U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

           (Mark One)

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

           FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2003

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

           FOR THE TRANSITION PERIOD FROM ___________ TO ___________

                           Commission File No. 0-26682


                      TECHNOLOGY FLAVORS & FRAGRANCES, INC.
                 (Name of Small Business Issuer in its Charter)


         Delaware                                         11-3199437
-------------------------------                --------------------------------
(State or other Jurisdiction of                (IRS Employer Identification No.)
 Incorporation or Organization)

                10 Edison Street East, Amityville, New York 11701
                    (Address of Principal Executive Offices)

                                 (631) 842-7600
                (Issuer's Telephone Number, Including Area Code)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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

                      APPLICABLE ONLY TO CORPORATE ISSUERS

The number of outstanding shares of the issuer's common stock, par value $.01
per share, as of April 24, 2003, was 12,793,773.

Transitional Small Business Disclosure Format (check one):

                                    YES         NO  X
                                       ----        ---



<PAGE>
<TABLE>
<CAPTION>



                      TECHNOLOGY FLAVORS & FRAGRANCES, INC.

                              INDEX TO FORM 10-QSB

                                 March 31, 2003


PART I - FINANCIAL INFORMATION                                                                                     PAGE
                                                                                                                   ----

       Item 1 - Financial Statements (Unaudited)
                   <S>                                                                                              <C>
                     Consolidated Balance Sheets at March 31, 2003
                     and December 31, 2002............................................................               1

                     Consolidated Statements of Operations
                     for the Three Months Ended March 31, 2003
                     and March 31, 2002...............................................................               2

                     Consolidated Statements of Cash Flows
                     for the Three Months Ended March 31, 2003
                     and March 31, 2002...............................................................               3

                     Notes to Consolidated Financial Statements.......................................               4

       Item 2 - Management's Discussion and Analysis of
                     Financial Condition and Results of Operations ...................................               6

       Item 3 - Controls and Procedures ..............................................................               8

PART II - OTHER INFORMATION...........................................................................               8

SIGNATURES............................................................................................               9

CERTIFICATIONS .......................................................................................              10
</TABLE>


                                                                  -i-


<PAGE>
                                     PART I
                          ITEM 1 - FINANCIAL STATEMENTS

                      TECHNOLOGY FLAVORS & FRAGRANCES, INC.
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                             At
                                                          March 31,           At
                                                           2003          December 31,
                                                        (unaudited)         2002
                                                       --------------  ----------------
                   ASSETS
Current assets:
<S>                                                          <C>               <C>
    Cash and cash equivalents                                $45,713           $99,233
    Cash held in escrow                                      187,074           187,074
    Receivables, net                                       3,282,647         2,972,183
    Inventories                                            3,352,580         3,408,973
    Prepaid expenses and other current assets                255,832           192,455
                                                       --------------  ----------------

       Total current assets                                7,123,846         6,859,918

Fixed assets, net                                          2,248,466         2,216,148
Intangible assets, net                                       405,387           445,925
Other assets                                                 455,650           458,608
Notes receivable from related parties                         53,047            77,520
                                                       --------------  ----------------

       Total assets                                      $10,286,396       $10,058,119
                                                       ==============  ================

                 LIABILITIES

Current liabilities:
    Accounts payable                                      $1,563,337        $1,784,317
    Accrued expenses                                         432,588           464,417
    Revolving credit facility                              1,556,858           973,338
    Current portion of long-term debt                         80,000            80,000
    Current portion of capital lease obligations              68,879            68,879
                                                       --------------  ----------------

       Total current liabilities                           3,701,662         3,370,951

Long-term debt, less current portion                       2,050,000         2,050,000
Capital lease obligations, less current portion              128,778           143,835
                                                       --------------  ----------------
                                                           5,880,440         5,564,786
Commitments

                 STOCKHOLDERS' EQUITY

Common stock:

    $ .01 par value, authorized 20,000,000 shares,
     issued 13,004,473 shares                                130,045           130,045
Paid-in capital                                           10,365,272        10,365,272
Accumulated deficit                                       (5,785,824)       (5,693,617)
Treasury stock at cost - 210,700 shares                     (205,097)         (205,097)
Accumulated comprehensive loss - foreign currency
 translation                                                 (98,440)         (103,270)
                                                       --------------  ----------------

       Total stockholders' equity                          4,405,956         4,493,333
                                                       --------------  ----------------

       Total liabilities and stockholders' equity        $10,286,396       $10,058,119
                                                       ==============  ================
</TABLE>



Note:   The balance sheet at December 31, 2002 has been derived from the
        audited financial statements at that date but  does not include all
        of the information and footnotes required by generally accepted
        accounting principles for  complete financial statements.


                             See accompanying notes.

<PAGE>


                      TECHNOLOGY FLAVORS & FRAGRANCES, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                     For the three months ended
                                                             March  31,
                                                ------------------------------------
                                                     2003                 2002
                                                ---------------      ---------------

<S>                                                 <C>                  <C>
 Net sales                                          $3,815,571           $4,211,477
 Cost of sales                                       2,225,380            2,295,609
                                                ---------------      ---------------
  Gross profit                                       1,590,191            1,915,868
                                                ---------------      ---------------

 Operating expenses:
  Selling                                              742,458              640,895
  General and administrative                           449,103              465,418
  Research and development                             390,278              364,577
  Amortization                                          49,113               48,967
                                                ---------------      ---------------
     Total operating expenses                        1,630,952            1,519,857
                                                ---------------      ---------------

 (Loss) income from operations                         (40,761)             396,011
 Interest expense, net                                 (41,709)             (25,546)
                                                ---------------      ---------------

 (Loss) income before provision for income taxes       (82,470)             370,465
 Provision for income taxes                             (9,737)             (17,582)
                                                ---------------      ---------------

 Net (loss) income                                    $(92,207)            $352,883
                                                ===============      ===============

 Net (loss) income per common share - basic and
  diluted                                                $(.01)                $.03
                                                ===============      ===============

 Weighted average common shares outstanding:
  Basic                                             12,793,773           13,004,473
                                                ===============      ===============
  Diluted                                           12,793,773           13,143,442
                                                ===============      ===============

</TABLE>
                             See accompanying notes.

<PAGE>


                      TECHNOLOGY FLAVORS & FRAGRANCES, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                         For the three months ended March 31,
                                                       ---------------------------------------
                                                             2003                  2002
                                                       ------------------    -----------------

Cash flows from operating activities:
<S>                                                             <C>                  <C>
    Net (loss) income                                           $(92,207)            $352,883
    Adjustments to reconcile net income to net cash
     provided by (used in) operating activities:
      Depreciation and amortization                              120,948              117,206
      Stock option grant for consulting services                       -                7,500
      Provision for bad debts                                          -               20,000
      Deferred rent                                                    -              (65,487)
      Changes in assets and
       liabilities:
       Accounts receivable                                      (310,464)            (571,181)
       Inventories                                                56,393              107,070
       Prepaid expenses and other current assets                 (63,377)             (19,215)
       Other assets                                               (5,616)            (287,854)
       Accounts payable                                         (220,980)            (127,170)
       Accrued expenses                                          (31,829)            (155,806)
                                                       ------------------    -----------------
          Net cash used in operating activities                 (547,132)            (622,054)
                                                       ------------------    -----------------

Cash flows from investing activities:
    Purchase of fixed assets                                    (104,154)          (1,518,146)
    Notes receivable                                              24,473                    -
                                                       ------------------    -----------------

      Net cash used in investing activities                      (79,681)          (1,518,146)
                                                       ------------------    -----------------

