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

                                   FORM 10-QSB

(Mark One)

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

                                 For the quarterly period ended January 31, 2003

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

                                 For the transition period from ______ to ______

                                 Commission file number   0-13042
                                                        ------------------------

                         Infinite Graphics Incorporated
--------------------------------------------------------------------------------
        (Exact name ofsmall business issuer as specified in its charter)


           Minnesota                                      41-0956693
--------------------------------------------------------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)


               4611 East Lake Street, Minneapolis, Minnesota 55406
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (612) 721-6283
--------------------------------------------------------------------------------
                           (Issuer's telephone number)



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

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 [ ]

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

         Check whether the registrant filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.   Yes [ ]   No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 3,024,797 common shares as of
February 28, 2003.

Transitional Small Business Disclosure Format (Check one):      Yes [ ]   No [X]


<PAGE>


PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                         INFINITE GRAPHICS INCORPORATED
                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                January 31, 2003     April 30, 2002
                                                                   -----------         -----------
ASSETS                                                              Unaudited
CURRENT ASSETS:
<S>                                                                <C>                 <C>
  Cash                                                             $   417,374         $   533,548
  Accounts receivable, less allowance for doubtful accounts
     of $104,000 and $118,000 respectively                          1, 024,835           1,463,492
  Receivable from Related Party                                         27,688              14,006
  Inventories                                                          286,915             343,431
  Prepaid expenses and other                                           316,503              75,436
  Equipment Deposit                                                    500,000             500,000
                                                                   -----------         -----------
          TOTAL CURRENT ASSETS                                       2,573,315           2,929,913
                                                                   -----------         -----------
Property and Equipment, Net                                          2,207,541           2,094,040
                                                                   -----------         -----------

Other Assets
  Purchased Software, Net                                               23,423              51,194
  Investment in Joint Venture                                           63,857             109,702
  Customer list, less accumulated amortization of
    $98,060 and $57,412 respectively                                    51,940              92,588
  Goodwill                                                              82,469              82,469
  Equipment Deposits                                                   245,779                  --
  Other assets                                                          20,400             164,149
                                                                   -----------         -----------
                                                                   $ 5,268,724         $ 5,524,055
                                                                   ===========         ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:

  Note payable, bank                                               $   381,535         $   383,466
  Current maturities of long-term debt                                 525,963             547,739
  Trade Accounts Payable                                               401,668             463,705
  Accrued Expenses:
     Compensation                                                      290,424             411,249
     Other                                                             369,075             315,257
  Deferred Revenue                                                     156,741             166,187
  Customer deposit                                                     500,000             500,000
                                                                   -----------         -----------
          TOTAL CURRENT LIABILITIES                                  2,625,406           2,787,603
                                                                   -----------         -----------

Long-Term Debt, less current maturities                              1,293,752             869,595
                                                                   -----------         -----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS EQUITY:
  Common stock, no par value; authorized 10,000,000 shares
    Issued and outstanding 3,024,797                                 4,681,697           4,681,697
  Accumulated deficit                                               (3,332,131)        $ 2,814,840
                                                                   -----------         -----------
                                                                   $ 1,349,566           1,866,857
                                                                   -----------         -----------
          TOTAL STOCKHOLDERS' EQUITY:                              $ 5,268,724           5,524,055
                                                                   ===========         ===========
</TABLE>

See Notes to Financial Statements.


                                      -2-
<PAGE>


PART 1 - FINANCIAL INFORMATION (CONTINUED)


                         INFINITE GRAPHICS INCORPORATED
                            STATEMENTS OF OPERATIONS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                    THREE MONTH PERIOD                 NINE MONTH PERIOD
                                                                     ENDED JANUARY 31,                 ENDED JANUARY 31,
                                                                   2003             2002             2003             2002
<S>                                                            <C>              <C>              <C>              <C>
REVENUES:
  Net sales                                                    $ 1,415,773      $ 1,994,642      $ 4,874,552      $ 6,505,706

  Other income                                                       1,599           53,731            3,206           55,210
                                                               -----------      -----------      -----------      -----------
          TOTAL REVENUES                                         1,417,372      $ 2,048,374      $ 4,877,757      $ 6,560,916

COSTS AND EXPENSES:
  Costs of products sold                                         1,471,639        1,494,155        4,287,086        5,015,572
  Selling, general and administrative                              425,802          455,922        1,472,599        1,485,255
  Charge for location shutdown and workforce reduction                  --               --               --           90,340
   Gain on sale of equipment                                      (554,452)              --         (554,452)              --
  Interest expense                                                  56,687           48,299          143,970          157,334
                                                               -----------      -----------      -----------      -----------
          TOTAL COSTS AND EXPENSES                               1,399,676        1,998,376        5,349,203        6,748,501
                                                               -----------      -----------      -----------      -----------

