<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934



For the Quarter Ended September 30, 2001        Commission file number:   1-5761
--------------------------------------------------------------------------------

                                  LaBarge, Inc.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as specified in its charter)


           DELAWARE                                       73-0574586
---------------------------------------    -------------------------------------
(State or other jurisdiction of                         (I.R.S. Employer
  incorporation or organization)                       Identification No.)



    9900A Clayton Road, St. Louis, Missouri                   63124
--------------------------------------------------------------------------------
                  (Address)                                 (Zip Code)

                                 (314) 997-0800
--------------------------------------------------------------------------------
              (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 the number of shares outstanding of each of the Issuer's classes of
common stock as of September 30, 2001. 15,773,253 shares of common stock.


<PAGE>



                                  LABARGE, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                  (dollars in thousands except per share data)



<TABLE>
<CAPTION>
                                                                                        THREE MONTHS ENDED
                                                                            ------------------------------------------
                                                                                SEPTEMBER 30,           October 1,
                                                                                    2001                   2000
--------------------------------------------------------------------------- -------------------- ---------------------
<S>                                                                         <C>                  <C>
NET SALES                                                                        $   32,108            $   24,284
--------------------------------------------------------------------------- -------------------- ---------------------

COSTS AND EXPENSES:
    Cost of sales                                                                    25,888                18,737
    Selling and administrative expense                                                4,355                 4,188
    Interest expense                                                                    316                   537
    Other income, net                                                                   (96)                 (277)
--------------------------------------------------------------------------- -------------------- ---------------------

Income before income taxes                                                            1,645                 1,099
Income tax expense                                                                      609                   465
--------------------------------------------------------------------------- -------------------- ---------------------

NET EARNINGS                                                                     $    1,036            $      634
=========================================================================== ==================== =====================

BASIC NET EARNINGS PER SHARE                                                     $      .07            $      .04
AVERAGE COMMON SHARES OUTSTANDING                                                    14,981                14,868
=========================================================================== ==================== =====================

DILUTED NET EARNINGS PER SHARE                                                   $      .07            $      .04
AVERAGE DILUTED COMMON SHARES OUTSTANDING                                            15,147                14,868
=========================================================================== ==================== =====================
</TABLE>

See accompanying notes to consolidated financial statements.


                                       2
<PAGE>


                                  LABARGE, INC.
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                             (dollars in thousands)

<TABLE>
<CAPTION>
                                                                                     SEPTEMBER 30,          July 1,
                                                                                         2001                2001
--------------------------------------------------------------------------------- ------------------- --------------------
<S>                                                                               <C>                 <C>
ASSETS
CURRENT ASSETS:
    Cash and cash equivalents                                                         $     1,403         $     666
    Accounts and notes receivable, net                                                     14,759            16,946
    Inventories                                                                            22,727            23,212
    Prepaid expenses                                                                          735               727
    Deferred tax assets, net                                                                  762             1,087
--------------------------------------------------------------------------------- ------------------- --------------------

       TOTAL CURRENT ASSETS                                                           $    40,386         $  42,638
--------------------------------------------------------------------------------- ------------------- --------------------

PROPERTY, PLANT AND EQUIPMENT, NET                                                         13,225            13,113
DEFERRED TAX ASSETS, NET                                                                    1,967             1,908
INTANGIBLE ASSETS, NET                                                                      4,890             4,693
OTHER ASSETS, NET                                                                           5,001             5,186
--------------------------------------------------------------------------------- ------------------- --------------------

                                                                                      $    65,469         $  67,538
================================================================================= =================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
    Short-term borrowings                                                             $     2,250         $   2,500
    Current maturities of long-term debt                                                    1,779             1,779
    Trade accounts payable                                                                  8,876             9,605
    Accrued employee compensation                                                           4,963             5,965
    Other accrued liabilities                                                               3,001             3,899
--------------------------------------------------------------------------------- ------------------- --------------------

       TOTAL CURRENT LIABILITIES                                                      $    20,869         $  23,748
--------------------------------------------------------------------------------- ------------------- --------------------

OTHER LONG-TERM LIABILITIES                                                                 1,336               953
LONG-TERM DEBT                                                                              7,050             7,500
SUBORDINATED DEBT                                                                           5,621             5,621
--------------------------------------------------------------------------------- ------------------- --------------------
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value. Authorized 40,000,000 shares; issued 15,773,253
shares at September 30, 2001 and 15,773,253 at July 1, 2001,
including shares in treasury                                                                  158               158
Additional paid-in capital                                                                 13,538            13,569
Retained earnings                                                                          19,842            18,806
Accumulated other comprehensive loss                                                         (192)              (97)
Less cost of common stock in treasury, shares at 827,250 at
  September 30, 2001 and 812,176 shares at July 1, 2001                                    (2,753)           (2,720)
--------------------------------------------------------------------------------- ------------------- --------------------

    TOTAL STOCKHOLDERS' EQUITY                                                             30,593            29,716
--------------------------------------------------------------------------------- ------------------- --------------------

                                                                                      $    65,469         $  67,538
================================================================================= =================== ====================
</TABLE>

See accompanying notes to consolidated financial statements.


