SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    Form 10-Q



               Quarterly Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



For the quarterly period ended May 31, 1999          Commission File No. 0-27682



                         Globe Business Resources, Inc.



Incorporated under the                                      IRS Employer
  laws of Ohio                                     Identification No. 31-1256641



                               11260 Chester Road
                                    Suite 400
                              Cincinnati, OH 45246
                              Phone: (513) 771-8287







     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 of
1934  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 for the past 90 days. Yes X No


     As of July 2, 1999,  4,798,331 shares of the Registrant's  common stock, no
par value, were outstanding.






<PAGE>


                         GLOBE BUSINESS RESOURCES, INC.
                            INDEX TO QUARTERLY REPORT
                                  ON FORM 10-Q



                                                                       Page No.
                                                                       --------

Part I.  Financial Information

         Item 1.  Consolidated Financial Statements

                  Consolidated Balance Sheet -
                  May 31, 1999 and February 28, 1999                       3

                  Consolidated Statement of Income -
                  Three months ended May 31, 1999 and 1998                 4

                  Consolidated Statement of Cash Flows -
                  Three months ended May 31, 1999 and 1998                 5

                  Notes to Consolidated Financial Statements               6

         Item 2.  Management's Discussion and Analysis of
                  Financial Condition and Results of Operations           10

         Item 3.  Quantitative and Qualitative Disclosures about
                  Market Risk                                             15



Part II. Other Information

         Item 1.  Legal Proceedings                                       16

         Item 2.  Changes in Securities                                   16

         Item 3.  Defaults Upon Senior Securities                         16

         Item 4.  Submission of Matters to a Vote of Security Holders     16

         Item 5.  Other Information                                       16

         Item 6.  Exhibits, Financial Statement Schedules and
                  Reports on Form 8-K                                     16



<PAGE>
                         PART I - FINANCIAL INFORMATION

                         GLOBE BUSINESS RESOURCES, INC.
                           CONSOLIDATED BALANCE SHEET
                             (Dollars in thousands)



                                                          May 31,   February 28,
                                                           1999         1999
                                                       -----------  ------------
                                                       (Unaudited)

ASSETS:
Cash                                                     $   1,274    $   1,123
Trade accounts receivable, less allowance for doubtful
  accounts of $827 and $977, respectively                   12,727       11,982
Other receivables                                            1,209        1,418
Prepaid expenses                                             4,150        4,229
Rental furniture, net                                       56,472       55,426
Property and equipment, net                                  8,974        8,469
Goodwill and other intangibles, less accumulated
  amortization of $3,883 and $3,262, respectively           47,796       47,580
Note receivable from officer                                   100          100
Other notes receivable                                       1,090          490
Other, net                                                     963          980
                                                         ---------    ---------
  Total assets                                           $ 134,755    $ 131,797
                                                         =========    =========

LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable                                         $   6,964    $   6,250
Customer deposits                                            2,199        2,072
Accrued compensation                                         2,131        2,628
Accrued taxes                                                  772          304
Deferred income taxes                                        5,813        5,738
Accrued interest payable                                     1,249        1,541
Other accrued expenses                                       1,244        1,250
Debt                                                        70,050       68,900
                                                         ---------    ---------
  Total liabilities                                         90,422       88,683
                                                         ---------    ---------

Common stock and other shareholders' equity:
  Common stock, no par, 15,000,000 shares
    authorized, 4,798,331, and 4,794,489
    shares outstanding                                      24,049       24,018
  Retained earnings                                         24,368       23,180
  Fair market value in excess of historical cost of
    acquired net assets attributable to related
    party transactions                                      (4,084)      (4,084)
                                                         ---------    ---------

  Total common stock and other shareholders' equity         44,333       43,114
                                                         ---------    ---------

  Total liabilities and shareholders' equity             $ 134,755    $ 131,797
                                                         =========    =========


   The accompanying notes are an integral part of these financial statements.

