UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10QSB

(X )  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the quarterly period ended:               September 30, 1996
                               -------------------------------------------------

(  )  TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to
                              ----------------  --------------------------------

Commission File Number:                  0-23054
                       ---------------------------------------------------------

                      Hospitality Worldwide Services, Inc.
                       (formerly Light Savers U.S.A.,Inc.)
             (exact name of registrant as specified in its charter)

                New York                              11-3096379
                --------                              ----------
     (State or other jurisdiction of     (I.R.S. Employer Identification No.)
     incorporation or organization)
509 Madison Avenue Suite 1114, New York, NY              10022
-------------------------------------------              -----
(Address of principle executive offices)               (Zip Code)

                                 (212) 223-0699
                                 --------------
              (Registrant's telephone number, including area code)


Check  whether the issuer (1) has filed all reports 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.
                                        ( X ) Yes ( ) No

           APPLICABLE ONLY TO CORPORATE ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
Securities under a plan confirmed by a court.
                                        (   ) Yes ( ) No

                       APPLICABLE ONLY TO CORPORATE ISSUER

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest  practicable  date:  6,700,655 shares as of November 11,
1996.

<PAGE>
               HOSPITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARY
                                TABLE OF CONTENTS


                                                                        Page No.
                                                                        --------
PART I

Item 1.      Financial Statements

             Consolidated Balance Sheets as of September 30, 1996
                and December 31, 1995                                      3

             Consolidated Statements of Operations for the three
                months ended September 30, 1996 and 1995 and nine
                 months ended September 30, 1996 and  1995                 4

             Consolidated Statement of Changes in Stockholders'
                Equity for the nine months ended September 30, 1996        5

             Consolidated Statements of Cash Flows for the nine
                months ended September 30, 1996 and 1995                   6-7

             Notes to Consolidated Financial Statements                    8-9

Item 2.      Management's Discussion and Analysis
             of Financial Condition and Results of
             Operations                                                    10-12

PART II


Item 4.     Submission of Matters to a Vote of Security Holders            13-14

Item 6.     Exhibits and Reports on Form 8-K                               14

Signatures                                                                 15


                                       2
<PAGE>
               HOSPITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS

<TABLE>
<CAPTION>
                                                                                     September 30,   December 31,
                                                                                          1996            1995
                                                                                     ------------    ------------
CURRENT ASSETS:                                                                       Unaudited
<S>                                                                                  <C>             <C>         
Cash and cash equivalents                                                            $    622,035    $    390,702
Marketable securities                                                                        --           715,000
Accounts receivable, less allowance for
    doubtful accounts of $ 101,000 for 1995                                             3,380,252       1,586,836
Current assets of discontinued operations                                                    --           145,317
Costs in excess of billings                                                             1,447,716         129,734
Prepaid and other current assets                                                          160,985         130,671
                                                                                     ------------    ------------
                     Total current assets                                               5,610,988       3,098,260
                                                                                     ------------    ------------

Property and equipment, less accumulated depreciation
     of $ 80,635 and $ 48,932                                                              95,469          97,387
Notes receivable                                                                          350,000         350,000
Goodwill, less accumulated amortization of
     $ 478,923 and $ 166,048                                                            6,120,717       6,433,591
Other assets                                                                               35,105          52,008
                                                                                     ------------    ------------
                      Total other assets                                                6,601,291       6,932,986
                                                                                     ------------    ------------
TOTAL                                                                                $ 12,212,279    $ 10,031,246
                                                                                     ============    ============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                                     September 30,   December 31,
                                                                                         1996            1995
                                                                                     ------------    ------------
CURRENT LIABILITIES:                                                                  Unaudited

