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:               MARCH 31, 1997
                               ----------------------------------------------

( )  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)
450 PARK AVENUE, SUITE 2603, 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: 8,305,989 as of May 13, 1997.
<PAGE>

              HOSPITALITY WORLDWIDE SERVICES, INC. AND SUBSIDIARIES
                                TABLE OF CONTENTS


                                                                PAGE NO.
                                                                --------

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

          Consolidated Balance Sheets as of March 31, 1997
          and December 31, 1996                                       3

          Consolidated Statements of Operations for the three
          months ended March 31, 1997 and 1996                        4

          Consolidated Statement of Changes in Stockholders'
          Equity for the three months ended March 31, 1997            5

          Consolidated Statements of Cash Flows for the three
          months ended March 31, 1997 and 1996                        6

          Notes to Consolidated Financial Statements                  7-8

Item 2.   Management's Discussion and Analysis
          of Financial Condition and Results of                       9-10
          Operations

PART II.  OTHER INFORMATION

Item 2.   Changes in Securities                                       11

Item 6.   Exhibits and Reports on Form 8-K                            11

Signatures                                                            12

                                       2
<PAGE>
              HOSPITALITY WORLDWIDE SERVICES, INC. and SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      (in thousands, except share amounts)
                                     ASSETS

<TABLE>
<CAPTION>


                                                                                                    March 31,         December 31,
                                                                                                     1997                1996
                                                                                                   ----------         ------------
CURRENT ASSETS:                                                                                    Unaudited

<S>                                                                                                <C>                  <C>
    Cash and cash equivalents                                                                    $       663          $       276
    Accounts receivable, less allowance for
         doubtful accounts of  $309 and $382                                                          11,746                3,135
    Current portion of note receivable                                                                    70                   70
    Costs in excess of billings                                                                        2,234                2,177
    Advances to vendors                                                                                  744                   --
    Prepaid and other current assets                                                                     687                  421
                                                                                                 -----------          -----------
                         Total current assets                                                         16,144                6,079
                                                                                                 -----------          -----------

    Property and equipment, less accumulated depreciation
         of $73 and $62                                                                                1,274                  143
    Notes receivable                                                                                     280                  280
    Goodwill, less accumulated amortization of $747 and $550                                          17,941                6,050
    Deferred taxes                                                                                        65                   65
    Other assets                                                                                         242                  133
                                                                                                 -----------          -----------
                          Total other assets                                                          19,802                6,671
                                                                                                 -----------          -----------
                                                                                                 $    35,946          $    12,750
                                                                                                 ===========          ===========

                      LIABILITIES AND STOCKHOLDERS' EQUITY


                                                                                                  March 31,         December 31,
                                                                                                   1997                1996
                                                                                                 ----------         ------------
CURRENT LIABILITIES:                                                                              Unaudited

    Loan Payable - Bank                                                                          $     2,100          $     1,400
    Current portion of notes payable and capital lease obligations                                        70                   --
    Accounts payable                                                                                   6,200                1,175
    Accrued and other liabilities                                                                      2,393                1,897
    Billings in excess of costs                                                                          524                  201
    Customer deposits                                                                                  3,351                   --
    Income taxes payable                                                                                 346                  298
                                                                                                 -----------          -----------
                         Total current liabilities                                                    14,984                4,971
                                                                                                 -----------          -----------

    Notes payable and capital lease obligations, net of current portion                                  151                   --
                                                                                                 -----------          -----------
                                                                                                      15,135                4,971
                                                                                                 -----------          -----------
STOCKHOLDERS' EQUITY
    6% Convertible preferred stock,  no par value, 3,000,000
          shares authorized, 200,000 issued and outstanding                                            5,000                   --
    Common stock, $.01 par value, 20,000,000 shares authorized,
          8,305,989 outstanding, 500,000 shares held in treasury                                          88                   72
    Additional paid-in capital                                                                        15,885                8,186
    Treasury stock                                                                                      (715)                (715)
    Foreign currency adjustment                                                                           (5)                  --
    Retained earnings                                                                                    558                  236
                                                                                                 -----------          -----------
                         Total stockholders' equity                                                   20,811                7,779
                                                                                                 -----------          -----------
                                                                                                 $    35,946          $    12,750
                                                                                                 ===========          ===========