<PAGE>

                         GLOBE BUSINESS RESOURCES, INC.
                        CONSOLIDATED STATEMENT OF INCOME
                      (In thousands except per share data)



                                                     For the three months ended,
                                                     ---------------------------
                                                        May 31,        May 31,
                                                         1999           1998
                                                     -------------   -----------
                                                              (Unaudited)

Revenues:
     Corporate housing sales                            $26,653        $16,858
     Rental sales                                        10,124         11,355
     Retail sales                                         3,599          4,669
                                                        -------        -------
                                                         40,376         32,882
                                                        -------        -------
Cost of revenues:
     Cost of corporate housing sales                     18,436         11,982
     Cost of rental sales                                   989            972
     Cost of retail sales                                 2,027          2,950
     Furniture depreciation and disposals                 2,368          2,059
                                                        -------        -------
                                                         23,820         17,963
                                                        -------        -------

Gross profit                                             16,556         14,919

Operating expenses:
     Warehouse and delivery                               2,799          2,576
     Occupancy                                            1,923          1,854
     Selling and advertising                              2,635          2,634
     General and administration                           5,358          4,670
     Amortization of intangible assets                      621            427
                                                        -------        -------
                                                         13,336         12,161
                                                        -------        -------

Operating income                                          3,220          2,758

Other expense:
     Interest expense                                     1,212            964
     Other, net                                              29             31
                                                        -------        -------
                                                          1,241            995

Income before income taxes                                1,979          1,763

Provision for income taxes                                  791            688
                                                        -------        -------

Net income                                              $ 1,188        $ 1,075
                                                        =======        =======

Earnings per common share:
     Basic                                              $  0.25        $  0.24
                                                        =======        =======
     Diluted                                            $  0.25        $  0.23
                                                        =======        =======

Weighted average number of common shares outstanding:
     Basic                                                4,796          4,550
     Diluted                                              4,833          4,679


   The accompanying notes are an integral part of these financial statements.

<PAGE>

                         GLOBE BUSINESS RESOURCES, INC.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                             (Dollars in thousands)



                                                     For the three months ended,
                                                     ---------------------------
                                                        May 31,        May 31,
                                                         1999           1998
                                                     ----------      -----------
                                                            (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                           $   1,188        $   1,075
Adjustments to reconcile net income to
  net cash provided by operating activities:
    Rental furniture depreciation                        2,055            1,902
    Other depreciation and amortization                  1,210              934
    Provision for losses on accounts receivable            128              154
    Provision for deferred income taxes                     75              (60)
    Loss (gain) on sale of property
       and equipment                                         2               (5)
    Book value of furniture sales and
       rental buyouts                                    2,730            3,748
    Changes in assets and liabilities:
      Accounts receivable                                 (666)          (2,064)
      Notes receivable                                    (600)               5
      Other assets, net                                     21             (244)
      Prepaid expenses                                      81             (838)
      Accounts payable                                     714            1,493
      Customer deposits                                    117              117
      Accrued compensation                                (502)             (17)
      Accrued taxes                                        468              613
      Accrued interest payable                            (292)            (243)
      Other accrued expenses                               (54)             326
                                                     ----------       ----------
        Net cash provided by operating activities        6,675            6,896
                                                     ----------       ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to rental furniture                           (5,831)          (5,234)
Purchases of property and equipment                     (1,086)            (805)
Purchases of businesses, net of cash acquired             (488)          (4,852)
Other investing activities                                   -                6
                                                     ----------       ----------
        Net cash used in investing activities           (7,405)         (10,885)
                                                     ----------       ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on the revolving credit agreement            57,078           37,276
Repayments on the revolving credit agreement           (55,929)         (33,259)
Repayments of other debt                                  (157)             (75)
Principal payments under capital lease obligations        (142)            (121)
Exercise of common stock options                            31                5
                                                     ----------       ----------
        Net cash provided by financing activities          881            3,826
                                                     ----------       ----------

Net increase (decrease) in cash                            151             (163)
Cash at beginning of period                              1,123              526
                                                     ----------       ----------
Cash at end of period                                $   1,274        $     363
                                                     ==========       ==========


   The accompanying notes are an integral part of these financial statements.


<PAGE>

                         GLOBE BUSINESS RESOURCES, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                  (Dollars in thousands except per share data;
                  shares in whole numbers except where noted)


NOTE 1 -- PRESENTATION OF INTERIM INFORMATION

     In the opinion of the  management of Globe  Business  Resources,  Inc., the
accompanying unaudited consolidated financial statements include all adjustments
considered  necessary  to present  fairly its  financial  position as of May 31,
1999,  and the results of its operations for the three months ended May 31, 1999
and 1998 and its cash flows for the three  months  ended May 31,  1999 and 1998.
All  adjustments  are of a normal  recurring  nature.  Interim  results  are not
necessarily indicative of results for a full year.