Loan Payable - Bank                                                                  $       --      $    455,926
Accounts payable                                                                        1,358,063       1,040,587
Accrued and other liabilities                                                           1,896,745       1,073,230
Sales tax payable                                                                         117,139         111,955
Billings in excess of costs                                                               290,419         620,574
Accrued loss on disposal of discontinued operations                                          --           398,806
Income taxes payable                                                                      437,944            --
                                                                                     ------------    ------------
                     Total current liabilities                                          4,100,310       3,701,078
                                                                                     ------------    ------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Preferred stock, $ .01 par value, 3,000,000 shares
      authorized, none issued and outstanding                                                --              --
Common stock, $ .01 par value, 20,000,000 shares
      authorized, 7,200,655 issued and outstanding                                         72,007          71,257
Additional paid-in capital                                                              8,076,235       7,865,285
Accumulated deficit                                                                       (36,273)     (1,606,374)
                                                                                     ------------    ------------
                     Total stockholders' equity                                         8,111,969       6,330,168
                                                                                     ------------    ------------

TOTAL                                                                                $ 12,212,279    $ 10,031,246
                                                                                     ============    ============
</TABLE>

         The accompanying notes are an integral part of these statements


                                       3
<PAGE>
               HOSPITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARY

                      CONSOLIDATED STATMENTS OF OPERATIONS
                                    Unaudited

<TABLE>
<CAPTION>
                                                                         Three Months Ended                  Nine Months Ended
                                                                            September 30,                      September 30,

                                                                       1996             1995              1996             1995
                                                                    -----------      -----------       -----------      -----------
<S>                                                                 <C>              <C>               <C>              <C>        
Net Sales                                                           $ 8,240,065      $ 1,583,522       $17,656,829      $ 1,583,522

Cost of goods sold                                                    6,251,807          954,048        13,242,382          954,048

                                                                    -----------      -----------       -----------      -----------
Gross profit                                                          1,988,258          629,474         4,414,447          629,474
                                                                    -----------      -----------       -----------      -----------

Selling, general and administrative
   expenses                                                             862,331          532,664         2,277,846          875,721

                                                                    -----------      -----------       -----------      -----------
Income (loss) from operations                                         1,125,927           96,810         2,136,601         (246,247)
                                                                    -----------      -----------       -----------      -----------

Other income (expense):

  Interest income                                                          --             25,349              --             93,824
  Realized loss on sale of securities                                      --             (4,000)             --            (38,871)

Income (loss) before provision for income
                                                                    -----------      -----------       -----------      -----------
    taxes                                                             1,125,927          118,159         2,136,601         (191,294)
                                                                    -----------      -----------       -----------      -----------

Provision for income taxes                                              302,649            5,000           574,286            5,000

                                                                    -----------      -----------       -----------      -----------
Income (loss) from continuing operations                                823,278          113,159         1,562,315         (196,294)
                                                                    -----------      -----------       -----------      -----------

Discontinued operations:
        Income (loss) from discontinued operations,
           less applicable taxes of $ 1,780                               7,786         (276,009)            7,786         (106,795)

                                                                    -----------      -----------       -----------      -----------
NET INCOME (LOSS)                                                   $   831,064      $  (162,850)      $ 1,570,101      $  (303,089)
                                                                    ===========      ===========       ===========      ===========

Net Income (loss) per share:
      Continuing operations                                                0.12             0.02              0.22            (0.04)
      Discontinued operations                                              0.00            (0.06)             0.00            (0.02)
                                                                    -----------      -----------       -----------      -----------
Net income (loss) per share:                                        $      0.12      $     (0.04)      $      0.22      $     (0.06)
                                                                    ===========      ===========       ===========      ===========


WEIGHTED AVERAGE NUMBER
  OF COMMON SHARES OUTSTANDING                                        7,137,883        4,625,655         7,064,889        4,625,655
                                                                    ===========      ===========       ===========      ===========
</TABLE>


         The accompanying notes are an integral part of these statements


                                       4
<PAGE>
               HOSPITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARY

            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
                                    Unaudited

<TABLE>
<CAPTION>
                                                      Common Stock                Treasury Stock
                                               --------------------------   --------------------------
                                                                                            Additional                     Total
                                                                                             Paid in     Accumulated   Stockholders'
                                                 Shares          Value          Value        Capital       Deficit         Equity
                                               -----------    -----------   -----------    -----------   -----------    -----------

