<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-Q/A-2

(Mark One)

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

                  For the quarterly period ended June 30, 2003

                                       OR

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

               For the transition period from ________ to ________
                         Commission file number 0-25198

                      UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.
                      -------------------------------------
             (Exact name of registrant as specified in its charter)

                Delaware                                  36-3973627
                --------                                  ----------
     (State or other jurisdiction of                  (I.R.S. Employer
     incorporation or organization)                   Identification No.)

                           11859 South Central Avenue
                              Alsip, Illinois 60803
                              ---------------------
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (708) 293-4050
                                 --------------
              (Registrant's telephone number, including area code)

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

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes   X     No
                                              -----      -----
     Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act):  Yes        No   X
                                                 -----     -----

The number of shares of issuer's Common Stock, par value $.01 per share,
outstanding as of June 30, 2003 was 8,224,949 shares.


<PAGE>
                      UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.

                                    FORM 10-Q

                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION
------------------------------
                                                                                            Page(s)
                                                                                            -------
<S>                                                                                         <C>
   Item 1. Financial Statements

         Consolidated Balance Sheets
                  June 30, 2003 (Unaudited) and December 31, 2002                                3

         Consolidated Statements of Operations
                  (Unaudited) - for the six months ended
                  June 30, 2003 and 2002                                                         4

         Consolidated Statements of Cash Flows
                  (Unaudited) - for the six months ended
                  June 30, 2003 and 2002                                                         5

         Notes to Condensed Financial Statements (Unaudited)                                     6 - 7

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

   Items 1 through 5 are not applicable to the Company in this report                            7

   Item 6 - Exhibits and Reports on Form 8-K                                                     7

   Signatures                                                                                    8

EXHIBIT 11 - Computation of Earnings Per Share

EXHIBIT 31(A) Certificate of Chief Executive Officer

EXHIBIT 31(B) Certificate of Chief Financial Officer

EXHIBIT 32 Certificate of Chief Executive Officer and Chief Financial Officer
</TABLE>

                                       2
<PAGE>


            UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.
                 CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                June 30, 2003                   December 31, 2002
                                                                            --------------------              --------------------
                                                                                  (Unaudited)
<S>                                                                         <C>                               <C>
                           Assets
                           ------

Current assets:
Cash                                                                        $              6,253              $            237,600
Accounts receivable - trade, net                                                      15,240,632                        12,702,701
Inventories                                                                           13,493,783                        17,051,952
Deferred income taxes                                                                    240,000                           240,000
Prepaid expenses and other current assets                                                309,590                           215,987
                                                                            --------------------              --------------------
                                                                                      29,290,258                        30,448,240
                                                                            --------------------              --------------------

Property and equipment, net                                                            4,220,519                         4,175,208
                                                                            --------------------              --------------------

Other assets:
Goodwill, net                                                                            480,498                           480,498
Due from stockholders                                                                    357,412                           345,296
Other assets                                                                             667,138                           695,542
                                                                            --------------------              --------------------
                                                                                       1,505,048                         1,521,336
                                                                            --------------------              --------------------
                                                                            $         35,015,825              $         36,144,784
                                                                            ====================              ====================
            Liabilities and Stockholders' Equity
            ------------------------------------