     The consolidated financial statements and notes are presented in accordance
with the  requirements  of Form 10-Q,  and do not  contain  certain  information
included in the Company's audited consolidated financial statements and notes in
its Form 10-K for the fiscal year ended February 28, 1999.

     Certain prior year amounts have been  reclassified  to conform with current
year presentation.

NOTE 2 -- ACQUISITIONS

     During the first  quarter of fiscal 2000,  the Company  completed the asset
acquisition of Castleton of Tulsa, a privately owned corporate housing business,
and paid certain other consideration on fiscal 1998 and 1999 acquisitions. These
transactions  were completed by payment of  approximately  $0.5 million in cash,
issuance  of $0.3  million  of  notes  payable  and the  assumption  of  certain
liabilities.  In accordance with APB No. 16, these  acquisitions  were accounted
for using the purchase method.

     The purchase price allocation for the acquired businesses is as follows:


                                                         (Unaudited)
                                                         -----------

          Cash, receivables and prepaids                    $   9
          Property and equipment                               10
          Other assets                                          4
          Goodwill and other intangibles                      837
                                                           -------
                                                              860
          Liabilities assumed                                (363)
                                                           -------
                                                            $ 497
                                                           =======


<PAGE>



     The following table sets forth certain Globe consolidated  income statement
data on an unaudited  pro forma basis,  as if Castleton of Tulsa was acquired at
the beginning of the periods indicated.(Shares in thousands)


                                                    Three months ended May 31,
                                                    --------------------------
                                                      1999              1998
                                                    -------            -------
Revenues                                            $40,376            $33,180
Net income                                            1,188              1,092
Basic earnings per common share                     $  0.25            $  0.24
Diluted earnings per common share                   $  0.25            $  0.23
Weighted average number of common
  shares outstanding:
      Basic                                           4,796              4,550
      Diluted                                         4,833              4,679



NOTE 3 -- RENTAL FURNITURE

     Rental furniture consists of the following:


                                                  May 31,           February 28,
                                                   1999                 1999
                                               -----------          ------------
                                               (Unaudited)

      Furniture on rental                       $ 42,931              $ 43,648
      Furniture on hand                           26,316                24,120
                                                ---------             ---------
                                                  69,247                67,768
      Accumulated depreciation                   (12,775)              (12,342)
                                                ---------             ---------
                                                $ 56,472              $ 55,426
                                                =========             =========


NOTE 4 -- EARNINGS PER SHARE

     For all periods  presented,  basic  earnings  per share was  calculated  by
dividing net income applicable to common stock by the weighted average number of
shares outstanding during the period.

     For all periods  presented,  diluted  earnings per share was  calculated by
dividing net income applicable to common stock by the weighted average number of
shares and  dilutive  potential  common  shares  outstanding  during the period.
Potential  common  shares  include  outstanding  stock  options  for all periods
presented and contingently issuable shares in fiscal 1999.




<PAGE>



     The following table presents the calculation of basic and diluted  earnings
per share for the periods indicated. (Shares in thousands)


                                                      Three months ended May 31,
                                                      --------------------------
                                                        1999            1998
                                                      ---------      -----------
                                                             (Unaudited)

Net income used to calculate basic and diluted
  earnings per share                                  $  1,188       $  1,075
                                                      ========       ========

Weighted average common shares used to calculate
  basic earnings per share                               4,796          4,550
                                                      ========       ========

Basic earnings per common share                       $   0.25       $   0.24
                                                      ========       ========

Shares used in the calculation of diluted
    earnings per share:
  Weighted average common shares                         4,796          4,550
  Dilutive effect of assumed exercise of options
    for the purchase of common shares                       37             57
  Dilutive effect of assumed issuance of
    contingently issuable shares                             -             72
                                                      --------       --------

Weighted average common shares used to calculate
    diluted earnings per share                           4,833          4,679
                                                      ========       ========

Diluted earnings per common share                     $   0.25       $   0.23
                                                      ========       ========



<PAGE>



NOTE 5 -- DEBT

     Outstanding debt consists of:


                                                       May 31,      February 28,
                                                        1999             1999
                                                     -----------    ------------
                                                     (Unaudited)

The Fifth Third Bank, PNC Bank and
  Norwest Bank unsecured revolving note,
  average interest of 6.63%                            $ 35,565      $ 34,416

