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

                                    Form 10-Q


(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
                For the quarterly period ended September 30, 2000

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

      For the transition period from __________________ to ______________

Commission     file     number     0-9352

                            Gibbs Construction, Inc.
--------------------------------------------------------------------------------
   (Exact  name of  small  business  issuer  as  specified  in its  charter)

                Texas                                          75-2095676
----------------------------------------------  --------------------------------
(State or other  jurisdiction of incorporation  (IRS EmployerIdentification No.)
        or  organization)

1855 Wall Street, Garland, TX                           75041
--------------------------------------------------------------------------------
(Address of principal executive offices)              (Zip Code)

                                 (972) 278-3433
--------------------------------------------------------------------------------
                        (Registrant's telephone number)


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

         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

         State the number of shares  outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: 4,060,000


<PAGE

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.
                    GIBBS CONSTRUCTION, INC. AND SUBSIDIARY

                          CONSOLIDATED BALANCE SHEETS


                                     ASSETS
<TABLE>
<CAPTION>

                                                                             September 30,          December 31,
                                                                                 2000                   1999
                                                                             ---------------        ----------
                                                                              (Unaudited)

CURRENT ASSETS
<S>                                                                          <C>                    <C>
    Cash                                                                     $    475,729           $   624,130
    Temporary Investments                                                             129                   129
    Note Receivable - Net of Allowance for Doubtful Accounts
        of $139,300 in 2000                                                             -               139,300
    Accounts Receivable
        Trade - Net of Allowance for Doubtful Accounts of
            $1,442,751 and $1,233,393 in 2000 and 1999,
            respectively                                                          794,582             5,276,100
        Costs and Estimated Earnings in Excess of Billings
            on Uncompleted Contracts                                               45,340               310,085
    Prepaid Expenses                                                                8,628               104,866
                                                                              -----------             ---------

                TOTAL CURRENT ASSETS                                            1,324,408             6,454,610
                                                                              -----------             ---------

LAND, BUILDINGS AND EQUIPMENT                                                     624,316             1,489,686
    Less Accumulated Depreciation                                                (465,697)             (782,717)
                                                                              ------------           ----------

                NET LAND, BUILDINGS AND EQUIPMENT                                 158,619               706,969
                                                                              ------------           ----------

OTHER ASSETS
    Receivables From Affiliates, Employees and Other                                    -                26,779
    Real Estate Investments                                                        17,732               282,589
                                                                              ------------           ----------

                TOTAL OTHER ASSETS                                                 17,732               309,368
                                                                              ------------           ----------

                TOTAL ASSETS                                                 $  1,500,759           $ 7,470,947
                                                                               ===========           ==========
</TABLE>









                                                         (Continued)

                                                             F-1

<PAGE>


                     GIBBS CONSTRUCTION, INC. AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS
                                   (Continued)


                      LIABILITIES AND STOCKHOLDERS' DEFICIT
<TABLE>
<CAPTION>

                                                                             September 30,          December 31,
                                                                                 2000                   1999
                                                                             ---------------        -----------
                                                                              (Unaudited)

CURRENT LIABILITIES
<S>                                                                          <C>                    <C>
    Notes Payable                                                            $           -          $     219,309
    Current Installments of Long-Term Debt                                       4,226,755                178,226
    Current Installment of Capital Lease Obligation                                 29,054                 15,472
    Accounts Payable                                                             4,080,701              8,442,710
    Accrued Liabilities on Loss Jobs                                               912,013              2,163,809
    Accrued Expenses                                                             2,410,151              2,173,907
    Billings in Excess of Costs and Estimated Earnings on
        Uncompleted Contracts                                                       11,241                331,303
    Payable to Stockholders                                                         78,539                 79,325
                                                                              ------------           ------------

                TOTAL CURRENT LIABILITIES                                       11,748,454             13,604,061

LONG-TERM DEBT - Excluding Current Installments                                          -                326,976

CAPITAL LEASE OBLIGATION - Excluding Current
    Installments                                                                         -                 13,582
                                                                             -------------           ------------

