<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington D.C. 20549

                                    FORM 10-Q

                Quarterly Report pursuant to Section 13 or 15(d)
                          of the Securities Act of 1934



For the quarter ended                                Commission File No. 0-13403
March 31, 2001
--------------------------------------------------------------------------------
                               AMISTAR CORPORATION
             (Exact name of registrant as specified in its Charter)
--------------------------------------------------------------------------------

             STATE OF CALIFORNIA                                 95-2747332
(State or other jurisdiction of Incorporation                 (I.R.S. Employer
 or organization)                                            Identification No.)



           237 VIA VERA CRUZ
         SAN MARCOS, CALIFORNIA                                      92069
(Address of principle executive offices)                          (Zip Code)

                                 (760) 471-1700
              (Registrant's telephone number, including area code)


         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 [ ]


          CLASS                                       OUTSTANDING AT MAY 2, 2001
          -----                                       --------------------------
Common Stock $.01 Par Value                                    3,139,750

                                       1
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Part I
ITEM 1. FINANCIAL STATEMENTS

                               AMISTAR CORPORATION
                            Condensed Balance Sheets
                          (Unaudited and in thousands)

                                                          March 31,     Dec. 31,
                                                            2001          2000
                                                          --------      --------
ASSETS
Current assets:
   Cash and cash equivalents                              $ 3,772       $ 4,519
   Trade accounts and contracts receivable, net             2,256         2,899
   Inventories                                              4,022         3,079
   Demonstration equipment                                    140           113
   Prepaid expenses                                           187           195
                                                          --------      --------
     Total current assets                                  10,377        10,805

Property and equipment, net                                 4,806         4,869
Restricted cash                                             1,329         1,329
Other assets                                                   98           103
                                                          --------      --------

                                                          $16,610       $17,106
                                                          ========      ========

LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
   Accounts payable                                       $   730       $   590
   Accrued liabilities                                        628           591
                                                          --------      --------
      Total current liabilities                             1,358         1,181

Industrial development bonds                                4,500         4,500

Shareholders' equity:
  Common stock                                                 31            31
  Additional paid-in capital                                4,592         4,589
  Retained earnings                                         6,129         6,805
                                                          --------      --------
     Total shareholders' equity                            10,752        11,425
                                                          --------      --------

                                                          $16,610       $17,106
                                                          ========      ========

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS.

                                       2
<PAGE>

                               AMISTAR CORPORATION
                       Condensed Statements of Operations
               (Unaudited and in thousands, except per share data)


Three months ended March 31,                            2001             2000
--------------------------------------------------------------------------------

Net sales                                              $ 3,679          $ 4,775

Cost of sales                                            3,298            3,647
                                                       --------         --------

Gross profit                                               381            1,128

Operating expenses:
  Selling                                                  422              555
  General and administrative                               304              268
  Research and development                                 348              267
                                                       --------         --------
                                                         1,074            1,090
                                                       --------         --------

Earnings (loss) from operations                           (693)              38

Other income, net                                           19               24
                                                       --------         --------

Earnings (loss) before
     income taxes                                         (674)              62

Income taxes                                                 2                -
                                                       --------         --------

Net earnings (loss)                                    $  (676)         $    62
                                                       ========         ========

Earnings (loss) per common share-
   basic and diluted                                   $ (0.22)         $   0.02
                                                       ========         ========
Weighted average shares
   outstanding-basic and diluted                         3,139             3,137
                                                       ========         ========

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS.