7.54% Senior Notes, unsecured, interest
  payable semi-annually on March 1 and
  September 1, due September 1, 2007                     30,000        30,000

6.25% mortgage note payable to The Fifth
  Third Bank, interest payable in monthly
  installments, due December 1, 2002                      1,434         1,445

6.0% note payable to seller of acquired
  business, payable in monthly installments,
  due December 31, 2000                                     475           550

6.0% note payable to seller of acquired
  business, payable in quarterly
  installments, due December 31, 2002                     1,381         1,463

5.0% note payable to seller of acquired
  business, payable in quarterly
  installments, due December 31, 2002                       475           500

5.0% note payable to seller of acquired
  business, payable in monthly
  installments, due February 29, 2000                       277             -

Capital lease obligations                                   443           526
                                                       --------      --------
                                                       $ 70,050      $ 68,900
                                                       ========      ========


     The funds required for the acquisitions  were derived from borrowings under
the Company's unsecured revolving Credit Agreement and through the issuance of a
note payable.

     The Company's unsecured revolving line of credit provides credit facilities
of up to $45 million. At May 31, 1999, the revolving Credit Agreement provided a
total unused credit facility of approximately $9.4 million.


<PAGE>


                                     ITEM 2

                     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations


     The following  discussion and analysis  should be read in conjunction  with
the Company's Consolidated Financial Statements beginning on page 3.

GENERAL

     Globe  is  a  major  participant  in  the  temporary  relocation  industry,
operating in both the corporate  housing and furniture  rental  businesses.  The
corporate housing business provides  short-term  housing through an inventory of
leased  housing  units  to  transferring  or  temporarily   assigned   corporate
personnel,  new hires,  trainees,  consultants  and  individual  customers.  The
furniture  rental business rents quality office and  residential  furniture to a
variety of corporate and individual customers.  Additionally,  the Company sells
residential  and office  furniture  that no longer meets its showroom  condition
standards  for rental  through its  clearance  centers  and sells new  furniture
through its showrooms and account executives.

     The Company's fiscal year ends on February 28/29.

     The  discussions  contained  under Results of Operations  and Liquidity and
Capital Resources include forward-looking  information which is subject to risks
and qualifications including, but not limited to, those set forth in Exhibit 99.

RESULTS OF OPERATIONS

     The following  table sets forth for the periods  indicated  certain  income
statement  data as a percentage of total  revenues and certain gross profit data
as a  percentage  of  respective  corporate  housing,  rental and  retail  sales
revenues.


                                                    For the three months ended,
                                                    ---------------------------
                                                     May 31,            May 31,
                                                      1999               1998
                                                    --------           --------

Revenues:
  Corporate housing sales                             66.0%              51.3%
  Rental sales                                        25.1%              34.5%
  Retail sales                                         8.9%              14.2%
                                                    --------           --------
    Total revenues                                   100.0%             100.0%
Gross profit:
  Corporate housing sales                             30.8%              28.9%
  Rental sales                                        90.2%              91.4%
  Retail sales                                        43.7%              36.8%
                                                    --------            -------
  Gross profit before depreciation
    and disposals                                     46.9%              51.6%
  Furniture depreciation and disposals                (5.9%)             (6.3%)
                                                    --------            -------
    Combined gross profit                             41.0%              45.4%

Operating expenses                                    31.5%              35.7%
Amortization of intangible assets                      1.5%               1.3%
                                                    --------            -------
Operating income                                       8.0%               8.4%
Interest/other                                         3.1%               3.0%
                                                    --------            -------
Income before taxes                                    4.9%               5.4%
                                                    ========            =======


<PAGE>

Impact of Corporate Housing Acquisitions

     Globe implemented an aggressive  corporate housing acquisition  strategy in
fiscal  1997.  Since that time,  the Company  has  completed  fifteen  corporate
housing  acquisitions,  including  the March 1999  acquisition  of  Castleton of
Tulsa.  All  acquisitions  to date have been  accounted  for using the  purchase
method of accounting.

