UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                        WASHINGTON, D. C.  20549
                               FORM 10-Q

  (Mark One)
   XX  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934
       For the quarterly period ended          September 30, 1999

                                   or

       TRANSITION REPORT  PURSUANT TO  SECTION 13  OR 15(d)  OF  THE
       SECURITIES EXCHANGE ACT OF 1934
       For the transition period from  ____________ to _____________

                   Commission file number     1-9603

                      STEVENS INTERNATIONAL, INC.
        (Exact name of registrant as specified in its charter)

              Delaware                               75-2159407
 (State or other jurisdiction of                   (IRS Employer
  incorporation or organization)                 Identification No.)

             5500 Airport Freeway, Fort Worth, Texas 76117
          (Address of principal executive offices) (zip code)

                             817/831-3911
          (Registrant's telephone number, including area code)

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

  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    XX     No  _____

                APPLICABLE ONLY TO CORPORATE ISSUERS:
  Indicate the  number of  shares outstanding  of  each of  the  issuer's
  classes of common stock, as of the latest practicable date.

           Title of Each Class            Outstanding at November 5, 1999
  Series A Stock, $0.10 Par Value                   7,459,474
  Series B Stock, $0.10 Par Value                   2,042,659

<PAGE>

                          TABLE OF CONTENTS


  Part I.   FINANCIAL INFORMATION                             PAGE NUMBER

    Item 1. Financial Statements

             Consolidated Condensed Balance Sheets                 3
             December 31, 1998 and September 30, 1999
             (unaudited)

             Consolidated Condensed Statements of Operations       4
             Three and Nine months ended September 30, 1999
             and 1998 (unaudited)

             Consolidated Condensed Statements of                  5
             Stockholders' Equity December 31, 1998 and
             Nine months ended September 30, 1999 (unaudited)

             Consolidated Condensed Statements of Cash Flows       6
             Nine months ended September 30, 1999 and 1998
             (unaudited)

             Notes to Consolidated Condensed Financial             7
             Statements (unaudited)

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


  Part II.  OTHER INFORMATION

    Item 1. Legal Proceedings                                      15
    Item 4. Submission of Matters to a vote of Security Holders    15
    Item 6. Exhibits and Reports on Form 8-K                       15


    CAUTIONARY STATEMENT  - This Form 10-Q  may contain statements  which
    constitute "forward-looking" information  as that term is defined  in
    the  Private Securities  Litigation  Reform Act  of  1995 or  by  the
    Securities and Exchange Commission ("SEC") in its rules,  regulations
    and releases.  Stevens International, Inc.  (the "Company")  cautions
    investors  that  any such  forward-looking  statements  made  by  the
    Company  are not  guarantees of  future performance  and that  actual
    results  may differ  materially  from those  in  the  forward-looking
    statements. Some  of the factors that  could cause actual results  to
    differ materially from estimates contained in the Company's  forward-
    looking statements are set forth in the Form 10-K for the year  ended
    December 31, 1998.
<PAGE>
<TABLE>
            STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES
                CONSOLIDATED CONDENSED BALANCE SHEETS
              (Amounts in thousands, except share data)
<CAPTION>
                                           September 30, Dececmber 31,
                                                1999          1998
                                            (unaudited)
                                              ------          ------
   <S>                                       <C>             <C>
                    ASSETS
   Current assets:
     Cash .............................      $     5         $   164
     Trade accounts receivable, less
      allowance for losses of  $181 and
      $181 and $138 in 1999 and 1998,
      respectively                               943           1,711
     Costs and estimated earnings in excess
      of billings on long-term contracts       1,241             665
     Inventory  (Note 3). .............        7,401           6,146
     Other current assets .............          745           1,076
     Assets held for sale  (Note 6) ...           --             988
                                              ------          ------
            Total current assets ......       10,335          10,750
   Property, plant and equipment ......        2,251           2,600
   Other assets, net ..................        1,305           1,301
                                              ------          ------
                                             $13,891         $14,651
                                              ======          ======

<PAGE>
   LIABILITIES AND STOCKHOLDERS' EQUITY
   Current liabilities:
     Trade accounts payable ...........      $ 2,571          $3,035
     Billings in excess of costs and
      estimated earnings on long-term
      contracts                                   --              --
     Other current liabilities ........        3,008           3,780
     Customer deposits ................          943             310
     Advances from stockholder ........        2,399           1,645
     Current portion of long-term debt             5              15
                                              ------          ------
            Total current liabilities .        8,927           8,785
   Long-term debt .....................        2,428           2,294
   Note payable - stockholder .........        2,950           2,950
   Accrued pension costs ..............        3,577           3,577
   Commitments and contingencies                  --              --
   Stockholders' equity:
     Preferred stock, $0.10 par value,
      2,000,000 shares authorized none
      issued and outstanding                      --              --
     Series A common stock, $0.10 par
      value, 20,000,000 shares authorized,
      7,459,000 and 7,418,000 shares issued
      and outstanding at September 30, 1999
      and December 31, 1998,  respectively       745             741
     Series B common stock, $0.10 par value,
      6,000,000 shares authorized, 2,044,000
      and 2,085,000 shares issued and
      outstanding at June 30, 1999 and
      December 31, 1998,  respectively           205             209
     Additional paid-in-capital .......       39,961          39,961
     Accumulated other comprehensive
      (loss)  .........................       (4,239)         (4,150)
     Retained (deficit) ...............      (40,662)        (39,716)
                                              ------          ------
   Total stockholders' equity (deficit)       (3,990)         (2,955)
                                              ------          ------
                                             $13,891         $14,651
                                              ======          ======