                                       3
<PAGE>

                               AMISTAR CORPORATION
                            Statements of Cash Flows
                          (Unaudited and in thousands)

Three months ended March 31,                                2001          2000
--------------------------------------------------------------------------------

Cash flows from operating activities:
  Net earnings (loss)                                     $  (676)      $    62

  Adjustments to reconcile net earnings (loss) to
  net cash provided by (used in) operating activities:
    Depreciation and amortization                             187           188
    Changes in assets and liabilities:
      Trade accounts and contracts receivable, net            643           280
      Inventories                                            (943)           49
      Demonstration equipment                                 (27)          (36)
      Prepaid expenses and other assets                        13           (24)
      Accounts payable and accrued liabilities                177           132
                                                          --------      --------

Net cash provided by (used in) operating activities          (626)          651
                                                          --------      --------

Cash flows from investing activities-
  purchase of property and equipment                         (124)          (39)
                                                          --------      --------

Cash flows from financing activities-
  exercise of stock options                                     3             -
                                                          --------      --------

Net increase (decrease) in cash and cash equivalents         (747)          612
                                                          --------      --------
Cash and cash equivalents, beginning of period              4,519         2,476
                                                          --------      --------
Cash and cash equivalents, end of period                  $ 3,772       $ 3,088
                                                          ========      ========

Supplemental disclosure of cash flow information-

   Cash paid during the period for:
       Interest                                           $    47       $    40
       Income taxes                                       $     4       $     4


SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

                                       4
<PAGE>

                               AMISTAR CORPORATION
                     Notes to Condensed Financial Statements
                                   (Unaudited)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation
---------------------

     The Interim Condensed Financial Statements of Amistar Corporation, a
California corporation (the "Company") have been prepared by the Company,
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures normally
included in the financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have been omitted
pursuant to such rules and regulations. The results of operations for the three
month period ended March 31, 2001 are not necessarily indicative of the results
to be expected for the full year. These Interim Condensed Financial Statements
should be read in conjunction with the audited financial statements and notes
thereto included in the Company's 2000 annual report on Form 10-K as filed with
the Securities and Exchange Commission on March 15, 2001.

Revenue Recognition
-------------------

     The Company generally recognizes revenue for machine sales upon shipment
and installation for the initial machine model sold to a customer. Revenue is
generally recognized for subsequent machine sales upon shipment, provided title
has transferred and the model, configuration, and applications are substantially
similar. In addition, the Company considers many factors in the evaluation of
revenue recognition, including customer acceptance criteria, complexity of
installation and integration into production lines. Revenue for manufacturing
services, machine accessories, and spare parts are recognized upon shipment.
Billable service labor revenue is recognized upon completion. At the time of
shipment, the Company accrues for estimated non-billable installation, training
and warranty repair costs to be incurred.

Inventories
-----------

     Inventories are stated at the lower of cost (first-in, first-out) or market
and include material, labor and manufacturing overhead costs. Inventories
consist of the following (in thousands):

                                         March 31,                 Dec. 31,
                                           2001                      2000
                                        ------------             ------------
Raw Material                            $     1,839              $     1,418
Work In Process                               1,039                      812
Finished Goods                                1,144                      849
                                        ------------             ------------
                                        $     4,022              $     3,079
                                        ============             ============

                                       5
<PAGE>

                               AMISTAR CORPORATION
                     Notes to Condensed Financial Statements

Income taxes
------------

     The Company has recorded a 100% valuation allowance against the net
deferred income tax assets. Uncertainties concerning the Company's ability to
utilize the benefits of the deferred tax assets in the future preclude it from
recording an asset at full value.

Earnings (Loss) Per Common Share
--------------------------------

     The Company calculates net earnings per share in accordance with SFAS No.
128, Earnings Per Share. Under SFAS No. 128, basic net earnings per common share
is calculated by dividing net earnings by the weighted-average number of common
shares outstanding during the reporting period. Diluted net earnings per common
share reflects the effects of potentially dilutive securities. Weighted average
shares used to compute net earnings (loss) per share are presented below (in
thousands):

                                                          Three months ended
                                                               March 31,
                                                           2001        2000
                                                        ----------- -----------
Weighted-average shares basic                                3,139       3,137

Dilutive effect of stock options                                 -           -
                                                        ----------- -----------

Weighted-average shares,
    diluted                                                  3,139       3,137
                                                        =========== ===========

     Options to purchase 186,000 shares of potentially dilutive common stock
were excluded in the calculation of diluted net loss per share for the three
months ended March 31, 2001 because the effects of these instruments were
anti-dilutive. There were no dilutive stock options for the period ended March
31, 2000.