     Corporate   housing   companies'   assets  consist  primarily  of  accounts
receivable, customer deposits and some minor furniture and fixed asset balances.
Consequently,  the purchase price for these  businesses is allocated  largely to
goodwill and other intangibles.  Cost of goodwill and other intangibles  related
to the corporate housing  acquisitions  approximates  $50.4 million and is being
amortized on a straight-line  basis over periods ranging from three to 35 years,
with a weighted average life of approximately 24 years. Goodwill and intangibles
amortization,  which is a separate  component  of  operating  expenses,  reduced
operating profit by $0.6 million,  or 1.5% of revenues,  in the first quarter of
fiscal  2000 and $0.4  million,  or 1.3% of  revenues,  in the first  quarter of
fiscal 1999.

     The corporate  housing  business has a slightly lower operating margin than
the furniture rental business,  consisting of a lower gross profit margin offset
somewhat by lower operating  expenses.  As a result,  the Company's gross profit
margin and operating  expenses as a percentage  of revenues have been  declining
since the Company entered the corporate  housing  business.  Gross profit margin
decreased  to 41.0% in the first  quarter of fiscal 2000 from 45.4% in the first
quarter of fiscal 1999, resulting from corporate housing's increasing percentage
of total revenues (66.0% in the first quarter of fiscal 2000 versus 51.3% in the
comparable  period of fiscal  1999).  Gross profit margin on rental sales in the
first  quarter of fiscal 2000 was 90.2%,  versus  30.8% for  corporate  housing.
Comparable  gross profit margins for the first quarter of fiscal 1999 were 91.4%
and 28.9%, respectively. Because the Company is integrating its furniture rental
and  corporate  housing  operations,  these  gross  profit  percentages  exclude
furniture  depreciation and disposals which can no longer be related to specific
revenue  categories.  An additional result of this integration is that operating
expenses and,  therefore,  operating  margins for furniture rental and corporate
housing  cannot  be  specifically  identified.   Operating  expenses,  excluding
amortization, decreased to 31.5% of revenues in the first quarter of fiscal 2000
from 35.7% in the first  quarter of fiscal  1999,  while the  operating  margin,
excluding  amortization,  decreased to 9.5% of revenues in the first  quarter of
fiscal  2000 from 9.7% of  revenues  in the first  quarter of fiscal  1999.  The
reduction in operating  margin is primarily the result of the  increasing mix of
corporate housing revenues over the comparable periods.  Including  amortization
expenses,  the operating  margin declined to 8.0% in the first quarter of fiscal
2000 from 8.4% in the first quarter of fiscal 1999.

     Globe plans to continue  its  consolidation  of corporate  housing  through
additional acquisitions, thereby capitalizing on the desire of many corporations
to have a corporate housing company that can meet their needs  nationally.  With
the acquisitions to date, Globe has expanded its presence into 29 markets and is
the market leader in ten of these markets,  with  annualized  corporate  housing
revenues of approximately $110 million.  Globe is vying with two other corporate
housing companies for the number two position in the industry based on revenues.

     A major  risk of  Globe's  increasing  presence  in the  corporate  housing
business is the  potential  loss of furniture  rental  revenues  from  competing
corporate  housing  companies that are also customers.  To date, the majority of
this business with unaffiliated customers has been retained,  largely due to the
Company's superior level of service. Additionally, the significance of this risk
has lessened since Globe entered the corporate  housing  business.  In the first
quarter of fiscal 2000,  unaffiliated  corporate housing customers accounted for
$1.8 million,  or 4.5%,  of Globe's  revenues  versus $2.4 million,  or 7.4%, of
Globe's revenues in the first quarter of fiscal 1999. During these same periods,
furniture rental revenues from affiliated corporate housing providers, which are
not  included  in  reported  revenues,  were  $1.7  million  and  $0.8  million,
respectively.

<PAGE>


     The Company is  implementing a  comprehensive  corporate  housing  business
information system. Implementation has been successfully completed in Nashville,
the  initial  market,  and Globe is  currently  evaluating  various  methods  to
accelerate  Company-wide  rollout.  Should the  previously  planned  schedule be
accelerated,  the Company may see  increased  administrative  expenses  over the
remaining quarters of fiscal year 2000.

     Due to the significant impact of the corporate housing  acquisitions on the
Company's  operations and financial  results,  certain  aspects of the Company's
historical  results of operations and  period-to-period  comparisons will not be
indicative of future results.

Comparison of First Quarter Fiscal 2000 to First Quarter Fiscal 1999

     Total revenues of $40.4 million  increased $7.5 million,  or 22.8%,  in the
first quarter of fiscal 2000,  from $32.9 million in the first quarter of fiscal
1999,  primarily  due to  acquisitions.  Other  factors  affecting  revenues are
discussed in the following paragraphs.