                TOTAL LIABILITIES                                               11,748,454             13,944,619
                                                                             -------------           ------------

STOCKHOLDERS' DEFICIT
    Common Stock of $.01 Par Value.  Authorized 15,000,000
        Shares; Issued and Outstanding 4,060,000 Shares                             40,600                 40,600
    Additional Paid-In Capital                                                   5,003,234              5,003,234
    Retained Deficit                                                           (15,291,529)           (11,517,506)
                                                                             -------------           ------------

                TOTAL STOCKHOLDERS' DEFICIT                                    (10,247,695)            (6,473,672)
                                                                             -------------           ------------

                TOTAL LIABILITIES AND
                   STOCKHOLDERS' DEFICIT                                     $   1,500,759          $   7,470,947
                                                                             =============           ============
</TABLE>








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

                                       F-2

<PAGE>



                     GIBBS CONSTRUCTION, INC. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                               Three Months Ended September 30,          Nine Months Ended September 30,
                                               --------------------------------          -------------------------------
                                                     2000                1999                 2000                   1999
                                               ----------------    -------------         -------------          -------------

<S>                                              <C>                 <C>                 <C>                   <C>
CONSTRUCTION REVENUES                            $      608,178      $16,144,549         $   6,042,047         $   46,474,648

COST OF CONSTRUCTION                                  1,010,835       15,656,072             7,735,154             44,489,075
                                                  -------------       ----------          ------------          -------------

    GROSS (LOSS) PROFIT                                (402,657)         488,477            (1,693,107)             1,985,573

GENERAL AND
   ADMINISTRATIVE EXPENSES                              982,219          410,823             2,017,525              1,499,105
                                                  -------------       ----------          ------------          -------------

    (LOSS) INCOME BEFORE
       OTHER INCOME (EXPENSE)                        (1,384,876)          77,654            (3,710,632)               486,468

OTHER INCOME (EXPENSE)
    Gain on Disposal of Equipment                       202,354                -               172,236                  5,000
    (Loss) Gain on Temporary
        Investments Transactions                              -          (17,966)                    -                 48,376
    (Loss) on Real Estate Held for
        Resale                                          (45,548)               -               (45,548)                     -
    Interest Expense                                    (63,096)         (28,534)             (196,488)               (68,363)
    Other                                                     -           64,147                 6,410                 37,524
                                                  -------------       ----------          ------------          -------------

        (LOSS) INCOME BEFORE
           INCOME TAXES                              (1,291,166)          95,301            (3,774,022)               509,005

INCOME TAX (EXPENSE)                                          -          (56,102)                    -               (197,102)
                                                  -------------       ----------          ------------          -------------

        NET (LOSS) INCOME                        $   (1,291,166)     $    39,199         $  (3,774,022)        $      311,903
                                                   ============       ==========          ============          =============

(LOSS) INCOME PER SHARE                          $         (.32)     $       .01         $        (.93)        $          .08
                                                   ============       ==========          ============          =============

WEIGHTED AVERAGE NUMBER
    OF SHARES                                         4,060,000        4,030,000             4,060,000              4,021,000
                                                   ============       ==========          ============          =============
</TABLE>




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

                                   (Continued)