                                       6
<PAGE>

                               AMISTAR CORPORATION
               Notes to Condensed Financial Statements, Continued

Industry Segments and Geographic Information
--------------------------------------------

     The following table summarizes the Company's two operating segments:
Machine Sales and Service, which encompass the manufacture and distribution of
assembly machines and related accessories, and Amistar Manufacturing Services
(AMS). The Company identifies reportable segments based on the unique nature of
operating activities, customer base and marketing channels. Information is also
provided by major geographical area.

<TABLE>
<CAPTION>
                                                  MACHINE SALES AND SERVICE
                                           ---------------------------------------
                                              UNITED                                     MFG.
                                              STATES       FOREIGN        TOTAL        SERVICES       CORPORATE     TOTAL
-----------------------------------------------------------------------------------------------------------------------------
 Three months ended March 31, 2001
<S>                                        <C>           <C>           <C>           <C>            <C>          <C>
 Net sales                                 $       843   $        82   $      925    $     2,754    $        -   $     3,679
                                           ============  ============  ===========   ============   ===========  ============
 Depreciation and amortization                      16             -           16            116            55           187
                                           ============  ============  ===========   ============   ===========  ============
 Earnings (loss) from operations                  (469)          (46)        (515)          (178)            -          (693)
                                           ============  ============  ===========   ============   ===========  ============
 Total assets                                    5,931             -        5,931          5,486         5,193        16,610
                                           ============  ============  ===========   ============   ===========  ============
 Additions to long-lived assets                      -             -            -            149             -           149
                                           ============  ============  ===========   ============   ===========  ============

 THREE MONTHS ENDED MARCH 31, 2000

 Net sales                                 $     2,309   $       730   $    3,039    $     1,736    $        -   $     4,775
                                           ============  ============  ===========   ============   ===========  ============
 Depreciation and amortization                      75             -           75            113             -           188
                                           ============  ============  ===========   ============   ===========  ============
 Earnings (loss) from operations                   154            48          202           (164)            -            38
                                           ============  ============  ===========   ============   ===========  ============
 Total assets                                    4,875           728        5,603          2,637         8,239        16,479
                                           ============  ============  ===========   ============   ===========  ============
 Additions to long-lived assets                     27             -           27             12                          39
                                           ============  ============  ===========   ============   ===========  ============
</TABLE>

                                       7
<PAGE>

                               AMISTAR CORPORATION
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

Forward Looking Statements
--------------------------

     This Quarterly Report contains forward-looking statements within the
meaning of the Private Securities Reform Act of 1995, particularly statements
regarding market opportunities, customer acceptance of products, gross margin
and marketing expenses. These forward-looking statements involve risks and
uncertainties, and the cautionary statements set forth below, identify important
factors that could cause actual results to differ materially from those in any
such forward-looking statements. Such factors include, but are not limited to,
adverse changes in general economic conditions, including changes in the
specific markets for the Company's products, product availability, decreased or
lack of growth in the electronics industry, adverse changes in customer order
patterns, increased competition, lack of acceptance of new products, pricing
pressures, lack of success in technological advancements, risks associated with
foreign trade and other factors.

                              RESULTS OF OPERATIONS

Net Sales
---------

     Net sales for the three months ended March 31, 2001 were $3,679,000
compared to $4,775,000 for the same period in the prior year. The current
quarter sales decline was due to a 70% decrease in machine segment sales,
partially offset by a 59% increase in manufacturing services sales over the same
quarter in 2000. During the current quarter, demand for the Company's machines
declined significantly due to the slow-down in the electronics industry.
Responding to the industry slow-down, several of the Company's largest machine
customers placed a freeze on capital expenditures.