     Corporate  housing  sales of $26.7  million in the first  quarter of fiscal
2000  increased  58.1% from $16.9  million in the first  quarter of fiscal 1999.
This increase was primarily caused by acquisitions.

     Rental sales of $10.1 million in the first quarter of fiscal 2000 decreased
10.8% from $11.4 million in the first quarter of fiscal 1999 largely as a result
of the elimination of intercompany  revenues  (furniture rented to Company-owned
corporate  housing  operations).  Excluding  the  impact of these  eliminations,
rental  revenues  decreased $0.3 million,  or 2.7%, when compared with the prior
year  quarter,   reflecting  a  general  softness  in  the  residential  market.
Management believes this softness represents a cyclical slowdown attributable to
the fact that  corporate  housing  has taken over a  substantial  portion of the
furnished  apartment  distribution  channel. As corporate housing has taken over
more of the furnished apartment  distribution  channel,  furniture rental volume
growth from corporate housing customers has slowed. To date, the other customers
in the furnished apartment  distribution  channel (property management companies
and showroom trade) have not offset this slowdown.

     Retail sales of $3.6 million decreased $1.1 million, or 22.9%, in the first
quarter of fiscal 2000 from $4.7  million in the first  quarter of fiscal  1999,
driven by a decrease of $0.7 million,  or 30.0%,  in clearance  center  revenues
over the period. The decrease is primarily a result of the closure of a store in
Michigan, timing of certain tent sales and softness in certain markets.

     Gross profit of $16.6 million in the first quarter of fiscal 2000 increased
$1.7 million,  or 11.0%,  from $14.9 million in the first quarter of fiscal 1999
and  declined  as a  percentage  of  revenues  to 41.0% from 45.4% over the same
period due to the higher mix of corporate housing revenues and the lower margins
associated with these  revenues.  Gross profit  percentage on corporate  housing
sales  improved to 30.8% from 28.9% over the period,  reflecting  the  Company's
focus on occupancy and the gradual  replacement  of furniture  rented from other
vendors with Globe furniture.  Gross profit percentage on rental sales decreased
to 90.2% from 91.4% over the period due to an increase in  housewares  expenses.
Gross profit  percentage on retail sales  increased to 43.7% from 36.8% over the
period  resulting  from a higher  percentage of new  furniture  sales versus the
prior year period.

     Operating expenses of $12.7 million  (excluding  amortization) in the first
quarter of fiscal 2000 increased 8.4% from $11.7 million in the first quarter of
fiscal 1999 as a result of  acquisitions.  As a  percentage  of total  revenues,
these  expenses  declined  to 31.5%  from  35.7%  over the  same  period  due to
corporate housing's lower operating expenses as a percent of revenues.

<PAGE>


     As a result of the Company's continuing  acquisition program,  amortization
of intangible  assets  increased $0.2 million,  or 45.4%, to $0.6 million in the
first  quarter of fiscal 2000,  from $0.4 million in the first quarter of fiscal
1999. As a percentage of revenues,  amortization  expense increased to 1.5% from
1.3% over the same period.

     As a result of the changes in revenues,  gross profit,  operating  expenses
and  amortization  discussed  above,  operating  income  increased 16.8% to $3.2
million,  or 8.0% of revenues  in the first  quarter of fiscal  2000,  from $2.8
million, or 8.4% of revenues in the first quarter of fiscal 1999.

     Interest/other  expense increased $0.2 million to $1.2 million in the first
quarter of fiscal 2000 from $1.0 million in the first quarter of fiscal 1999 and
as a percentage of total revenues  increased slightly to 3.1% from 3.0% over the
same period.  The increased  expense for fiscal 2000 was due primarily to higher
debt balances than in the  comparable  period of fiscal 1999.  The debt increase
was the result of funding required for acquisitions.

     Income  before  income taxes of $2.0 million in the first quarter of fiscal
2000 increased $0.2 million,  or 12.3%,  compared to the first quarter of fiscal
1999 and as a percentage  of revenues  decreased to 4.9% from 5.4% over the same
period.

     The Company's  effective tax rate, which includes federal,  state and local
taxes,  increased to 40.0% in the first quarter of fiscal 2000 from 39.0% in the
first quarter of fiscal 1999.

