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                                                                       CONFORMED



                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    FORM 10-Q


                    QUARTERLY REPORT UNDER SECTION 13 OF THE

                         SECURITIES EXCHANGE ACT of 1934


For Quarter ended April 30, 2001

Commission file number: 0-6056


                           Michigan Rivet Corporation
             ------------------------------------------------------
             (exact name of registrant as specified in its charter)


        Michigan                                       38-1887153
------------------------                  ------------------------------------
(State of Incorporation)                  (I.R.S. Employer Identification No.)


                      13201 Stephens Road; Warren, MI 48089
                    ----------------------------------------
                    (Address of Principal Executive Offices)

Registrant's telephone number, including area code:  (810) 754-5100
                                                     --------------


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
                                 ------     ------


There were 641,375 outstanding shares of the registrant's common stock, $1.00
par value, as of April 30, 2001, close of the period covered by this report.


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MICHIGAN RIVET CORPORATION

NOTE TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the interim periods are not necessarily
indicative of the results that may be expected for the year. For further
information, refer to the consolidated financial statements and footnotes
thereto included in the Company's Annual Report on Form 10-K for the year ended
October 31, 2000.


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PART I.  FINANCIAL INFORMATION                                        FORM 10-Q

ITEM 1.  FINANCIAL STATEMENTS

MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

<TABLE>
<CAPTION>

                                     ASSETS
                                                                      April 30,        October 31,
                                                                        2001              2000
                                                                     -----------       -----------

<S>                                                                 <C>                <C>
Current Assets:
  Cash ......................................................       $   287,977        $    18,950
  Accounts receivable, less allowance of $50,000 ............         5,151,789          6,523,119

Inventories:
  Finished products .........................................           956,218          1,848,188
  In process ................................................         3,073,954          3,541,984
  Raw materials .............................................           399,337            340,337
                                                                    -----------        -----------
Total inventories ...........................................         4,429,509          5,730,509

  Deferred federal income taxes .............................           760,000            760,000
  Prepaid expenses and other current assets .................           158,950            201,460
                                                                    -----------        -----------
                       TOTAL CURRENT ASSETS .................        10,788,225         13,234,038

Other Assets ................................................           846,434            846,434

Property, Plant and Equipment ...............................        31,178,319         30,573,715
  Less accumulated depreciation .............................        18,002,749         17,249,749
                                                                    -----------        -----------
                                                                     13,175,570         13,323,966
                                                                    -----------        -----------
                                                                    $24,810,229        $27,404,438
                                                                    ===========        ===========

              LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
  Notes payable to bank .....................................       $         0        $   585,000
  Accounts payable ..........................................         3,958,987          4,569,482
  Payroll and employee benefits .............................           539,954          1,061,905
  Other accrued expenses ....................................            95,591            341,453
  Current maturities of long-term debt ......................           315,771            315,771
                                                                    -----------        -----------
                       TOTAL CURRENT LIABILITIES                      4,910,303          6,873,611

Long-Term Debt ..............................................         1,308,998          1,466,206

Accrued Retiree Health Liability ............................         4,182,294          4,071,957

Shareholders' Equity
  Common stock - $1 par value
         Authorized - 1,000,000 shares
         Outstanding - 641,375 shares .......................           641,375            641,375
  Other capital .............................................           174,488            174,488
  Retained earnings .........................................        13,592,771         14,176,801
                                                                    -----------        -----------
                                                                     14,408,634         14,992,664
                                                                    -----------        -----------
                                                                    $24,810,229        $27,404,438
                                                                    ===========        ===========
</TABLE>


See notes to condensed consolidated financial statements.