   See notes to consolidated condensed financial statements.
</TABLE>
<PAGE>
<TABLE>
            STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES
           CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                             (UNAUDITED)
            (Amounts in thousands, except per share data)

                                   Three months ended   Nine months ended
                                      September 30,        September 30,
                                      1999      1998      1999      1998
                                      -----     -----     -----    ------
  <S>                                <C>       <C>       <C>      <C>
  Net sales .....................    $2,415    $2,737    $8,304   $17,777
  Cost of sales .................     1,930     2,147     4,856    14,222
                                      -----     -----     -----    ------
  Gross profit ..................       485       590     3,448     3,555
  Loss on impairment of asset
   values .......................       200        --       200        --
  Selling, general and
   administrative expenses ......     1,115     1,577     3,511     5,798
                                      -----     -----     -----    ------
  Operating income (loss) .......      (830)     (987)     (263)   (2,243)
  Other income (expense):
    Interest income  ............        30        --        31        --
    Interest expense ............      (220)     (238)     (577)   (1,439)
    Other, net ..................        26       (57)      (89)     (308)
    Gain (loss) on sale of
     assets (Note 6).............        (3)     (503)      (48)    2,199
                                      -----     -----     -----    ------
                                       (173)     (798)     (689)      452
                                      -----     -----     -----    ------
  Income (loss) before income
  taxes and extraordinary item ..      (997)   (1,785)     (946)   (1,791)
  Income tax (expense) benefit ..        (3)       --         0       (75)
  Income (loss) before
   extraordinary item ...........      (994)   (1,785)     (946)   (1,866)
  Extraordinary item (Note 8): ..
    Gain on early extinguishment
     of debt, net of tax effect .        --        --        --    11,221
                                      -----     -----     -----    ------
       Net income (loss)             $( 994)  $(1,785)   $ (946)  $ 9,355
                                      =====     =====     =====    ======
<PAGE>
  Earnings (loss) per share -
   basic (Note 9):
    Income (loss) before
     extraordinary item             $ (0.10)  $ (0.19)  $ (0.10)  $ (0.19)
    Gain on early
     extinguishment of debt              --        --        --      1.18
                                      -----     -----     -----    ------
    Net income (loss) - basic       $ (0.10)  $ (0.19)  $ (0.10)  $  0.99
                                      =====     =====     =====    ======
  Earnings (loss) per share -
   diluted (Note 9):
    Income (loss) before            $ (0.10)  $ (0.19)  $ (0.10)  $ (0.19)
     extraordinary item
    Gain on early
     extinguishment of debt              --        --        --      1.18
                                      -----     -----     -----    ------
    Net income (loss) - diluted     $ (0.10)  $ (0.19)  $ (0.10)  $  0.99
                                      =====     =====     =====    ======
  Weighted average number of
   shares of common stock
   outstanding during the
   periods - basic (Note 9)           9,492     9,488     9,492     9,488
                                      =====     =====     =====    ======
  Weighted average number of
  shares of common and common
  stock equivalents outstanding
  during the periods - diluted
  (Note 9)                            9,492     9,488     9,492     9,488
                                      =====     =====     =====    ======

    See notes to consolidated condensed financial statements.
</TABLE>
<PAGE>
<TABLE>
                    STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES
                   CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                     (Unaudited)
                               (Amounts in thousands)
                                                                                   Accumulated
                                                            Additional                 Other
                           Series A Stock   Series B Stock   Paid-In    Retained  Comprehensive
                           Shares   Amount  Shares  Amount   Capital   (Deficit)       Loss       Total
                            -----      ---    -----   ---     ------    -------       ------     ------
<S>                         <C>       <C>     <C>    <C>     <C>       <C>           <C>        <C>
Balance, January 1, 1999    7,418     $741    2,085  $209    $39,961   $(39,716)     $(4,150)   $(2,955)
 Net income (loss)             --       --       --    --         --       (946)          --       (946)
 Foreign currency
  translation adjustment       --       --       --    --         --         --          (89)       (89)
 Excess pension
  liability adjustment         --       --       --    --         --         --           --         --
                                                                                                  -----
 Comprehensive loss                                                                              (1,035)
                                                                                                  -----
 Conversion of Series B
  stock to Series A stock      41        4      (41)   (4)        --         --           --         --
                            -----      ---    -----   ---     ------    -------       ------     ------
Balance, September 30, 1999 7,459     $745    2,044  $205    $39,961   $(40,662)     $(4,239)   $(3,990)
                            =====      ===    =====   ===     ======    =======       ======     ======

      See notes to consolidated condensed financial statements.