</TABLE>


         The accompanying notes are an integral part of these statements

                                        3
<PAGE>
            HOSPITALITY WORLDWIDE SERVICES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                    UNAUDITED


<TABLE>
<CAPTION>


                                                                            THREE MONTHS ENDED
                                                                                 MARCH 31,
                                                                          1997                1996
                                                                       ----------         ----------

<S>                                                                    <C>                  <C>
Net revenues                                                           $    18,196          $   1,993
                                                                       ------------         ---------

Cost of revenues                                                            14,737              1,677
Selling, general and administrative expenses                                 2,644                440
                                                                       ------------         ---------
                                                                            17,381              2,117
                                                                       ------------         ---------
   Income (loss) from operations                                               815              (124)
                                                                       ------------         ---------

Other income (expense):
  Interest income                                                                6                  3
  Interest expense                                                             (35)                --
                                                                       ------------         ---------
                                                                               (29)                 3
                                                                       ------------         ---------

   Income before provision for income taxes                                    786              (121)

Provision for income taxes                                                     389                 --

                                                                       ------------        ----------
Net income (loss)                                                              397              (121)

Preferred dividends                                                             75                 --

                                                                       ------------        ----------
Net income (loss) applicable to common shareholders                    $       322         $    (121)
                                                                       ============        ==========

Net income (loss) per share                                            $      0.04         $   (0.02)
                                                                       ============        ==========


WEIGHTED AVERAGE NUMBER
  OF COMMON SHARES OUTSTANDING                                               9,031             6,950
                                                                       ============        ==========

</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 THREE MONTHS ENDED MARCH 31, 1997
                                 (IN THOUSANDS)
                                    UNAUDITED

<TABLE>
<CAPTION>


                                                                      TREASURY
                             PREFERRED STOCK         COMMON STOCK       STOCK
                             -------------------------------------------------
                                                                                             FOREIGN
                                                                                 ADDT'L      CURRENCY                   TOTAL
                                                                                 PAID IN    TRANSLATION   RETAINED   STOCKHOLDERS'
                             SHARES     VALUE      SHARES     VALUE     VALUE    CAPITAL     ADJUSTMENT   EARNINGS      EQUITY
                             ------------------------------------------------------------------------------------------------------

<S>                           <C>      <C>         <C>         <C>       <C>      <C>        <C>         <C>        <C>
BALANCE, JANUARY 1, 1997      --         --        6,726        $72      $(715)   $  8,186       --      $    236   $  7,779

Exercise of stock
options and warrants          --         --          330          3       --           742       --          --          745

Stock issued in connection
with acquisition               200     $5,000      1,250         13       --         6,941       --          --       11,954

Foreign currency translation  --         --         --         --         --          --     $     (5)       --           (5)

Stock options issued for
services                      --         --         --         --         --            16       --          --           16

Net Income                    --         --         --         --         --          --         --           322        322
                             ------------------------------------------------------------------------------------------------------

BALANCE, MARCH 31, 1997        200     $5,000      8,306        $88      $(715)   $ 15,885   $     (5)   $    558   $ 20,811
                             ======================================================================================================

</TABLE>


         The accompanying notes are an integral part of these statements

                                        5
<PAGE>
            HOSPITALITY WORLDWIDE SERVICES, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                    UNAUDITED