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                                                                       FORM 10-Q

MICHIGAN RIVET CORPORATION


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (UNAUDITED)

<TABLE>
<CAPTION>



                                         Three Months Ended                    Six Months Ended
                                              April 30                             April 30
                                      --------------------------         -----------------------------
                                           2001          2000                2001            2000
                                      -------------   ----------         -------------   -------------

<S>                                  <C>           <C>                  <C>             <C>
Net sales ...................         $ 9,079,161   $ 11,716,646         $ 16,737,456    $ 22,043,830

Cost and expenses:
  Cost of products sold .....           8,257,146      9,924,527           15,787,204      18,797,399
  Selling, administrative
      and general expenses...             723,325        687,445            1,505,201       1.461,251
  Interest expense ..........              45,185         78,691               97,151         132,032
                                      -----------   ------------         ------------    ------------
                                        9,025,656     10,690,663           17,389,556      20,390,682
                                      -----------   ------------         ------------    ------------
      Income before
        income taxes ........              53,505      1,025,983             (652,100)      1,653,148

Income taxes ................              18,000        349,000             (222,000)        562,000
                                      -----------   ------------         ------------    ------------
      Net Income ............         $    35,505   $    676,983         $   (430,100)   $  1,091,148
                                      ===========   ============         ============    ============

Net Income per share ........            $    .06       $   1.06             $   (.67)       $   1.71
                                         ========       ========             ========        ========

Dividends per share .........            $      0       $    .12             $    .24        $    .36
                                         ========       ========             ========        ========
</TABLE>



See notes to condensed consolidated financial statements.




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                                                                       FORM 10-Q

MICHIGAN RIVET CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF
      CASH FLOWS (UNAUDITED)


<TABLE>
<CAPTION>


                                                                         Six Months Ended
                                                                             April 30
                                                                 -------------------------------

                                                                       2001             2000
                                                                 -------------      ------------

<S>                                                              <C>                <C>
OPERATING ACTIVITIES
  Net income (loss) ....................................         $  (430,100)       $ 1,091,148
  Adjustments to reconcile net income to net cash
    used in operating activities:
         Depreciation ..................................             753,000            695,000
         Accrued retiree health liability ..............             110,337             79,349
         Cash provided from (used in) changes in
           operating assets and liabilities:
             Accounts receivable .......................           1,371,330           (843,495)
             Inventories ...............................           1,301,000            504,000
             Prepaid expenses and other current assets..              42,510            (41,777)
             Accounts payable & other accrued expenses..          (1,378,308)          (618,966)
                                                                 -----------        -----------
                  NET CASH PROVIDED BY
                   OPERATING ACTIVITIES ................           1,769,769            865,259

INVESTING ACTIVITIES
  Acquisition of property, plant and equipment .........            (604,604)        (2,181,623)

FINANCING ACTIVITIES
  Net increase (decrease) in short-term debt ...........            (585,000)         1,914,289
  Payments on long-term debt ...........................            (157,208)          (111,975)
  Dividends paid .......................................            (153,930)          (229,868)
                                                                 -----------        -----------
                  NET CASH PROVIDED BY (USED IN)
                   FINANCING ACTIVITIES ................            (896,138)         1,572,446
                                                                 -----------        -----------
                  INCREASE IN CASH .....................             269,027            256,082

Cash at beginning of period ............................              18,950             99,220
                                                                 -----------        -----------
                  CASH AT END OF PERIOD ................         $   287,977        $   355,302
                                                                 ===========        ===========
</TABLE>


See notes to condensed consolidated financial statements.






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


MICHIGAN RIVET CORPORATION


Results of Operations

Net sales in the quarter ended April 30, 2001 of $9,079,000 decreased
$2,637,000, or 22.5% from the sales reported in the comparable period a year
ago. The decrease in sales resulted from lower orders and price concessions to
our customers. The net profit for the quarter ended April 30, 2001 was $36,000
vs. a net profit of $677,000 in the comparable period a year ago.

The cost of sales percentage was 90.9% for the current fiscal year quarter vs.
84.7% in the comparable period a year ago. This increase was due to volume
related lower absorption of fixed costs, higher hourly rates/benefits, medical
expenses and utilities.

Selling, general and administrative expenses were 8.0% of sales for this period
and 5.9% for the previous year comparable period. This was due to lower
provision for employee bonus plans and normal Single Business Tax provision. The
prior period had a Single Business Tax refund.