                                       3
<PAGE>


                                 LABARGE, INC.
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)

                             (dollars in thousands)


<TABLE>
<CAPTION>
                                                                                                    THREE MONTHS ENDED
                                                                                         ----------------------------------------
                                                                                            SEPTEMBER 30,         October 1,
                                                                                                 2001                2000
---------------------------------------------------------------------------------------- ------------------- --------------------
<S>                                                                                      <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings                                                                                  $  1,036            $       634
    Adjustments to reconcile net cash provided by
     operating activities:
       Depreciation and amortization                                                               543                    784
       Deferred taxes                                                                              266                     --
       Other                                                                                        --                     (3)
    Changes in assets and liabilities, net of acquisitions:
          Accounts and notes receivable, net                                                     2,186                  2,618
          Inventories                                                                              484                 (3,071)
          Prepaid expenses                                                                          (7)                   (65)
          Trade accounts payable                                                                  (729)                   455
          Accrued liabilities and other                                                         (1,612)                  (965)
---------------------------------------------------------------------------------------- ------------------- --------------------

NET CASH PROVIDED BY OPERATING ACTIVITIES                                                        2,167                    387
---------------------------------------------------------------------------------------- ------------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment                                                        (612)                  (556)
Additions to other assets                                                                          (54)                  (371)
---------------------------------------------------------------------------------------- ------------------- --------------------

NET CASH (USED) BY INVESTING ACTIVITIES                                                           (666)                  (927)
---------------------------------------------------------------------------------------- ------------------- --------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt                                                                      (450)                   (66)
(Purchase) sale of common stock                                                                    (64)                    51
Net change in short-term borrowings                                                               (250)                   420
---------------------------------------------------------------------------------------- ------------------- --------------------

NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES                                                  (764)                   405
---------------------------------------------------------------------------------------- ------------------- --------------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                               737                   (135)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                                     666                    734
---------------------------------------------------------------------------------------- ------------------- --------------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                    $  1,403            $       599
======================================================================================== =================== ====================
</TABLE>

See accompanying notes to consolidated financial statements.

                                       4
<PAGE>


                                  LABARGE, INC.
                                    FORM 10-Q

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


1.       CONSOLIDATED FINANCIAL STATEMENTS - BASIS OF PRESENTATION

The consolidated balance sheets at September 30, 2001 and July 1, 2001, the
related consolidated statements of operations for the three months ended
September 30, 2001 and October 1, 2000 and the consolidated statements of cash
flows for the three months ended September 30, 2001 and October 1, 2000, have
been prepared by LaBarge, Inc. (the "Company") without audit. In the opinion of
management, adjustments, all of a normal and recurring nature, necessary to
present fairly the financial position and the results of operations and cash
flows for the aforementioned periods, have been made. Certain prior year amounts
have been reclassified to conform with the current year's presentation.

Certain information and footnote disclosures normally included in consolidated
financial statements prepared in conformity with generally accepted accounting
principles have been condensed or omitted. These consolidated financial
statements should be read in conjunction with the audited financial statements
and notes thereto included in the Company's Annual Report on Form 10-K for the
fiscal year ended July 1, 2001.


2.       ACCOUNTS  AND NOTES RECEIVABLE

Accounts and notes receivable consist of the following:
(dollars in thousands)

<TABLE>
<CAPTION>
                                                                    SEPTEMBER 30,                    July 1,
                                                                        2001                           2001
----------------------------------------------------------- ----------------------------- ---------------------------
<S>                                                         <C>                           <C>
Billed shipments, net of progress payments                          $   14,703                    $   16,703
Less allowance for doubtful accounts                                       275                           289
----------------------------------------------------------- ----------------------------- ---------------------------
Trade receivables, net                                                  14,428                        16,414
Other current receivables                                                  331                           532
----------------------------------------------------------- ----------------------------- ---------------------------
                                                                    $   14,759                    $   16,946
=========================================================== ============================= ===========================
</TABLE>

Progress payments are payments from customers in accordance with contractual
terms for contract costs incurred to date. Such payments are credited to the
customer at the time of shipment.

At September 30, 2001 and July 1, 2001, other current receivables include
$135,000 and $346,000 of customer payments to be received as a settlement under
a prior claim for material.


