UNITED STATES
Securities and Exchange Commission
Washington, DC 20549

FORM 10-Q

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

For the Quarterly Period Ended: January 31, 2002

Or

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


For the transition period from                    to

0-3255
(Commission File Number)

JAYARK CORPORATION
(Exact name of registrant as specified in its charter)

DELAWARE          	       13-1864519
(State of incorporation)	(IRS Employer Identification No.)

300 Plaza Drive, Vestal, New York         13850
(Address of principal executive offices) (Zip Code)

(607) 729-9331
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports 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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:

     Class  				Outstanding at January 31, 2002
Common Stock $0.01 Par Value			2,766,396


Jayark Corporation and Subsidiaries

INDEX

										         	       												  Page
Part I.		FINANCIAL INFORMATION

Item 1.  Consolidated Condensed Financial Statements (Unaudited)

         Consolidated Condensed Balance Sheets - January 31, 2002
          (Unaudited) and April 30, 2001....................................3

         Consolidated Condensed Statements of Operations - Three
          and Nine Months Ended January 31, 2002 and 2001 (Unaudited).......4

         Consolidated Condensed Statements of Cash Flows - Nine Months
          Ended January 31, 2002 and 2001 (Unaudited).......................5

         Notes to Consolidated Condensed Financial Statements(Unaudited)...6-11

Item 2.  Management's Discussion and Analysis of Financial Condition and
          Results of Operations............................................11-18

Item 3.  Quantitative and Qualitative Disclosures About Market Risk........18

Part II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K .................................18

         Signatures........................................................19


PART I.
ITEM 1.	Consolidated Condensed Financial Statements

Jayark Corporation and Subsidiaries
Consolidated Condensed Balance Sheets

                                                   (Unaudited)
                                                January 31, 2002 April 30, 2001
                                                ---------------- --------------
Assets
Current Assets:
  Cash and Cash Equivalents                             $975,480      $834,145
  Accounts Receivable - Trade, less allowance
   for doubtful accounts of $53,000 and
   $67,000, respectively                                 910,727     1,352,457
  Inventories                                            458,432       670,320
  Other Current Assets                                    55,687        42,202
                                                ---------------- --------------
    Total Current Assets                               2,400,326     2,899,124

  Property, Plant & Equipment, net                       160,402       542,204
  Goodwill                                               204,662       295,094
  Patent net of accumulated amortization of $435              --        54,656
                                                ---------------- --------------
    Total Assets                                      $2,765,390    $3,791,078
                                                ================ ==============


Liabilities
Current Liabilities:
  Borrowings Under Lines of Credit                   $399,060         $499,060
  Current Portion of Long Term Debt - Related Parties 161,332          161,332
  Accounts Payable and Accrued Expenses               474,281          922,605
  Accrued Salaries                                    170,640          295,143
  Other Current Liabilities                            67,903           73,328
                                                ---------------- --------------
    Total Current Liabilities                       1,167,467        1,951,468

Long Term Debt - Related Parties,
 excluding current portion                          1,213,661        1,213,661
Deferred Compensation                                 328,669          338,272
Accrued Interest - Related Parties                    504,510          504,510
                                                ---------------- --------------
    Total Liabilities                               3,320,056        4,007,911
                                                ---------------- --------------

8% Cumulative Convertible Preferred Stock of Subsidiary    --          429,500
                                                ---------------- --------------

Stockholders' Deficit
Common Stock of $.01 Par Value, Authorized
  30,000,000 Shares; issued 2,773,896 Shares          27,739            27,739
Additional Paid-In Capital                        12,860,435        12,598,980
Accumulated Deficit                              (13,442,090)      (13,272,302)
Treasury Stock, at cost, 7,500 shares                   (750)             (750)
                                                ---------------- --------------
    Total Stockholders' Deficit                     (554,666)         (646,333)
                                                ---------------- --------------
    Total Liabilities & Stockholders' Deficit     $2,765,390        $3,791,078
                                                ================ ==============

See accompanying notes to consolidated condensed financial statements


Jayark Corporation and Subsidiaries
Consolidated Condensed Statements of Operations
(Unaudited)


                                   Three Months Ended     Nine Months Ended
                                   ------------------     ----------------
                                January 31, January 31, January 31, January 31,
                                    2002        2001       2002        2001
                                ----------- ----------- ----------- -----------

Net Revenues                    $2,233,040  $2,808,090  $8,967,045  $9,800,116
Cost of Revenues                 1,812,437   2,360,408   7,478,005   8,242,652
                                ----------- ----------- ----------- -----------
  Gross Margin                     420,603     447,682   1,489,040   1,557,464

Selling, General and
 Administrative                    388,500     654,368   1,573,357   1,930,601
                                ----------- ----------- ----------- -----------

Operating Income (Loss)             32,103    (206,686)    (84,317)   (373,137)

Interest Expense, Net               23,440      40,116      84,703     111,888
                                ----------- ----------- ----------- -----------

Income (Loss) Before Income Taxes    8,663    (246,802)   (169,020)   (485,025)

Income Taxes                           768         --          768          --
                                ----------- ----------- ----------- -----------