<TABLE>
<CAPTION>

                                                                                               Three months ended
                                                                                                    March 31,
                                                                                         1997                   1996
                                                                                   -----------------       ---------------
<S>                                                                                      <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income (loss)                                                                      $   322              $  (121)
  Adjustments to reconcile net income (loss) to net cash
    used for operating activities:
        Depreciation and amortization                                                        263                  127
        Provision for losses on accounts receivable                                           10                 (101)
        Write off of accounts receivable                                                     (83)                --
    Changes in operating assets and liabilities, exclusive of
        impacts of purchase acquisition
    (Increase) decrease in current assets:
      Accounts receivable                                                                 (2,433)                 462
      Notes receivable                                                                      --                    (25)
      Current assets of discontinued operations                                             --                    145
      Costs in excess of billings                                                            (57)                  83
      Advances to vendors                                                                   (190)                  83
      Prepaid and other current assets                                                      (159)                --
    Increase (decrease) in current liabilities:
      Accounts payable                                                                       409                  104
      Accrued and other liabilities                                                          (32)                 (55)
      Billings in excess of costs                                                            323                 (351)
      Customer deposits                                                                       74                 --
      Accrued loss on disposal of discontinued operations                                   --                   (399)
      Income taxes payable                                                                    42                 --
      Increase in other assets                                                               (82)                   6
                                                                                         -------              -------

NET CASH USED FOR OPERATING ACTIVITIES                                                    (1,593)                 (42)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Sale of marketable securities                                                            --                    715
   Costs related to business acquisition, net of acquired cash                               689                 --
   Purchase of property and equipment                                                       (211)                --
                                                                                         -------              -------


NET CASH PROVIDED BY  INVESTING ACTIVITIES                                                   478                  715

CASH FLOWS FROM FINANCING ACTIVITIES:
  Payment of loan payable - bank                                                             700                 (456)
  Purchase of treasury stock                                                                --                   (437)
  Sale of treasury stock                                                                    --                    325
  Proceeds from borrowings on notes payable                                                   59                 --
  Repayment of notes payable and capital lease obligations                                   (13)                --
  Proceeds from issuance of stocks and warrants                                              762                 --
                                                                                         -------              -------
NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES                                       1,508                 (568)
                                                                                         -------              -------
  Effect of exchange rate changes on cash                                                     (5)                --
                                                                                         -------              -------
NET DECREASE  IN CASH                                                                        387                  105
CASH AND CASH EQUIVALENTS,
 BEGINNING OF PERIOD                                                                         276                  391
                                                                                         -------              -------
CASH AND CASH EQUIVALENTS,
 END OF PERIOD                                                                           $   663              $   496
                                                                                         =======              =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
    Income taxes                                                                         $   307              $  --
    Interest                                                                             $    35              $  --


</TABLE>

         The accompanying notes are an integral part of these statements

                                        6
<PAGE>


              HOSPITALITY WORLDWIDE SERVICES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 1997
                                   (UNAUDITED)

NOTES TO FINANCIAL STATEMENTS

NOTE 1:  CONSOLIDATION

The consolidated  financial statements of Hospitality  Worldwide Services,  Inc.
and Subsidiaries  (the "Company") and related notes thereto as of March 31, 1997
and for the three months ended March 31, 1997 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,
1996 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:  PURCHASE ACQUISITIONS

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.

On January 10, 1997, the Company completed the acquisition of The Leonard Parker
Company ("LPC"), a leading purchasing company for the hospitality  industry that
acts as an agent for the purchase of goods and services for its customers  which
include major hotel and management companies worldwide. LPC purchases furniture,
fixtures  and  equipment,  kitchen  supplies,  linens  and  uniforms,  guestroom
amenities,  and other supplies to meet its customers' requirements for new hotel
openings and major renovations.  The acquisition was accounted for as a purchase
method of  accounting  with the  results  of LPC  included  in the  consolidated
financial statements of the Company from the acquisition date.

NOTE 3:  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.  Fully diluted net income (loss) per
share is not presented, as it does not differ materially from primary net income
(loss) per share.