<S>                                              <C>          <C>           <C>            <C>           <C>            <C>        
BALANCE, JANUARY 1, 1996                         7,125,655    $    71,257   $      --      $ 7,865,285   $(1,606,374)   $ 6,330,168

Purchase of treasury stock                        (500,000)          --        (437,500)          --            --         (437,500)

Private placement of common shares                 500,000           --         437,500         61,700          --          499,200

Stock isssued to retire debt                        75,000            750          --          149,250          --          150,000

Net Income                                            --             --            --             --       1,570,101      1,570,101
                                               -----------    -----------   -----------    -----------   -----------    -----------

BALANCE, SEPTMEBER 30, 1996                      7,200,655    $    72,007   $      --      $ 8,076,235   $   (36,273)   $ 8,111,969
                                               ===========    ===========   ===========    ===========   ===========    ===========
</TABLE>

         The accompanying notes are an integral part of these statements


                                       5
<PAGE>
               HOSPITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                    Unaudited

<TABLE>
<CAPTION>
                                                                       Nine months ended
                                                                         September 30,
                                                                      1996           1995
                                                                  -----------    -----------
<S>                                                               <C>            <C>         
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                               $ 1,570,101    $  (303,089)
  Adjustments to reconcile net income (loss) to net cash
    used for operating activities:
    Depreciation and amortization                                     344,488         70,803
    Provision for losses on accounts receivable                      (101,000)      (130,712)
    Realized loss on sale of securities                                  --           52,938
    (Increase) decrease in current assets:
      Accounts receivable                                          (1,692,416)      (342,022)
      Current assets of discontinued operations                       145,317           --
      Costs in excess of billings                                  (1,317,982)       271,107
      Prepaid and other current assets                                (30,314)      (111,447)
      Inventory                                                          --          (48,288)
    Increase (decrease) in current liabilities:
      Accounts payable                                                317,476        490,498
      Accrued and other liabilities                                   973,515        151,966
      Sales tax payable                                                 5,184        (37,473)
      Billings in excess of costs                                    (330,155)       (86,947)
      Accrued loss on disposal of discontinued operations            (398,806)          --
      Income taxes payable                                            437,944           --
    (Increase) decrease in other assets                                16,903        (12,293)
                                                                  -----------    -----------
NET CASH USED FOR OPERATING ACTIVITIES                                (59,745)       (34,959)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Sale of marketable securities                                      715,000      3,044,539
   Purchase of marketable securities                                     --         (710,065)
   Costs related to business acquisitions, net of acquired cash          --          (93,832)
   Notes receivable                                                      --       (2,709,194)
   Purchase of property and equipment                                 (29,696)       (70,052)

                                                                  -----------    -----------
NET CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES                  685,304       (538,604)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Payment of loan payable - bank                                     (455,926)          --
  Purchase of treasury stock                                         (437,500)          --
  Sale of treasury stock                                              499,200           --
  Proceeds from short term borrowings                                    --          288,151
                                                                  -----------    -----------
NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES                 (394,226)       288,151
                                                                  -----------    -----------
NET DECREASE  IN CASH                                                 231,333       (285,412)
CASH AND CASH EQUIVALENTS,
 BEGINNING OF PERIOD                                                  390,702        878,903
                                                                  -----------    -----------
CASH AND CASH EQUIVALENTS,
 END OF PERIOD                                                    $   622,035    $   593,491
                                                                  ===========    ===========
</TABLE>

         The accompanying notes are an integral part of these statements


                                       6
<PAGE>
               HOSPITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                    Unaudited

<TABLE>
<CAPTION>
                                                                       Nine months ended
                                                                         September 30,
                                                                      1996           1995
                                                                  -----------    -----------
<S>                                                               <C>            <C>        
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
  Interest                                                        $     5,031    $     4,500
  Income taxes                                                    $   164,296    $     5,000
                                                                                 
NON-CASH TRANSATIONS:                                                            
                                                                                 