Net Income (Loss)                   $7,895   ($246,802)  ($169,788)  ($485,025)
                                =========== =========== =========== ===========

Weighted Average Common Shares:  2,766,396   2,766,396   2,766,396   2,766,392
                                =========== =========== =========== ==========

Basic and Diluted Income (Loss)
 per Common Share:                    $.00       ($.09)      ($.06)      ($.18)
                                =========== =========== =========== ===========

See accompanying notes to consolidated condensed financial statements


Jayark Corporation and Subsidiaries
Consolidated Condensed Statement of Cash Flows
(Unaudited)

                                                     Nine Months Ended
                                             January 31, 2002  January 31, 2001
                                             ----------------  ----------------
Cash Flows From Operating Activities:
  Net Loss                                         ($169,788)        ($485,025)

Adjustments to Reconcile Net Loss to Cash Flows
 From Operating Activities:
  Depreciation and Amortization of Property,
    Plant and Equipment                             106,799            133,252
  Amortization of Goodwill and Patent                 1,203              9,442
  Provision for Doubtful Accounts                   (14,000)           (14,370)
     Changes In Assets and Liabilities, Net of
        Divestiture of Fisher (Note 2):
       Accounts Receivable                          424,380            (62,850)
       Inventories                                  126,887            (60,629)
       Other Current Assets                         (29,619)            39,297
       Accounts Payable and Accrued Expenses       (152,507)           158,161
       Accrued Salaries and Deferred Compensation    43,309            187,470
       Other Liabilities                             (4,821)           (13,638)
                                             ----------------  ----------------
    Net Cash Provided By (Used In) Operating
     Activities                                     331,843           (108,891)
                                             ----------------  ----------------


Cash Flows From Investing Activities:
  Purchases of Plant and Equipment                  (86,415)          (250,895)
  Purchases of Patent                                (4,093)           (27,085)
                                             ----------------  ----------------
    Net Cash Used In Investing Activities           (90,508)          (277,980)
                                             ----------------  ----------------

Cash Flows From Financing Activities:
  Net Borrowings (Payments) Under Lines of Credit  (100,000)           130,106
  Proceeds from Issuance of Long Term Debt               --            225,000
  Payments of Long Term Debt - Related Parties           --            (45,858)
  Proceeds from Issuance of Preferred Stock of Subsidiary--            379,500
                                             ----------------  ----------------
    Net Cash Provided By (Used In) Financing
     Activities                                    (100,000)           688,748
                                             ----------------  ----------------

Net Increase in Cash and Cash Equivalents           141,335            301,877
Cash & Cash Equivalents at Beginning of Period      834,145            530,540
                                             ----------------  ----------------
Cash & Cash Equivalents at End of Period           $975,480           $832,417
                                             ================  ================

Supplemental Disclosures:
    Cash Paid For Interest                          $21,290           $124,621
                                             ================  ================
    Cash Paid For Taxes                                $768                $--
                                             ================  ================

See accompanying notes to consolidated condensed financial statements

Notes to Consolidated Condensed Financial Statements
(Unaudited)

1. Basis of Presentation

The consolidated condensed financial statements include the accounts of Jayark
Corporation and its wholly owned subsidiaries (the "Company").

The accompanying unaudited consolidated condensed financial statements reflect
all adjustments (consisting of only normal and recurring accruals and
adjustments) which are, in the opinion of management, necessary to a fair
statement of the results for the interim periods presented. These consolidated
financial statements are condensed and therefore do not include all of the
information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements.  The
consolidated condensed financial statements should be read in conjunction with
the audited financial statements and footnotes for the year ended April 30,
2001, included on the Company's report on Form 10-K.  The Company follows the
same accounting policies in preparation of interim reports (See Note 2).  The
Company's operating results for any particular interim period may not be
indicative of results for the full year.


2. Divestiture of Fisher

In January 2000, the Company, through a newly formed, wholly owned subsidiary,
Fisher Medical Corporation ("Fisher"), entered into an Asset Purchase Agreement
with Fisher Medical LLC ("LLC"), a development stage developer, manufacturer,
and distributor of medical supplies and equipment for hospitals, nursing homes
and individuals. Under the terms of the agreement, Fisher purchased all of the
assets of LLC for cash of $215,000.  LLC remained the owner of certain
intellectual property utilized in Fisher's medical products line.  The owner of
LLC was Steve Fisher who also became a member of the board of directors of the
Company.  Fisher also negotiated a five-year technology license with LLC, which
conveyed certain technology rights developed by Trlby Innovative LLC of
Torrington, Connecticut.  The acquisition was accounted for under the purchase
method of accounting.


Fisher has continued to develop medical supply products with the financing
provided by the Company. The Company initially utilized its existing working
capital and lines of credit to fund Fisher's development efforts.  The
development time horizon exceeded the projected investment horizon as
determined by the Company.  Due to the need for additional funding for this
development, the Company endeavored to infuse additional capital into Fisher
with a private placement of preferred stock.  In late 2000, the Company sold
approximately $429,500 of newly issued Fisher Medical preferred stock.  The
Company continued to seek new capital via the preferred stock offering to
various potential investors in 2001.