    INCOME (LOSS) BEFORE EQUITY IN LOSSES OF JOINT-VENTURE          17,696      $    49,998         (471,446)     $  (187,585)

Equity in earnings (loss)of joint venture                          (15,750)         (43,697)         (45,845)     $   115,565
                                                               -----------      -----------      -----------      -----------
          NET INCOME (LOSS)                                          1,946      $     6,301      $  (517,291)     $   (72,020)
                                                               ===========      ===========      ===========      ===========


Earnings (loss) per share data:

   Basic earnings (loss) per share                             $       .00      $       .00      $      (.17)     $      (.02)
                                                               ===========      ===========      ===========      ===========
   Basic weighted-average common shares outstanding              3,024,797        3,024,797        3,024,797        3,024,797
                                                               ===========      ===========      ===========      ===========
   Diluted earnings (loss) per share                           $       .00      $       .00      $      (.17)     $      (.02)
                                                               ===========      ===========      ===========      ===========

   Diluted weighted-average common shares outstanding            3,024,797        3,038,391        3,024,797        3,024,797
                                                               ===========      ===========      ===========      ===========
</TABLE>

See notes to financial statements.


                                      -3-
<PAGE>


PART 1- FINANCIAL INFORMATION (CONTINUED)


                         INFINITE GRAPHICS INCORPORATED
                            STATEMENTS OF CASH FLOWS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                                NINE MONTH PERIOD
                                                                                ENDED JANUARY 31,
                                                                               2003          2002
                                                                            -----------------------
<S>                                                                         <C>           <C>
Cash Flows From Operating Activities
   Net loss                                                                 $(517,291)    $ (72,020)
   Adjustments to reconcile net loss to net cash provided by (used in)
   Operating activities:
      Depreciation and amortization                                           809,445       812,925
      Contingent acquisition price financed through the reduction of
        accounts receivable                                                  (108,558)      (14,822)
      Equity in loss (earnings) of joint venture                               45,845      (115,565)
      Gain on sale of equipment                                              (554,452)           --
      Changes in assets and liabilities:
        Accounts receivable                                                   424,975       466,436
        Inventories                                                            56,517        20,132
        Prepaid expenses and other                                           (241,067)      (82,578)
        Other assets                                                         (102,030)      (52,690)
        Accounts Payable, accrued expenses and deferred revenue                48,937      (126,791)
                                                                            -----------------------
          NET CASH  PROVIDED BY (USED IN) OPERATING ACTIVITIES               (137,679)      835,027

CASH FLOWS FROM INVESTING ACTIVITIES:
      Purchase of equipment                                                  (338,667)     (298,629)
      Proceeds from sale of equipment                                         599,720            --
                                                                            -----------------------
          NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                 261,053      (298,629)

CASH FLOWS FROM FINANCING ACTIVITIES:
      Net payments on revolving credit agreement                               (1,931)     (130,959)
       Proceeds from issuance of debt                                         463,750            --
      Principal payments on long-term debt and capital lease obligations     (701,367)     (356,797)

                                                                            -----------------------
          NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                (239,548)     (487,756)
                                                                            -----------------------

          NET INCREASE (DECREASE) IN CASH                                    (116,174)       48,642

Cash
   Beginning of year                                                          533,548        67,917
                                                                            -----------------------
   End of period                                                            $ 417,374     $ 116,559
                                                                            =======================
Non cash investing and financing activities:
   Equipment acquired under capital lease                                   $ 640,000            --
</TABLE>

See Notes to financial statements.


                                      -4-
<PAGE>


NOTES TO FINANCIAL STATEMENTS


NOTE A:
The Balance Sheet as of January 31, 2003 and the Statements of Operations for
the three and nine month periods ended January 31, 2003 and 2002 and the
Statements of Cash Flows for the nine months ended January 31, 2003 and 2002
have been prepared by Infinite Graphics Incorporated without audit. In the
opinion of management, these statements reflect all adjustments, consisting of
only normal accruals and adjustments, necessary for the fair-statement of the
periods presented. The Balance Sheet as of April 30, 2002 has been derived from
the audited Balance Sheet included in the Company's April 30, 2002 Annual Report
on Form 10-KSB. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been omitted. It is suggested that these financial
statements be read in conjunction with the financial statements and notes
included in the Company's April 30, 2002 Annual Report on Form 10-KSB.