Fair value (including goodwill) of assets acquired                $      --      $ 8,854,713
Stock issued for assets acquired                                         --        5,000,000
Issuance of debt for acquisition of business                             --        2,406,094
                                                                                 ===========
Liabilities assumed                                                      --        1,448,619
                                                                                 ===========
                                                                                 
Issuance of stock for repayment of debt                               150,000    
Repayment of debt from issuance of stock                             (150,000)   
</TABLE>

         The accompanying notes are an integral part of these statements


                                        7
<PAGE>
               HOSPITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1996
                                   (UNAUDITED)

NOTES TO FINANCIAL STATEMENTS

1.  Organization and Basis of Presentation

Hospitality  Worldwide Services,  Inc., formerly Light Savers U.S.A., Inc., (the
"Company")  was  incorporated  in the State of New York on October 10, 1991.  On
August 1,  1995,  the  Company  acquired  substantially  all of the  assets  and
business, and assumed certain liabilities, of AGF Interior Services, Inc. (d/b/a
Hospitality  Restoration  and  Builders)  ("AGF"),   through  its  newly  formed
subsidiary corporation,  Hospitality Restoration and Builders, Inc. ("HRB"). HRB
provides interior and exterior  cosmetic  renovation and maintenance for leading
hotel and hospitality customers nationwide. The acquisition was accounted for as
a purchase with the results of HRB included from the acquisition date.

The consolidated  financial statements and related notes thereto as of September
30, 1996 and for the three and nine months ended September 30, 1996 and 1995 are
presented as unaudited but in the opinion of management  include all adjustments
necessary to present fairly the information set forth therein. These adjustments
consist solely of normal  recurring  accruals.  The  consolidated  balance sheet
information  for  December  31,  1995 was  derived  from the  audited  financial
statements  included in the  Company's  Form  10-KSB.  These  interim  financial
statements should be read in conjunction with that report.
The interim results are not necessarily indicative of the results for any future
period.

Note 2:  Net Income (Loss) per Share of Common Stock

Net income  (loss) per share of common  stock was  computed by dividing  the net
income (loss) by the weighted  average  number of common shares and common stock
equivalents  outstanding during the period. For the three months ended September
30, 1996 and 1995,  and the nine months ended  September 30, 1996 and 1995 there
were no common stock  equivalents  included in the calculation  since the impact
would be immaterial.

Note 3:  Discontinued Operations

In  December  1995,  the  Company  determined  to  focus  its  resources  on its
hospitality and renovation  business and discontinue its lighting  business.  On
February  26,  1996,  the Company  entered  into a  divestiture  agreement  (the
"Agreement")  with its former President.  In accordance with the Agreement,  the
Company disposed of the lighting  business,  together with accounts  receivable,
inventory  and fixed assets to the former  President,  who also assumed  certain
liabilities.  Additionally,  in  accordance  with the  Agreement,  the following
occurred:  (i) the Company  repurchased  500,000 shares of common stock from the
former President for $250,000, (ii) the Company retained the former President as
a consultant  for a three year period at an annual  retainer of $100,000,  (iii)
the former President granted to the Company the option to purchase an additional
1,000,000  shares of common stock over a two year period at a 33% discount  from
the average  trading price for the prior 20 trading days,  but not below certain
minimum set prices.  The Agreement  also provides that the former  President has
the ability to request the Company to purchase the relevant optioned shares at a
50% discount to market.  If the Company does not purchase the relevant  optioned
shares,  the option will be canceled  with  respect to such  shares.  Based on a
reallocation  of fair value to the  components  of the  Agreement,  the  500,000
shares of common stock  repurchased from the former president have been recorded
as $437,500 of treasury stock. See Note 4 for subsequent disposition of shares.

Note 4:  Issuance of Shares

The Company  completed  a private  placement  for the sale of 500,000  shares of
treasury  stock to  accredited  investors  at a price of $1.00  per  share,  for
aggregate gross proceeds of $500,000.


                                       8
<PAGE>
On  September  15,  1996,  the  Company  issued  75,000  shares  to  two  former
consultants  to the  discontinued  lighting  business in settlement of five year
consulting  agreements  which at  September  15,  1996 had a $150,000  remaining
liability.

