financial  statements  should be read in conjunction with the Company's  audited
financial  statements  and notes thereto  presented in its Annual Report on Form
10-KSB for the fiscal year ended  December 31, 2003 (the "2003 Annual  Report").
Footnotes which would  substantially  duplicate the disclosures in the Company's
audited  financial  statements for the year ended December 31, 2003 contained in
the 2003 Annual  Report have been  omitted.  The interim  financial  information
contained in this quarterly report is not necessarily  indicative of the results
to be expected for any other interim period or for the full year ending December
31, 2004.


Note 2. Inventories

Inventories as of March 31, 2004 and 2003 and December 31, 2003, consist of:


$000's                                  March 31,    December 31,     March 31,
                                          2004           2003           2003
                                      ------------   ---------------------------

Finished Goods                        $        407   $         25   $       --

Work in Process                                705            329             70

Raw Materials                                1,458          1,498          1,486

Other                                          154            176             59
                                      ------------   ---------------------------

Total                                 $      2,724   $      2,028   $      1,615
                                      ============   ===========================

Other inventories consist of field service,demonstration and other sales support
inventory.


<PAGE>

Note 3. Stock Compensation

Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based
Compensation"("SFAS  123"), encourages, but does not require companies to record
compensation cost for stock-based employee compensation plans at fair value. The
Company has chosen to account for stock-based  compensation  using the intrinsic
value  method  prescribed  in  Accounting   Principles  Board  Opinion  No.  25,
"Accounting  for  Stock  Issued  to  Employees",  and  related  Interpretations.
Accordingly,  compensation  cost for stock options is measured as the excess, if
any, of the estimated fair value of the Company's stock at the date of the grant
over the amount an  employee  must pay to acquire  the stock.  The  Company  has
adopted the "disclosure only"  alternative  described in SFAS 123 which requires
pro forma  disclosures of net income and earnings per share as if the fair value
method of accounting has been applied.

The following table illustrates the effect on net income in the first quarter of
2004 and 2003 if the Company had applied the fair value  recognition  provisions
of SFAS 123 to stock-based compensation.

                                                   $000's except per share data
                                                       2004            2003
                                                   ------------    ------------
Net income as reported                             $      1,600    $      1,130

Add: stock based compensation included
    in net income as reported, net of
    related tax effects                                    --              --

Deduct: stock based compensation determined under
    fair value based methods for all awards,
    net of related tax effects                             (123)             (2)
                                                   ------------    ------------

Proforma net income                                $      1,477    $      1,128
                                                   ============    ============
Net income per common share as reported:

Basic                                              $      0.056    $      0.042
                                                   ============    ============
Diluted                                            $      0.053    $      0.038
                                                   ============    ============
Proforma net income per common share:
Basic                                              $      0.052    $      0.042
                                                   ============    ============
Diluted                                            $      0.049    $      0.038
                                                   ============    ============


Note 4. Recent Accounting Pronouncements

In April 2003, the Financial  Accounting Standards Board ("FASB") issued and the
Company adopted Statement of Financial  Accounting  Standards  ("SFAS") No. 149,
Amendment of Statement No. 133 on Derivative Instruments and Hedging Activities.
This  Statement  amends and  clarifies  financial  accounting  and reporting for
derivative  instruments,  including certain derivative  instruments  embedded in
other contracts,  and for hedging activities under SFAS No. 133,  Accounting for
Derivative Instruments and Hedging Activities.  The adoption of SFAS No. 149 did
not have a material impact on the Company's financial statements.

In January 2003, the FASB issued and the Company adopted  Interpretation  No. 46
("FIN 46"),  Consolidation of Variable Interest  Entities.  This  interpretation
provides new accounting  guidance on how to identify a variable  interest entity
("VIE") and determine when the assets, liabilities, non-controlling interest and
results of  operation  of a VIE need to be included in a Company's  consolidated
financial  statements.  The adoption of FIN 46 did not have a material impact on
the Company's financial statements.

<PAGE>

In May 2003,  the FASB  issued SFAS No. 150,  Accounting  for Certain  Financial
Instruments with  Characteristics of Both Liabilities and Equity. This Statement
establishes  standards  for  how  an  issuer  classifies  and  measures  certain
financial  instruments with  characteristics  of both liabilities and equity. It
requires that an issuer classify a financial instrument that is within its scope
as a liability (or an asset in some  circumstances).  Many of those  instruments
were previously  classified as equity.  Some of the provisions of this Statement
are  consistent  with the current  definition  of  liabilities  in FASB Concepts
Statement No. 6, Elements of Financial  Statements.  The remaining provisions of
this  Statement  are  consistent  with  the  Board's  proposal  to  revise  that
definition to encompass certain  obligations that a reporting entity can or must
settle  by  issuing  its own  equity  shares,  depending  on the  nature  of the
relationship  established  between  the holder and the  issuer.  While the Board
still plans to revise that definition through an amendment to Concepts Statement
6, the Board decided to defer issuing that amendment  until it has concluded its
deliberations on the next phase of this project.  That next phase will deal with
certain compound financial  instruments  including puttable shares,  convertible
bonds, and dual-indexed financial instruments.  These provisions of SFAS No. 150
are effective for  financial  statements  for fiscal years ending after June 15,
2003.  The  application  of SFAS No. 150 did not have a  material  impact on the
Company's operations.