NOTE B:

In 2001, the Company entered into a joint venture with an unrelated third party
under the name Infinite Graphics PTE, LTD, which is located in Singapore. The
investment is being accounted for under the equity method, as the Company has a
50 percent interest, but does not hold a controlling interest. As of December
31, 2002, the joint venture had accumulated net losses reducing the Company's
original investment of $105,000, as well as being further reduced for the
elimination of intercompany profit. Unaudited condensed financial statement
information for the joint venture as of December 31, 2002 and 2001, are as
follows:

                                                         2002          2001
                                                     ------------------------
                                                             Unaudited
Total assets                                         $2,125,142    $1,817,078
                                                     ========================

Total liabilities                                    $1,853,877    $1,604,503
                                                     ------------------------

Stockholders' equity:                                   271,265       212,575
                                                     ------------------------
                                                     $2,125,142    $1,817,078
                                                     ========================

For the 3 and 9-month period ended:

               Three Months Ended December 31    Nine Months Ended December 31
                --------------------------        --------------------------
                   2002             2001             2002             2001

Net Sales       $ 191,019        $ 155,216        $ 593,502        $ 897,204
                ============================================================
Gross Profit       18,602           30,294           91,164          371,987
                ============================================================
Net Income      $ (31,500)       $ (87,394)       $ (91,690)       $ 231,130
                ============================================================

The joint venture owes the Company $27,688 at January 31, 2003, for various cost
reimbursements. The Singapore operation is in its early operations, and is still
attempting to increase production to reach break even.


NOTE C:
Under an agreement with its partner in the joint venture described in Note B,
the Company made a nonrefundable deposit with a manufacturer for the purchase of
five machines. In addition, the agreement requires the Company to purchase an
evaluation machine for approximately $300,000. The deposit is $100,000 for each
of five machines, or a total of $500,000. The machines will be sold, at cost, by
the Company, to its joint venture.


                                      -5-
<PAGE>


PART 1 - FINANCIAL INFORMATION (CONTINUED)


The Company has received a refundable deposit from its joint venture partner in
the same amount as it has made to the manufacturer. If any or all of the
machines are not delivered to the partner or sold by the partner, the Company is
to refund the portion of the deposit relating to those machines. The Company
will not recognize any sales or cost of sales relating to these machines, as the
Company is acting only as a conduit for the transfer of these machines. The
Company, however, is subject to risk that some portion of the refundable deposit
may have to be refunded. The Company does not expect any material loss from this
arrangement. During 2002 the Company's partner in this transaction sold, at
cost, its rights and obligations relating to the refundable deposit to Infinite
Graphics PTE, Ltd., the joint venture.


NOTE D:
The Company has a revolving credit agreement (the Revolver), at the lender's
discretion, that allows the Company to borrow 75 percent of its eligible service
receivables, up to $750,000, as defined. Interest on advances is payable monthly
and is prime plus 4.0 percent, never to be readjusted below 10.0 percent (10.00
percent at January 31, 2003), with a minimum monthly interest charge of $2,000.
In the event of default, the interest rate increases to prime plus 9.0 percent,
never to be readjusted below 15 percent, with a minimum monthly interest charge
of $3,450. The Revolver also requires payment of a $1,500 quarterly
administrative fee. The availability under the revolving credit agreement at
January 31, 2003 is $437,675.

The Revolver terminates the earlier of a date determined at the lender's
discretion, the date the Company terminates the Revolver, or February 10, 2004.
If approved by the lender and the Company, the termination date may be extended
for nine months. If the Revolver is terminated by the Company, the Company is
required to pay a prepayment charge of $2,500 multiplied by the number of
calendar months from the prepayment date to February 10, 2004. The Company is in
technical violation of two covenants of the lending agreement, and has obtained
a waiver. The violations are the net operating loss for the year and purchases
of capital equipment in excess of $500,000.


NOTE E:
Basic net earnings (loss) per share are computed by dividing net earnings (loss)
by the weighted average number of common shares outstanding. Diluted net
earnings (loss) per share assumes the exercise of stock options using the
treasury stock method, if dilutive. The Company has granted options to purchase
common stock at various amounts per share. For the periods presented where
losses have been incurred these options were not included in the computation of
diluted per share as the inclusion of potential common shares in the
calculations of diluted loss per share would have an antidilutive effect.
Therefore, basic and diluted loss per share amounts are the same for all loss
periods presented. Because there is income for each of the three months periods,
potential common shares have been included in diluted earnings per share for
those periods.


NOTE F:
The Company has a concentration of sales to certain major customers. One
customer represented 16% of net sales for the three months ended January 31,
2003. One customer represented 18% for the nine months ended January 31, 2003.
Two customers represented 23% and 10% of net sales for the three months ended
January 31, 2002. One customer represented 18% for the nine months ended January
31, 2002.


NOTE G:
No income tax provision has been provided for in the statements of operation due
to the loss incurred for the periods presented.


