<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, 2002
--------------------------------------------------------------------------------

                               AMISTAR CORPORATION
             (Exact name of registrant as specified in its Charter)

--------------------------------------------------------------------------------

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


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

                                 (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 APRIL 29, 2002

Common Stock $.01 Par Value                                 3,139,750

<PAGE>

Part I
ITEM 1. FINANCIAL STATEMENTS


                               AMISTAR CORPORATION
                            Condensed Balance Sheets
                          (Unaudited and in thousands)


                                                       March 31,       Dec. 31,
                                                         2002            2001
                                                       ---------       ---------

ASSETS
Current assets:
   Cash and cash equivalents                           $  2,494        $  3,626
   Trade accounts receivable, net                         1,420           1,064
   Inventories                                            3,154           2,724
   Income tax receivable                                    400              --
   Demonstration equipment                                  152             153
   Prepaid expenses                                         114             188
                                                       ---------       ---------
     Total current assets                                 7,734           7,755

Property and equipment, net                               4,229           4,386
Restricted cash                                              10           1,452
Other assets                                                 68              73
                                                       ---------       ---------

                                                       $ 12,041        $ 13,666
                                                       =========       =========

LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
   Accounts payable                                    $    379        $    285
   Accrued liabilities                                      482             599
   Industrial development bonds                           3,000           4,500
                                                       ---------       ---------
      Total current liabilities                           3,861           5,384
                                                       ---------       ---------

Shareholders' equity:
  Common stock                                               31              31
  Additional paid-in capital                              4,593           4,593
  Retained earnings                                       3,613           3,715
  Treasury stock                                            (57)            (57)
                                                       ---------       ---------
     Total shareholders' equity                           8,180           8,282
                                                       ---------       ---------

                                                       $ 12,041        $ 13,666
                                                       =========       =========

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,
                                                           2002           2001
                                                         --------       --------

Net sales                                                $ 2,641        $ 3,679

Cost of sales                                              2,481          3,298
                                                         --------       --------

Gross profit                                                 160            381

Operating expenses:
  Selling                                                    292            422
  General and administrative                                 259            304
  Engineering, research and development                      117            348
                                                         --------       --------
                                                             668          1,074
                                                         --------       --------

Operating loss                                              (508)          (693)

Other income, net                                              8             19
                                                         --------       --------

Loss before income taxes                                    (500)          (674)

Income tax expense (benefit)                                (398)             2
                                                         --------       --------

Net loss                                                 $  (102)       $  (676)
                                                         ========       ========

Earnings (loss) per common share-
   basic and diluted                                     $ (0.03)       $ (0.22)
                                                         ========       ========

Weighted average shares
   outstanding, basic and diluted                          3,140          3,139
                                                         ========       ========

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS.

                                       3
<PAGE>

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


Three months ended March 31,                                   2002        2001
--------------------------------------------------------------------------------

Cash flows from operating activities:
  Net loss                                                  $  (102)    $  (676)
  Adjustments to reconcile net loss to
    net cash used in operating activities:
    Depreciation and amortization                               159         187
    Changes in assets and liabilities:
      Trade accounts receivable, net                           (356)        643
      Inventories                                              (430)       (943)
      Income taxes receivable                                  (400)         --
      Demonstration equipment                                     1         (27)
      Prepaid expenses and other assets                          79          13
      Accounts payable and accrued liabilities                  (23)        177
                                                            --------    --------

Net cash used in operating activities                        (1,072)       (626)
                                                            --------    --------

Cash flows from investing activities-
  purchase of property and equipment                             (2)       (124)
                                                            --------    --------

Cash flows from financing activities:
  Redemption of Industrial Development Bonds                 (1,500)         --
  Decrease in restricted cash, net                            1,442          --
  Exercise of stock options                                      --           3
                                                            --------    --------
Net cash provided by (used in) financing activities             (58)          3
                                                            --------    --------

Net decrease in cash and cash equivalents                    (1,132)       (747)
                                                            --------    --------
Cash and cash equivalents, beginning of period                3,626       4,519
                                                            --------    --------
Cash and cash equivalents, end of period                    $ 2,494     $ 3,772
                                                            ========    ========

Supplemental disclosure of cash flow information-

   Cash paid during the period for:
       Interest                                             $    13     $    47
       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, 2002 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 2001 annual report on Form 10-K as
filed with the Securities and Exchange Commission on March 28, 2002.