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

              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.

These  statements  may be  identified  by the use of  forward-looking  words  or
phrases such as "should",  "believes",  expects",  "might  result",  and others.
These  forward-looking  statements  involve risks and  uncertainties and are not
guarantees of future performance, as actual results could differ materially from
our current  expectations.  Such risks and uncertainties include achieving order
and sales  levels to fulfill  revenue  expectations;  our  ability to respond to
changes in the counter-terrorism,  military,  public safety, and first responder
communities;  adverse  changes in  governmental  regulations;  expected costs or
charges,  certain of which may be outside the control of the  Company;  the time
and costs involved in the marketing and promotion for our products; the possible
cancellation  of  orders  for  our  products;   general  economic  and  business
conditions;  and  competitive  factors in our  markets and  industry  generally.
Numerous  other factors could cause or contribute to such  differences.  Readers
are cautioned not to place undue reliance on these  forward-looking  statements,
which speak only as to the date of the press  release.  The  Company  assumes no
obligation to update any such  forward-looking  statements even if experience or
future changes make it clear that projected results expressed or implied in such
statements will not be realized.

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.

Three Months Ended March 31, 2004 vs. Three Months Ended March 31, 2003

         ($ In thousands, except per share data)

Net Sales. Net sales increased $2,939,  or 52%, to $8,593,  for the three months
ending March 31, 2004 from the three months ending March 31, 2003. The Net sales
increase  was  primarily  attributable  to the spending by federal,  state,  and
municipal   government   agencies  on  a  worldwide  basis  for  decontamination
equipment.  Customers in the first  quarter  included the State of Arizona,  the
State of West  Virginia,  Her  Majesty's  Fire  Service  and the  Italian  Civil
Protection Department,

Cost of Sales.  Cost of Sales as a % of Net sales at 47.4% for the three  months
ending March 31, 2004, was higher by three and one half  percentage  points than
the three  months  ending  March 31,  2003.  The  increase in Cost of Sales as a
percent was primarily due to increased  material and overhead costs. Part of the
increase in overhead was a change in  allocation  of  facilities,  occupancy and
insurance costs. In the first quarter of 2003, these costs were charged entirely
to general and  administrative  costs. In the first quarter of 2004, these costs
were  allocated  between  manufacturing   overhead  and  selling,   general  and
administrative  costs. A second part of the increase in overhead compared to the
prior year is that we have added significant production facilities.  For part of
the first quarter of 2003, we operated from 14,000 square feet of  manufacturing
space.  During the first  quarter of 2004,  we began with 58,000  square feet of
manufacturing space and ended with 79,000 square feet of manufacturing space.


<PAGE>

Gross  Profit.  Gross  Profit  margin at 52.6% of Net sales for the three months
ending March 31, 2004,  was lower by three and one half  percentage  points than
for the three months  ending March 31, 2003.  The decline in gross profit margin
percent was primarily due to increased material and overhead costs as covered in
Cost of Sales above.

Selling,  General,  and  Administrative.  Selling,  General,  and Administrative
(SG&A)  expense  was $1,930  for the three  months  ending  March 31,  2004,  an
increase of 44% from the three months ending March 31, 2003.  The increase was a
result primarily of an increase in facility,  employee and sales support related
costs to  support  the  sales  growth,  offset by the  allocation  of a share of
facilities,  occupancy  and  insurance  costs to  manufacturing  overhead.  SG&A
expense as a % of Net sales  decreased to 22% for the three months  ending March
31, 2004 from 24% from the three months ending March 31, 2003.

Income Before Income Taxes.  Income before income taxes  increased 41% to $2,602
for the three  months  ending  March 31, 2004 from  $1,843 for the three  months
ending March 31, 2003.  Income before income taxes as a % of Net sales was 30.3%
for the three  months  ending  March 31, 2004 as compared to 32.6% for the three
months ending March 31, 2003.

Net Income. Net income increased 42% to $1,600 for the three months ending March
31, 2004 from $1,130 for the three months ending March 31, 2003. Net income as a
% of Net sales was 18.6% for the three months  ending March 31, 2004 as compared
to 20% for the three months ending March 31, 2003.