Cash flows from financing activities:
    Proceeds from issuance of long-term debt                           -            2,200,000
    Proceeds from revolving credit facility                    4,090,000            3,825,000
    Repayment of revolving credit facility                    (3,506,480)          (3,610,496)
    Repayment of capital leases                                  (15,057)             (11,213)
                                                       ------------------    -----------------

      Net cash provided by financing activities                  568,463            2,403,291
                                                       ------------------    -----------------

Effect of exchange rate changes on cash                            4,830               (5,934)
                                                       ------------------    -----------------

(Decrease) increase in cash and cash equivalents                 (53,520)             257,157

Cash and cash equivalents - beginning of period                   99,233              260,010
                                                       ------------------    -----------------

Cash and cash equivalents - end of period                        $45,713             $517,167
                                                       ==================    =================

</TABLE>

                             See accompanying notes.

<PAGE>







                      TECHNOLOGY FLAVORS & FRAGRANCES, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2003

1.   BASIS OF PRESENTATION
     ---------------------

     Technology Flavors & Fragrances, Inc. (the "company," "us," "we" or "our")
creates, develops and manufactures flavor and fragrance products used to provide
or enhance flavors or fragrances in a wide variety of consumer and industrial
products.

     The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB. 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 our management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three month period ended March 31, 2003 are not necessarily
indicative of the results that may be expected for the full year ending December
31, 2003. These unaudited consolidated financial statements should be read in
conjunction with the consolidated financial statements and footnotes thereto
included in our Annual Report on Form 10-KSB for the year ended December 31,
2002 and our consolidated audited financial statements and footnotes contained
therein.

2.   INVENTORIES
     -----------
          Components of inventories are summarized as follows:

                                        March 31, 2003      December 31, 2002
                                        --------------      -----------------

           Raw Materials                    $1,913,470             $1,946,271
           Finished Goods                    1,439,110              1,462,702
                                        --------------      -----------------
                                            $ 3,352,580            $3,408,973
                                        ==============      =================

3.   EARNINGS PER SHARE
     ------------------

     Basic net (loss) income per share is calculated using the weighted average
number of shares of our common stock outstanding during the period. Diluted net
(loss) income per share for the three month periods ended March 31, 2003 and
2002 was calculated using the weighted average common stock and common stock
equivalents that were outstanding during the period. The effect of common stock
equivalents for the three month period ended March 31, 2002 (138,979 shares) was
not material and for the three month period ended March 31, 2003 was
anti-dilutive and, thus, diluted net (loss) income per share for both periods is
the same as basic earnings per share.


<PAGE>

4.   STOCK-BASED COMPENSATION PLANS
     ------------------------------

     We account for our stock option awards to employees under the intrinsic
value based method of accounting prescribed by Accounting Principles Board
Opinion No. 25, "Accounting for Stock Issued to Employees." Under the intrinsic
value based method, compensation cost is the excess, if any, of the quoted
market price of the stock at grant date or other measurement date over the
amount an employee must pay to acquire the stock. We make pro forma disclosures
of net income and earnings per share as if the fair value based method of
accounting had been applied as required by Statement of Financial Accounting
Standards No. 123 ("SFAS 123"), "Accounting for Stock-Based Compensation" and
SFAS No. 148, "Accounting for Stock-Based Compensation - Transition and
Disclosure." We have never granted options below market price on the date of
grant.

<TABLE>
<CAPTION>

                                                                Three months ended March 31,
                                                             ----------------------------------

                                                                  2003                   2002
                                                                 -----                   ----

<S>                                                        <C>                   <C>
        Net (loss) income, as reported                     $   (92,207)          $     352,883
        Deduct: Total stock-based employee compensation
        expense determined under fair value method used        (64,835)                (40,625)
                                                          --------------        --------------
        Pro forma net (loss) income                        $  (157,042)          $     312,258
                                                          ==============        ==============

        Earnings (loss) per share:
          Basic and diluted- as reported                   $     (0.01)          $        0.03
                                                          ==============        ==============


          Basic and diluted- pro forma                     $     (0.01)          $        0.02
                                                          ==============        ==============

</TABLE>




<PAGE>




ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

Results of Operations

           The following information for the three month periods ended March 31,
2003 and March 31, 2002 has been derived from our unaudited consolidated
financial statements and should be read in conjunction with our Annual Report on
Form 10-KSB for the year ended December 31, 2002 and the consolidated audited
financial statements included therein.