                                       F-3

<PAGE>


                     GIBBS CONSTRUCTION, INC. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                      Nine Months Ended
                                                                                        September 30,
                                                                             ------------------------------------
                                                                                   2000                 1999
                                                                             ---------------         ------------
CASH FLOW FROM OPERATING ACTIVITIES
<S>                                                                          <C>                     <C>
    Net (Loss) Income                                                        $  (3,774,022)          $    311,903
    Adjustments to Reconcile Net (Loss) Income to
        Net Cash Flow Used in Operating Activities
            Depreciation                                                            86,290                135,974
            Gain on Disposal of Equipment                                         (172,236)                (5,000)
            Gain on Temporary Investments Transactions                                   -                (48,376)
            Loss on Real Estate Held for Resale                                     45,548                      -
            Change in Allowance for Doubtful Accounts                              348,664                      -
    Deferred Taxes                                                                       -                173,900
    Issuance of Common Stock for Service                                                 -                 49,687
    Changes in Current Assets and Liabilities
        Accounts Receivable                                                      4,298,932               (536,535)
        Billings Related to Cost and Earnings on
            Uncompleted Contracts                                                  (55,317)              (580,389)
        Prepaid Expenses                                                            96,238                 70,928
        Accounts Payable                                                        (5,613,805)             1,120,586
        Accrued Expenses                                                           236,244               (105,141)
    Purchase of Temporary Investments                                                    -             (5,869,106)
    Proceeds from Sale of Temporary Investments                                          -              5,829,165
    Purchase of Real Estate Held for Resale                                              -               (666,857)
    Proceeds from Sale of Real Estate Held for Resale                              219,309                      -
                                                                              ------------            -----------

                NET CASH FLOW (USED) IN
                   OPERATING ACTIVITIES                                         (4,284,155)              (119,261)
                                                                              ------------            -----------

CASH FLOW FROM INVESTING ACTIVITIES
    Purchase of Equipment                                                                -               (193,156)
    Proceeds from Sale of Equipment                                                634,296                 18,719
    Change in Other Assets                                                               -                115,921
                                                                              ------------            -----------

                NET CASH FLOW PROVIDED (USED)
                   BY INVESTING ACTIVITIES                                         634,296                (58,516)
                                                                              ------------            -----------

CASH FLOW FROM FINANCING ACTIVITIES
    Proceeds from Notes Borrowings                                               6,124,532                259,309
    Repayments of Notes Borrowings                                              (2,622,288)              (241,447)
    Changes in Stockholder Payables                                                   (786)               (53,057)
                                                                              ------------            -----------

                NET CASH FLOW PROVIDED (USED)
                   BY INVESTING ACTIVITIES                                       3,501,458                (35,195)
                                                                              ------------            -----------
</TABLE>


                   The accompanying notes are an integral part
                   of these consolidated financial statements
                                   (Continued)

                                       F-4

<PAGE>


                     GIBBS CONSTRUCTION, INC. AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                   (Continued)
<TABLE>
<CAPTION>

                                                                                  Nine Months Ended
                                                                                     September 30,
                                                                              -----------------------------------
                                                                                   2000                  1999
                                                                              ---------------        ------------

<S>                                                                           <C>                    <C>
NET (DECREASE) IN CASH                                                        $   (148,401)          $   (212,972)

CASH AT THE BEGINNING OF THE PERIOD                                                624,130              1,066,665
                                                                               -----------            -----------

CASH AT THE END OF THE PERIOD                                                 $    475,729           $    853,693
                                                                               ===========            ===========

SUPPLEMENTAL DISCLOSURES OF
    CASH FLOW INFORMATION
        Cash Paid During the Year For:
            Interest Expense                                                  $     22,582           $     68,363
                                                                               ===========            ===========
            Income Tax Paid                                                   $          -           $     23,202
                                                                               ===========            ===========
</TABLE>






























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

                                       F-5

<PAGE>


                     GIBBS CONSTRUCTION, INC. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2000


NOTE 1: BASIS OF PRESENTATION

    The  accompanying  unaudited  consolidated  financial  statements  have been
    prepared in accordance  with generally  accepted  accounting  principals for
    interim  financial  information  and with the  instructions to Form 10-Q and
    Rule 10-01 of Regulations S-X. They do not include all information and notes
    required by generally accepted accounting  principals for complete financial
    statements.  However, except as disclosed, there has been no material change
    in  the  information  disclosed  in  the  notes  to  consolidated  financial
    statements included in the Annual Report on Form 10-K of Gibbs Construction,
    Inc. for the year ended December 31, 1999. 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
    nine-month  period ended September 30, 2000, are not necessarily  indicative
    of the results that may be expected for the year ending December 31, 2000.