Note 5:  Pro Forma Information

The following pro forma consolidated  financial information has been prepared to
reflect  the  acquisition  of the  assets  and  business  of AGF.  The pro forma
financial  information  is based on the historical  financial  statements of the
Company  and AGF,  and  should  be read in  conjunction  with  the  accompanying
footnotes.  The accompanying pro forma operating  statements are presented as if
the transaction occurred January 1, 1995. The pro forma financial information is
unaudited  and is not  necessarily  indicative  of what the  actual  results  of
operation  of the Company  would have been  assuming  the  transaction  had been
completed as of January 1, 1995, and neither is it necessarily indicative of the
results of operations for future periods.

          Nine months ended September 30                      1995
          --------------------------------------------------------
                                                        (unaudited)
          Net Sales                                     $3,762,236
          Loss from continuing operations              ($1,171,487)
          Loss per share from continuing            
               operations                                   ($0.17)

The above  unaudited  pro forma  statements  have been  adjusted  to reflect the
amortization  of  goodwill,  as  generated  by the  acquisition,  over a 17-year
period,  interest  income on the $350,000 note  receivable,  elimination  of the
interest income on the $2,500,000 funds used in connection with the acquisition,
and the 2,500,000 shares issued as consideration in the transaction.  The impact
of  outstanding  stock options was not included in the  calculation  of loss per
share from continuing operations as the impact would be immaterial.


                                       9
<PAGE>
               HOSPITALITY WORLDWIDE SERVICES INC., and SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

In August 1995, the Company's wholly-owned  subsidiary,  Hospitality Restoration
and Builders, ("HRB"), acquired substantially all of the assets and business and
assumed certain  liabilities of AGF Interior  Services  ("AGF"),  a company that
provides renovation services to the hospitality industry ("the Acquisition"). In
December 1995, the Company  determined to focus its resources on its hospitality
renovation business and to discontinue its lighting business.  In February 1996,
the Company sold its lighting business to the Company's former President.

In October,  1996, the Company changed its name from Light Savers, U.S.A., Inc.,
to  Hospitality  Worldwide  Services,  Inc.. The change of the corporate name is
more  indicative  of the  nature  of  the  Company's  business  in  view  of the
significant  change in the  character  and strategic  focus  resulting  from the
acquisition  of AGF and  disposal  of the  Company's  lighting  business.  These
transactions were part of a strategic corporate program to refocus the Company's
business operations into areas with higher growth potential. The name change was
approved at the annual shareholders meeting held in September, 1996.

Certain matters discussed in this report are forward-looking statements that are
subject to risks and  uncertainties  that could cause  actual  results to differ
materially from those projected.

RESULTS OF OPERATIONS

Three months ended September 30, 1996 vs. nine months ended September 30, 1995.

Net sales for the three month period ended  September 30, 1996 were  $8,240,065,
compared to $1,583,522,  for the same period last year. Due to the timing of the
acquisition  of AGF effective  August 1, 1995,  sales for the three months ended
September 30, 1995 represent only two months of activity.  Sales for the Company
increased significantly, due to growth in the Company's renovation business as a
result of increased  sales and marketing  efforts and the  establishment  of the
Company's name in the hospitality industry.

Gross profit for the three month period ended September 30, 1996 was $1,988,258,
or 24.1% of sales,  compared  to  $629,474,  or 39.8%,  for the same period last
year.  The  higher  gross  profit  percentage  for  1995  is the  result  of the
performance  of a few  high  margin  projects.  The  gross  profit  for 1996 was
impacted by higher than expected costs on the Company's largest job in New York,
and  the  acceptance  of  a  few  low  margin  jobs  to  promote  the  Company's
capabilities.