</TABLE>
<PAGE>
<TABLE>
                STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES
              CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                (UNAUDITED)
                          (Amounts in thousands)

<CAPTION>
                                                Nine Months Ended
                                                  September 30,
                                                 1999       1998
                                                ------     ------
   <S>                                         <C>        <C>
   Cash provided by operations:
    Net income (loss) ......................   $  (946)   $ 9,355

    Adjustments to reconcile net income
     (loss) to net cash provided by (used in)
     operating activities:
       Depreciation and amortization .......       599        790
       Extraordinary gain on debt
        extinguishment  ....................        --    (11,221)
       Other ...............................       (88)      (564)
       Changes in operating assets and
        liabilities:
         Trade accounts receivable .........       769       (275)
         Contract costs in excess of billings     (577)     1,829
         Inventory .........................    (1,254)       775
         Other assets ......................       109       (841)
         Trade accounts payable ............      (464)       626
         Other liabilities .................       616     (3,385)
                                                ------     ------
   Total cash (used in) provided by
    operating activities ...................    (1,236)    (2,911)

   Cash provided by (used in) investing
     activities:
    Additions to property, plant and
     equipment .............................       (32)      (215)
    Disposal of Zerand Division and HMC
     in 1998  ..............................        --     12,530
    Disposal of Ohio production facility           987         --
                                                ------     ------
   Total cash provided by (used in)
    investing activities ....................      955     12,315
                                                ------     ------
<PAGE>
   Cash provided by (used in) financing
     activities:
    Exercise of Stock Options  .............        --         21
    Net proceeds from (repayments of) long-
     term debt .............................       133      5,708
    (Decrease) in current portion of
     long-term debt  .......................       (11)   (15,303)
                                                ------     ------
   Total cash provided by (used in)
   financing activities ....................       122     (9,574)
                                                ------     ------
   Increase (decrease) in cash and
    temporary investments ..................      (159)      (170)
   Cash and temporary investments at
    beginning of period ....................       164        211
                                                ------     ------
   Cash and temporary investments at end of
    period .................................   $     5    $    41
                                                ======     ======
   Supplemental disclosure of cash flow
     information:
    Cash paid during the period for:
      Interest .............................   $   190    $   591
      Income taxes .........................        --          1


   See notes to consolidated condensed financial statements.
</TABLE>
<PAGE>

               STEVENS INTERNATIONAL, INC. AND SUBSIDIARIES
           Notes to Consolidated Condensed Financial Statements
                             (Unaudited)



  1.   The consolidated condensed balance sheet as of September 30, 1999,
       the consolidated condensed statement  of stockholders' equity  for
       the period ended  September 30, 1999,  the consolidated  condensed
       statements of  operations  for the  three  and nine  months  ended
       September 30,  1999  and  1998,  and  the  consolidated  condensed
       statements of cash  flows for the  nine month  periods then  ended
       have been prepared by the Company  without audit.  In the  opinion
       of  management,  all  adjustments   (which  include  only   normal
       recurring adjustments) necessary to  present fairly the  financial
       position as of September  30, 1999 and  the results of  operations
       for the three and  nine months ended September  30, 1999 and  1998
       and the cash flows  for the nine months  ended September 30,  1999
       and 1998  have been  made.   The  December 31,  1998  consolidated
       condensed balance sheet is  derived from the audited  consolidated
       balance sheet as of that date.  Complete financial statements  for
       December 31, 1998 and  related notes thereto  are included in  the
       Company's Annual Report on Form 10-K  for the year ended  December
       31, 1998 (the "1998 Form 10-K").

       The above financial  statements have been  prepared in  accordance
       with the instructions to  Form 10-Q and  therefore do not  include
       all information included in  the 1998 Form 10-K.   The results  of
       operations for the three and nine months ended September 30,  1999
       and 1998  are not  necessarily indicative  of  the results  to  be
       expected for the full year.

  2.   The Company designs,  manufactures, markets  and services  web-fed
       packaging and  printing  systems  and related  equipment  for  its
       customers   in    the    packaging    industry    and    in    the
       specialty/commercial and banknote and  securities segments of  the
       printing industry.   The  Company  also markets  and  manufactures
       high-speed digital image processing  systems primarily for use  in
       the banknote and security printing industry.  The Company combines
       various types  of equipment  capable of  converting and  printing,
       among other items, food and beverage containers, liquid  container
       cartons, banknotes, postage stamps,  lottery tickets, direct  mail
       inserts,  personal  checks  and  business  forms.  The   Company's
       technological and engineering capabilities allow it to combine any
       of the  four  major printing  technologies  (offset,  flexography,
       rotogravure and intaglio) in its systems.  Complete press  systems
       are capable  of  multiple color  and  multiple size  printing  and
       perform   such   related   functions   as   numbering,   punching,
       perforating,  slitting, cutting,  creasing,  folding and stacking.
       The presses can  be custom engineered  for non-standard form  size
       and special auxiliary functions.
<PAGE>
  3.   Inventories consist of the following:

                                        September 30, December 31,
                                             1999        1998
                                             -----       -----
                                          (Amounts in thousands)
         Finished product .............     $1,514       $  630
         Work in progress .............      1,581        1,458
         Raw materials ................      4,306        4,058
                                             -----       -----
                                            $7,401       $6,146
                                             =====        =====

  4.   For a description  of the status  of the bank  credit facility  at
       September  30,  1999,  see  "Liquidity  and  Capital  Resources".
       Substantially all assets of the Company continue to be pledged  as
       collateral on the Company's credit facilities.