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,
                                                   2002           2001
                                                  -------        -------
         Raw Material                             $1,687         $  814
         Work In Process                             614          1,023
         Finished Goods                              853            887
                                                  -------        -------
                                                  $3,154         $2,724
                                                  =======        =======

                                       5
<PAGE>

                               AMISTAR CORPORATION
               Notes to Condensed Financial Statements, continued


Earnings Per Common Share
-------------------------

         The Company calculates net earnings (loss) per share in accordance with
SFAS No. 128, Earnings Per Share. Under SFAS No. 128, basic net earnings (loss)
per common share is calculated by dividing net earnings (loss) by the
weighted-average number of common shares outstanding during the reporting
period. Diluted net earnings (loss) per common share reflects the effects of
potentially dilutive securities where the effect of inclusion of such securities
would not be anti-dilutive. Weighted average shares used to compute net earnings
(loss) per share are presented below (in thousands):

                                                      Three months ended
                                                           March 31,
                                                      2002          2001
                                                  ------------- -------------
 Weighted-average shares-
     basic and diluted                                   3,140         3,139
                                                  ============= =============

         Options to purchase 73,000 and 186,000 shares of potentially dilutive
common stock were excluded from the calculation of diluted net earnings (loss)
per share for the three months ended March 31, 2002, and March 31, 2001
respectively, because the effects of these instruments were anti-dilutive.

Industrial Development Bonds
----------------------------

         The Company maintains a letter of credit from its bank in support of
the $3,000,000 industrial development bonds. On February 1, 2002, the Company
paid $1,500,000 to redeem a portion of the industrial development bonds
utilizing the restricted cash balance of $1,452,000 plus an additional $48,000
of unrestricted cash.

         The Company's stand-by letter of credit reimbursement agreement with
its bank contains certain affirmative financial covenants. At March 31, 2002,
the Company was not in compliance with a tangible net worth covenant. The
Company received waivers relating to this covenant through May 31, 2002. The
Company has made all required debt service payments on the bonds. However, based
on the uncertainty concerning the Company's ability to meet the covenant after
the waiver expires, and considering that a covenant violation would constitute
an event of default and allow the bank to call the debt prior to maturity, the
entire Industrial Development bonds balance has been classified as a current
liability in the accompanying balance sheets.

                                       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:
Amistar Industrial Automation (AIA), which encompasses 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 (dollars in
thousands).

<TABLE>
<CAPTION>
                                          MACHINE SALES AND SERVICE
                                    ---------------------------------
                                       UNITED                                MFG.
                                       STATES      FOREIGN     TOTAL       SERVICES    CORPORATE      TOTAL
------------------------------------------------------------------------------------------------  ------------
Three months ended March 31, 2002

<S>                                     <C>         <C>        <C>         <C>           <C>         <C>
Net sales                               $ 349       $ 39       $ 388       $ 2,253       $  --       $  2,641
                                        ======      =====      ======      ========      ======      =========
Depreciation and amortization              59         --          59           100          --            159
                                        ======      =====      ======      ========      ======      =========
Loss from operations                     (268)       (31)       (299)         (209)         --           (508)
                                        ======      =====      ======      ========      ======      =========
Total assets                            5,163         50       5,213         2,124       4,704         12,041
                                        ======      =====      ======      ========      ======      =========
Additions to long-lived assets              2         --           2            --          --              2
                                        ======      =====      ======      ========      ======      =========

THREE MONTHS ENDED MARCH 31, 2001

Net sales                               $ 843       $ 82       $ 925       $ 2,754       $  --       $  3,679
                                        ======      =====      ======      ========      ======      =========
Depreciation and amortization              16         --          16           116          55            187
                                        ======      =====      ======      ========      ======      =========
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
                                        ======      =====      ======      ========      ======      =========

                                                       7
</TABLE>
<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, 2002 were $2,641,000
compared to $3,679,000 for the same period in the prior year. During the current
quarter, the AIA division was unable to ship any of its DataPlace machines due
to lack of orders. Several of the Company's largest machine customers have
continued their freeze on capital expenditures.

         The Amistar Industrial Automation division (AIA) received orders from
two new customers doing business in the sports equipment assembly and eyeglass
lens manufacturing industries. The revenue generated included engineering
design, turnkey fabrication and turnkey assembly services.

         The Amistar Manufacturing Services division (AMS) sales declined 18%
for the three months ended March 31, 2002, from the same period in 2001
primarily due to reduced orders from a major customer and the absence of orders
from a customer who chose to consolidate their under-utilized capacity and
produce previously out-sourced products in-house.

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

         Gross profit declined during the quarter ended March 31, 2002 from the
same period in 2001, due to lower machine sales, higher machine division
manufacturing costs, and a change in sales mix between machine and contract
assembly sales. During the current quarter, contract assembly sales represented
85% of total sales, compared to 75% for the same quarter in 2001.

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

         Selling expenses decreased in the current quarter from the first
quarter of 2001 primarily due to AIA division personnel reductions.