                                       Three months ended March 31,
                                   -----------------------------------
                                        2003               2002
                                   ----------------   ----------------
                                          (amounts in thousands)

Net sales                            $3,816  100.0%     $4,211  100.0%
Gross profit                          1,590   41.7       1,916   45.5
Operating expenses:
  Selling                               743   19.5         641   15.2
  General and administrative            449   11.8         465   11.0
  Research and development              390   10.2         365    8.7
  Amortization                           49    1.3          49    1.2
(Loss) income from operations           (41)   1.1         396    9.4
Interest expense, net                    42    1.1          26    0.6
Provision for income taxes                9    0.2          17    0.4
Net (loss) income                       (92)   2.4         353    8.4


Net sales. Net sales for the three months ended March 31, 2003 decreased by
$395,000, or 9.4%, to $3,816,000 as compared to net sales of $4,211,000 for the
three months ended March 31, 2002 due principally to a slowdown in customer
orders caused by the political and economic uncertainties in the US and delays
in new product launches by our customers.

Gross profit. Gross profit, as a percentage of sales, decreased 3.8% to 41.7% on
net sales of $3,816,000 for the three months ended March 31, 2003 from 45.5% on
net sales of $4,211,000 for the same period last year due principally to a
higher concentration of high gross margin new flavor products launched in 2002
and lower sales volume in 2003.

Operating expenses:

     Selling expenses. Selling expenses increased by $102,000, or 15.9%, to
$743,000 for the three months ended March 31, 2003 from $641,000 for the same
period last year due principally to the hiring of an additional sales person and
increased advertising costs.

<PAGE>

     General and administrative expenses. General and administrative expenses of
$449,000 for the three months ended March 31, 2003 were comparable to the
expenses incurred for the prior year's period of $465,000.

     Research and development expenses. Research and development expenses
increased by $25,000, or 6.9%, to $390,000 for the three months ended March 31,
2003 from $365,000 for the same period last year due principally to increases in
outside contract services.

     Amortization expense. Amortization expense for the three months ended March
31, 2003 and March 31, 2002 was $49,000 for both periods.

     Total operating expenses. Total operating expenses increased by $111,000,
or 7.3%, to $1,631,000 for the three months ended March 31, 2003 from $1,520,000
for the same period last year as a result of the factors described above.

Interest expense, net. Interest expense increased by $16,000, or 61.5%, to
$42,000 for the three months ended March 31, 2003 from $26,000 for the same
period last year due principally to a higher level of outstanding borrowing
under our revolving credit facility.

Provision for income taxes. Provision for income taxes represents state
franchise taxes and Federal alternative minimum tax of $9,000 for the three
months ended March 31, 2003 and $17,000 for last year's comparable period. There
were no Federal income tax provisions for the 2003 and 2002 periods since we had
available net operating loss carryforwards for which valuation allowances have
been recorded.

Net (loss)income. Net (loss) income for the three months ended March 31, 2003
was $(92,000) as compared to net income of $353,000 for the same period last
year.

Liquidity and Capital Resources

     Historically, our financing needs have been met through issuance of equity
and debt securities and commercial bank loans. In April 2002, we entered into a
5-year term Loan and Security Agreement with a lender. We call this revolving
credit facility the 2002 Credit Facility. The maximum line of credit under the
2002 Credit Facility was initially set at $3,000,000 but may be increased at our
option to $4,000,000 at any time through June 30, 2004.