  5.   The Company  is  subject  to  various  claims,  including  product
       liability claims, which arise in the ordinary course of  business,
       and is  a  party  to various  legal  proceedings  that  constitute
       ordinary routine litigation incidental to the Company's  business.
       A  successful product liability claim brought against the  Company
       in excess of its product liability coverage could have a  material
       adverse effect upon the Company's business, operating results  and
       financial condition.

       In management's opinion,  the Company has  adequate legal  defense
       and/or insurance  coverage  in  respect to  each  of  these  legal
       actions and  does not  believe that  such actions,  if they  occur
       either individually or  in the aggregate,  will materially  affect
       the Company's  operations  or  financial  position.    See  "Legal
       Proceedings" herein and in the 1998 Form 10-K.

  6.   A description  of  the Company's  divestitures  in 1999  and  1998
       follow:

       Sale of Hamilton Production and Storage Facilities
       In the second quarter of 1999,  the Company concluded the sale  of
       the real property at its Hamilton, Ohio production facility for an
       aggregate consideration of $725,000.  The transaction resulted  in
       a small loss due  to certain unanticipated  costs of vacating  the
       facility.  An  inventory storage  facility at Hamilton,  Ohio  was
       sold in August 1999  for an  aggregate  consideration  of $70,000.
       With the conclusion of this transaction, all real property in Ohio
       has now been sold.  Proceeds  of these transactions were  used  to
       repay certain expenses  of the  sale, certain  property taxes  and
       repay a portion of the $2.5 million loan from Paul I. Stevens, the
       Company's  chairman  and  chief   executive  officer,  which   was
       partially collateralized by a lien on these production and storage
       facilities.
<PAGE>
       Sale of Hamilton Machining Center in July 1998

       On July 28, 1998 the Company  sold the real and personal  property
       at its  Hamilton,  Ohio machining  center  ("HMC") and  the  major
       portion of its machinery and equipment at its assembly facility in
       Hamilton, Ohio  for an  aggregate consideration  of  approximately
       $4.33 million.  This transaction resulted in a second quarter 1998
       loss on  sale  of assets  of  approximately $0.8  million  and  an
       additional loss of $0.5 million in the third quarter of 1998 as  a
       result of HMC inventory and other inventory that was abandoned  by
       the Company and included in the sale.  Proceeds of the transaction
       were used to repay  the $4 million secured  bridge term loan  from
       the Company's new bank lender (the "Bridge Loan") which was loaned
       to the Company on June  30, 1998.  HMC  had outside sales of  $1.2
       million and  operating  losses of  $0.35  million in  1997.    The
       Company has replaced certain of the capabilities of its  machining
       center with a group of new and traditional suppliers.

       Sale of Assets of Zerand Division in April 1998

       On April 27, 1998, the Company  sold substantially all the  assets
       of the Zerand  division to  Valumaco Incorporated,  a new  company
       formed for the asset purchase.  In addition, Valumaco Incorporated
       assumed certain liabilities  of the Zerand  division.  The  assets
       sold included the  real property, platen  die cutter systems,  and
       other original Zerand products  such as delivery equipment,  wide-
       web rotogravure  printing  systems,  stack  flexographic  printing
       systems, unwind and butt splicer systems, and related spare parts,
       accounts payable, and  other assumed liabilities.   Excluded  from
       the  proposed  transaction  were  the  System  2000   flexographic
       printing  systems  and  the  System  9000  narrow-web  rotogravure
       printing systems  produced  at  the Zerand  division  and  related
       accounts receivable, inventory and engineering drawings.  The sale
       price was  approximately $13.7  million, which  consisted of  cash
       proceeds  of  $10.1   million,  a  one-year   $1  million   escrow
       "holdback", and the purchaser's  assumption of approximately  $2.6
       million of certain liabilities  of Zerand, including the  accounts
       payable.

       This transaction resulted in an approximate $10 million  reduction
       of the Company's senior debt. The Company realized an  approximate
       $3.6 million  gain on  the sale  of Zerand  assets in  the  second
       quarter of 1998.

  7.   The Company's effective tax  rate  was  0.0% in  1999 and in 1998.
       Due to accumulated losses, there were no recoverable income  taxes
       for the nine months ended September 30, 1999 or 1998.
<PAGE>
  8.   On June 30,  1998 the Company  refinanced a major  portion of  its
       debt structure as part of its plan to reduce its debt.  Through  a
       combination of  new secured  bank borrowings  of approximately  $6
       million,  and  loans   from  its  Chairman,   CEO  and   principal
       shareholder,  Paul  I.  Stevens,  aggregating  $4.5  million,  the
       Company has paid off  both its Senior bank  lender and its  Senior
       Subordinated notes, aggregating approximately $19.5 million.   The
       repayment of the Company's  Senior Subordinated notes resulted  in
       an  extraordinary  gain  on   early  extinguishment  of  debt   of
       approximately $11.2 million, or $1.10 per share.  The secured bank
       credit facilities  have  first  liens on  certain  assets  of  the
       Company,  principally  inventory,  accounts  receivable,  and  the
       Company's Texas real estate.   Paul I.  Stevens' loans have  first
       liens on certain assets of the Company, principally the assets  of
       a foreign  subsidiary, and  certain  accounts receivable  for  new
       equipment being  installed  at a  customer  location, as  well  as
       second liens on inventory, accounts receivable, and the  Company's
       Texas real estate.