                                      -6-
<PAGE>


PART 1 - FINANCIAL INFORMATION (CONTINUED)


NOTE H:
In November, 2002, the Company sold a photoplotter utilized in operations at the
Company's Colorado facility for $749,600, of which $599,720 had been received by
January 31, 2003. . The sale of the photoplotter resulted in the Company
recognizing a gain of $554,000 from the sale in the third quarter ending January
31, 2003. The photoplotter has been accepted by the buyer and the Company has
appropriately recognized the gain. In addition, the Company has agreed to assist
with the installation and training and has recorded deferred revenue of $40,000
as they are not completed. In an unrelated transaction, the Company also has
purchased new equipment for $920,000. This purchase has been financed through a
long-term capital-lease agreement calling for a $175,000 down payment, monthly
payments of $11,000 through November 2007 plus a balloon payment of $122,000.
The sale of the photoplotter and the purchase and acquisition through a lease of
the new equipment have provided working capital for the Company in the third
quarter.


NOTE I: RECENT ACCOUNTING PRONOUNCEMENTS

In August 2001, the FASB issued Statement No. 144, ACCOUNTING FOR IMPAIRMENT OR
DISPOSAL OF LONG LIVED ASSETS. This statement addresses financial accounting and
reporting for the impairment or disposal of long-lived assets. The statement
will be effective for the Company's fiscal year ending April 2003.

In June 2002, the Financial Accounting Standards Board ("FASB") issued Statement
No. 146, ACCOUNTING FOR COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES. This
statement requires the recognition of a liability for a cost associated with an
exit or disposal activity when the liability is incurred versus the date the
Company commits to an exit plan. In addition, this statement states the
liability should be initially measured at fair value. The statement is effective
for exit or disposal activities that are initiated after December 31, 2002. The
Company does not believe that the adoption of this pronouncement will have a
material effect on its financial statements.

In January 2003, the FASB issued Statement No. 148, ACCOUNTING FOR STOCK-BASED
COMPENSATION - TRANSITION AND DISCLOSURE. This statement provides alternative
methods of transition for a voluntary change to the fair value-based method of
accounting for stock-based employee compensation. In addition, this statement
also amends the disclosure requirements of SFAS No. 123 to require more
prominent and frequent disclosures in the financial statements about the effects
of stock-based compensation. The transitional guidance and annual disclosure
provisions of this statement are effective for the Company's April 30, 2003
financial statements. Because the Company continues to account for employee
stock-based compensation under APB Opinion No. 25, the transitional guidance of
Statement No. 148 had no effect on the Company's financial statements. However,
the future financial statements will incorporate the enhanced disclosure
requirements of Statement No. 148.

In January 2003, the FASB issued Interpretation No. 45 ("FIN 45"), GUARANTOR'S
ACCOUNTING AND DISCLOSURE REQUIREMENTS FOR GUARANTEES, INCLUDING INDIRECT
GUARANTEES OF INDEBTEDNESS OF OTHERS. FIN 45 clarifies that a guarantor is
required to recognize, at the inception of a guarantee, a liability for the fair
value of the obligation undertaken in issuing certain guarantees. It also
elaborates on the disclosures in FASB Statement No. 5, ACCOUNTING FOR
CONTINGENCIES, which are to be made by a guarantor in its interim and annual
financial statements about its obligations under certain guarantees that it has
issued, even when the likelihood of making any payments under the guarantees is
remote. The Company does not believe that the adoption of this pronouncement
will have a material effect on its financial statements.


                                      -7-
<PAGE>


PART 1 - FINANCIAL INFORMATION (CONTINUED)


In January 2003, the FASB issued Interpretation No. 46 ("FIN 46"), CONSOLIDATION
OF VARIABLE INTEREST ENTITIES. This interpretation establishes standards for
identifying a variable interest entity and for determining under what
circumstances a variable interest entity should be consolidated with its primary
beneficiary. Until now, a company generally has included another entity in its
consolidated financial statements only if it controlled the entity through
voting interests. FIN 46 changes that by requiring a variable interest entity to
be consolidated by a company if that company is subject to a majority of the
risk of loss from the variable interest entity's activities or is entitled to
receive a majority of the entity's residual returns or both. The disclosure
requirements of FIN 46 currently apply to the Company and the balance of the
requirements will apply to the Company as of the quarter ended July 31, 2003.
The Company does not believe that the adoption of this pronouncement will have a
material effect on its consolidated financial statements and is in process of
determining the effects of its adoption.


NOTE J:

As of January 31, 2003, the Company's principal source of liquidity was its cash
and its availability under its revolving line of credit totaling $750,000.
Although there can be no assurance, the Company believes that its current cash
and resources, together with the expected revenue levels, will provide
sufficient funds for planned operations for the near term. However, if the
Company is unable to generate adequate cash flow from sales, or if expenditures
required to achieve the Company's plans are greater than expected, the Company
may need to obtain additional funds or reduce discretionary spending. There can
be no assurance that additional funds will be available when needed or, if
available, will be on favorable terms or in the amounts required by the Company.
If adequate funds are not available when needed, the Company may be required to
delay, scale back, or eliminate some or all of its development and expansion
operations, which could have a material adverse effect on the Company's
business, results of operations, and prospects.