Current liabilities:
Accounts payable, trade                                                     $         10,199,930              $         10,212,291
Accrued expenses and other current liabilities                                         2,733,434                         2,608,466
Subordinated debenture, current portion                                                   83,631                            84,020
Long-term indebtedness, current portion                                                  225,215                           356,663
                                                                            --------------------              --------------------
                                                                                      13,242,210                        13,261,440
                                                                            --------------------              --------------------
Long-term liabilities:
Revolving line of credit                                                              16,539,624                        16,949,821
Subordinated debenture, non-current portion                                            1,074,986                         1,109,986
Long-term indebtedness, non-current portion                                               58,028                           110,510
Deferred rent expense                                                                     11,867                            30,419
                                                                            --------------------              --------------------
                                                                                      17,684,505                        18,200,736
                                                                            --------------------              --------------------
Stockholders' equity:
Preferred stock (authorized 2,000,000 shares, $.01 par value,                              3,014                             3,014
201,438 shares of Series A and 100,000 shares of Series B issued
and outstanding)
Common stock (authorized 30,000,000 shares, $.01 par value,                               82,249                            82,249
8,224,949 shares issued and outstanding at June 30, 2003 and
December 31, 2002)
Additional paid-in-capital                                                            15,208,441                        15,208,441
Accumulated deficit                                                                  (10,603,993)                       (9,644,606)
Accumulated other comprehensive loss                                                    (545,951)                         (904,340)
Stock subscription receivable                                                            (54,650)                          (62,150)
                                                                            --------------------              --------------------
                                                                                       4,089,110                         4,682,608
                                                                            --------------------              --------------------
                                                                            $         35,015,825              $         36,144,784
                                                                            ====================              ====================
</TABLE>


    The accompanying notes are an integral part of the financial statements.



                                       3
<PAGE>

                      UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                    Three Months Ended June 30,       Six Months Ended June 30,
                                                      2003               2002           2003             2002
                                                      ----               ----           ----             ----
<S>                                             <C>                  <C>            <C>              <C>
Net sales                                         $ 17,838,657       $ 20,424,405   $ 32,855,567     $ 38,068,722
Cost of sales                                       15,203,203         16,424,626     28,471,974       30,852,829
                                                ------------------------------------------------------------------
Gross profit                                         2,635,454          3,999,779      4,383,593        7,215,893
Selling, general, and administrative expenses        2,374,812          3,093,790      4,866,374        5,792,514
                                                ------------------------------------------------------------------
Income (loss) from operations                          260,642            905,989       (482,781)       1,423,379
Other expense:
     Interest expense                                  249,247            403,415        488,088          754,243
     Other                                              (3,688)           (14,651)       (11,482)               -
                                                ------------------------------------------------------------------
                                                       245,559            388,764        476,606          754,243
                                                ------------------------------------------------------------------

Income (loss) before provision for income taxes         15,083            517,225       (959,387)         669,136

Income tax provision                                         -                  -              -                -
                                                ------------------------------------------------------------------
Net income (loss)                                 $     15,083       $    517,225   $   (959,387)    $    669,136
                                                ==================================================================


Comprehensive income (loss):
Net income (loss)                                 $     15,083       $    517,225   $   (959,387)    $    669,136
     Other comprehensive income (loss),
     Foreign currency translation adjustment           290,571            137,634        358,389           92,620
                                                ------------------------------------------------------------------
Comprehensive income (loss)                       $    305,654       $    654,859   $   (600,998)    $    761,756
                                                ==================================================================

Earnings (Loss) per share:
Basic                                             $       0.00       $       0.06   $      (0.12)    $       0.08
Diluted                                           $       0.00       $       0.05   $      (0.12)    $       0.06

Weighted average number of common shares
outstanding:
Basic                                                8,224,949          8,185,921      8,224,949        8,170,955
Effect of dilutive securities
      Conversion of preferred stock                  3,014,380          3,014,380                       3,014,380
      Common stock equivalents from
       warrants and options                            964,962                  -                               -
                                                ------------------------------------------------------------------
Diluted                                             12,204,291         11,200,301      8,224,949       11,185,335
                                                ==================================================================
</TABLE>

    The accompanying notes are an integral part of the financial statements.