                                       8
<PAGE>

                               AMISTAR CORPORATION


Engineering, Research and Development Expenses
----------------------------------------------

         Engineering expense decreased in the first quarter compared to the same
period in 2001 due to current period AIA engineering design services sales,
which resulted in a greater allocation of engineering wages to cost of sales.
Research and development expenses decreased in the current quarter over the same
period in 2001 due to the change in focus of the engineering staff from
proprietary machine products to custom factory automation support.

Income Taxes
------------

         On March 9, 2002, the "Job Creation and Worker Assistance Act of 2002"
(the Act) was signed into law. The Act extends the period in which a net
operating loss may be carried back. As a result, the Company recognized a
$400,000 carry-back refund benefit and receivable during the three months ended
March 31, 2002, which is partially offset by a $2,000 provision for the minimum
tax liability to various states.

         A 100% valuation allowance has been recorded against deferred tax
assets.

                         LIQUIDITY AND CAPITAL RESOURCES

         The Company's cash used in operating activities was $1,072,000 for the
three months ended March 31, 2002. Trade accounts receivable increased primarily
due to the shipment of a large order at the end of current quarter. Inventories
increased due the conversion of a customer from consignment to turn-key and to
support expected growth with a major customer. The income tax receivable
resulted from recording an expected NOL carry-back refund.

         The Company maintains a letter of credit from its bank in support of
the $3,000,000 industrial development bonds. On February 1, 2002, the Company
paid $1,500,000 to redeem a portion of the industrial development bonds
utilizing the restricted cash balance of $1,452,000 plus an additional $48,000
of unrestricted cash.

         The Company's stand-by letter of credit reimbursement agreement with
its bank contains certain affirmative financial covenants. At March 31, 2002,
the Company was not in compliance with a tangible net worth covenant. The
Company received waivers relating to this covenant through May 31, 2002. The
Company has made all required debt service payments on the bonds. However, based
on the uncertainty concerning the Company's ability to meet the covenant after
the waiver expires, and considering that a covenant violation would constitute
an event of default and allow the bank to call the debt prior to maturity, the
entire Industrial Development bonds balance has been classified as a current
liability in the accompanying balance sheets.

         The inability of the Company to return to profitability could result in
default on the terms of the Union Bank of California Reimbursement Agreement,
which supports the stand-by letter of credit guaranteeing the Company's
performance on the industrial development bonds. In the event the Company
defaults, and is unable to present a viable turn-around plan satisfactory to its
Bank, such event, could cause the bank to require the Company to seek a
substitute guarantor, re-finance the building with alternative financing or sell
the San Marcos, California facility. The inability of the Company to
successfully substitute a guarantor or to re-finance the building could have an
adverse effect on the Company's business.

                                       9
<PAGE>

                               AMISTAR CORPORATION


         The Company believes that cash provided from operations and cash
balances at March 31, 2002 will be adequate to support its operating and
investing requirements through 2002 and 2003.

New Accounting Pronouncements
-----------------------------

         In August 2001, the FASB issued Statement of Financial Accounting
Standards No. 143 (SFAS No. 143), "Accounting for Asset Retirement Obligations,"
which addresses financial accounting and reporting for obligations associated
with the retirement of tangible long-lived assets and for the associated asset
retirement costs. The standard applies to tangible long-lived assets that have a
legal obligation associated with their retirement that results from the
acquisition, construction or development or normal use of the asset. SFAS No.
143 requires that the fair value of a liability for an asset retirement
obligation be recognized in the period in which it is incurred if a reasonable
estimate of fair value can be made. The fair value of the liability is added to
the carrying amount of the associated asset and this additional carrying amount
is depreciated over the remaining life of the asset. The liability is accreted
at the end of each period through charges to operating expense. The provisions
of SFAS No. 143 are required to be applied during the quarter ending March 31,
2003. To accomplish this, the Company must identify all legal obligations for
asset retirement obligations, if any, and determine the fair value of these
obligations on the date of adoption. The determination of fair value is complex
and will require the Company to gather market information and develop cash flow
models. Additionally, the Company will be required to develop processes to track
and monitor these obligations.

         Because of the effort necessary to comply with the adoption of SFAS No.
143, it is not practicable for the Company to estimate the impact of adopting
this statement at the date of this quarterly report.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

         The Company is exposed to a variety of risks, including changes in
interest rates affecting the cost of its debt. The Company's long-term debt at
March 31, 2002 is comprised of $3,000,000 Industrial Development bonds. The
bonds mature in December 2005, and accrue interest at a variable monthly rate.
Interest was paid at a weighted-average variable rate of 1.4% during the quarter
ending March 31, 2002. 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/ Gregory D. Leiser
                                        ---------------------------------
                                        Gregory D. Leiser
                                        Vice  President Finance and Chief
                                        Financial Officer (Principal
                                        Financial and Accounting Officer)

                                       11