U.S. Securities and Exchange Commission
                         Washington, D.C. 20549

                              Form 10-QSB

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

              For The Fiscal Quarter Ended March 31, 2003
                                   Or

[   ] TRANSITION REPORT UNDER SECTION 13 0R 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

        For the transition period from __________ to ___________


                     Commission file number:  0-28811


                      LUDLUM CONSTRUCTION CO., INC.
   (Exact Name of Small Business Issuer as specified in its charter)


           FLORIDA                            59-1413673
 (State or other jurisdiction of  (I.R.S. Employer Identification No.)
 incorporation or organization)


      10 S.E. Central Parkway, Ste. 225
             Stuart, Florida                          34994
  (Address of principal executive offices)         (Zip Code)

                            (772) 283 -4490
                        Issuer's telephone Number

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 [ ]

Number of shares outstanding of each of the issuer's classes of
common equity:

As of March 31, 2003, the Company had a total of 3,711,000 shares
of Class B Common Stock, par value $.01 per share (the "Common
Stock"), outstanding and had no shares of Class A Common Stock
outstanding.

Transitional Small Business Disclosure Format:  Yes [ ]   No [X]


                INDEX


PART I

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

PART II


Item 2. Changes in Securities
Item 6. Exhibits and Reports on Form 8-K

SIGNATURES


PART I

ITEM 1.  FINANCIAL STATEMENTS

There was no financial activity either from collection or
disbursals for the year 2002 and 2003, with the exception of
some activity in the forth quarter of 2003.

Therefore, the four quarters of 2002 and the three quarter
filings in 2003, there are no audited financials, and the
Trustee has been unable to find someone who would audit the
financials available, which has been compared to auditing
the unknown

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

INTRODUCTION STATEMENT

The Private Securities Litigation Reform Act provides a "safe harbor"
for forward-looking statements. Certain statements included in this
form 10-QSB are forward-looking statements and are based on the
Company's current expectations and are subject to a number of
risks and uncertainties that could cause actual results to differ
significantly from results expressed or implied in any forward-looking
statement made by or on behalf of the Company. The Company assumes
no obligation to update any forward-looking statements contained
herein or made from time to time by or on behalf of the Company.

Due to the company being dormant from the year 2000 until 2004, and
the limited amount of records available, the statements that are
presented are based on the statement of the previous 10KSB of 1999
and the last filing by the company of June 30, 2000.  Based on the
information we have from the limited activity and the creditors,
there were no major changes in the first quarter ending March 31,
2003.

Therefore, we have made assumptions based on the previous filing
that resulted in primarily the figures that we show.

RESULTS OF OPERATIONS

Ludlum Construction Co., Inc., a Florida corporation (the "Company"),
was founded and incorporated in 1976 by Noah Ludlum. The Company is a
dredging and land excavating contractor that provides dredging
services for navigable waterways, lake construction and marinas.
It also provides excavation and development relating to construction
of golf courses and land subdivisions. It is based in Martin County,
Florida.

In April 1998, the Company implemented its expansion plan that
included restructuring of its management. Noah Ludlum resigned
as president, turning management over to James Schwarz, who has
been employed by the Company since its inception. In March, 1998,
the Company conducted a private offering under Rule 504 Of Regulation
D of the Securities Exchange Act of 1934. On September 18, 1998 the
Company was approved by the National Association of Securities
Dealers (NASD) for listing on the OTC Bulletin Board with the
symbol LDLMB.

In fiscal year 2000, the Company experienced cost overruns on two
jobs.  Excessive costs, difficulty in dredging at the St. Lucie
County Landfill, and significant underbidding of the job caused a
loss of approximately $240,000 to be recorded on the St. Lucie
County Landfill job. The St. Lucie County Landfill job was finished
in September 1999 with an additional loss of approximately $240,000.
Ambiguities and disputes in the Andros Isle contract as to the amount
of fill removed caused the Company to write off $150,000.00 from that
project. Working with their accountants, the new management has
refined the bidding process to get a true cost-of-job estimate.

Because it was not awarded several key contracts on which it had
bid, the Issuer was unable to continue funding its day to day
operations and its debt service requirements. On September 11,
2001, the Issuer was forced to cease all its operations because
a group of secured creditors filed suit to repossess the heavy
equipment on which it had a lien. The Issuer's management tried
unsuccessfully to arrange bank financing in the amount of $1,200,000
to refinance the company. It's few remaining accounts receivable
became uncollectable and were written off. Negotiations with the
Issuer's lenders continued in an attempt to reach an agreement,
but to no avail.

From June 30, 2000 to the end of the fourth quarter of 2003, the
Issuer was a dormant company with no operations, no income and no
expenses. It did however maintain its OTC Bulletin Board listing.

ITEM 10. LEGAL PROCEEDINGS

On the advice of its attorneys, on April 1, 2000 the Company settled
the lawsuit filed by Nelson Bunker Hunt Trust Estate and Edward L.
Stephenson vs. Ludlum Construction Co., Inc., et al., Case No.
99-10542AG filed in the 15th Judicial Circuit in Palm Beach County,
Florida. The Company agreed to execute a new secured promissory
note for $450,000.00 payable at $8,000.00 per year at no interest.
All other claims against the Company and its officers were dismissed.

The Company also settled its claim against the Company's former
president, Noah Ludlum. The settlement required Ludlum to waive
any rights or money due him by the Company under a promissory
note with a balance of $232,000.00 that was payable at $8,000.00
per month. He also agreed to take over debt of the dredge "The
Florida Chief" in the approximate amount of $327,000.00. In
exchange for a General Release by the Company, Ludlum received
some miscellaneous  equipment, his former company truck plus
any proceeds from the eventual sale of the dredge "TheFlorida
Chief".

 On May 2, 2000, Ellicott Machine Corporation International filed
suit against the Company in Baltimore, Maryland, Case No.
24-C-00-001859 for breach of a lease of a dredge in the
amount of $63,549.20 plus interest, costs and attorney fees.
In October, 2000, the case was settled for the sum of $18,000.00.

On June 5, 2000, Dredge America, Inc. filed suite against the
Company in the 19th Judicial Circuit Martin County, Florida,
Case No. 00-399-CA, alleging breach of a lease agreement for
dredge pipe with a claim for damages of approximately $50,000.00.
The Company has filed a countersuit for fraud and breach of lease
agreement and has made a claim for damages in excess of $100,000.00.
The case is currently pending with a trial date expected sometime
in 2001.

PART II

ITEM 2.  CHANGES IN SECURITIES

During the first fiscal quarter of 2003, no new shares of common
stock were issued.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits.

                  1.       None

         (b)      Reports on Form 8-K.

                  1.       None.

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.

                                 LUDLUM CONSTRUCTION CO., INC.

Dated: December 20, 2004         By: /s/ FLOYD D. WILKENSON
                                 ----------------------------
                                 Floyd D. Wilkenson
                                 Authorized Agent/Sole Director
                                 Appointed by Board of Directors
                                 on March 19, 2004