In September 2001, the Company received a proposal from Alberdale LLC to
provide a $500,000 bridge loan to Fisher, which is convertible, under certain
conditions, to Fisher common stock.  In addition to the bridge loan, Alberdale
was proposing to offer a new series of preferred stock for equity financing to
continue the operations of Fisher.  As a condition to this refinancing,
Alberdale required that Jayark contribute 50% of its Fisher Medical
Corporation common stock to the new refinanced entity, as well as provide an
option for Alberdale to purchase the remaining 50% common interest the Company
would hold in Fisher at predetermined amounts ranging from approximately
$915,000 to $1,464,000 for periods not exceeding 15 months.

On October 1, 2001 the Company approved the merger of its wholly owned
subsidiary, Fisher Medical Corporation with Fisher Medical LLC, the owner of
the intellectual property utilized in Fisher's medical products line.
Pursuant to the merger agreement, the Company assigned 50% of its common
equity holdings in Fisher Medical Corporation to the sole member of Fisher
Medical LLC, Dr. Stephen Fisher.  Dr. Fisher serves as President of Fisher
Medical Corporation and as a Director of the Company.  As a result of this
transaction, the Company has effectively relinquished its control of Fisher
Medical Corporation; however given its continuing 50% common stock ownership
interest, the Company will account for its investment on the equity method
prospectively commencing October 1, 2001. The Company has no future
obligations to fund any deficits of the merged entity or any commitments
to provide future funding.

As of October 1, 2001, the Company had invested approximately $1,248,000 of
cash in Fisher and incurred net losses as 100% owner of approximately
$1,509,000; therefore the Company's net investment and advance position at
the date of the divestiture was a negative balance of approximately $261,000.
In connection with the transaction, the Company received from the merged entity
a five-year $525,715 promissory note, which represents a portion of the
aforementioned advances the Company had made during its 100% ownership period.
The note is secured by all assets of the company except the intellectual
property. There can be no assurances that the merged entity will be
successful in completing the development of its products or in the
raising of the additional working capital required.  Additionally,
since the merged entity has minimal liquidation value, the note
is deemed not to be collectible.  Accordingly, the Company has not
assigned any value to this note and has recognized its divestiture
of its net investment of approximately $261,000 at October 1, 2001
as an increase in additional paid in capital, which reduces the
investment in Fisher to zero.  The Company has not recognized
its 50% share of losses of the merged entity in the post
transaction period of October 1 to January 31, 2002 as its
investment is reflected as zero.

The net liabilities of Fisher at October 1, 2001 deconsolidated as a result of
the divestiture are as follows:

Accounts Receivable - Trade             $31,350
Inventories                              85,001
Other Current Assets                     16,134
Property, Plant & Equipment, Net        361,418
Goodwill                                 90,432
Patent, Net                              57,546
Accounts Payable and Accrued Expenses  (295,817)
Accrued Salaries                       (177,415)
Other Current Liabilities                  (604)
Preferred Stock                        (429,500)
                                      ----------
                                      ($261,455)
                                      ==========

In connection with the transaction, the Company was granted warrants to
purchase 47,190 shares of common stock of the merged entity at $10 per share,
which expire in three years.

As the Company has relinquished its control of Fisher, it has effectively
deconsolidated Fisher as of October 1, 2001 and reflected its recorded excess
losses as additional paid in capital.  As the Company experienced no
historical successes as 100% owner, and has no tangible evidence of its
historical investment recoverability, it has reflected its equity investment
position at zero.  In the event the merged entity is successful in the future,
the Company would record its 50% interest in the earnings, if any, to the
extent that they exceed equity losses not otherwise recorded, and could
experience subsequent gains resulting from the repayment of the note
receivable, if such amounts are collected, and from the proceeds of the
Alberdale buyout option, if exercised. However, as described above, due
to the uncertainties over the ultimate recoverability of the note or the
exercise of the option, no value has been assigned to either.

The following unaudited pro forma financial information presents the combined
results of operations of the Company as if the divestiture of Fisher had taken
place as of May 1, 2000.  The unaudited pro forma information has been
prepared by the Company based upon assumptions deemed appropriate and takes
into consideration the elimination of Fisher operating activities included
in the consolidated statements of operations for the periods presented herein.


                                   Three Months Ended     Nine Months Ended
                                   ------------------     ----------------
                                January 31, January 31, January 31, January 31,
                                    2002        2001       2002        2001
                                ----------- ----------- ----------- -----------
Net Sales                       $2,233,040  $2,801,991  $8,932,635  $9,775,466

Net Income                          $7,895      $6,186    $189,922    $217,159
                                =========== =========== =========== ===========

Net Income per Common Share -
 Basic and Diluted                    $.00        $.00        $.07        $.08
                                =========== =========== =========== ===========

The unaudited pro forma information presented herein are shown for
illustrative purposed only and are not necessarily indicative of the
future financial position or future results of operations of the Company and
does not necessarily reflect the results of operations that would have
occurred had the transaction been in effect for the periods presented.
The unaudited pro forma information should be read in conjunction
with the historical financial statements and related notes of the
Company.