Selling,  general and  administrative  expenses for the three month period ended
September 30, 1996 were $862,331,  or 10.5% of sales,  compared to $532,664,  or
33.6% of sales, for the same period last year. Included in the selling,  general
and  administrative  expenses for the quarter ended  September 30, 1996 and 1995
was $99,625 and  $66,417,  respectively,  of  amortization  of goodwill  for the
acquisition   of  AGF.  The  Company   believes   that   selling,   general  and
administrative  costs will continue to increase as its business  grows and as it
develops  a larger  infrastructure  to handle  future  growth.  However,  due to
rapidly increasing sales, and a majority of the Company's resources dedicated to
field  operations,  these costs should  continue to decline as a  percentage  of
sales.

Income from  operations for the three month period ended  September 30, 1996 was
$1,125,927, compared to $96,810 for the same period last year. Operating profits
increased  in 1996 due to larger  revenues  and the  ability  of the  Company to
maintain low selling,  general and  administrative  expenses as a percentage  of
sales.

Income tax expense  for the three  month  period  ended  September  30, 1996 was
$302,649  compared to $5,000 for the same period last year. The effective income
tax rate used to calculate  the tax  provision  is based on the expected  annual
income tax rate which takes into  account  the  utilization  of an $800,000  net
operating loss carryforward for federal income tax purposes.

As a result of the above,  net income for the three month period ended September
30, 1996 was $831,064,  or $.12 per share compared to a loss of  ($162,850),  or
($.04)  per  share  for  the  same  period  last  year.  The  loss  for  1995 is


                                       10
<PAGE>
attributable to losses  incurred in the  discontinued  lighting  business due to
unsuccessful attempts to promote and grow that business segment.

Nine months ended September 30, 1996 vs. nine months ended September 30, 1995.

Net sales for the nine month period ended  September 30, 1996 were  $17,656,829,
compared to $1,583,522,  for the same period last year. Due to the timing of the
acquisition  of AGF  effective  August 1, 1995,  sales for the nine months ended
September 30, 1995 represent only two months of activity.  Sales for the Company
increased significantly, due to growth in the Company's renovation business from
increased  sales and marketing  efforts and the  establishment  of the Company's
name in the hospitality industry.

Gross profit for the nine month period ended  September 30, 1996 was $4,414,447,
or 25.0% of sales,  compared  to  $629,474,  or 39.8%,  for the same period last
year.  The  higher  gross  profit  percentage  for  1995  is the  result  of the
performance  of a few  high  margin  projects.  The  gross  margin  for 1996 was
impacted by higher than expected costs on the Company's largest job in New York,
and the acceptance of few low margin jobs to promote the Company's name.

Selling,  general and  administrative  expenses  for the nine month period ended
September 30, 1996 were $ 2,277,846, or 12.9% of sales, compared to $875,721, or
55.3% of sales, for the same period last year. Included in the selling,  general
and  administrative  expenses for the quarter ended September 30, 1996 and 1995,
was $312,875  and $66,417,  respectively,  of  amortization  of goodwill for the
acquisition  of AGF.  The Company  believes  that these  costs will  continue to
increase as its  business  grows and as it develops a larger  infrastructure  to
handle future growth.  However,  due to rapidly increasing sales, and a majority
of the Company's  resources  dedicated to field  operations,  these costs should
continue to decline as a percentage of revenues.

Income from  operations  for the nine month period ended  September 30, 1996 was
$2,136,601,  compared  to a loss of  ($246,247)  for the same  period last year.
Operating  profits  increased in 1996 due to larger  revenues and the ability of
the Company to maintain low selling,  general and  administrative  expenses as a
percentage of sales.

Income tax  expense  for the nine month  period  ended  September  30,  1996 was
$574,286, compared to $5,000 for the same period last year. The effective income
tax rate used to calculate  the tax  provision  is based on the expected  annual
income tax rate which takes into  account  the  utilization  of an $800,000  net
operating loss carryforward for federal income tax purposes.

As a result of the above,  net income for the nine month period ended  September
30, 1996 was $1,570,101or $.22 per share compared to a net loss of ($303,089) or
($.06)  per  share  for  the  same  period  last  year.  The  loss  for  1995 is
attributable to losses  incurred in the  discontinued  lighting  business due to
unsuccessful attempts to promote and grow that business segment.