  9.   Basic EPS excludes  dilution and  is computed  by dividing  income
       available to common shareholders by the weighted-average number of
       common shares outstanding  for the period.   Diluted EPS  reflects
       the potential dilution  that could  occur if  securities or  other
       contracts to issue common stock  were exercised or converted  into
       common  stock.   Since  the  Series  A  and  Series B  stock  have
       identical dividend  and  participation  rights  in  the  Company's
       earnings, they  have  been  considered to  be  comparable  in  the
       calculation.

  10.  Disclosure of segment data follows:
<TABLE>
        Segments                   Three months ended   Nine months ended
                                       September 30,      September 30,
                                       1999     1998      1999     1998
                                      -----     -----     -----    ------
  <S>                                <C>       <C>       <C>      <C>
  Revenues:
    Banknote inspection, printing
     and packaging equipment  ...    $1,416    $2,057    $6,147   $10,471
    French repair and service ...       999       680     2,157     3,001
    Zerand platen cutter - sold
     in 1998  ...................         0         0         0     4,305
                                      -----     -----     -----    ------
        Consolidated  ...........    $2,415    $2,737    $8,304   $17,777

  Loss before tax:
     Banknote inspection, printing
      and packaging equipment  ...    $(967)  $(1,765)    $(844)  $(2,684)
     French repair and service ...      (30)      (20)     (102)      195
     Zerand platen cutter - sold
      in 1998  ...................        0         0         0       698
                                      -----     -----     -----    ------
        Consolidated  ............   $(997)   $(1,785)    $(946)  $(1,791)
</TABLE>

  There  were  no  significant  intersegment  revenues.    The  basis  of
  segmentation has not changed since December 31, 1998.
<PAGE>

  ITEM 2.  MANAGEMENT'S DISCUSSION  AND ANALYSIS  OF FINANCIAL  CONDITION
           AND RESULTS OF OPERATIONS

  Year 2000 Compliance Disclosure

  The Company's main computer system and software are not currently Year-
  2000 compliant.  The Year 2000 issue is the result of computer programs
  being  written  using  two  digits  rather  than  four  to  define  the
  applicable year.  Any of the Company's computer programs that have date
  sensitive software may  recognize a date  using "00" as  the year  1900
  rather than the year 2000.   This could result  in a system failure  or
  miscalculations causing disruptions of  operations, including, but  not
  limited to, a temporary inability to process transactions, invoices, or
  other similar normal business activities.

  The Company has undertaken a study, utilizing external consultants,  to
  evaluate the Company's internal  information systems infrastructure  as
  it relates to the  Year-2000 situation and  believes it has  identified
  Year-2000 non-compliant processes.  The Company has undertaken projects
  to update and  replace all non-compliant  internal information  systems
  and processes to ensure  that the Year-2000 situation  will not have  a
  detrimental impact on the internal operations of the Company.  The cost
  to update and replace non-compliant systems is approximately $50,000 to
  $100,000 consisting  of  hardware and  software  and will  be  incurred
  through December 31,  1999.  The  cost of Year-2000  compliance is  not
  projected to  have  a  significant negative  impact  on  the  Company's
  financial results in subsequent years.

  The Company  is  surveying  its  suppliers  and  service  providers  to
  determine potential exposure from external, non-compliant sources.   No
  exposures have been identified, to date, from external sources.

  The Company has  or is addressing  its Year-2000  exposures.   However,
  should an unforeseeable Year-2000 situation  arise that poses a  severe
  threat to the Company, the Company expects  to be able to revert to  PC
  and manual  backup  internal  processes  until  the  situation  can  be
  resolved.  As an additional contingency, the Company's consultant,  who
  developed the  software  used by  the  Company, is  capable  of  backup
  processing on its own compatible computer system that is already  Year-
  2000 compliant.   The Company does  not utilize  single source  service
  providers or vendors  and as such,  may change to  other providers  and
  vendors in the case of non-compliance.