3. Recent Accounting Pronouncements

In July 2001, the FASB issued Statement of Financial Accounting Standards No.
141, "Business Combinations" (FASB 141) which supersedes APB Opinion No. 16,
"Business Combinations".  FASB No. 141 eliminates the pooling-of-interests
method of accounting for business combinations and modifies the application of
the purchase accounting method.  The elimination of the pooling-of-interests
method is effective for transactions initiated after June 30, 2001.  The
remaining provisions of FASB No. 141 are effective for transactions accounted
for using the purchase method that are completed after June 30, 2001.  The
Company adopted FASB 141 during the first quarter of fiscal 2002 (effective
May 1, 2001).  Adoption of the Statement did not have an impact on the
Company, as the Company has not historically had pooling-of-interest
transactions and had not initiated any business combinations after June
30, 2001.

During the first quarter of fiscal 2002 (effective May 1, 2001), the Company
adopted Statement of Financial Accounting Standards No. 142, "Goodwill and
Intangible Assets" (FASB 142) which supercedes APB Opinion No. 17, "Intangible
Assets".  FASB 142 eliminates the current requirement to amortize goodwill and
indefinite-lived intangible assets, addresses the amortization of intangible
assets with a defined life and addresses the impairment testing and
recognition of goodwill and intangible assets.  The following information
describes the impact that the adoption of FASB 142 had on net loss and net
loss per common share for the periods ended October 31:


                                   Three Months Ended     Nine Months Ended
                                   ------------------     ----------------
                                January 31, January 31, January 31, January 31,
                                    2002        2001       2002        2001
                                ----------- ----------- ----------- -----------
Net Loss for the Period             $7,895   ($246,802)  ($169,788) ($485,025)
Add Back:  Goodwill Amortization        --       6,546          --     19,522
                                ----------- ----------- ----------- -----------
Adjusted Net Loss for the Period    $7,895   ($240,256)  ($169,788) ($465,503)
                                =========== =========== =========== ===========

Net Loss per Common Share -
 Basic and Diluted                    $.00       ($.09)      ($.06)     ($.18)
Goodwill Amortization                  $--        $.00         $--       $.01
                                ----------- ----------- ----------- -----------
Adjusted Net Loss for the Period      $.00       ($.09)      ($.06)     ($.17)
                                =========== =========== =========== ===========

There was no goodwill acquired or any goodwill impairment losses recognized
during the nine months ended January 31, 2002.

In August 2001, the FASB issued Statement of Financial Accounting Standards
No. 143, "Accounting for Asset Retirement Obligations" (FASB 143).  FASB 143
addresses financial accounting and reporting for obligations associated with
the retirement of tangible long-lived assets and the associated asset
retirement costs.  FASB 143 is required for adoption for fiscal years
beginning after June 15, 2002.  The Company has reviewed the provisions of
FASB 143, and believes that upon adoption, the Statement will not have a
significant effect on its financial statements.

In August 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 144, "Accounting for the Impairment of
Disposal of Long-Lived Assets."  FASB 144 addresses financial accounting and
reporting for the impairment of long-lived assets and for long-lived assets to
be disposed of.  FASB 144 is required for adoption for fiscal years beginning
after December 15, 2001 and interim periods within those fiscal years.  The
Company has reviewed the provisions of FASB 144, and believes that upon
adoption, the Statement will not have a significant effect on its consolidated
financial statements.

4. Reclassifications

Certain reclassifications have been made in the fiscal 2001 consolidated
condensed financial statements to conform to the presentation used in the
fiscal 2002 consolidated condensed financial statements.

5.  Segment Data

The Company operates in three reportable business segments as follows:

The Company's audio-visual subsidiary, AVES Audio Visual Systems, Inc.
("AVES"), distributes and rents a broad range of audio, video and
presentation equipment, and supplies to businesses, churches, hospitals,
hotels and educational institutions.

MED Services Corp. ("Med") finances the manufacture, sales and rental
of medical equipment.

Fisher Medical Corporation ("Fisher") develops, manufactures and distributes
therapeutic support surfaces to hospitals, nursing homes and home health
care.  As discussed in Note 2, effective October 1, 2001, the Company approved
the merger of its formerly wholly owned subsidiary, Fisher Medical Corporation
("Fisher") with Fisher Medical LLC.

The following table reflects the results of the segments consistent with the
Company's internal financial reporting process.  The following results are
used in part, by management, both in evaluating the performance of, and in
allocating resources to, each of the segments.

                                                      Corporate and
                               AVES     Fisher    Med  Unallocated Consolidated
                           ----------  -------- ------- ---------- -------------
Three Months Ended January 31, 2002
 Net Revenues              $2,233,040      $--     $--        $--    2,233,040
 Depreciation and Amortization 13,815       --   1,885         --       15,700
 Operating Income (Loss)      113,607       --  (2,157)   (79,347)      32,103
 Net Income (Loss)             76,467       --  (1,009)   (67,563)       7,895

Three Months Ended January 31, 2001
 Net Revenues               2,801,990    6,100      --         --    2,808,090
 Depreciation and Amortization 22,962   30,278   1,834         --       55,074
 Operating Income (Loss)       97,400 (263,498) (2,458)   (38,130)    (206,686)
 Net Income (Loss)             64,106 (282,988) (2,458)   (25,462)    (246,802)