                                       5
<PAGE>

3.       INVENTORIES

Inventories consist of the following:
(dollars in thousands)


<TABLE>
<CAPTION>
                                                                      SEPTEMBER 30,                 July 1,
                                                                          2001                       2001
------------------------------------------------------------- ---------------------------- --------------------------
<S>                                                           <C>                          <C>
Raw materials                                                          $   11,377                  $   10,799
Work in progress                                                           12,436                      13,028
------------------------------------------------------------- ---------------------------- --------------------------
                                                                           23,813                      23,827
Less progress payments                                                      1,086                         615
------------------------------------------------------------- ---------------------------- --------------------------
                                                                       $   22,727                  $   23,212
============================================================= ============================ ==========================
</TABLE>

In accordance with contractual agreements, the U.S. Government has a security
interest in inventories identified with related contracts for which progress
payments have been received.


4.       INTANGIBLE ASSETS, NET

Intangible assets, net, is summarized as follows:
(dollars in thousands)

<TABLE>
<CAPTION>
                                                                      SEPTEMBER 30,                  July 1,
                                                                           2001                        2001
--------------------------------------------------------------- -------------------------- --------------------------
<S>                                                             <C>                        <C>
Software                                                                $   1,828                  $    1,598
Patents                                                                        99                          91
Goodwill                                                                    6,694                       6,694
--------------------------------------------------------------- -------------------------- --------------------------
                                                                        $   8,621                  $    8,383
Less amortization                                                           3,731                       3,690
--------------------------------------------------------------- -------------------------- --------------------------
                                                                        $   4,890                  $    4,693
=============================================================== ========================== ==========================
</TABLE>

The Company has adopted the provisions of Statement 142 with the first quarter
ended September 30, 2001.

Goodwill amortization expense was $0 for the quarter ended September 30, 2001
and $229,000 for the quarter ended October 1, 2000. In July 2001, the Financial
Accounting Standards Board ("FASB") issued Statement No. 142, "Goodwill and
Other Intangible Assets." Statement 142 requires that goodwill and intangible
assets with indefinite useful lives no longer be amortized, but instead tested
for impairment at least annually in accordance with the provisions of Statement
142. Statement 142 also requires that intangible assets with definite useful
lives be amortized over their respective estimated useful lives to their
estimated residual values, and reviewed for impairment in accordance with SFAS
No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of."


                                       6
<PAGE>

5.       OTHER ASSETS

Other assets is summarized as follows:
(dollars in thousands)

<TABLE>
<CAPTION>
                                                                      SEPTEMBER 30,                   July 1,
                                                                          2001                         2001
------------------------------------------------------------- ---------------------------- --------------------------
<S>                                                           <C>                          <C>
Cash value of life insurance                                           $   3,999                   $    4,220
Deposits, licenses, and other                                                910                          871
Investments in businesses                                                    136                          136
------------------------------------------------------------- ---------------------------- --------------------------
                                                                       $   5,045                   $    5,227
Less amortization                                                             44                           41
------------------------------------------------------------- ---------------------------- --------------------------
                                                                       $   5,001                   $    5,186
============================================================= ============================ ==========================
</TABLE>

Investments in businesses primarily refers to the Company's securities in
Norwood Abbey, Ltd.


6.       SHORT- AND LONG-TERM OBLIGATIONS

Short-term borrowings, long-term debt and the current maturities of long-term
debt consist of the following:
(dollars in thousands)

<TABLE>
<CAPTION>
                                                                            SEPTEMBER 30,             July 1,
                                                                                2001                    2000
----------------------------------------------------------------------- ---------------------- ----------------------
<S>                                                                     <C>                    <C>
Short-term borrowings:
  Revolving credit agreement:
     Balance at period-end                                                   $    2,250             $    2,500
     Interest rate at period-end                                                   4.07%                  4.78%
     Average amount of short-term borrowings outstanding
       during period                                                         $    2,522             $    7,275
     Average interest rate for period                                              4.43%                  8.30%
     Maximum short-term borrowings at any month-end                          $    3,282             $   13,302
======================================================================= ====================== ======================
Senior long-term debt:
  Senior lender:
     Term loan                                                               $    1,944             $    2,336
     Mortgage loan                                                                5,868                  5,895
  Other                                                                           1,017                  1,048
----------------------------------------------------------------------- ---------------------- ----------------------
Total senior long-term debt                                                       8,829                  9,279
Less current maturities                                                           1,779                  1,779
----------------------------------------------------------------------- ---------------------- ----------------------
Long-term debt, less current maturities                                      $    7,050             $    7,500
======================================================================= ====================== ======================
Subordinated debt                                                            $    5,621             $    5,621
======================================================================= ====================== ======================
</TABLE>

The average interest rate was computed by dividing the sum of daily interest
costs by the sum of the daily borrowings for the respective periods.