Interest expense decreased $34,000 due primarily to lower borrowing base and
interest rates. The interest rate paid by the Company to Comerica Bank is tied
to the prevailing prime rate.

For the first six months of 2001, net sales of $16,737,000 were 24.1% lower than
the same period in 2000, due primarily to lower release schedules from our
customers and price reductions. The net loss for the first six months of 2001
was $(430,000) vs. a net profit of $1,091,000 in the comparable period a year
ago. The cost of sales was 94.3% as compared to 85.3% for the prior year. This
was primarily due to higher cost of medical insurance, utilities and lower
absorption of fixed costs because of the lower volume.

Ford Motor Company notified Michigan Rivet Corporation in May, 2001 that due to
continued supplier consolidation and the Plant Provider program the Petoskey
Plant business with Ford direct would be resourced within twelve months. The
current Ford sales of $6.5 million annually represents 35 to 40% of the volume
at the Petoskey Plant. Plans have been made to reduce the Petoskey operation
while we continue attempts to replace all or a portion of the lost work to Ford.
The down side of the projection is a planned break-even level near term.










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Financial Condition

Liquidity and Capital Resources


The Company has short-term credit lines aggregating $5,000,000. At April 30,
2001, $0 was outstanding. Our cash increased $269,000 from the beginning of the
Fiscal Year 2001. Our cash flow from operating activities was $1,770,000 in
Fiscal Year 2001, due primarily to reductions in inventories and non-cash
expenses for depreciation and accrued health liability offset by the net
operating loss. We used cash of $605,000 to acquire equipment. We used cash of
$742,000 to pay down short and long-term bank debt. We used cash of $154,000 to
pay dividends to shareholders. The Company anticipates that funds provided by
operations together with funds available under its credit lines will be
sufficient to meet the Company's liquidity needs for the remainder of fiscal
year 2001.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK SENSITIVE
        INSTRUMENTS

At the end of the quarter covered by this report, the Company had no material
exposure to market risks from instruments related to currency, interest rates or
otherwise.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

On April 27, 2001, the Company held its annual meeting of stockholders.
Stockholders of the Company voted in favor of the election of Clark V. Stevens,
William B. Stade, Charles E. Blank, William P. Lianos, Anthony W. Livorine,
Kermit L. Knuppenburg, Anthony J. Caputo, Gen. Earl T. O'Loughlin and Howard W.
Burdett to the Company's Board of Directors. In the election of Mr. Lianos,
616,430 total votes were cast in favor and 153 votes were cast against or
withheld. In addition, there were 24,792 abstentions and 0 broker non-voters. In
the election of Mr. Stade and Mr. Knuppenburg, 616,443 total votes were cast in
favor and 140 votes were cast against or withheld for each nominee. In addition,
there were 24,792 abstentions and 0 broker non-voters for each nominee. In the
election of Mr. Caputo, 616,220 total votes were cast in favor and 363 votes
were cast against or withheld. In addition, there were 24.792 abstentions and 0
broker non-voters. In the election of Mr. Stevens and Mr. Livorine, 616,333
total votes were cast in favor and 250 votes were cast against or withheld for
each nominee. In addition, there were 24,792 abstentions and 0 broker non-
voters for each nominee. In the election of Gen. O'Loughlin and Mr. Blank,
616,330 total votes were cast in favor and 253 votes were cast against or
withheld. In addition, there were 24,792 abstentions and 0 broker non-voters. In
the election of Mr. Burdett, 616,330 total votes were cast in favor and 263
votes were cast against or withheld. In addition, there were 24,792 abstentions
and 0 broker non-votes.








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PART II.  OTHER INFORMATION


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K


No reports on Form 8-K were filed during the quarter ended April 30, 2001.



                                   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, hereunto, duly authorized.


Michigan Rivet Corporation




By /s/ William P. Lianos
  --------------------------------
   William P. Lianos

President and Treasurer
   (Principal Financial & Accounting Officer)


Date   5-30-01
      ---------




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