Nine Months Ended January 31, 2002
 Net Revenues               8,929,867   34,411   2,768         --    8,967,045
 Depreciation and Amortization 46,491   56,112   5,398         --      108,002
 Operating Income (Loss)      461,080 (367,724) (7,014)  (170,659)     (84,317)
 Net Income (Loss)            359,076 (389,709) (5,746)  (133,409)    (169,788)

Nine Months Ended January 31, 2001
 Net Revenues               9,775,466   24,650      --         --    9,800,116
 Depreciation and Amortization 69,154   69,389   4,151         --      142,694
 Operating Income (Loss)      471,755 (738,066) (8,441)   (98,385)    (373,137)
 Net Income (Loss)            367,221 (792,184)  4,334    (64,396)    (485,025)

Total Assets at
 January 31, 2002           2,231,176       -- 242,582    291,632    2,765,390
Goodwill at
 January 31, 2002             204,662       --      --         --      204,662

Total Assets at
 April 30, 200             12,630,383  712,105 232,545    216,045    3,791,078
Goodwill at
 April 30, 2001               204,662   90,432      --         --      295,094

Intersegment transactions included a management fee between Jayark and Fisher
for the nine months ended January 31, 2002 and January 31, 2001, of $30,000
and $90,000, respectively.

6.  Inventories

Inventories are summarized as follows:


						January 31, 2002  April 30, 2001
                                    ---------------- ---------------
Raw Materials                         $172,081          $201,877
Work In Process                          2,032            22,660
Finished Goods                         284,319           445,783
                                    ---------------- ---------------
                                      $458,432          $670,320
                                    ================ ===============

7.  Stock Option Plan

In August 2001, the Company granted certain board of directors, executive
officers and employees incentive stock options totaling 187,500 shares
pursuant to the Company's 2001 Stock Option Plan.  The exercise price was
$.50 per share and the options are fully vested.

8.  Income (Loss) Per Common Share

Basic income (loss) per common share is based upon the weighted average number
of common shares outstanding.  Diluted income (loss) per common share is based
upon the weighted average number of common shares outstanding, as well as
dilutive potential securities, which in the Company's case, comprise shares
issuable under the stock option plan.  Dilutive stock options, totaling
187,500 shares, had no impact on the income (loss) per common share
calculation in any periods presented as their impact was antidilutive.

ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of
Operations

In January 2000, the Company, through a newly formed, wholly owned subsidiary,
Fisher Medical Corporation ("Fisher"), entered into an Asset Purchase
Agreement with Fisher Medical LLC ("LLC"), a development stage developer,
manufacturer, and distributor of medical supplies and equipment for hospitals,
nursing homes and individuals. Under the terms of the agreement, Fisher
purchased all of the assets of LLC for cash of $215,000.  LLC remained the
owner of certain intellectual property utilized in Fisher's medical products
line.  The owner of LLC was Steve Fisher who also became a member of the board
of directors of the Company.  Fisher also negotiated a five-year technology
license with LLC, which conveyed certain technology rights developed by Trlby
Innovative LLC of Torrington, Connecticut.  The acquisition was accounted for
under the purchase method of accounting.

Fisher has continued to develop medical supply products with the financing
provided by the Company. The Company initially utilized its existing working
capital and lines of credit to fund Fisher's development efforts.  The
development time horizon exceeded the projected investment horizon as
determined by the Company.  Due to the need for additional funding for this
development, the Company endeavored to infuse additional capital into Fisher
with a private placement of preferred stock.  In late 2000, the Company sold
approximately $429,500 of newly issued Fisher Medical preferred stock.  The
Company continued to seek new capital via the preferred stock offering to
various potential investors in 2001.

In September 2001, the Company received a proposal from Alberdale LLC
to provide a $500,000 bridge loan to Fisher, which is convertible, under
certain conditions, to Fisher common stock.  In addition to the bridge loan,
Alberdale was proposing to offer a new series of preferred stock for equity
financing to continue the operations of Fisher.  As a condition to this
refinancing, Alberdale required that Jayark contribute 50% of its Fisher
Medical Corporation common stock to the new refinanced entity, as well
as provide an option for Alberdale to purchase the remaining 50% common
interest the Company would hold in Fisher at predetermined amounts ranging
from approximately $915,000 to $1,464,000 for periods not exceeding 15 months.

On October 1, 2001 the Company approved the merger of its wholly owned
subsidiary, Fisher Medical Corporation with Fisher Medical LLC, the owner
of the intellectual property utilized in Fisher's medical products line.
Pursuant to the merger agreement, the Company assigned 50% of its common
equity holdings in Fisher Medical Corporation to the sole member of Fisher
Medical LLC, Dr. Stephen Fisher.  Dr. Fisher serves as President of Fisher
Medical Corporation and as a Director of the Company.  As a result of this
transaction, the Company has effectively relinquished its control of Fisher
Medical Corporation; however given its continuing 50% common stock ownership
interest, the Company will account for its investment on the equity method
prospectively commencing October 1, 2001. The Company has no future
obligations to fund any deficits of the merged entity or any commitments
to provide future funding.