SENIOR LENDER:
The Company has a senior, secured loan agreement with a bank. The following is a
summary of the agreement:

-    A term loan, with a current balance of $1.9 million, requiring repayments
     of $393,000 of principal quarterly.


                                       7
<PAGE>

-    A revolving credit facility up to $18.0 million based on a borrowing base
     formula equal to the sum of 85% of eligible receivables, 50% of eligible
     finished goods inventories, 30% of other eligible inventories, 50% of the
     net book value of equipment and 75% of the net book value of real property
     less the current term loan balance and outstanding letters of credit. As of
     September 30, 2001, the maximum allowable was $14.2 million. The revolver
     borrowing at quarter-end was $2.3 million, and letters of credit
     outstanding totaled $2.1 million. Unused revolving credit available at
     September 30, 2001 was $9.8 million. This credit facility matures in
     February 2002. It is the Company's intention to renew or replace this
     credit facility.

-    Covenants and performance criteria which involve Earnings Before Interest,
     Taxes, Depreciation and Amortization ("EBITDA") in relation to debt and, in
     addition, after June 30, 2000, EBITDA in relation to fixed charges. The
     Company is in compliance with its borrowing agreement covenants for the
     quarter ended September 30, 2001.

-    Interest on the loans at prime or a stated rate over LIBOR based on certain
     ratios. For the quarter, the average rate was approximately 4.43%.

-    A $6.2 million mortgage loan to finance the Company's fiscal 1998 purchase
     of its headquarters building in St. Louis, Missouri. The loan has a 25-year
     amortization, a 7.5% interest rate and is due in January 2008. The balance
     at quarter-end was $5.9 million.

OTHER LONG-TERM DEBT:
     Industrial Revenue Bonds:
     In July 1998, the Company acquired tax-exempt Industrial Revenue Bond
     financing in the amount of $1.3 million. The debt is payable over 10 years
     with an interest rate of 5.28%. This funding was used to expand the
     Berryville, Arkansas, facility. The outstanding balance at September 30,
     2001 was $1.0 million.

     Subordinated Convertible Notes:
     In March 1999, the Company, through its subsidiary LaBarge-OCS, Inc. issued
     its Subordinated Convertible Notes ("Notes") due June 2003 in the aggregate
     principal amount of $5.6 million for the acquisition of OCS. The Notes bear
     interest at 7.5% per annum payable quarterly, and noteholders are entitled
     to participation payments if LaBarge-OCS, Inc. achieves certain levels of
     earnings before taxes. The Notes are convertible by the holders into
     LaBarge, Inc. Common Stock at $8.00 per share at any time up to their
     maturity date.

     To mitigate the exposure to changes in interest rates, the Company entered
     into an interest rate swap agreement with a bank on February 26, 2001. This
     agreement, designated as a cash flow hedge, swaps a portion of the
     Company's exposure to three-month LIBOR rates with a fixed rate of 5.95%.
     The notional amount of the agreement is $4.0 million and it expires in June
     2003. In accordance with FAS 133, as amended by FAS 138, the change in fair
     value of the swap during the first quarter of fiscal 2002, amounting to
     approximately $95,000 was recorded to other comprehensive loss.

OTHER LONG-TERM LIABILITIES:
     Other long-term liabilities include deferred revenues associated with the
     proprietary ScadaNET Network(TM) (representing prepaid communication
     services).

                                       8

<PAGE>

7.       CASH FLOWS

Total cash payments for interest for the three months ended September 30, 2001
were $332,000, compared with $570,000 for the three months ended October 1,
2000. Cash payments for federal and state income taxes were $345,000 for the
three months ended September 30, 2001, compared with $850,000 for the three
months ended October 1, 2000.


8.       EARNINGS PER COMMON SHARE

Basic and diluted earnings per share are computed as follows and includes
adjustments to prior period required by the adoption of FAS 142:

<TABLE>
<CAPTION>
                                                                                 THREE MONTHS ENDED
                                                                  -------------------------------------------------
                                                                       SEPTEMBER 30,            October 1,
                                                                             2001                  2000
      ----------------------------------------------------------- ------------------------ ------------------------
      NUMERATOR:
<S>                                                                  <C>                     <C>
      Reported net earnings                                              $   1,036               $      634
      Add back:  Goodwill amortization expense                                  --                      229
      -------------------------------------------------------------- ---------------------- -----------------------
      Adjusted net earnings                                              $   1,036               $      863
      ============================================================== ====================== =======================
      DENOMINATOR:
      Denominator for basic net earnings per share                          14,981                   14,868
      -------------------------------------------------------------- ---------------------- -----------------------
      POTENTIAL COMMON SHARES:
        Denominator for diluted net earnings per
          share - adjusted weighted-average shares
           And assumed conversions                                          15,147                   14,868
      -------------------------------------------------------------- ---------------------- -----------------------
      BASIC NET EARNINGS PER SHARE:
        Reported net earnings                                            $     .07               $      .04
        Goodwill amortization expense                                           --                      .02
      -------------------------------------------------------------- ---------------------- -----------------------
      ADJUSTED NET EARNINGS PER SHARE                                    $     .07               $      .06
      ============================================================== ====================== =======================
      DILUTED NET EARNINGS PER SHARE
        Reported net earnings                                            $     .07               $      .04
        Goodwill amortization expense                                           --                      .02
      -------------------------------------------------------------- ---------------------- -----------------------
      ADJUSTED NET EARNINGS PER SHARE                                    $     .07               $      .06
      ============================================================== ====================== =======================
</TABLE>