NOTE 2: SUBSEQUENT EVENTS

    On April 20, 2000,  Gibbs  Construction,  Inc. filed a Petition  pursuant to
    Chapter 11 of the United States  Bankruptcy Code, and Tony G. Gibbs resigned
    as Vice President and Director of the Company.

    On July 28, 2000,  Gibbs received  permission from its Court of Jurisdiction
    to solicit approval of its Plan of Reorganization. The Company has continued
    to operate in its normal course of business  pending approval of its Plan of
    Reorganization.

    Gibbs' Chapter 11 Bankruptcy contemplates a Plan of Reorganization that will
    allow Gibbs to continue  in  business as a Public  Company by  consolidation
    with a privately  held company and  re-negotiation  of debt with its largest
    creditor.  Gibbs has entered into negotiations with a construction  services
    and asset  management  company  that  contemplates  the  combination  of the
    Company's  resources and  operations  into Gibbs  through stock  issuance in
    November 2000.

    Tony Gibbs,  brother of Company  President,  has  resigned as an officer and
    director to pursue other business interests. Mr. Gibbs owns 1,000,000 shares
    of Gibbs' stock, which is pledged as collateral to secure the Company's debt
    to its bonding surety.

NOTE 3: NOTE PAYABLE TO BONDING SURETY

    In the fourth  quarter  1999,  the  Company's  bonding  surety  notified the
    Company that it would no longer provide completion and payment bonds for the
    Company's  construction  projects.  Given these events,  the Company began a
    series of  negotiations  with its  bonding  surety in December  1999,  which
    resulted in a written agreement in January 2000,  whereby the bonding surety
    would provide funds to finish  certain  projects and required the Company to
    terminate construction on other projects.

    The  amounts  paid  by  the  Company's  bonding  surety  to  subcontractors,
    supplies,  and other claimants are recorded as a note payable to the bonding
    surety.  As  of  September  30,  2000,  the  bonding  surety  had  disbursed
    $6,124,532 on those certain jobs. The surety applied  $1,945,333 in billings
    on those jobs.


                                       F-6


<PAGE>


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

Nine Months Ended  September  30, 2000  compared to Nine Months Ended  September
30,1999

On April 20, 2000,  the Company  filled for  protection  under Chapter 11 of the
United  States  Bankruptcy  Act.  During  the first  nine  months  of 2000,  the
Company's  increasing  insolvency resulted in an increased inability to contract
for work. Accordingly, revenues decreased to $6,042,047 in the first nine months
of 2000 compared to  $46,474,648  in the first nine months of 1999.  The Company
incurred a gross loss in the first nine months of 2000 of $1,693,107  reflecting
earlier contracts that the Company was completing at a loss.

The  Company  incurred  general  and  administrative  expenses in the first nine
months of 2000,  $2,017,525,  compared to $1,499,105 in the first nine months of
1999, the expenses in the first nine months of 2000 principally reflecting legal
fees related to the Company's insolvency.

Three Months Ended  September 30, 2000 Compared to Three Months Ended  September
30, 1999

The  Company's  revenues  decreased  to $608,178 in the second  quarter of 2000,
declining from  $16,144,549  for the same period of 1999.  Revenues in the later
period  reflect the winding down of contracts  engaged in prior to the Company's
filing for protection under Chapter 11 of the United States  Bankruptcy Act. See
Notes 2 and 3 to the accompanying financial statements.

Liquidity and capital resources

With  respect to the  Company's  filing of  Chapter  11 under the United  States
Bankruptcy Code, see Notes 2 and 3 to the accompanying financial statements.



<PAGE>


                           PART II - OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

(a)      Exhibits Index
            Exhibit 27 - Financial Data Schedule

(b) None


<PAGE>


                                   SIGNATURES


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



                                                Gibbs Construction, Inc.

November 13, 2000                           /s/ Danny R. Gibbs
                                                Danny R. Gibbs, President and
                                                Principal Financial Officer




<PAGE>