The  results  for the  nine  month  period  ended  September  30,  1995  are not
indicative of the Company's future operating  results since the Company acquired
the assets and  business of AGF in August  1995 and  discontinued  its  lighting
business in December 1995. Therefore,  the following Management's Discussion and
Analysis of Financial Condition and Results of Operations reflects the Company's
operating  results  on a pro  forma  consolidated  basis  giving  effect  to the
Acquisition  and  the  discontinuance  of  the  lighting  business  as  if  such
transactions took place on January 1, 1995. The pro forma financial  information
is based on the  historical  financial  statements  of the  Company  and AGF and
should be read in  conjunction  with  such  financial  statements  and the notes
thereto  included  elsewhere  herein.  The pro forma  financial  information  is
unaudited  and is not  necessarily  indicative  of what the  actual  results  of
operations  of the Company  would have been  assuming  the  Acquisition  and the
discontinuance  of the  lighting  business  had been  completed as of January 1,
1995, and neither is it necessarily  indicative of the results of operations for
future periods.

For the nine months ended September 30, 1996, sales were  $17,656,829,  compared
to  $3,762,236  for the same  period  last year.  The  increase  in net sales is
related  to  the  Company's   continuing   investment  in  sales  and  marketing
activities.

Gross profit for the nine months ended  September  30, 1996 was  $4,414,447,  or
25.0% of  revenues,  compared to $834,746,  or 22.2% of  revenues,  for the same
period  last  year.  The  lower  gross  profit  for 1995 was the  result  of the
performance of a large low margin contract which was substantially  completed in
September, 1995.


                                       11
<PAGE>
Selling, general and administrative expenses were $2,277,846 for the nine months
ended September 30, 1996,  compared to $2,001,223 for the same period last year.
Included in the selling, general and administrative expenses for the nine months
ended  September  30, 1996 and 1995 was $312,875 and $66,417,  respectively,  of
amortization of goodwill for the  acquisition of HRB. The Company  believes that
these costs will continue to increase as its business grows and as it develops a
larger  infrastructure  to  handle  future  growth.   However,  due  to  rapidly
increasing sales, and a majority of the Company's  resources  dedicated to field
operations, these costs should continue to decline as a percentage of revenues.

Income tax expense for the nine months ended  September  30, 1996 was  $574,286,
compared to $5,000 for the same period last year. The effective  income tax rate
used to calculate the tax  provision is based on the expected  annual income tax
rate which takes into account the  utilization of an $800,000 net operating loss
carryforward for federal income tax purpose.

Net income for the nine months ended September 30, 1996 was $1,570,701, compared
to a net loss of ($1,171,487), for the same period last year.

LIQUIDITY AND CAPITAL RESOURCES

In August,  1996,  the Company  negotiated a new bank line of credit with Marine
Midland Bank of New York, which provides the company up to $1,000,000.  The line
bears  interest at the bank's  prime  lending  rate plus .5%,  and is secured by
accounts receivable.  Proceeds from the borrowing will be utilized to fund short
term cash  requirements.  At September 30, 1996, there were no borrowings on the
line.

The Company's short-term and long-term liquidity  requirements generally consist
of operating capital for restoration and maintenance  related costs and selling,
general  and  administrative  expenses.  The  Company  continues  to satisfy its
short-term  and  long-term  liquidity  requirements  with  cash  generated  from
operations, and periodic utilization of its line of credit.

Net cash used by operating  activities  was  ($59,745) for the nine months ended
September 30, 1996,  compared to ($34,959) for the same period last year. During
the nine months ended  September  30, 1996,  the Company's  accounts  receivable
increased by  $1,692,416.  Such  increase  resulted  from revenue  growth.  This
increase  was partly  offset by an  increase  in  accounts  payable  and accrued
expense of $1,290,991. The negative cash for 1996 is due mainly to the timing of
receipts for a few large  contracts,  as well as revenue accruals for additional
work performed on certain  contracts that the Company  expects to collect in the
fourth quarter.