As of October 1, 2001, the Company had invested approximately $1,248,000 of
cash in Fisher and incurred net losses as 100% owner of approximately
$1,509,000; therefore the Company's net investment and advance position at
the date of the divestiture was a negative balance of approximately $261,000.
In connection with the transaction, the Company received from the merged
entity a five-year $525,715 promissory note, which represents a portion of
the aforementioned advances the Company had made during its 100% ownership
period.  The note is secured by all assets of the company except the
intellectual property.  There can be no assurances that the merged entity
will be successful in completing the development of its products or in the
raising of the additional working capital required.  Additionally, since the
merged entity has minimal liquidation value, the note is deemed not to be
collectible.  Accordingly, the Company has not assigned any value to this
note and has recognized its divestiture of its net investment of approximately
$261,000 at October 1, 2001 as an increase in additional paid in capital,
which reduces the investment in Fisher to zero.  The Company has not recognized
its 50% share of losses of the merged entity in the post transaction period of
October 1 to January 31, 2002 as its investment is reflected as zero.

The net liabilities of Fisher at October 1, 2001 deconsolidated as a result of
the divestiture are as follows:



Accounts Receivable - Trade             $31,350
Inventories                              85,001
Other Current Assets                     16,134
Property, Plant & Equipment, Net        361,418
Goodwill                                 90,432
Patent, Net                              57,546
Accounts Payable and Accrued Expenses  (295,817)
Accrued Salaries                       (177,415)
Other Current Liabilities                  (604)
Preferred Stock                        (429,500)
                                      ----------
                                      ($261,455)
                                      ==========

In connection with the transaction, the Company was granted warrants to
purchase 47,190 shares of common stock of the merged entity at $10
per share, which expire in three years.

As the Company has relinquished its control of Fisher, it has effectively
deconsolidated Fisher as of October 1, 2001 and reflected its recorded
excess losses as additional paid in capital.  As the Company experienced
no historical successes as 100% owner, and has no tangible evidence of
its historical investment recoverability, it has reflected its equity
investment position at zero.  In the event the merged entity is successful
in the future, the Company would record its 50% interest in the earnings,
if any, to the extent that they exceed equity losses not otherwise
recorded, and could experience subsequent gains resulting from the
repayment of the note receivable, if such amounts are collected, and
from the proceeds of the Alberdale buyout option, if exercised. However,
as described above, due to the uncertainties over the ultimate
recoverability of the note or the exercise of the option, no value has
been assigned to either.

Three Months Ended January 31, 2002 as compared to January 31, 2001

NET REVENUES

Net Revenues of $2,233,000 for the three months ended January 31, 2002,
decreased $575,000, or 20.5%, as compared to the same period in 2001.  This
was a result of a $569,000, or 20.3%, revenue decrease at AVES due partially
to the nation's economic slowdown resulting in decreased budgets for many of
our customers causing them to look to more inexpensive and, or, purchase fewer
products.  Decreases have also been experienced due to the continued price
declines in video products.

COST OF REVENUES

Cost of Revenues of $1,812,000 decreased $548,000, or 23.2%, as compared to the
same period last year as a result of decreased revenues at AVES.

GROSS MARGIN

Gross Margin of $421,000 was 18.8% of revenues, as compared to $448,000, or
15.9%, for the same period last year.  The gross margin dollar decrease
was minimized, despite lower revenues at AVES, primarily due to the
decreasing costs of video products, sold at pre-established higher
selling prices, thus creating temporary increases in gross margin
percentage.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, General and Administrative Expenses of $389,000 decreased $266,000 or
40.6% as compared to the same period last year.  This was due primarily to the
exclusion of Fisher expenses for the three-month period, due to the October 1,
2001 merger transaction.  AVES' expenses decreased $30,000 primarily due to
decreased payroll expenses.  Corporate's expenses increased $31,000, primarily
due to the lack of an intersegment management fee of $30,000 from Fisher in
the prior year to offset selling, general and administrative expenses, and
Med's expenses decreased $1,000.

OPERATING INCOME (LOSS)

Operating Income of $32,000 increased $239,000, or 115.5%, as compared to
consolidated operating loss of $207,000 for the same period last year.  The
increase in operating income was the result of the Company not picking up
Fisher's operating loss due to the October 1, 2001 merger transaction which
aggregated $264,000 for the same period last year.  AVES' operating income
increased $6,000 due to the decrease in selling, general and administrative
expenses, Corporate's operating loss increased $31,000 due to increased
expenses and no intersegment management fee to offset expenses and Med's
operating loss remained the same.

NET INTEREST EXPENSE

Net Interest Expense of $23,000 decreased $17,000, or 41.6%.  This decrease
was the result of decreased debt combined with lower interest rates.

INCOME BEFORE INCOME TAXES

Income Before Income Taxes of $9,000 increased $255,000, or 103.5% as compared
to a loss before income taxes of $207,000 for the same period last year.
Overall change in income before income taxes was a result of those
fluctuations noted above.

INCOME TAXES

Income Taxes of $1,000 for the three months ended January 31, 2002 were
incurred at Med for state income tax expenses.