  RESULTS OF OPERATIONS

  Comparison of Nine Months Ended September 30, 1999 and 1998

  Sales  The Company's sales for the nine months ended September 30, 1999
  decreased by $9.5  million (or  53.3%) compared  to sales  in the  same
  period in 1998 due primarily to  decreases in packaging products  ($4.4
  million) and French service and repair sales ($ 0.8 million).  A  total
  of $4.3 million of  the decrease resulted from  sales of Zerand,  which
  was sold on April 27, 1998.
<PAGE>
  Gross Profit    The Company's  gross profit for  the nine months  ended
  September 30, 1999 decreased by $107 thousand compared to gross  profit
  in the same period in 1998.   While this decrease was small, the  gross
  profit margin increased  to 41.5% of  sales as compared  to 20% in  the
  comparable period in 1998 due to  product mix and shipment of  products
  at near  normal margins  and the  Company's evaluation  of its  last-in
  first-out ("LIFO) inventory reserve and corresponding decrement in  the
  calculated LIFO  reserve.   The Company  evaluated its  LIFO  inventory
  reserve principally because of the sale of its machining and production
  facilities in  Ohio in  mid-1998 and  the complete  1998 changeover  of
  manufacturing philosophy from a "machine and make the component  parts"
  to a  "purchase  the machined  part."   This  LIFO  evaluation  process
  reduced the  current year  LIFO reserve  calculation and,  accordingly,
  increased the gross profit by $1.3 million (or $0.14 per share) for the
  nine months ended September 30, 1999.

  Selling, General and  Administrative Expenses   The Company's  selling,
  general, and  administrative expenses  decreased  by $2.3  million  (or
  39.4%)  for the nine  months  ended September 30, 1999 compared to  the
  same period  in  1998  due  to  cost  reduction  efforts  at  corporate
  headquarters and  manufacturing  locations    in  connection  with  the
  reduced volume of sales, as well as the impact of the  sale of  Zerand.
  Selling, general and administrative expenses for the nine months  ended
  September 30, 1999 were  42 % of sales compared to 32% of sales for the
  same period in 1998 due to  the huge reduction in  sales in 1999.   The
  reduction in expenses was not proportionate  to the reduction in  sales
  discussed above.

  Other Income (Expense)    The Company's  interest expense decreased  by
  $0.86 million for the nine months ended September 30, 1999 compared  to
  the same period in 1998 due to the reduced borrowings in 1999 resulting
  from the application of  the Zerand and Hamilton  sale proceeds to  pay
  down bank indebtedness and the early extinguishment of $17.3 million of
  subordinated  notes, offset by an increased cost of borrowing in  1999.
  Interest income was negligible for the nine months ended September  30,
  1999 and 1998.

  Comparison of Three Months Ended September 30, 1999 and 1998

  Sales    The Company's sales  for the three months ended September  30,
  1999 decreased by $0.3    million (or 11.8%)  compared to sales in  the
  same period in  1998 due primarily  to decreases  in packaging  systems
  products ($0.6 million), offset  by an increase  of French service  and
  repair sales ($0.3  million).

  Gross Profit    The Company's  gross profit for the three months  ended
  September 30, 1999 decreased by $0.1  million compared to gross  profit
  in the same period  in 1998 due primarily  to reduced depreciation  and
  product development  costs  in 1999.    Gross profit  margin  for  1999
  decreased to  20.1% of  sales as  compared  to 21.6%  for 1998.    This
  decrease in gross profit  margin in 1999 was  due primarily to  product
  mix and slightly less than normal margins on standard products in 1999.
<PAGE>
  Selling, General  Administrative Expenses      The  Company's  selling,
  general, and  administrative expenses  decreased  by $0.5  million  (or
  29.3%) for the three  months ended September 30,  1999 compared to  the
  same  period  in  1998  due  to  continuing  cost  reduction   efforts.
  Selling, general and administrative expenses for the three months ended
  September 30, 1999 were 46.2% of  sales compared to 57.6% of sales  for
  the same period in 1998 due to the continuing cost reductions in 1999.

  Other Income (Expense)     The Company's interest expense decreased  by
  $0.02  million for the three  months ended September 30, 1999  compared
  to the same period in 1998 due to  the reduced borrowing in 1999.   The
  approximate $20 million in debt reduction since March 31, 1998 resulted
  from  the  sale  of  Zerand  and  HMC  and  the  June  30,  1998   debt
  restructuring discussed in "LIQUIDITY AND CAPITAL RESOURCES."


  TAX MATTERS

  The Company's effective state and  federal income tax rate  ("effective
  tax rate") was 0% for the nine  months ended September 30, 1999.    Due
  to continuing losses in  1998, there were  no recoverable tax  benefits
  for the nine months ended September 30, 1999.


  LIQUIDITY AND CAPITAL RESOURCES

  Liquidity and Capital Resources

  The Company requires capital primarily to fund its ongoing  operations,
  to service its  existing debt and  to pursue  its strategic  objectives
  including new  product  development and  penetration  of  international
  markets.   The  Company's  working  capital  needs  typically  increase
  because  of  a  number  of  factors,  including  the  duration  of  the
  manufacturing process and the relatively large size of most orders.

  Historically, the Company has funded its capital requirements with cash
  provided by operating activities,  borrowings under credit  facilities,
  issuances of  long-term debt  and the  sale  and private  placement  of
  common stock.   Net  cash provided  by (used  in) operating  activities
  (before working  capital requirement)  was  $0.43 million  and  $(1.64)
  million for  the  nine  months  ended  September  30,  1999  and  1988,
  respectively.  Working capital provided  (used) cash of $(0.8)  million
  and $(1.27) million for  the nine months ended  September 30, 1999  and
  1998, respectively.