NOTE 4:  PRO FORMA INFORMATION

The following pro forma consolidated  financial information has been prepared to
reflect  the  acquisition  of the  assets  and  business  of LPC.  The pro forma
financial  information  is based on the historical  financial  statements of the
Company  and LPC,  and  should  be read in  conjunction  with  the  accompanying
footnotes.  The accompanying pro forma financial  information is presented as if
the transaction occurred January 1, 1996. 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, 1996, and neither is it necessarily indicative of the
results of operations for future periods.

                                       7
<PAGE>
              HOSPITALITY WORLDWIDE SERVICES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 1997
                                   (UNAUDITED)

       THREE MONTHS ENDED MARCH 31,                         1996
       ------------------------------------------------------------------
       (amounts in thousands, except share data)          (unaudited)
       Net Revenues                                       $    12,605
       Net income applicable to common shares             $       113
       Net income per share                               $       .01

The above  unaudited  pro forma  statements  have been  adjusted  to reflect the
amortization  of  goodwill,  as  generated  by the  acquisition,  over a 30-year
period,  dividends of 6% on the  5,000,000  preferred  shares and the  1,250,000
shares issued as consideration in the transaction.  In addition,  adjustments to
reflect historical  compensation per employment  agreements entered into at date
of acquisition,  and a provision for income taxes on LPC's pro forma income have
also been included.

                                       8
<PAGE>
              HOSPITALITY WORLDWIDE SERVICES INC., AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

DESCRIPTION OF BUSINESS

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.
Through its wholly owned  subsidiaries,  Hospitality  Restoration  and Builders,
Inc.,  ("HRB"),  and The Leonard Parker Company  ("LPC"),  the Company  provides
interior  and  exterior  cosmetic  renovations  and  maintenance,  as  well  as,
procurement services for the hospitality  industry.  Parker Reorder,  formally a
division of LPC, is now a wholly owned subsidiary of the company. Parker Reorder
is a  development  stage  company that allows  hotels to order all products used
daily at the hotels properties. These products include china, glassware, linens,
silverware,  and guest amenities  which are purchased via computer link.  Parker
Reorder  is  currently  developing  software  to  automate  a  majority  of  the
purchasing process.

The Company is also  establishing  a new wholly  owned  subsidiary  corporation,
Hospitality  Software  Systems,  Inc.,  ("HSS")  which  will be the owner of the
Parker Reorder  software.  HSS will grant licensing for a fee to the vendors who
wish to provide products through Parker Reorders' purchasing system.

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 the subsequent  acquisition of LPC.  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 MARCH 31, 1997 VS. THREE MONTHS ENDED MARCH 31, 1996.

The  Company  experienced  a  significant   increase  in  its  net  revenues  to
$18,196,000  for the first quarter of 1997 in  comparison to $1,993,000  for the
first  quarter  of  1996,  due in large  part to the  acquisition  of LPC  which
contributed $12,700,000.  In addition, revenues for HRB have increased over last
year due to continued  growth in its customer  base,  attributable  to increased
sales and marketing efforts, and the further establishment of the Company's name
in the hospitality industry.

Cost of revenues  for the three  months  ended March 31, 1997 were  $14,737,000,
compared  to  $1,677,000  for the same period  last year.  This  increase is due
mainly to the addition of LPC, which incurred  costs  $10,786,000  for the three
months  ended  March 31,  1997.  The  increase  for HRB is the result of revenue
growth. Cost of revenues, as a percentage of net revenues,  for the three months
ended March 31, 1997,  improved to 80.9%,  compared to 84.1% for the same period
last year.  The cost of revenues  for HRB improved to 71.6% for the three months
ended March 31,  1997  compared  to 84.1% for the three  months  ended March 31,
1996. Due to the repetitive nature of the renovation process, and the ability of
HRB to  hire  and  train  internal  personnel  to  perform  services  previously
outsourced, the Company has been able to realize greater efficiencies,  which is
reflected in the percentage improvement.