The effect of conversion of the Subordinated Convertible Notes into common stock
is not considered in the calculations of diluted net earnings per common share
because it would have an anti-dilutive effect on earnings per share.


9.       BUSINESS SEGMENT INFORMATION

Business segments:
(dollars in thousands)

NET SALES TO CUSTOMERS:

<TABLE>
<CAPTION>
                                                                                THREE MONTHS ENDED
                                                              ------------------------------------------------------
                                                                  SEPTEMBER 30,                 October 1,
                                                                      2001                         2000
      ------------------------------------------------------- --------------------------- --------------------------
<S>                                                           <C>                         <C>
      Manufacturing Services Group                                  $   31,030                  $  23,995
      Network Technologies Group                                         1,078                        289
      ------------------------------------------------------- --------------------------- --------------------------
                                                                    $   32,108                  $  24,284
      ======================================================= =========================== ==========================
</TABLE>


                                       9

<PAGE>



EARNINGS:
<TABLE>
<CAPTION>
                                                                                THREE MONTHS ENDED
                                                              ------------------------------------------------------
                                                                  SEPTEMBER 30,                 October 1,
                                                                       2001                       2000
      ------------------------------------------------------- ---------------------------- -------------------------
<S>                                                           <C>                          <C>
      PRETAX EARNINGS:
        Manufacturing Services Group                                $    1,926                  $    2,308
        Network Technologies Group                                         (77)                       (598)
        Corporate and other items                                          112                         (74)
        Interest expense                                                  (316)                       (537)
      ------------------------------------------------------- ---------------------------- -------------------------
      NET EARNINGS BEFORE INCOME TAXES                              $    1,645                  $    1,099
      INCOME TAX EXPENSE                                                   609                         465
      ------------------------------------------------------- ---------------------------- -------------------------
      NET EARNINGS                                                  $    1,036                  $      634
      ======================================================= ============================ =========================
</TABLE>


DEPRECIATION & AMORTIZATION EXPENSE:
<TABLE>
<CAPTION>
                                                                                THREE MONTHS ENDED
                                                              ------------------------------------------------------
                                                                  SEPTEMBER 30,                 October 1,
                                                                      2001                         2000
      ------------------------------------------------------- --------------------------- --------------------------
<S>                                                           <C>                         <C>
      Manufacturing Services Group                                  $      405                  $     408
      Network Technologies Group                                            21                        234
      Corporate and other items                                            117                        142
      ------------------------------------------------------- --------------------------- --------------------------
                                                                    $      543                  $     784
      ======================================================= =========================== ==========================
</TABLE>


  INVESTMENTS & CAPITAL EXPENDITURES:
<TABLE>
<CAPTION>
                                                                                THREE MONTHS ENDED
                                                              ------------------------------------------------------
                                                                  SEPTEMBER 30,                October 1,
                                                                      2001                        2000
      ------------------------------------------------------- ---------------------------- -------------------------
<S>                                                           <C>                          <C>
      Manufacturing Services Group                                   $     731                  $    668
      Network Technologies Group                                            79                        36
      Corporate and other items                                           (144)                      223
      ------------------------------------------------------- ---------------------------- -------------------------
                                                                     $     666                  $    927
      ======================================================= ============================ =========================
</TABLE>


  TOTAL ASSETS:
<TABLE>
<CAPTION>
                                                                      SEPTEMBER 30,                 July 1,
                                                                          2001                        2001
      ------------------------------------------------------- ---------------------------- -------------------------
<S>                                                           <C>                          <C>
      Manufacturing Services Group                                   $   43,420                   $   46,150
      Network Technologies Group                                          5,806                        5,459
      Corporate and other items                                          16,243                       15,929
      ------------------------------------------------------- ---------------------------- -------------------------
                                                                     $   65,469                   $   67,538
      ======================================================= ============================ =========================
</TABLE>


GEOGRAPHIC INFORMATION:

The Company has no sales offices or facilities outside of the United States.
Sales for export did not exceed 10% of total sales for the three months ended
September 30, 2001.