Financial Condition, Liquidity and Capital

Working  capital was $12,974 at March 31, 2004,  up from $11,369 at December 31,
2003.  Cash at March 31, 2004 was $8,894,  an increase of 17% from  December 31,
2003.  Accounts Receivable at March 31, 2004 was $5,858, an increase of 39% from
December 31, 2003. Inventories at March 31, 2004 were $2,724, an increase of 34%
from December 31, 2003. The increase in  inventories  was due to the increase in
orders. A total of $164 has been spent on capital  improvements during the first
three months of 2004.  Cash flow from  operations  for the three  months  ending
March 31,  2004 was  $1,340.  TVI has a line of credit in the amount of $850,000
with Bank of America. As of March 31, 2004, there were no borrowings against the
line.

Internal cash  generation  combined with currently  available cash and available
borrowing  facilities  are  expected to be  sufficient  to fund  investments  in
working  capital  to  support  increased   business,   and  additional   capital
expenditures.  The Company actively seeks to expand by acquisition as well as by
growing its existing businesses. In April 2004, the Company purchased the assets
of CAPA Manufacturing,  LLC, a manufacturer of powered air purifying respirators
and related proprietary  respiration products,  involving the initial payment of
approximately $880,000 in cash and shares of Company common stock, together with
an additional  earn-out payment of up to $625,000 in 2006, if certain predefined
operating benchmarks are satisfied.  A significant  acquisition may require debt
financing, equity financing or both.

Operating Improvements

The  Company  has spent  $164 in  capital  improvements  to  increase  operating
efficiency and quality.

Item 4. CONTROLS AND PROCEDURES

(a)      An  evaluation  as of the end of the period  covered by this report was
         carried out under the  supervision  and with the  participation  of the
         Company's  management,   including  its  Chief  Executive  Officer  and
         principal  Financial  Officer,  of the  effectiveness of the design and
         operation  of the  Company's  disclosure  controls and  procedures  (as
         defined in Rule 13a-15(e) and 15d-15(e)  under the Securities  Exchange
         Act of 1934). . In designing and evaluating the disclosure controls and
         procedures,  management recognizes that any controls and procedures, no
         matter how well  designed and  operated,  can provide  only  reasonable
         assurance of achieving the desired control  objectives,  and management
         is  required  to apply its  judgment  in  evaluating  the  cost-benefit
         relationship  of  possible  controls  and  procedures.   Based  on  the
         foregoing,  the  Company's  President and Chief  Executive  Officer and
         principal  Financial  Officer  concluded that the Company's  disclosure
         controls and procedures were adequate at the reasonable assurance level
         to ensure that  information  required to be disclosed by the Company in
         the  reports  that it  files  or  submits  under  the  Exchange  Act is
         recorded,  processed,  summarized and reported, within the time periods
         specified in the Commission's rules and forms.
(b)      There were no changes in the Company's  internal control over financial
         reporting that occurred during the Company's most recent fiscal quarter
         that have materially  affected,  or are reasonably likely to materially
         affect, the Company's internal control over financial reporting.


<PAGE>

                           PART II-- OTHER INFORMATION

Item 1. Legal Proceedings.

Not applicable.

Item 2. Changes in Securities.

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

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

Not applicable.


Item 5. Other Information.

Not applicable.

Item 6. Exhibits and Reports on FORM 8-K.



(a)      Exhibits

         31.1     Certification  Pursuant to Section  302 of the  Sarbanes-Oxley
                  Act of 2002
         31.2     Certification  Pursuant  to 302 of the  Sarbanes-Oxley  Act of
                  2002
         32.1     Certification  Pursuant to Section  906 of the  Sarbanes-Oxley
                  Act of 2002
         32.2     Certification  Pursuant  to 906 of the  Sarbanes-Oxley  Act of
                  2002

(b)      Reports on Form 8-K.

On  February  11,  2004,  TVI  Corporation  filed an 8-K that  contained a press
release issued on February 10, 2004 in connection with the  announcements of its
fourth quarter and full year 2003 earnings.

On April 28, 2004, TVI  Corporation  filed an 8-K that contained a press release
issued that day in connection with the  announcements  of its first quarter 2004
earnings.

Notwithstanding the foregoing,  any information  furnished under Item 9 and Item
12 of the Company's Current Reports on Form 8-K, including the related exhibits,
shall not be deemed to be filed for  purposes  of Section  18 of the  Securities
Exchange Act of 1934.

<PAGE>

                                   SIGNATURES

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

                                      TVI CORPORATION
                                      (Registrant)

Date:  May 12, 2004                     /s/THOMAS K. PLUNKETT
                                      -----------------------------------------
                                      THOMAS K. PLUNKETT, Vice President Finance
                                        and Treasurer

Date:  May 12, 2004                     /s/RICHARD V. PRIDDY
                                      -----------------------------------------
                                      RICHARD V. PRIDDY, Chief Executive Officer


<PAGE>

                                  EXHIBIT INDEX


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

31.1          Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
              2002 - Richard V. Priddy

31.2          Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
              2002 - Thomas K. Plunkett

32.1          Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
              2002 - Richard V. Priddy

32.2          Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
              2002 - Thomas K. Plunkett