NOTE K:

Information about our intangible assets is as follows:

Acquired Intangible Assets:

                                            Gross Carrying     Accumulated
                                            Amount            Amortization
                                            --------------    ------------
As of January 31, 2003
----------------------
Amortized Intangible Assets
         Customer List                        $ 150,000        $  98,060
Unamortized Intangible Assets
         Goodwill                             $  82,469

As of April 30, 2002
--------------------
Amortized Intangible Assets
         Customer List                        $ 150,000        $  51,940
Unamortized Intangible Assets
         Goodwill                             $  98,091        $  15,622


                                      -8-
<PAGE>


PART 1 - FINANCIAL INFORMATION (CONTINUED)


Beginning in our fiscal year ended April 30, 2003, we no longer amortize
goodwill. The table below summarizes our results for 2003 and 2002 on a
comparative basis:

                              Three Months Ended         Nine Months Ended
                                  January 31                January 31
                           ----------------------    ----------------------
                              2003         2002         2003         2002

  Reported net
  Income (loss)            $   1,946    $   6,301    $(571,291)   $ (72,020)
  Goodwill Amortization                     7,811                     7,811
                                        ---------                 ---------

Adjusted net Income        $   1,946    $  14,112    $(571,291)   $ (64,209)
                           =========    =========    =========    =========


  Basic and diluted
 Earnings per share:

  Reported net
  Income (Loss)            $     .00    $     .00    $    (.17)   $    (.02)
  Goodwill amortization                       .00                       .00
                                        ---------                 ---------

  Adjusted net
  Income (Loss)            $     .00    $     .00    $    (.17)   $    (.02)
                           =========    =========    =========    =========


Amortization expense for the 3 month and 9 month periods was-

                           $  13,549    $  21,360    $  40,648    $  48,458
                           =========    =========    =========    =========




                                      -9-
<PAGE>


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


THREE MONTHS ENDED JANUARY 31, 2003 COMPARED TO THREE MONTHS ENDED JANUARY 31,
2002.

Operations for the three months ended January 31, 2003 resulted in net sales of
$1,416,000 compared to $1,995,000 for the same period last year or a 29%
decrease. The decrease in sales is a result of decreased phototooling demand,
primarily in the Large Area Mask business and reduced software revenue.

The gross margin for the three months ended January 31, 2003 was (- 4%),
compared to 25% for the same period last year. The negative $(56,000) gross
profit for the three months ended January 31, 2003 compares to $500,000 for the
same period last year. The decrease in gross margin is primarily due to the 29%
decrease in net sales, higher raw material costs, and a decrease in the sales
price to major customers as a result of increased competition. Direct labor and
other direct costs have been reduced late in the quarter but not with any
noticeable affect on the quarterly gross margin.

The Company's total selling, general and administrative (S, G & A) expenses for
the three months ended January 31, 2003 were $426,000 compared to $456,000 for
the same period last year, an decrease of $30,000 or 7%. S, G & A decreased due
to lower salaries and commissions.

In November, 2002, the Company sold a photoplotter utilized in operations at the
Company's Colorado facility for $750,000. The sale of the photoplotter resulted
in the Company recognizing a gain of $554,000 from the sale in the third quarter
ending January 31, 2003.

The Company's interest expense for the three months ended January 31, 2003 was
$57,000 compared to $48,000 for the same period last year. The increase in
interest expense is primarily due to higher balances on our revolving credit
facility and the addition of the new capital lease financing for equipment
acquired during the quarter.

The loss from joint venture of $16,000 for the three-month period ended December
31, 2002 compares to a loss of $44,000 for the same period last year. The
Singapore operation is still in its early stages of operations, and is still
ramping up production.

The Company had a net income of $2,000 for the three months ended January 31,
2003 compared to net income of $6,000 for the same period last year. The loss
from operations before considering the sale of equipment was $593,000 for the
three months ended January 31, 2003. The workforce was cut by 14 employees
during the quarter ended January 31, 2003 or 25%. In addition, pay reductions
were made at the end of the quarter to remaining employees.


NINE MONTHS ENDED JANUARY 31, 2003 COMPARED TO NINE MONTHS ENDED JANUARY 31,
2002

Operations for the nine months ended January 31, 2003 resulted in net sales of
$4,875,000 compared to $6,506,000 for the same period last year or a 25%
decrease. The decrease in sales is a result of a general decrease in
phototooling demand, primarily the Large Area Mask business, reduced Software
Revenue and the transfer of certain customer accounts to the Singapore Joint
Venture.