                                       10
<PAGE>


                                  LABARGE, INC.
                                    FORM 10-Q

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                          OF RESULTS OF OPERATIONS AND
                               FINANCIAL CONDITION


FORWARD-LOOKING STATEMENTS
Statements contained in this Report which are not historical facts are
forward-looking statements within the meaning of the federal securities laws.
Forward-looking statements involve risks and uncertainties. Future events and
the Company's actual results could differ materially from those contemplated by
those forward-looking statements. Important factors which could cause the
Company's actual results to differ materially from those projected in, or
inferred by, forward-looking statements are (but are not necessarily limited to)
the following: the impact of increasing competition or deterioration of economic
conditions in the Company's markets; cutbacks in defense spending by the U.S.
Government; unexpected increases in the cost of raw materials, labor and other
resources necessary to operate the Company's business; the availability, amount,
type and cost of financing for the Company and any changes to that financing.

LaBarge, Inc. ("LaBarge" or the "Company") is a Delaware Corporation. The
Company is engaged in the following primary business activities:

-    The MANUFACTURING SERVICES GROUP is the Company's core electronics
     manufacturing services business, which has been its principal business
     since 1985. This group designs, engineers and produces sophisticated
     electronic systems and devices and complex interconnect systems on a
     contract basis for its customers. In the first quarter fiscal 2002, the
     Company derived approximately 97% of its total revenues from this group.

     The group markets its services to companies in technology-driven industries
     desiring an engineering and manufacturing partner capable of developing and
     providing high-reliability electronic equipment, including products capable
     of performing in harsh environmental conditions, such as high and low
     temperature, severe shock and vibration. The group serves customers in a
     variety of markets with significant revenues from customers in the
     government systems, defense, aerospace, oil and gas, and other commercial
     markets. The group's engineering and manufacturing facilities are located
     in Arkansas, Missouri, Oklahoma and Texas.

     The backlog of unshipped orders in the Manufacturing Services Group
     increased to $94.1 million at September 30, 2001 compared with $65.7
     million at October 1, 2000. The growth in backlog is the result of an
     improved and reorganized sales and marketing effort that concentrates on
     the Company's core competencies and the application of those competencies
     to targeted large customers in a variety of industries.

-    The NETWORK TECHNOLOGIES GROUP was started in fiscal 1999 through the
     acquisition of privately held Open Cellular Systems, Inc. ("OCS"). The
     group designs and markets proprietary cellular and network communication
     system products and Internet services that provide monitoring and control
     of remote industrial equipment. Results of the group are included in the
     consolidated results of the Company since the date of the OCS acquisition,
     March 2, 1999. This group is initially focusing its marketing efforts on
     the railroad industry to monitor railroad crossing equipment, and on the
     oil and gas pipeline industry to monitor cathodic protection devices. The
     Company derived 3% of its total revenues from this group for the three
     months ended September 30, 2001.

     The backlog of unshipped orders in the Network Technologies Group is
     $568,000 at September 30, 2001, a small reduction from year ago levels.


                                       11
<PAGE>

SIGNIFICANT EVENTS
Recent significant events include:

-    In July 2001, the Financial Accounting Standards Board ("FASB") issued
     Statement No. 142, "Goodwill and Other Intangible Assets." Statement 142
     requires that goodwill and intangible assets with indefinite useful lives
     no longer be amortized, but instead tested for impairment at least annually
     in accordance with the provisions of Statement 142. Statement 142 will also
     require that intangible assets with definite useful lives be amortized over
     their respective estimated useful lives to their estimated residual values,
     and reviewed for impairment in accordance with SFAS No. 121, "Accounting
     for the Impairment of Long-Lived Assets and for Long-Lived Assets to be
     Disposed Of."

     The Company has adopted the provisions of Statement 142 with the first
     quarter ended September 30, 2001. Goodwill amortization expense was $0 for
     the quarter ended September 30, 2001 and $229,000 for the quarter ended
     October 1, 2000.


RESULTS OF OPERATIONS -- THREE MONTHS ENDED SEPTEMBER 30, 2001
NET SALES
<TABLE>
<CAPTION>
(dollars in thousands)
                                                                                 THREE MONTHS ENDED
                                                                 --------------------------------------------------
                                                                     SEPTEMBER 30,              October 1,
                                                      Change             2001                      2000
       ----------------------------------------- --------------- -------------------- -----------------------------
<S>                                              <C>             <C>                  <C>
       Net Sales                                     32.2%            $   32,108               $   24,284
       ========================================= =============== ==================== =============================
</TABLE>

For the fiscal 2002 first quarter, ended September 30, 2001, net sales from
continuing operations were $32.1 million compared with $24.3 million for the
same period of fiscal 2001. Sales to our top 10 customers represented 77.3% of
total revenue in the first quarter of fiscal 2002 versus 71.4% for the same
period of fiscal 2001. Our top three customers and the portion of total
first-quarter sales they represented were as follows: Northrop Grumman, 28.9%;
Schlumberger, 17.8%; and Lockheed Martin, 12.8%.