NET INCOME (LOSS)

Net Income of $8,000 increased $255,000 as compared to consolidated net loss
of $247,000 during the same period last year.  This increase is
principally due to a $283,000 improvement to the bottom line as a result
of the October 1, 2001 merger transaction at Fisher, combined with a
$2,000 increase at AVES and a $2,000 increase at Med.  These improvements
in net income were offset by a decrease of $32,000 at Corporate,
primarily the result of no intersegment management fee revenue recognized
during the quarter as a result of the Fisher merger transaction.

Nine Months Ended January 31, 2002 as compared to January 31, 2001

NET REVENUES

Net Revenues of $8,967,000 for the nine months ended January 31, 2002,
decreased $833,000, or 8.5%, as compared to the same period in 2001.
This was the result of a $846,000 decrease at AVES, due partially
to the nation's economic slowdown resulting in decreased budgets for
many of our customers causing them to look to more inexpensive products
and, or, purchase fewer quantity of products.  This was coupled with the
fact that there has been a continued price decline in video equipment and
the Company did not win some large contractual school bids that were won
in the prior year.

COST OF REVENUES

Cost of Revenues of $7,478,000 decreased $765,000, or 9.3%, as compared to the
same period last year.  This was a result of the decrease in revenues.

GROSS MARGIN

Gross Margin of $1,489,000 was 16.6% of revenues, as compared to $1,557,000,
or 15.9%, for the same period last year.  The slight increase in gross margin
percentage is primarily the result of decreases in the costs of video
products, which were sold at pre-established higher selling prices.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, General and Administrative Expenses of $1,573,000 decreased
$357,000 or 18.5% as compared to the same period last year.  Fisher's
expenses decreased $357,000 due to five months of expenses in 2002
versus nine months in 2001, as a result of the October 1, 2001
merger transaction, Corporate's expenses increased $40,000 principally
due to intersegment management fees of $90,000 from Fisher in the
prior year which offset overall selling, general and administrative
expenses at the Corporate level, AVES' expenses decreased $40,000
principally due to payroll reductions and MED expenses remained
the same.

OPERATING LOSS

Operating Loss of $84,000 decreased $289,000, or 77.4%, as
compared to consolidated operating loss of $373,000 for the same
period last year.  Fisher's operating loss decreased $370,000 due
to the October 1, 2001 merger transaction, AVES' operating income
decreased $42,000 due to the decrease in gross revenues, Corporate's
operating loss increased $40,000 due to increased expenses and Med's
operating loss decreased $1,000 due to decreased expenses.

NET INTEREST EXPENSE

Net Interest Expense of $85,000 decreased $27,000, or 24.3%.  This is due to
decreased notes payable, decreased interest rates on the Company's line of
credit, combined with increased interest income.

LOSS BEFORE INCOME TAXES

Loss Before Income Taxes of $169,000 decreased $316,000, or 65.2% as
Compared to a loss before income taxes of $485,000 for the same period
last year.  Overall change in loss before income taxes was a result
of those fluctuations noted above.

INCOME TAXES

Income Taxes of $1,000 were incurred at Med for state income tax expenses.

NET LOSS

Net Loss of $170,000 decreased $315,000 as compared to consolidated
net loss of $485,000 during the same period last year.  This decrease
was due to a $402,000 improvement in the bottom line as a result of
the Company including only five months of Fisher losses in the current
year, versus nine months in 2001, due to the October 1, 2001 merger
transaction; offset by a $40,000 decrease at AVES, a $37,000 decrease
at Corporate and a $10,000 decrease at MED.

CRITICAL ACCOUNTING POLICIES AND SIGNIFICANT ESTIMATES

The Company prepares its consolidated financial statements in accordance with
accounting principles generally accepted in the United States of America.  As
such, management is required to make certain estimates, judgments and
assumptions that they believe are reasonable based on the information
available.  These estimates and assumptions affect the reported amounts of
assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses for the periods presented.  The
significant accounting policies which management believes are the most
critical to aid in fully understanding and evaluating the Company's
reported financial results include the allowance for doubtful accounts,
inventory valuation, and recoverability of goodwill.

The allowance for doubtful accounts are recorded as an increase in selling,
general and administrative expenses and a corresponding reduction in accounts
receivable balances when the collectibility of an account becomes uncertain.
The allowance for doubtful accounts is based on specifically identified
accounts, historical trends and information from customers and are therefore
subject to estimation.

Inventory is valued at the lower of cost or market.  Based upon a
consideration of quantities on hand, actual and projected sales volume,
anticipated product selling price and product lines planned to be
discontinued, slow-moving and obsolete inventory is written down
to its net realizable value.  Failure to accurately predict and respond
to consumer demand could result in the Company over or under ordering
inventory items.  Management estimates are monitored on a quarterly basis
and a further adjustment to reduce inventory to its net realizable value
is recorded when deemed necessary.

Goodwill is reviewed for indications of impairment whenever events or changes
in circumstances indicate the carrying value may not be recoverable.
Recoverability of goodwill is measured by a comparison of the asset's carrying
value to the estimated future undiscounted cash flows expected to be generated
by the asset.  If such an asset were considered to be impaired, the impairment
would be measured by the amount by which the carrying value of the asset
exceeds its fair market based on estimated discounted cash flows.  The
preparation of future cash flows requires significant judgments and estimates
with respect to future revenues related to the asset and the future cash
outlays related to those revenues.  Actual revenues and related cash
flows or changes in anticipated revenues and related cash flows could result
in a change in this assessment and result in an impairment charge.  The
preparation of discounted cash flows also requires the selection of an
appropriate discount rate.  The use of different assumptions would increase
or decrease estimated discounted cash flow and could increase or decrease
the related impairment charge.