     Outstanding borrowings under the 2002 Credit Facility bear interest at a
rate equal to a prime lending rate plus one-quarter of a percentage point (4.75%
at March 31, 2003). Borrowings under the 2002 Credit Facility are subject to
certain eligibility requirements relating to our receivables and inventories.
Outstanding borrowings are secured by substantially all of our assets, including
our product formulations. We must comply with certain financial and other
covenants contained in the Loan and Security Agreement, including maintaining
tangible net worth of at least $3,200,000, achieving annual cash flow, as
defined, of at least $1.00 and incurring expenditures for capital assets of not
more than $500,000 each year, excluding those capital expenditures made from
proceeds of the Industrial Development Agency Bonds financing. Our subsidiaries
have guaranteed our obligations under the 2002 Credit Facility. Borrowings under
the 2002 Credit Facility at March 31, 2003 were $1,557,000 and $1,443,000 was
available for additional borrowings in accordance with the 2002 Credit Facility.

<PAGE>

     At March 31, 2003, our working capital decreased by $67,000, or 1.9%, to
$3,422,000 from $3,489,000 at December 31, 2002. We are committed under
non-cancellable operating and capital leases and long-term debt obligations for
the upcoming year of approximately $277,000.

                         Item 3. Controls and Procedures

     (a) Evaluation of Disclosure Controls and Procedures. The Company's Chief
Executive Officer and its Chief Financial Officer, after evaluating the
effectiveness of the Company's disclosure controls and procedures (as defined in
the Securities Exchange Act of 1934 Rules 13a-14(c) and 15d-14(c) as of a date
within 90 days of the filing date of this quarterly report on Form 10-QSB (the
"Evaluation Date"), have concluded that as of the Evaluation Date, the Company's
disclosure controls and procedures were adequate and effective to ensure that
material information relating to the Company and its consolidated subsidiaries
would be made known to them by others within those entities, particularly during
the period in which this quarterly report on Form 10-QSB was being prepared.

     (b) Changes in Internal Controls. There were no significant changes in the
Company's internal controls or in other factors that could significantly affect
the Company's disclosure controls and procedures subsequent to the Evaluation
Date, nor any significant deficiencies or material weaknesses in such disclosure
controls and procedures requiring corrective actions. As a result, no corrective
actions were taken.


                           PART II - OTHER INFORMATION

Item 1.      Legal Proceedings
             Not Applicable

Item 2.      Changes in Securities and Use of Proceeds
             Not Applicable

Item 3.      Defaults Upon Senior Securities
             Not Applicable

Item 4.      Submission of Matters to a Vote of Security Holders
             Not Applicable

Item 5.      Other Information
             None

Item 6.      Exhibits and Reports on Form 8-K
             (a) Exhibits
                 Exhibit 99.1 - Written Statement of Chief Executive Officer and
                 Chief Financial Officer.
             (b) Reports on Form 8-K
                 None

<PAGE>

                                   SIGNATURES


     In accordance with the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Dated:  April 24, 2003

                          TECHNOLOGY FLAVORS & FRAGRANCES, INC.

                          By /s/ Joseph A. Gemmo
                            ----------------------------------------------------
                                 Joseph A. Gemmo
                                 Vice President and Chief Financial Officer
                                 (Principal Financial Officer and Officer Duly
                                 Authorized to Sign on Behalf of Registrant)




<PAGE>



                                 CERTIFICATIONS

I, Philip Rosner, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Technology Flavors &
Fragrances, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarter report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date:  April 24, 2003

                                       /s/ Philip Rosner
                                       ------------------------------
                                       Philip Rosner
                                       Chairman and Chief Executive Officer

<PAGE>



I, Joseph A. Gemmo, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Technology Flavors &
Fragrances, Inc.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarter report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date April 24, 2003

                                     /s/ Joseph A. Gemmo
                                     -----------------------------------------
                                     Joseph A. Gemmo
                                     Vice President and Chief Financial Officer