                                       4
<PAGE>

                      UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                       Six Months Ended June 30,
                                                                             -------------------------------------------
                                                                                       2003                  2002
                                                                                       ----                  ----
<S>                                                                          <C>                     <C>
Cash flows from operating activities:
Net income (loss)                                                            $         (959,387)     $          669,136
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
    Depreciation and amortization                                                       572,464                 687,944
    Provision for bad debts                                                             169,097                 169,369
    Compensation expense for stock options                                                    -                  19,800
    Other, net                                                                            7,500                       -
    Changes in operating assets and liabilities:
      Accounts receivable, trade                                                     (2,627,028)             (4,322,165)
      Inventories                                                                     3,558,169                 860,189
      Prepaid expenses and other current assets                                        (246,625)               (154,760)
      Accounts payable, trade                                                           (12,361)                642,356
      Accrued expenses and other current liabilities                                    106,415                (544,494)
                                                                             ------------------      ------------------
Net cash provided by (used in) operating activities                                     568,244              (1,972,625)

Cash flows for investing activities:
     Advances on notes receivable, net                                                    9,423                   2,500
     Purchase of property and equipment                                                (166,937)               (515,621)
                                                                             ------------------      ------------------
Net cash used in investing activities                                                  (157,514)               (513,121)

Cash flows from financing activities:
     Net increase (decrease) in revolving loan indebtedness                            (410,198)              1,653,234
    Net Principal payments on notes payable and subordinated debt                      (219,317)               (577,405)
    Common stock issued by exercise of options and warrants                                   -                 601,623
                                                                             ------------------      ------------------
Net cash (used in) provided by financing activities                                    (629,515)              1,677,452

Effect of exchange rate changes on cash                                                 (12,562)                 92,620

Net decrease in cash                                                                   (231,347)               (715,674)
Cash, beginning of period                                                               237,600                 976,585
                                                                             ------------------      ------------------
Cash, end of period                                                          $            6,253      $          260,911
                                                                             ==================      ==================

Supplemental disclosures of cash flow information:
   Cash paid for interest                                                    $          531,929      $          807,517
                                                                             ==================      ==================
   Cash paid for income taxes                                                $            7,403      $                -
                                                                             ==================      ==================
</TABLE>


    The accompanying notes are an integral part of the financial statements.


                                       5
<PAGE>

                      UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


1. UNAUDITED INTERIM FINANCIAL STATEMENTS

Interim condensed financial statements are prepared pursuant to the requirements
for reporting on Form 10-Q. Accordingly, certain disclosures accompanying annual
financial statements prepared in accordance with generally accepted accounting
principles are omitted. For additional disclosures, see the Notes to
Consolidated Financial Statements contained in Universal Automotive Industries,
Inc. (the "Company") Annual Report on Form 10-K for the year ended December 31,
2002.

Our significant accounting policies are described in Note 2 to the Consolidated
Financial Statements contained in Universal Automotive Industries, Inc. (the
"Company") Annual Report on Form 10-K for the year ended December 31, 2002. The
application of these policies may require management to make judgments and
estimates about the amounts reflected in the financial statements. Management
uses historical experience and all available information to make these estimates
and judgments, and different amounts could be reported using different
assumptions and estimates.

In the opinion of our management, all adjustments, consisting solely of normal
recurring adjustments, necessary for the fair presentation of the financial
statements for these interim periods have been included. The current period's
results of operations are not necessarily indicative of results which ultimately
may be achieved for the year.

Certain reclassifications have been made for the period presented in the
financial statements to conform to the classifications presented in 2003.

2. INVENTORIES

<TABLE>
<CAPTION>
                          June 30, 2003         December 31, 2002
<S>                         <C>                      <C>
Finished goods             $ 10,598,630           $  13,815,563
Work in process                 519,951                 510,264
Raw materials                 2,375,202               2,726,125
                           ------------           -------------
                           $ 13,493,783           $  17,051,952
                           ============           =============
</TABLE>

3. BASIS OF PRESENTATION

Net Loss  Per Share
Warrants and options issued by us are only included in the computation of
weighted average number of shares where their inclusion is not anti-dilutive.
For the six months ended June 30, 2003, common stock equivalents are not
included in the weighted average number of shares outstanding in determining net
loss per share.