The MANUFACTURING SERVICES GROUP. Sales in the manufacturing services segment of
the business were $31.0 million, accounting for 97% of total sales for the
quarter ended September 30, 2001, up $7.0 million, or 29.3%, over the same
period of fiscal 2001.

Comparing the first quarter of fiscal 2002 with the same period of fiscal 2001,
the significant sales growth came from both commercial and defense customers.
Sales to commercial customers grew 39% and sales to the defense industry grew
18%. Sales of electro-mechanical assemblies for mail sorting equipment used by
the U.S. Postal Service was the most significant contributor to this growth,
increasing 62%. Sales to oil and gas customers increased 50% during the period.

NETWORK TECHNOLOGIES GROUP. Sales by this segment of the Company were 3% of
total sales for the quarter ended September 30, 2001.

The Group generated first-quarter sales of $1.1 million versus $289,000 for the
first quarter of fiscal 2001. Sales were primarily to the railroad industry
where the Company's ScadaNET Network(TM) product is used to monitor railroad
crossing equipment. Major contributors to sales growth were Union Pacific
Railroad and the Burlington Northern and Santa Fe Railway Company.

The Company also began shipping small numbers of units to targeted customers in
the pipeline market where the ScadaNET Network(TM) is used to monitor the
performance of cathodic protection devices on petroleum and natural gas
pipelines.


                                       12
<PAGE>

GROSS PROFIT
<TABLE>
<CAPTION>
(dollars in thousands)
                                                                           THREE MONTHS ENDED
                                                         ------------------------------------------------------
                                                                SEPTEMBER 30,                  October 1,
                                         Change                     2001                          2000
       --------------------------- ----------------- ---------------------------------- -----------------------
<S>                                <C>               <C>                                <C>
       Gross profit                     $    673                $    6,220                     $    5,547
       Gross margin                     - 3.4 PTS.                   19.4%                          22.8%
       =========================== ================= ================================== =======================
</TABLE>

A breakdown of margins by group shows the following:

MANUFACTURING SERVICES GROUP. This group's gross profit margin was 18.2% for the
quarter ended September 30, 2001, compared with 22.5% for the quarter ended
October 1, 2000. Sales mix changes resulted in lower gross margins.

During September, as a result of the September 11, 2001 attacks, the Company
experienced disruptions caused by delays in material receipts. The Company
estimates that these delays negatively affected fiscal 2002 first-quarter gross
margins by 90 basis points.

NETWORK TECHNOLOGIES GROUP. This group's gross profit margin was 52.8% for the
quarter ended September 30, 2001, compared with 50.1% for the quarter ended
October 1, 2000.

SELLING AND ADMINISTRATIVE EXPENSE
<TABLE>
<CAPTION>
(dollars in thousands)
                                                                               THREE MONTHS ENDED
                                                                 ----------------------------------------------
                                                                          SEPTEMBER 30,           October 1,
                                                       Change                 2001                   2000
       ------------------------------------------ ---------------- -------------------------- -----------------
<S>                                               <C>              <C>                        <C>
       Selling and administrative expenses          $     167             $     4,355             $   4,188
       Percent of sales                             - 3.6 PTS.                  13.6%                 17.2%
       ========================================== ================ ========================== =================
</TABLE>

Selling and administrative expense rose for the first quarter ended September
30, 2001, compared with the prior year's first quarter, reflecting much higher
sales levels. However, selling and administrative expense declined as a
percentage of sales reflecting increased sales without a proportionate increase
in selling and administrative expense.

MANUFACTURING SERVICES GROUP. Selling and administrative expense for this group
was $3.7 million (12.0% of sales) for the quarter ended September 30, 2001 and
$3.3 million (13.6% of sales) for the same period of fiscal 2001.

NETWORK TECHNOLOGIES GROUP. Selling and administrative expense for the quarter
ended September 30, 2001 for this group was $646,000 and included no goodwill
amortization. For the same period of fiscal 2001, these expenses totaled
$743,000, including $219,000 in amortization of goodwill. Selling and
administrative expense increased in the fiscal 2002 period (not including
amortization of goodwill) due to additional selling and development activity,
larger sales volume and greater allocation of corporate expenses.