Selling, general and administrative expenses for the period ended March 31, 1997
have  increased  to  $2,644,000,  compared to $440,000  for the same period last
year.  Contributing  to this increase is the  acquisition of LPC, which incurred
expenses of $1,643,000. The expenses for LPC include a significant investment in
the  development  of  Parker  Reorder.   Additionally,   selling,   general  and
administrative  expenses include  $197,000 and $99,000 of goodwill  amortization
for the periods ended March 31, 1997 and 1996, respectively.  As a percentage of
net revenues,  selling, general and administrative expenses for the three months
ended March 31, 1997 have decreased to 14.5% from 22.1% for the same period last
year. This reduction is the result of greater economies of scale provided by the
growth of the HRB operations and the acquisition of LPC.

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

The Company is expected to increase its costs and expenses over the remainder of
1997 as it continues to invest in the  development of Parker  Reorder.  Although
this increase may result in a short-term  reduction in the operating margin as a
percentage  of  revenues,  the  Company  anticipates  Parker  Reorder  to have a
positive impact on its net revenues on a long-term basis.

Income (loss) from operations for the three months ended March 31, 1997 improved
to $815,000 or 4.5% of net revenues  compared to a loss of  ($124,000) or (6.2%)
for 1996.  Exclusive of Parker Reorder,  LPC contributed $451,000 to income from
operations for the three months ended March 31, 1997.

The  effective  income tax rate for the three  months  ended  March 31, 1997 was
49.0%, compared to 0% for the same period last year. For the year ended December
31, 1996, the effective income tax rate was 32.7%. The effective tax rate of 49%
for the quarter  ended March 31, 1997 is higher than the  effective tax rate for
the year ended December 31, 1996 primarily  because of the  nondeductibility  of
the amortization of goodwill on the LPC acquisition, and the benefits of all net
operating loss carryforwards previously recognized.

As  a  result  of  the  above,  net  income  (loss)  applicable  to  common
shareholders  for the  three-month  period  ended March 31, 1997 was $322,000 or
$.04 per share  compared to a net loss of ($121,000) or ($.02) per share 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 a  maximum  of
$2,200,000.  The line bears  interest at the bank's prime lending rate plus .5%,
and is secured by HRB's  accounts  receivable.  Proceeds  from the borrowing are
utilized to fund short-term cash requirements.  At March 31, 1997, borrowings on
the  line  were  $2,100,000.  The  company  also  has  available  through  LPC a
$1,000,000  line of credit with United National Bank. The line bears interest at
prime plus .25%,  and is secured by accounts  receivable  of LPC.  There were no
borrowings on the LPC line at March 31, 1997.

The Company's short-term and long-term liquidity  requirements generally consist
of operating  capital for its  procurement  and renovation  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 lines of credit.

Net cash used by  operating  activities  was  ($1,586,000)  for the three months
ended  March 31,  1997,  compared  to  ($42,000)  for the same period last year.
During the three months ended March 31, 1997, the Company's accounts  receivable
increased by  $2,433,000,  resulting  from growth in revenue.  This increase was
partially  offset by an  increase in  accounts  payable and accrued  expenses of
$437,000.  Due to the HRB's rapid  growth,  and the  significant  amount of work
performed on numerous projects, a backlog of billings occurred during the fourth
quarter of 1996 and the first  quarter of 1997.  The  Company  has  collected  a
significant  amount of those  billings  early in the second quarter of 1997, and
expects to collect the remaining amounts by the end of the second quarter.

Net cash provided by investing  activities  for the three months ended March 31,
1997 was  $478,000,  compared to $715,000  for the three  months ended March 31,
1996. For 1997, the positive cash flow from investing  activities  resulted from
the net cash  acquired  from the LPC  transaction.  Due to the  nature  of HRB's
business,   with  a  majority  of  its  resources  allocated  to  personnel  for
performance of its renovation services,  capital requirements are insignificant.
The Company is currently  developing  software through Parker Reorder to enhance
the  procurement   services   currently  offered.  A  majority  of  the  capital
expenditures for the software development have already been incurred, and future
commitments are at the discretion of the Company's management.  As a result, the
Company can use its operating cash and available credit facilities for operating
needs.