LIQUIDITY AND CAPITAL RESOURCES

     The Company maintains a $45.0 million unsecured line of credit which may be
used for  acquisitions  and general  corporate  purposes.  At July 2, 1999,  the
unused  line of credit was $8.5  million.  The term of this line of credit  will
expire on September  30, 2000,  requiring  full payment of the then  outstanding
balance. The Company expects to have other financing arrangements in place prior
to this date.

     Principal payments of $4.3 million are due annually beginning  September 1,
2001 on the $30.0 million  unsecured  Senior Notes due September 1, 2007.  These
notes may be redeemed at a premium.

     The Company  maintains a $1.5 million  mortgage  note which  requires  full
payment of the then outstanding balance at the end of the initial term (December
1, 2002). Globe expects to renew the note for an additional  five-year period at
that date.

     From  March 1, 1999  through  July 2, 1999 Globe  used  approximately  $0.5
million  from its line of credit,  issued  approximately  $0.3  million of notes
payable  and  assumed  approximately  $0.1  million  of certain  liabilities  in
completing one acquisition and paying certain other consideration on fiscal 1998
and 1999 acquisitions.  (See Note 2 to the consolidated financial statements for
further discussion of these acquisitions.)

     Other  than  acquisitions,  the  Company's  principal  use of  cash  is for
furniture purchases.  The Company purchases furniture to replace furniture which
has been  sold and to  maintain  adequate  levels of  rental  furniture  to meet
existing and new customer  needs.  Furniture  purchases were $5.8 million in the
first three  months of fiscal 2000 and $5.2 million in the first three months of
fiscal 1999.  The higher level of purchases in the first  quarter of fiscal 2000
versus the prior year  period  reflects  the  Company's  efforts to ensure  that
existing and new customer needs can be met and to continue to replace  furniture
rented from other furniture rental vendors with  Company-owned  furniture in the
Company's corporate housing  operations.  As the Company's growth strategies are
implemented, furniture purchases are expected to increase.

<PAGE>


     Capital  expenditures were $1.1 million and $0.8 million in the first three
months of fiscal 2000 and 1999,  respectively.  These expenditures were financed
through cash provided by operations and  utilization  of the credit  facilities.
Expenditures for the first three months of both fiscal 2000 and fiscal 1999 were
largely  attributable  to continued  development of computer  systems.  Costs to
further develop the computer systems,  which are anticipated to be approximately
$2.0  million,  will be incurred in the next 9-12 months and are  expected to be
financed through cash generated by operations.  Remaining  capital  expenditures
are expected to be approximately $1.0 million and are also expected to be funded
by cash generated by operations.  Any temporary cash deficiencies resulting from
timing of these expenditures will be funded via the line of credit.

     In the first  three  months of fiscal 2000 and 1999,  net cash  provided by
operations  was $6.7 million and $6.9  million,  respectively,  generating  $0.2
million less cash than was  necessary to fund  investing  activities  (excluding
acquisitions)  in the first three  months of fiscal 2000 and $0.9  million  more
cash than was necessary to fund investing activities (excluding acquisitions) in
the first three months of fiscal 1999.

     Aside from acquisitions,  furniture purchases, which have historically been
seasonally weighted to the first half of the fiscal year, are the primary reason
for use of the credit facilities. Any temporary cash deficiencies resulting from
these purchases will be funded via the line of credit.  The Company expects cash
flow from  operations  plus the credit  facilities  to be sufficient to fund the
Company's needs for the foreseeable future, except for significant  acquisitions
and any  repurchases  that may be made  under  the  Company's  stock  repurchase
program.


YEAR 2000

     The Company has  developed a Year 2000  Remediation  Plan and is  currently
evaluating the potential  impact of the Year 2000 issue on both its  information
technology  systems  and its  non-information  technology  systems.  The initial
phases of the plan consist of planning  and  assessment  and involve  developing
complete  inventories  of all hardware and software  containing  potential  date
sensitivity,  completing  vendor and customer surveys and performing a series of
controlled  tests  to  determine  compliance.   The  inventory  phase  has  been
completed.   The  planning/assessment  and  vendor/customer  survey  phases  are
approximately  80% complete.  The vendor and customer surveys have been sent and
Globe  continues to receive  responses on a regular  basis.  No issues have been
identified to date. A Year 2000  consultant  has been retained to review Globe's
progress to date and assist in the final stages of testing and remediation.  The
controlled  tests are  currently  being  conducted and will be completed in July
1999.   Preliminary  results  indicate  that  the  Company's  existing  internal
financial  and  operational  software  is Year  2000  compliant  except  for two
corporate housing operations, and few, if any, desktop computers will need to be
replaced.  The  current  furniture  rental  inventory  system and the  corporate
housing  system  now  being  implemented  have  been  designed  to be Year  2000
compliant. The corporate housing system will be implemented at the non-compliant
operations during Globe's third quarter.