                                       13
<PAGE>



INTEREST EXPENSE
<TABLE>
<CAPTION>
(dollars in thousands)
                                                                           THREE MONTHS ENDED
                                                         ------------------------------------------------------
                                                                   SEPTEMBER 30,               October 1,
                                                                       2001                       2000
       -------------------------------------------------- ------------------------------ ----------------------
<S>                                                       <C>                            <C>
       Interest expense                                            $      316                   $     537
       ================================================== ============================== ======================
</TABLE>

Interest expense decreased for the quarter ended September 30, 2001, primarily
due to lower debt levels and lower interest rates on short-term borrowings.
Average short-term borrowings for the three-month period ended September 30,
2001 were $6.7 million lower than the same period of fiscal 2001.


PRETAX EARNINGS
<TABLE>
<CAPTION>
(dollars in thousands)
                                                                           THREE MONTHS ENDED
                                                         ------------------------------------------------------
                                                                   SEPTEMBER 30,               October 1,
                                                                       2001                       2000
       -------------------------------------------------- ------------------------------ ----------------------
<S>                                                       <C>                            <C>
       Pretax earnings                                             $    1,645                   $   1,099
       ================================================== ============================== ======================
</TABLE>

The increase in pretax earnings for the quarter ended September 30, 2001,
compared with the same period of fiscal 2001, is primarily attributable to
significantly higher gross profit ($673,000) on higher sales, ($7.8 million) a
reduction of $229,000 of goodwill amortization expense and $221,000 reduction in
interest expense.


TAX EXPENSE
<TABLE>
<CAPTION>
(dollars in thousands)
                                                                           THREE MONTHS ENDED
                                                         ------------------------------------------------------
                                                                   SEPTEMBER 30,               October 1,
                                                                       2001                       2000
       -------------------------------------------------- ------------------------------ ----------------------
<S>                                                       <C>                            <C>
       Tax expense                                                 $      609                   $     465
       ================================================== ============================== ======================
</TABLE>

The tax rate for the quarter ended September 30, 2001, was lower than the prior
year's first quarter due to the elimination of the non-deductible goodwill
amortization expense of $229,000.


FINANCIAL CONDITION AND LIQUIDITY
The following table shows LaBarge's equity and total debt positions:

STOCKHOLDERS' EQUITY AND DEBT
<TABLE>
<CAPTION>
(dollars in thousands)
                                                     SEPTEMBER 30,                        July 1,
                                                         2001                              2001
       ------------------------------------ ------------------------------ ------------------------------------
<S>                                         <C>                            <C>
       Stockholders' equity                           $   30,593                       $   29,716
       Debt                                           $   16,700                       $   17,400
       ==================================== ============================== ====================================
</TABLE>

The Company's operations provided $2.2 million of net cash for the quarter ended
September 30, 2001. Currently, our total debt-to-equity ratio is .55 to 1 versus
 .59 to 1 at the end of fiscal 2001.


                                       14
<PAGE>

RISK FACTORS
The Company operates in a competitive marketplace and is exposed to risks
associated with economic conditions.

The Network Technologies Group, as a relatively new operation, has used cash
during its first two years of operation. It is too early to predict the timing
and the extent of the potential widespread acceptance of this segment's products
and its contribution to future earnings and cash flow.

Overall, we believe our availability of funds going forward from cash generated
from operations and available bank credit should be sufficient to support the
planned operations and capital expenditures of our business for the next two
years.

NEW ACCOUNTING STANDARDS
In July 2001, the Financial Accounting Standards Board ("FASB") issued Statement
No. 141, "Business Combinations," and Statement No. 142, "Goodwill and Other
Intangible Assets." Statement 141 requires that the purchase method of
accounting be used for all business combinations initiated or completed after
June 30, 2001. Statement 141 also specifies criteria that intangible assets
acquired in a purchase method business combination must meet to be recognized
and reported apart from goodwill. Statement 142 requires that goodwill and
intangible assets with indefinite useful lives no longer be amortized, but
instead tested for impairment at least annually in accordance with the
provisions of Statement 142. Statement 142 also requires that intangible assets
with definite useful lives be amortized over their respective estimated useful
lives to their estimated residual values, and reviewed for impairment in
accordance with SFAS No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to Be Disposed Of."

The Company has adopted the provisions of Statement 142 and has reassessed the
useful lives and residual values of all recorded intangible assets. No change in
amortization periods was made. The Company has received third party expert
advice as to the evaluation of goodwill and intangible assets value. No
impairment was required to be recorded.


                                       15

<PAGE>




                                     PART II


                                 Not Applicable












                                       16




<PAGE>





                                    SIGNATURE




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.




                                            LABARGE, INC.
                                    ------------------------------------





Date:   November 6, 2001



                                     /s/Donald H. Nonnenkamp
                                    --------------------------------
                                      Donald H. Nonnenkamp
                                      Vice President
                                      and Chief Financial Officer



                                       17