The gross margin for the six months ended January 31, 2003 was 12% compared to
23% for the same period last year. The $ 587,000 gross profit compared for the
nine months ended January 31, 2003 with $1,490,000 for the same period last
year. The decrease in gross margin is directly attributable to reduced sales in
the Large Area Mask marketplace, lower Software revenue, and a high level of
fixed expenses and overhead investments.


                                      -10-
<PAGE>


The Company's total selling, general and administrative (S,G & A) expenses for
the nine months ended January 31, 2003 were $1,473,000 compared to $1,485,000
for the same period last year, a decrease of $12,000 or 1%. S, G & A decreased
due to cost cutting and salary reductions.

In November, 2002, the Company sold a photoplotter utilized in operations at the
Company's Colorado facility for $750,000. The sale of the photoplotter resulted
in the Company recognizing a gain of $554,000 from the sale in the third quarter
ending January 31, 2003.

The loss from joint venture of $46,000 for the nine-month period ended December
31, 2002 compares to income of $116,000. The income in the prior period is
primarily the result of the sale of equipment by the joint venture during the
period. The Singapore operation is still in its early stages of operations, and
is still ramping up production. These current results are more indicative of the
results expected for the remainder of the year.

The company had a net loss of $517,000 for nine months ending January 31, 2003
compared to net loss of $72,000 for the same period last year. The loss from
operations for the nine months ended January 31, 2003 was $1, 065,000, before
the gain on the sale of equipment of $554,000.

Liquidity. The Company had negative working capital of $52,000 at January 31,
2003 as compared to working capital of $142,000 at April 30, 2002. The change in
working capital is primarily due to the net operating loss for the nine-months
ended January 31, 2003. The Company's cash flow used in operations was
$(138,000) for the nine-months ended January 31, 2003, compared with cash flow
provided by operations of $835,000 for the same period last year. The decrease
in cash flow from operations is primarily due to the increased net operating
loss for the nine-month period. The Company has sold and shipped a piece of
photoplotting equipment in December, 2002 that has resulted in substantial cash
flow to the Company in December, 2002. The company has also entered into a lease
to purchase a new photoplotter. The sale and subsequent purchase of a new
photoplotter and the financing of all but $175,000 of it has resulted in
substantial cash that should be adequate for operations for the remainder of the
fiscal year. For the nine-month period ended January 31, 2003 the Company
invested cash of $339,000 in capital equipment. For the nine-months ended
January 31, 2002 the Company invested cash of $299,000 in capital equipment.

The Company's cash flow used in financing activities was $240,000 for the
nine-months ended January 31, 2003 compared to cash flow used in financing
activities of $488,000 during the same period last year. Cash flows used in
financing activities for the nine-months ended January 31, 2003 consisted of new
borrowings of equipment long-term debt of $464,000 plus decreases under existing
long-term debt and capital lease obligations of $702,000.

During a very difficult period in the Large Area Mask market, the company is
striving to achieve a positive cash flow from operations which will still likely
result in a net operating loss. Management believes that availability under our
line of credit, if needed, and anticipated cash flows from operations, will be
adequate to fund our cash requirements for the near term.

A summary of our contractual cash obligations at January 31, 2003 is as follows:

<TABLE>
<CAPTION>
----------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
CONTRACTUAL OBLIGATIONS                    TOTAL          2003          2004          2005          2006         2007+
                                                       QUARTER
                                                   ENDED APRIL
                                                          30TH
----------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
<S>                                   <C>             <C>           <C>           <C>           <C>           <C>
Long-term debt and capital            $1,915,571      $178,758      $572,318      $366,845      $400,882      $396,768
leases, including interest
----------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Operating leases                         770,250        48,750       198,375       178,875       192,375       151,875
----------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Total contractual cash obligations    $2,685,821      $227,508      $770,693      $545,720      $593,257      $548,643
----------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
</TABLE>

                                      -11-
<PAGE>


We also have a commercial commitment as described below:

<TABLE>
<CAPTION>
------------------------------- ---------------------------- ---------------------------- ----------------------------
 OTHER COMMERCIAL                      TOTAL AMOUNT
    COMMITMENT                           COMMITTED              OUTSTANDING AT 1/31/03         DATE OF EXPIRATION
------------------------------- ---------------------------- ---------------------------- ----------------------------
<S>                                      <C>                          <C>                      <C>
        Line of credit                   $750,000                     $381,535                 February 10, 2004
------------------------------- ---------------------------- ---------------------------- ----------------------------
</TABLE>

Capital Resources. The Company currently has a revolving credit agreement, at
the lender's discretion, that allows the Company to borrow 75% of its eligible
services receivable, up to $750,000. This agreement expires in February 2004 if
not renewed. Although the Company is exploring additional funding possibilities,
it has no agreements to provide additional debt or equity capital and there can
be no assurance that additional funds will be available, or if available,
available on terms acceptable to the Company. If the Company is unable to obtain
additional debt and/or equity funding, it may need to limit its investments into
new operations in fiscal 2003 and beyond, and may not be able to expand its
investment into new operations beyond its current levels. The Company is in
technical violation of two covenant of the lending agreement; and has sought and
obtained a waiver. Management believes that these violations will not adversely
affect the Company's ability to use the facility. The violated covenants are the
net operating loss for the year and having capital expenditures in excess of
$500,000.