     Globe expects to have the initial phases of the remediation  plan completed
by July 30, 1999.  Costs incurred to date and those  anticipated to complete the
initial phases are immaterial to the Company's results of operations.

     Based  upon the  results  of the  initial  phases,  Globe  will  finalize a
remediation  and  contingency  plan. This plan will address such concerns as the
time  required  to replace  equipment  or  software  and  contingency  plans for
unforeseen Year 2000 failures, including the identification of alternate vendors

<PAGE>


or  financial  institutions,  as well as the  financial  resources  necessary to
reasonably  ensure  compliance  by the Year 2000.  It is expected that this plan
will be completed by September  1999.  Costs  associated with this phase are not
expected to exceed $0.1 million.

     While  Globe  is not  aware  of  exposures  related  to the  operations  of
customers or vendors and it does not have a  relationship  with any  third-party
vendor which is material to its  operations,  there can be no assurance that the
systems of other  companies  on which the Company  relies will be converted in a
timely manner or that the failure to convert would not have an adverse impact on
Globe's operations.  Costs associated with any such failure cannot be reasonably
estimated.

                                     ITEM 3
           Quantitative and Qualitative Disclosures About Market Risk

INTEREST RATE RISK

     The Company is exposed to interest  rate  volatility  with regard to future
issuances  of fixed rate debt and  existing  issuances  of  variable  rate debt.
Primary  exposures include movements in the prime rate, U.S. Treasury Note rates
and LIBOR.

     The table below provides  information on Globe's significant debt issuances
by expected maturity date. (See Note 5 to the Consolidated  Financial Statements
for further information.)

<TABLE>
<CAPTION>

                                                                 Twelve Months Ended May 31,
                                     -----------------------------------------------------------------------------------
(Dollars in thousands)                  2000        2001          2002       2003        2004    Thereafter      Total
                                        ----        ----          ----       ----        ----    ----------      -----
<S>                                    <C>         <C>          <C>         <C>          <C>       <C>          <C>
Debt Characteristics:

Unsecured revolving note                           $35,565                                                      $35,565
Average interest rate                                 6.63%                                                        6.63%

Unsecured senior note                              $ 4,285      $4,286      $4,286       $4,286    $12,857      $30,000
Fixed interest rate                                   7.54%       7.54%       7.54%        7.54%      7.54%        7.54%

Mortgage note                          $   69      $    74      $   78      $   84       $   89    $ 1,040      $ 1,434
Fixed interest rate                      6.25%        6.25%       6.25%       6.25%        6.25%      6.25%        6.25%

Other debt issues                      $1,019      $   643      $  495      $  451                              $ 2,608
Average fixed interest rate              5.63%        5.83%       5.77%       5.67%                                5.71%


</TABLE>


<PAGE>



                                    PART II


                                     ITEM 1
                                Legal Proceedings
                                -----------------

                                      None


                                     ITEM 2
                              Changes in Securities
                              ---------------------

                                      None


                                     ITEM 3
                         Defaults Upon Senior Securities
                         -------------------------------

                                      None


                                     ITEM 4
               Submission of Matters to a Vote of Security Holders
               ---------------------------------------------------

                                      None


                                     ITEM 5
                                Other Information
                                -----------------

                                      None


                                     ITEM 6
         Exhibits, Financial Statement Schedules and Reports on Form 8-K
         ---------------------------------------------------------------

(a)      Exhibits:


         27   Financial Data Schedule
         99   Safe Harbor Statement

(b)     Reports on Form 8-K filed during the first quarter of 2000: None.





<PAGE>



                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                      Globe Business Resources, Inc.



                                      By:  /s/ Sharon G. Kebe
                                          --------------------------------------
                                          Sharon G. Kebe
                                          Senior Vice President-Finance
                                                 and Treasurer
                                          (Principal Financial Officer)

Signed:  July 8, 1999