Income Taxes
For the quarters ended June 30, 2003 and 2002, no provision for income taxes has
been provided. We believe that, consistent with accounting principles generally
accepted in the United States, it was not more likely than not that the tax
benefits associated with the balance of loss carryforwards and other deferred
tax assets will be realized through future taxable earnings or alternative tax
strategies. Accordingly, net deferred tax assets were offset with a valuation
allowance.


                                       6
<PAGE>

4. LASALLE INDEBTEDNESS

The LaSalle Credit Agreement contains certain limitations on dividends and
capital expenditures and requires us to satisfy certain financial tests
concerning defined minimum tangible net worth and debt service coverage. At June
30, 2003, we were in compliance with all financial covenants. In addition, the
term of this Credit Agreement was extended to May 31, 2005.

5. RECENTLY ISSUED ACCOUNTING STANDARDS

         In December 2002, the FASB issued Statement of Financial Accounting
Standards ("SFAS") NO. 148, Accounting for Stock-Based Compensation-Transition
and Disclosure, which (i) amends SFAS No. 123, Accounting for Stock-Based
Compensation to add two new transitional approaches when changing from
Accounting Principles Board ("APB") Opinion No. 25, Accounting for Stock Issued
to Employees intrinsic value method of accounting for stock-based employee
compensation to the SFAS No. 123 fair value method and (ii) amends ABO Opinion
No. 28 Interim Financial Reporting to call for disclosure of SFAS No. 123
pro-forma information on a quarterly basis. We have elected to adopt the
disclosure-only provisions of SFAS No. 148 and will continue to follow ABO
Opinion No. 25 and the related interpretations in accounting for the stock
options granted to our employees and directors. Accordingly, employee and
director compensation expense is recognized only for those options whose price
is less than fair market value at the measurement date.

6. STOCK-BASED COMPENSATION

We have elected to follow APB Opinion NO. 25, Accounting for Stock Issued to
Employees, and related interpretations in accounting for the stock options
granted to employees and directors. Accordingly, employee and director
compensation expense is recognized only for those options whose price is less
than fair market value at the measurement date. We have adopted the
disclosure-only provisions of SFAS No. 123, Accounting for Stock-Based
Compensation, as amended.

Had the compensation cost for our stock options plans been determined in
accordance with SFAS No. 123, our reported earnings per share for the three
month periods ending June 30, 2003 and 2002, would differ by less than $.01 per
share from that which would have been recorded using the Black-Scholes option
valuation method.

PART II  OTHER INFORMATION

ITEMS 1 THROUGH 5 ARE NOT APPLICABLE TO THE COMPANY IN THIS REPORT.

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

 a)  (i)   Exhibit 11 - Computation of Earnings Per Share

     (ii)  Exhibit 31(a) - Certification of Chief Executive Officer Required by
           Rule 13(a)-14(b) under the Securities Exchange Act of 1934

     (iii) Exhibit 31(b) - Certification of Chief Financial Officer Required by
           Rule 13(a)-14(b) under the Securities Exchange Act of 1934

     (iv)  Exhibit 32 - Certifications Required by Rule 13(a)-14(b) under the
           Securities Exchange Act of 1934 (Sarbanes-Oxley Act of 2002, Section
           906)

b)   The Company filed a form 8-K on May 22, 2003 wherein we reported
     information under Item 12.




                                       7
<PAGE>

                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the Company has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.


                     UNIVERSAL AUTOMOTIVE INDUSTRIES, INC.



                                /s/  ARVIN SCOTT
                                ---------------------------------------
Date: January 28, 2004          Arvin Scott, Chief Executive Officer, President
                                (Principal Executive Officer)


                                /s/ ROBERT W. ZIMMER
                                ----------------------------------------
                                Robert W. Zimmer, Chief Financial Officer
                                (Principal Financial Officer)




                                       8