  The Company's capital expenditures  for the first  nine months of  1999
  and 1998 were  $32  thousand and $0.2  million, respectively, and  were
  used  primarily  for certain  machinery  and  equipment  modernization.
  Various  research  and  product  development  expenditures  have   been
  incurred in  1998  and  1999  to  improve  the  Company's  System  2000
  flexographic press  product line,  and to  develop a  short run,  quick
  make-ready flexographic product application.
<PAGE>
  On June 30, 1998 the Company refinanced a major portion of its  secured
  indebtedness ("the Debt Restructuring") as part  of its plan to  reduce
  its debt.   Through a  combination of  new secured  bank borrowings  of
  approximately  $6  million,  and  loans  from  its  Chairman,  CEO  and
  principal shareholder, Paul I.  Stevens, aggregating $4.5 million,  the
  Company paid off principal amounts due  its senior secured bank  lender
  and  its   secured   senior   subordinated   noteholders,   aggregating
  approximately  $19.5  million.     Repayment  of  the  secured   Senior
  Subordinated  Notes  resulted  in   an  extraordinary  gain  on   early
  extinguishment of debt  of approximately  $11.2 million  in the  second
  quarter of 1998.

  Under its credit facility, the Company's maximum borrowings are limited
  to a borrowing base  formula, which cannot exceed  $7.5 million in  the
  form of direct borrowings and letters  of credit.  As of September  30,
  1999 there  were $2.45  million in  direct  borrowings and  no  standby
  letters of credit outstanding under the  bank credit facility, with  no
  additional availability for such borrowings.

  The Company's bank credit facilities have first liens on certain assets
  of the  Company, principally  inventory, accounts  receivable, and  the
  Company's Texas real estate.  Paul I. Stevens' loans aggregating  $5.35
  million at September 30, 1999 have first liens on certain assets of the
  Company, principally the  assets of a  foreign subsidiary, and  certain
  accounts receivable for new customer equipment, as well as second liens
  on inventory, accounts receivable and the Company's Texas real  estate.
  The  Company was  paid  $500,000 of the Zerand  escrow hold back  funds
  net of amounts  owed to  the purchaser on  November 6,  1998.   Because
  these hold back funds collateralize  certain Paul I. Stevens  advances,
  the $500,000  was  paid to  him  to reduce  his  secured loans  to  the
  Company.

  Interest on the bank  facility is 1.25% over  prime with a maturity  of
  June 30, 2001 on the revolving credit facility.  The amount borrowed on
  the revolving  credit  facility was  approximately  $2.45   million  on
  September 30,  1999.   The Company  paid in  full a  $4.0 million  bank
  Bridge Loan on July 28, 1998 from the sale of HMC and the major portion
  of its machinery and  equipment at its  assembly facility in  Hamilton,
  Ohio.  The secured loans from Paul I. Stevens are due June 30, 2001 and
  bear interest at rates that vary up to 2% over bank prime.

  The borrowings under the  bank credit facility  are subject to  various
  restrictive  covenants  related   to  financial  ratios   as  well   as
  limitations on capital expenditures  and additional indebtedness.   The
  Company is not allowed to pay dividends.

  The Company was unable to pay certain pension plan minimum payments due
  on September 15, 1999.   Accordingly, the  Company filed the  necessary
  forms  with  the  Pension  Benefit  Guaranty  Corporation  to  initiate
  distress terminations  of the  Company's  two defined  benefit  pension
  plans (see Part II - Legal Proceedings herein).

  Assuming  that  one  of   several  strategic  financial   alternatives,
  principally the  return of  normalized order  flow rates,  the  private
  placement of an equity  investment in the  Company, and the  additional
  sale of assets, among others presently being pursued by the Company  is
  consummated, management believes that cash flow from operations will be
  adequate  to  fund   its  existing  operations   and  repay   scheduled
  indebtedness over the next 12 months.
<PAGE>
  In addition,  the Company  may incur,  from  time to  time,  additional
  short- and  long-term  bank  indebtedness (under  its  existing  credit
  facility  or  otherwise)   and  may   issue,  in   public  or   private
  transactions, its  equity and  debt  securities to  provide  additional
  funds necessary for the continued pursuit of the Company's  operational
  strategies.   The  availability  and  terms  of  any  such  sources  of
  financing will depend on market and other conditions.  There can be  no
  assurance that  such  additional financing  will  be available  or,  if
  available,  will be  on terms and conditions acceptable to the Company.
  Through September 30, 1999, the Company's Chairman and Chief  Executive
  Officer has loaned  the Company $2.4  million for  its short-term  cash
  requirements and  $2.95 million  on a  long-term basis.   There  is  no
  continuing agreement  by  Paul  I.  Stevens  to  fund  short-term  cash
  requirements of the  Company; and there  can be no  assurance that  any
  additional loans will be available, or  if available, will be on  terms
  and conditions acceptable to  the Company.  As  of September 30,  1999,
  these amounts have not  been repaid, and no  interest has been paid  to
  Paul I. Stevens.

  The success of the Company's plans will continue to be impacted by  its
  ability to achieve a satisfactory level of orders for printing systems,
  timely deliveries, the degree of international orders (which  generally
  have less favorable cash flow terms and require letters of credit  that
  reduce  credit  availability),  and improved terms  of domestic orders.
  While the Company believes it is making progress in these areas,  there
  can be  no assurance  that  the Company  will  be successful  in  these
  endeavors.