The Company believes its present cash position,  including  increasing  revenues
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.

                                       10
<PAGE>
PART II.  OTHER INFORMATION

Item 2.   Changes in Securities

On January 10, 1997, the Registrant  acquired The Leonard  Parker  Company,  for
consideration  including  1,250,000 shares of the Registrant's  Common Stock and
160,000 shares of the Registrant's  Redeemable  Convertible Preferred Stock (the
"Preferred  Stock").  Holders  of the  Preferred  Stock  have the  right at such
holders'  option,  at any one time  during the period  from  January 11, 1998 to
January 10, 2000, to convert all of such holder's shares of Preferred Stock into
(i) such  whole  number of shares of Common  Stock  equal to the  product of 25,
which  represents the stated value of the Preferred Stock and the number of such
holder shares of Preferred Stock,  divided by the average closing sale price for
the Common Stock for the 20 trading days  immediately  prior to the date written
notice of the holder's  intention to exercise  the  conversion  option is given;
PROVIDED,  HOWEVER,  that in no case shall the number of shares of Common  stock
into which each share of  Preferred  Stock may be converted be less than five or
greater than 25 or (ii) such whole number of shares of common  stock,  par value
$1.00 per share, of Parker Reorder (the "Parker Common Stock") equal to 9.80% of
the outstanding  shares of Parker Common Stock as calculated  immediately  after
such  conversion.  The sale of the Preferred Stock was exempt from  registration
under Section 4(2) of the Securities  Act of 1933, as amended,  as a transaction
not involving a public offering.

Item 6.   Exhibits and Reports on Form 8-K

         (a)   Exhibits
               27 Financial Data Schedule

         (b)   Reports on Form 8-K

JANUARY 24, 1997 THE FOLLOWING EVENT WAS REPORTED:

The Company  filed a Form 8-K to report  that the  Company  had  entered  into a
merger  agreement with The Leonard Parker  Company.  ("LPC") The filing included
the "Agreement and Plan of Merger" between the Company and LPC, and the Articles
of Incorporation" of Hospitality Worldwide Services, as amended.

The following financial statements were filed with this report: None.

MARCH 25, 1997 THE FOLLOWING EVENT WAS REPORTED:

The Company  filed  report  8-K/A to amend the filing of Form 8-K on January 24,
1997 to include the requisite financial statements of the Leonard Parker Company
("LPC") and affiliates,  and the pro forma financial information with respect to
Registrants acquisition of LPC.

The following financial statements were filed with this report:

Leonard Parker Company

Combined Report of Independent Certified Public Accountants
Combined Statements of  Operations
Combined Balance Sheet
Combined Statements of Stockholders' Equity
Combined Statements of Cash Flows
Notes to combined Financial Statements

Hospitality  Worldwide  Services,  Inc.  and  The  Leonard  Parker  Company
Unaudited Pro forma Condensed Consolidated Financial Information

Unaudited Pro Forma  Condensed  Consolidated  Balance  Sheets as of December 31,
1996 
Unaudited Pro Forma Condensed  Consolidated  Statements of Operations as of
December 31, 1995  
Unaudited  Pro Forma  Condensed  Consolidated  Statements  of
Operations as of December 31, 1996 
Notes to Pro Forma Financial Statements

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<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,  INC.


                                   By:  /S/ ROBERT A. BERMAN
                                        --------------------------------------

                                        Robert A. Berman
                                        PRESIDENT AND CHIEF EXECUTIVE OFFICER


                                  By:    /S/ HOWARD G. ANDERS
                                        --------------------------------------
                                        HOWARD G. ANDERS
                                        EXECUTIVE VICE PRESIDENT, CHIEF
                                        FINANCIAL OFFICER (PRINCIPAL FINANCIAL
                                        OFFICER, PRINCIPAL ACCOUNT OFFICER) AND
                                        SECRETARY

Dated:  May 14, 1997


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