Critical Accounting Policies

Accounting Policies

The Company's significant accounting policies are summarized in the footnotes to
the annual financial statements. Some of the most important policies require
management to exercise significant judgment in selecting the appropriate
assumptions for calculating financial estimates. Such judgments are subject to
an inherent degree of uncertainty. These judgments are based on our historical
experience, known trends in our industry, terms of existing contracts and other
information from outside sources, as appropriate. Actual results may differ from
these estimates under different assumptions and conditions. Certain of the most
critical policies, including those that require significant judgment, are as
follows:

As a matter of policy, we review our major assets for impairment. Our major
operating assets are accounts receivable, inventory, purchased software and
property and equipment. We have not experienced significant bad debts expense
and our reserve for doubtful accounts of $104,000 should be adequate for any
exposure to loss in our January 31, 2003 accounts receivable. Currently we have
a $117,000 reserve for slow moving and obsolete inventories at January 31, 2003.
We depreciate our property and equipment and purchased software over their
estimated useful lives and we have not identified any items that are impaired.

We recognize revenues when products are shipped to the customer. Revenue
associated with software maintenance contracts is deferred and recognized ever
the length of the contract.

Other Items. Inflation has not had any significant impact upon the Company's
results of operation.

Recent Accounting Pronouncements. In August 2001, the FASB issued Statement No.
144, ACCOUNTING FOR IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS. This statement
addresses financial accounting and


                                      -12-
<PAGE>


reporting for the impairment or disposal of long-lived assets. The statement
will be effective for the Company's fiscal year ending April 2003.

In June 2002, the Financial Accounting Standards Board ("FASB") issued Statement
No. 146, ACCOUNTING FOR COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES. This
statement requires the recognition of a liability for a cost associated with an
exit or disposal activity when the liability is incurred versus the date the
Company commits to an exit plan. In addition, this statement states the
liability should be initially measured at fair value. The statement is effective
for exit or disposal activities that are initiated after December 31, 2002. The
Company does not believe that the adoption of this pronouncement will have a
material effect on its financial statements.

In January 2003, the FASB issued Statement No. 148, ACCOUNTING FOR STOCK-BASED
COMPENSATION - TRANSITION AND DISCLOSURE. This statement provides alternative
methods of transition for a voluntary change to the fair value-based method of
accounting for stock-based employee compensation. In addition, this statement
also amends the disclosure requirements of SFAS No. 123 to require more
prominent and frequent disclosures in the financial statements about the effects
of stock-based compensation. The transitional guidance and annual disclosure
provisions of this statement are effective for the Company's April 30, 2003
financial statements. Because the Company continues to account for employee
stock-based compensation under APB Opinion No. 25, the transitional guidance of
Statement No. 148 had no effect on the Company's financial statements. However,
the future financial statements will incorporate the enhanced disclosure
requirements of Statement No. 148.

In January 2003, the FASB issued Interpretation No. 45 ("FIN 45"), GUARANTOR'S
ACCOUNTING AND DISCLOSURE REQUIREMENTS FOR GUARANTEES, INCLUDING INDIRECT
GUARANTEES OF INDEBTEDNESS OF OTHERS. FIN 45 clarifies that a guarantor is
required to recognize, at the inception of a guarantee, a liability for the fair
value of the obligation undertaken in issuing certain guarantees. It also
elaborates on the disclosures in FASB Statement No. 5, ACCOUNTING FOR
CONTINGENCIES, which are to be made by a guarantor in its interim and annual
financial statements about its obligations under certain guarantees that it has
issued, even when the likelihood of making any payments under the guarantees is
remote. The Company does not believe that the adoption of this pronouncement
will have a material effect on its financial statements.