  Backlog and  Orders    The Company's  backlog  of  unfilled  orders  at
  September 30,  1999 was  approximately $4.9  million compared  to  $2.5
  million at December  31, 1998 .   The backlog  of packaging systems  at
  September 30, 1999 increased $2.1 million as compared to year-end 1998,
  as well as small increases in  the Company's other product lines.   The
  backlog at September 30 in each of the preceding five years has  ranged
  from a low of $4.2 million in 1998 to a high of $57.1 million in 1995.

  Orders for the nine months ended September 30, 1999 were $10.7  million
  compared to $7.3 million for the comparable period in 1998, an increase
  of $3.4  million  while  shipments decreased  $5.1  million,  excluding
  Zerand in 1998.  The Company  believes the above noted increased  order
  flow is the result  of fluctuations in the  flow of major printing  and
  packaging system orders.

  When  sales  are  recorded  under  the  completed  contract  method  of
  accounting, the Company normally  experiences a six  to nine month  lag
  between the time new orders are booked and the time they are  reflected
  in sales and results of operations.  Larger orders, which are accounted
  for using  the  percentage  of completion  method  of  accounting,  are
  reflected in sales and results of operations as the project  progresses
  through the manufacturing cycle.

<PAGE>
  PART II  OTHER INFORMATION

  Item 1.  Legal Proceedings

  The Company is subject to  various claims, including product  liability
  claims, which arise in the ordinary course of business, and is a  party
  to  various  legal   proceedings  that   constitute  ordinary   routine
  litigation incidental to the Company's business.   No assurance can  be
  given regarding the outcome of any case; however a negative outcome  in
  excess of insurance coverage  could have a  material adverse effect  on
  the Company's business, operating results and financial condition.

  On September 15, 1999  the Company filed the  necessary forms with  the
  Pension  Benefit  Guaranty  Corporation  (PBGC)  to  initiate  distress
  terminations of the Company's two defined  benefit pension plans.   The
  PBGC is a federal agency that insures and protects pension benefits  in
  certain pension  plans  when the  sponsoring  company cannot  make  the
  required contributions  to fund  projected benefit  obligations of  the
  plans.

  The Company's  low  volume of  printing  press sales  has  resulted  in
  extensive lay-offs,  plant  closings  and sales  of  certain  operating
  divisions over the past three years.  The reduction in employment  has,
  in turn,  created a  higher than  normal  demand for  pension  benefits
  necessitating the Company's decision  to file for distress  termination
  of the plans.  The filings will begin a series of negotiations with the
  PBGC regarding funding of the pension benefits of employees.  The  PBGC
  has the right to  file a lien on  Company assets up to  30% of the  net
  assets of the Company.

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

  None.
<PAGE>
  Item 6.  Exhibits and Reports on Form 8-K

      (a)  Exhibits:

     Exhibit   Number Description of Exhibit
     -------   -----------------------------
       3.1     Second Amended and Restated Certificate of
               Incorporation of the Company.(1)
       3.2     Bylaws of the Company, as amended.(2)
       4.1     Specimen of Series A Common Stock Certificate.(3)
       4.2     Specimen of Series B Common Stock Certificate.(4)
       10.1    Asset Contract to Purchase Real Estate dated February
               8, 1999 by and between
               the Company and Production Manufacturing, Inc. (5)
       11.1    Computation of Net Income per Common Share.(*)
       27.1    Financial Data Schedule.(*)


    *Filed herewith.
  (1) Previously filed as an  exhibit to the  Company's Annual Report  on
      Form  10-K for the year ended  December 31,  1990 and  incorporated
      herein by reference.
  (2) Previously filed  as  an  exhibit  to  the  Company's  Registration
      Statement  on Form S-1 (No.  33-15279) and  incorporated herein  by
      reference.
  (3) Previously  filed as  an  exhibit  to  the  Company's  Registration
      Statement  on Form S-1 (No.  33-24486) and  incorporated herein  by
      reference.
  (4) Previously filed as an exhibit to the Company's report on Form  8-A
      filed August 19, 1988 and incorporated herein by reference.
  (5) Previously  filed as an exhibit to the  Company's Annual Report  on
      Form  10-K for  the year ended December 31,  1998 and  incorporated
      herein by reference.


 (b) Reports on Form 8-K.
     The Registrant filed  a Current Report on Form 8-K  dated August
     2,  1999 to report  the denial  of the  Company's appeal on  the
     delisting  of its Series A  and Series B  common stock from  the
     American  Stock Exchange  under  Item 5.    Other Events.    The
     Company believes that a continuing market  for the securities of
     the  Company has  developed  over the  counter.   The  over  the
     counter  trading symbols for the  securities of the Company  are
     "SVEIA" for Series A shares and "SVEIB" for Series B shares.

<PAGE>
                             SIGNATURES


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


                                     STEVENS INTERNATIONAL, INC.




  Date: November 11, 1999            By: /s/  Paul I. Stevens
                                     Paul I. Stevens
                                     Chief Executive Officer
                                     and Acting Chief Financial Officer