Net cash provided by investing  activities  for the nine months ended  September
30,1996 was $685,304,  compared to a net use of  ($538,604)  for the nine months
ended  September  30,  1995.  The  increase  is the  result  of the  sale of the
Company's short term marketable  security of $715,000.  Due to the nature of the
Company's business, including the outsourcing of most renovation and maintenance
related work, the Company has insignificant capital requirements,  and therefore
can use its operating cash for operating needs.

On April 8, 1996, the Company completed a private placement of 500,000 shares of
treasury  stock to  accredited  investors  at a price of $1.00  per  share,  for
aggregate  gross  proceeds of  $500,000.  The Company  used the  proceeds of the
private placement for working capital.

The Company believes its present cash position,  including  increasing sales and
cash on hand, and its ability to obtain additional financing as necessary,  will
allow the company to meets its short-term and long-term  operating  needs for at
least twelve months.


                                       12
<PAGE>
               HOPSITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARY
                                TABLE OF CONTENTS


                                     PART II


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

The Annual  Meeting of  Shareoholders  was held on  September  26,  1996 for the
purpose of electing a board of directors, appointment of auditors, and voting of
the proposals described below.

All of management's nominees for Directors as listed in the proxy statement were
elected with the following vote:

                                                              Withhold
                                         For                 Authority

1.    Alan G. Friedberg               5,119,703                11,820
2.    Scott Kaniewski                 5,119,703                11,820
3.    Louis K. Adler                  5,119,703                11,820
4.    George C. Ash                   5,119,703                11,820
5.    Richard A. Bartlett             5,119,703                11,820

An amendment to the Company's Certificate of Incorporation to change the name of
the Company from Light Savers U.S.A.,  Inc. to Hospitality  Worldwide  Services,
Inc., was approved with the following vote:

                                                            Broker
             For              Against       Abstentions    Non-Votes

           5,107,473          10,750               0          13,300


An amendment  to the  Company's  Certificate  of  Incorporation  to increase the
number of  authorized  shares of the Company's  Common Stock from  10,000,000 to
20,000,000 and Preferred Stock from 2,500,000 to 3,000,000 was approved with the
following vote:

                                                            Broker
             For              Against       Abstentions    Non-Votes

           3,824,441          49,835          16,500       1,240,747

An  amendment  to the  Company's  Certificate  of  Incorporation  to  limit  the
liability of the Company's  directors to the fullest extent permitted by the New
York Business Corporation Law was approved with the following vote:

                                                            Broker
             For              Against       Abstentions    Non-Votes

           4,952,137          61,735          23,000          94,651


                                       13
<PAGE>
An amendment to the Company's By-Laws to permit indemnification of the Company's
directors was approved with the following vote:

                                                            Broker
             For              Against       Abstentions    Non-Votes

           4,958,587          55,285          23,000          94,651

Adoption of the Company's 1996 Stock Option Plan was approved with the following
vote:

                                                            Broker
             For              Against       Abstentions    Non-Votes

           3,812,391          59,385          19,000       1,240,747

Adoption of the Company's 1996 Outside Directors' Stock Option Plan was approved
with the following vote:

                                                            Broker
             For              Against       Abstentions    Non-Votes

           3,794,277          83,349          30,500       1,223,397

The appointment of BDO Seidman,  LLP as independent auditors for the year ending
December 31, 1996 was approved with the following vote:

                                                            Broker
             For              Against       Abstentions    Non-Votes

           5,120,853             170          10,500               0


Item 6.    Exhibits and Reports on Form 8-K

                       (a)   Exhibits
                             27 Financial Data Schedule

                       (b)   Reports on Form 8-K
                             None


                                       14
<PAGE>
                                   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.

                                    HOSPITALITY  WORLDWIDE  SERVICES U.S.A.,INC.



                                      By: /s/ Alan G. Friedberg
                                          ------------------------------------
                                          Alan G. Friedberg
                                          President and Chief Executive Officer


                                      By: /s/ Howard G. Anders
                                          ------------------------------------
                                          Howard G. Anders
                                          Executive Vice President and Chief
                                          Financial Officer

Dated:  November 12, 1996


                                       15