In January 2003, the FASB issued Interpretation No. 46 ("FIN 46"), CONSOLIDATION
OF VARIABLE INTEREST ENTITIES. This interpretation establishes standards for
identifying a variable interest entity and for determining under what
circumstances a variable interest entity should be consolidated with its primary
beneficiary. Until now, a company generally has included another entity in its
consolidated financial statements only if it controlled the entity through
voting interests. FIN 46 changes that by requiring a variable interest entity to
be consolidated by a company if that company is subject to a majority of the
risk of loss from the variable interest entity's activities or is entitled to
receive a majority of the entity's residual returns or both. The disclosure
requirements of FIN 46 currently apply to the Company and the balance of the
requirements will apply to the Company as of the quarter ended July 31, 2003.
The Company does not believe that the adoption of this pronouncement will have a
material effect on its consolidated financial statements and is in process of
determining the effects of its adoption.

Forward-Looking Statements. Information contained in this report, other than
historical or current facts, should be considered forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. In addition,
from time to time, the Company or its representatives have made or may make
forward-looking statements, orally or in writing. These statements reflect
management's current view of future events and financial performance that
involve a number of risk and uncertainties, including but not limited to
economic, competitive, governmental and technological factors affecting the
Company's operations, markets, products, services and prices, and other factors
discussed in the Company's filings with the Securities and Exchange Commission.
Holders of the Company's securities are specifically referred to these documents
with regard to factors and conditions that may affect future results. Actual
events or results may differ materially from those presented in any
forward-looking statements. The


                                      -13-
<PAGE>


Company disclaims any obligation to publicly update forward-looking statements
or to disclose any difference between actual results and those reflected in
these statements.


ITEM 3. CONTROLS AND PROCEDURES

Our management, including the Chief Executive Officer and Chief Financial
Officer, have conducted an evaluation of the effectiveness of disclosure
controls and procedures pursuant to Exchange Act Rule 13a-14 on February 21,
2003. Based on that evaluation, the Chief Executive Officer and the Chief
Financial Officer concluded that the disclosure controls and procedures are
effective in ensuring that all material information required to be filed in this
quarterly report has been made known to them in a timely fashion. There have
been no significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date the Chief
Executive Officer and the Chief Financial Officer completed their evaluation.


PART 2 - OTHER INFORMATION

Item 1.       Legal Proceedings
              None

Item 2.       Change in Securities and Use of Proceeds
              None

Item 3.       Defaults Upon Senior Securities
              None

Item 4.       Submission of Matter to a Vote of Security Holders
              None

Item 5.       Other Information
              None

Item 6.       Exhibits and Reports on Form 8-K

              (a)      Exhibits

                       10.1        Lease Agreement No. 3717 dated December 1,
                                   2002 between the Company and Lease Finance
                                   Group, Inc. together with Schedule No. 1.

                       10.2        Purchase Option Amendment to Equipment Lease
                                   dated December 1, 2002 between the Company
                                   and Lease Finance Group, Inc. (amending
                                   Schedule No. 1 included in Exhibit 10.1).

                       10.3        Notice and Acknowledgment of Assignment dated
                                   December 1, 2002 from the Company in favor of
                                   Wells Fargo Equipment Finance, Inc.
                                   (supplementing Exhibit 10.1).

                       99.1        Certification Purusant to 18 U.S.C. Section
                                   1350, as Adopted Pursuant to Section 906 of
                                   the Sarbanes-Oxley Act of 2002 (Chief
                                   Executive Officer)

                       99.2        Certification Purusant to 18 U.S.C. Section
                                   1350, as Adopted Pursuant to Section 906 of
                                   the Sarbanes-Oxley Act of 2002 (Chief
                                   Financial Officer)

              (b) Reports on Form 8-K

                       During the quarter ended January 31, 2003, Infinite
                       Graphics Incorporated did not file with the Securities
                       and Exchange Commission any current reports on Form 8-K.

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.


                                      -14-
<PAGE>


March 13, 2003                                   By /S/ Clifford F. Stritch, Jr.
                                                    ----------------------------
                                                    Clifford F. Stritch, Jr.
                                                    Chief Executive Officer


                                                 By /S/ Barry B. Onufrock
                                                    ----------------------------
                                                    Barry B. Onufrock
                                                    Chief Financial Officer





                                      -15-
<PAGE>


CERTIFICATIONS

I, Clifford F. Stritch, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Infinite Graphics
     Incorporated;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of material fact or omit to state a material fact necessary to
     make the statement made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing of this
          quarterly report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrants ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: March 13, 2003

/s/ Clifford F. Stritch
-----------------------
Clifford F. Stritch
CHIEF EXECUTIVE OFFICER


                                      -16-
<PAGE>


CERTIFICATIONS

1.   I have reviewed this quarterly report on Form 10-QSB of Infinite Graphics
     Incorporated;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of material fact or omit to state a material fact necessary to
     make the statement made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing of this
          quarterly report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrants ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officers and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: March 13, 2003

/s/ Barry B. Onufrock
-----------------------
Barry B. Onufrock
CHIEF FINANACIAL OFFICER


                                      -17-