     The Amistar Manufacturing Services division (AMS) first quarter sales grew
over the same quarter of 2000 due to increased orders from existing customers,
in addition to first time orders from a new major customer. During the current
quarter, certain electronic components that were formerly in limited supply
during much of 2000 became more readily available.

Gross Profit
------------

     Gross profit declined during the quarter ended March 2001 from the same
period in 2000, due to lower machine sales, and due to the change in sales mix
between machine and contract assembly sales. Contract assembly sales generally
have much lower gross margins that machine sales. During the current quarter,
contract assembly sales represented 75% of total sales, compared to the same
quarter in 2000 where contract assembly sales represented 36% of total sales. In
addition, several AMS manufacturing personnel additions were made in the current
quarter to enhance the segment's ability to support the new major customer in
future periods.

                                       8
<PAGE>

                               AMISTAR CORPORATION
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS, CONTINUED

Selling Expenses
----------------

     Selling expenses decreased from the first quarter of 2000 primarily due to
lower commission expenses on machine sales.

General and Administrative Expenses
-----------------------------------

     General and administrative expenses increased in the current quarter over
the same quarter in 2000, primarily due to higher accounting fees and liability
insurance premiums.

Research and Development
------------------------

     Development efforts were focused during the first quarter of 2001 on
completion of the DataPlace(R) 1M product identification machine. Development
activity and costs increased for the three months ended March 31, 2001 compared
to the same period in 2000.

Income Tax Expense
------------------

     The income tax provision for the three months ended March 31, 2001
represents the minimum tax liability to various states. The Company has obtained
refunds for all Federal income tax carry-backs available. A 100% valuation
allowance has been recorded against deferred tax assets. See income tax footnote
in the notes to condensed financial statements for further information.

                         LIQUIDITY AND CAPITAL RESOURCES

     The Company's cash used in operating activities was $626,000 for the three
months ended March 31, 2001. Trade accounts and contracts receivable decreased
primarily due to the lower sales level and due to a reduction in the days
outstanding. Inventories increased due to the decline in machine sales relative
to the Company's production plan. In addition, inventories increased due to the
conversion of a major AMS customer from a consignment to turnkey contract and to
support increased AMS sales. Accounts payable normally trends closely with AMS
inventory levels, and as a result, increased. Capital expenditures in the
current quarter primarily consisted of AMS production equipment for increased
capacity.

     The Company maintains a letter of credit from its' bank in support of the
$4,500,000 industrial development bonds.

     The Company believes that cash provided from operations and cash balances
at March 31, 2001 will be adequate to support its operating and investing
requirements through 2001.

                                       9
<PAGE>

                               AMISTAR CORPORATION
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS, CONTINUED

Item 3. Quantitative and Qualitative Disclosures about Market Risk

     The Company is exposed to a variety of risks, including foreign currency
fluctuations on spare parts purchases and changes in interest rates affecting
the cost of its debt. A significant decrease in the exchange rate of Yen versus
the U.S. Dollar would not have a material adverse effect on the Company's
financial condition or results of operations. The Company's long-term debt at
March 31, 2001 is comprised of Industrial Development bonds. The bonds mature in
December 2005, and accrues interest at a variable monthly rate. Interest was
paid at a weighted-average variable rate of 3.70% during the quarter ending
March 31, 2001. An immediate 10% increase in the weighted-average interest rate
would not have a material impact on the Company's financial position or results
of operations.

                                       10
<PAGE>

PART II.

Items 1-5 Non-Applicable

Item 6 Exhibits and Reports on Form 8-K
       (a) Exhibits:
           None

       (b) Reports on form 8-K:
           None



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.

                                                      AMISTAR CORPORATION


                                                      By /s/ William W. Holl
                                                      -------------------------
                                                      William W. Holl
                                                      Chief Financial Officer,
                                                      Chief Accounting Officer &
                                                      Duly Authorized Officer

                                       11