LIQUIDITY AND CAPITAL RESOURCES

At January 31, 2002 and April 30, 2001, consolidated open lines of credit
available to the Company for borrowing, were $851,000 and $751,000,
respectively.  It is the opinion of the Company's management that operating
expenses, as well as obligations coming due during the next fiscal year, will
be met primarily by existing cash balances, cash flow generated from
operations, and from available borrowing levels.

Working capital was $1,233,000 at January 31, 2002, compared with $948,000 at
April 30, 2001.

Net cash provided by operating activities was $332,000 in 2002 as compared
with net cash used in operating activities of $109,000 in 2001.  This
is primarily a result of decreased net losses and decreased accounts
receivable offset by decreased accounts payable.

Cash flows used in investing activities were $91,000 in 2002 as compared with
$278,000 in 2001.  The difference is a result of the purchase of plant and
equipment in the prior year.

Cash used by financing activities was $100,000 in 2002 as compared with cash
provided by financing activities of $689,000 for 2001.  This was primarily the
result of payments on the Company's line of credit in the current year as
compared to borrowings on the Company's line of credit and proceeds from long
term debt in the prior year combined with proceeds from the issuance of Fisher
Medical Corporation Senior 8% Cumulative Convertible Preferred Stock in the
prior year.

The Company continues to be obligated under notes payable to related parties
aggregating $1,374,993.  The related parties include David Koffman, Chairman
of the Board Directors and President of the Company, and an entity controlled
by members of the Koffman family.  The related notes mature in December 2004
at which time the entire unpaid principal balance plus accrued interest is
due.  Interest on certain notes continues to accrue and, the Company and
related note holders are currently negotiating new payment terms of such
interest.

DISCLOSURES ABOUT CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS

Accounting standards require disclosure concerning a registrant's obligations
and commitments to make future payments under contracts, such as debt and lease
agreements, and under contingent commitments, such as debt guarantees.  The
Company's obligations and commitments are as follows:

                      Total   Less than 1 Year 2-3 Years 4-5 Years After 5 Years
                   ---------- ---------------- --------- --------- -------------
Contractual Obligations                   Payments Due by Period
--------------------------------------------------------------------------------
Long Term Debt     $1,374,993    $161,332      $1,213,661       $--         $--
Operating Leases     $877,500     $90,000        $180,000  $180,000    $427,500

--------------------------------------------------------------------------------
Other Commercial Commitments       Amount of Commitment Expiration Per Period
--------------------------------------------------------------------------------
Lines of Credit      $399,060    $399,060             $--       $--         $--


Recent Accounting Pronouncements

In August 2001, the FASB issued Statement of Financial Accounting Standards No.
143, "Accounting for Asset Retirement Obligations" (FASB 143).  FASB 143
addresses financial accounting and reporting for obligations associated with
the retirement of tangible long-lived assets and the associated asset
retirement costs.  FASB 143 is required for adoption for fiscal years
beginning after June 14, 2002.  The Company has reviewed the provisions of
FASB 143, and believes that upon adoption, the Statement will not have a
significant effect on its financial statements.

In August 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 144, "Accounting for the Impairment of
Disposal of Long-Lived Assets."  FASB 144 addresses financial accounting and
reporting for the impairment of long-lived assets and for long-lived assets to
be disposed of.  FASB 144 is required for adoption for fiscal years beginning
after December 15, 2001 and interim periods within those fiscal years.  The
Company has reviewed the provisions of FASB 144, and believes that upon
adoption, the Statement will not have a significant effect on its
consolidated financial statements.

Forward-Looking Cautionary Statement

In an effort to provide investors a balanced view of the Company's current
condition and future growth opportunities, this Quarterly Report on Form 10-Q
includes comments by the Company's management about future performance.
Because these statements are forward-looking statements pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995, management's forecasts involve risks and uncertainties, and actual
results could differ materially from those predicted in the
forward-looking statements.

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk

The following discusses the Company's possible exposure to market risk related
to changes in interest rates on the Company's lines of credit.

As of January 31, 2002, the Company has outstanding lines of credit which are
renegotiated every 12 months and bear interest at prime.  Funds available for
borrowing under these lines of credit are subject to interest rate risk and
will increase interest expense if the prime rate increases.  The Company does
not believe that an immediate increase in interest rates would have a
significant effect on its financial condition or results of operations.

PART II. OTHER INFORMATION

ITEM 6. 	Exhibits and Reports on Form 8-K.

(a) Exhibits - None


(b) Report on Form 8-K - None


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.


							JAYARK CORPORATION
							Registrant

	/s/ David L. Koffman               	 	   		March 13, 2002
	David L. Koffman, President
	Chief Executive Officer



	/s/ Robert C. Nolt  				  		March 13, 2002
	Robert C. Nolt
	Chief Financial Officer