FORM 10 - QSB

          SECURITIES AND EXCHANGE COMMISSION


               Washington, D.C.  20549

     QUARTERLY REPORT UNDER SECTION 13 or 15 (d) OF

         THE SECURITIES EXCHANGE ACT OF 1934

               For the Quarterly Period Ended September 30, 2001
                    Commission File No. 0-3026

                    PARADISE, INC.

                    INCORPORATED IN FLORIDA
                    IRS IDENTIFICATION NO. 59-1007583

          1200 DR. MARTIN LUTHER KING, JR. BLVD.,
                PLANT CITY, FLORIDA  33566

                    (813) 752-1155



     "Indicate by check mark whether the registrant has filed
           all annual, quarterly and other reports required to be filed
           with the Commission within the past 90 days and in
     addition has filed the most recent annual report required
           to be filed.  Yes X No __."

     "Indicate the number of shares outstanding of each of the
            issuer's classes of common stock, as of the last practicable
            date."

       Class                 Outstanding as of September 30,
                                               2001                   2000
         Common Stock
       $0.30 Par Value  518,977 Shares      518,977 Shares











                             Page 1
    PARADISE, INC.        COMMISSION FILE NO. 0-3026

PART I.   FINANCIAL INFORMATION
Item 1.   Financial Statements
 (a) (1)  CONSOLIDATED BALANCE SHEETS

                                             AS OF SEPTEMBER 30,
                                             2001                       2000 *
      ASSETS

CURRENT ASSETS:
  Cash                                      $       43,953  $      345,096
  Accounts Receivable,
   Less  Allowances                  6,845,554       8,034,288
  Inventories:
    Raw Materials                       3,805,347        1,907,788
    Work in Process                      253,542           351,140
    Finished Goods                    7,722,799       8,277,190
  Deferred Tax Asset                    317,090          436,616
  Tax Refund Receivable             324,094            52,455
  Other Current Assets                 685,735         575,589

TOTAL CURRENT ASSETS  19,998,114   19,980,162

Property, Plant and Equipment, Less
 Accumulated Depreciation of
       $15,124,270 (2001) and
       $14,451,631 (2000)           5,844,445    5,794,980
Other Assets                                  942,788       689,566

TOTAL ASSETS                $ 26,785,347 $ 26,464,708

        LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Notes  Payable               $   7,193,522  $   8,089,012
  Current Portion Debt              185,576          229,398
  Accounts Payable                2,964,050      2,671,574
  Accrued Liabilities               1,169,859      1,183,486
  Income Taxes Payable           404,967        472,235

CURRENT LIABILITIES      11,917,974   12,645,705

LONG-TERM DEBT, NET         755,802       693,888

DEFERRED TAX LIABILITY     372,050       411,370

STOCKHOLDERS' EQUITY:
  Common Stock: Auth; 2,000,000 shs.
         @ $.30 Par Value;
          Issued 582,721               174,816        174,926
  Capital in Excess of Par     1,288,793     1,288,793
  Retained Earnings           12,586,534    11,526,945
  Less 63,744 shares at cost
         Held in Treasury         (   276,919)  (     276,919)
  Unrealized Gain (Loss)    (     33,703)
  Total Stockholders' Equity 13,739,521   12,713,745

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 26,785,347 $ 26,464,708

* Restated for Comparative Purposes

                             Page 2
  PARADISE, INC.          COMMISSION FILE NO. 0-3026

Item 1.   Financial Statements (Continued)

(a) (1)    CONSOLIDATED STATEMENTS OF INCOME

                 FOR THE THREE MONTHS ENDED
                               SEPTEMBER 30
                        2001                     2000 *

Net Sales                             $ 8,602,307      $ 10,115,365

Costs and Expenses:
 Cost of Goods Sold             5,188,553            6,244,200
 Selling  Admin. Expense     1,313,193           1,249,258
 Depreciation Amort                  180,820              178,920
 Interest Exp.Long Term             19,707                22,395
 Interest Exp.Short Term            89,810              205,856

 Total Expenses                      6,792,083         7,900,629

Earnings Operations            1,810,224          2,214,736

Other Income                               23,256               12,900

Earnings Before Taxes        1,833,480         2,227,636

Provision for Taxes                  404,967            472,235

Net Earnings                     $ 1,428,513     $  1,755,401


Earnings per Share               $ 2.75               $ 3.38



* Restated for Comparative Purposes



















                              Page 3
PARADISE, INC.         COMMISSION FILE NO. 0-3026

Item 1.   Financial Statements (Continued)

(a) (1)    CONSOLIDATED STATEMENTS OF INCOME

                  FOR THE NINE MONTHS ENDED
                                 SEPTEMBER 30
                       2001                          2000 *

Net Sales                             $ 12,118,159      $ 13,221,391

Costs and Expenses:
 Cost of Goods Sold                7,577,866          8,640,226
 Selling Admin. Expense        2,785,159          2,565,715
 Depreciation Amort                   512,772              515,352
 Interest Exp. Long Term             60,362                74,562
 Interest Exp. Short Term          171,622              268,539

Total Expenses                     11,107,781        12,064,394

Earnings Operations             1,010,378           1,156,997

Other Income                                55,324                50,814

Earnings Before Taxes         1,065,702           1,207,811

Provision for Taxes                   404,967              472,235

Net Earnings                      $     660,735     $      735,576


Earnings per  Share                 $ 1.27                $ 1.42


* Restated for Comparative Purposes




















                              Page 4
PARADISE, INC.       COMMISSION FILE NO. 0-3026

Item1.  Financial Statements (Continued)

(a) (1)  CONSOLIDATED STATEMENTS OF CASH FLOWS

                  FOR THE NINE MONTHS ENDED
                                SEPTEMBER 30,
                         2001                  2000 *
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Earnings                      $        660,735   $             735,576
  Adjustments to Reconcile
           Net Earnings to Net Cash
           Used in Operating Activities:
   Depreciation and Amort            512,771                  515,352
   Decrease (Increase) in:
       Accounts Receivable      (  4,473,995 )        (    5,353,506 )
       Inventories                        (  5,786,994 )        (    4,819,905 )
       Prepaid Expenses           (     209,045 )        (       259,515 )
       Income Taxes Receiv      (     271,639 )                  51,136
   Increase (Decrease) in:
       Accounts Payable                2,249,768               2,205,543
       Accrued Expense              (     752,661 )       (       427,734 )
       Income Taxes Payable          404,967                  335,705

Net Cash Used in
   Operating Activities              (  7,666,093 )   (       7,017,348 )

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of  Equipment      (     560,829 )       (       513,778 )

Net Cash Used in
  Investing Activities                 (     560,829 )       (       513,778 )

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds of Short-Term Debt      6,969,586         7,888,552
Proceeds of Long-Term Debt         268,673
Principal Payments of   Debt     (     176,620 )  (       986,065 )
Dividends Paid                             (     207,740 )  (       181,840 )
Increase in Other Assets            (     271,722 )  (         41,372 )
Treasury Stock Purchased                                   (          2,714 )

Net Cash Provided by
 Financing Activities                          6,582,177         6,676,561

Net Decrease in Cash                 (  1,644,745 )    (    854,565 )

CASH  BEGINNING                         1,688,698          1,199,661

CASH END                                   $        43,953   $       345,096



* Restated for Comparative Purposes






                              Page 5
      PARADISE, INC.        COMMISSION FILE NO. 0-3026

Item 1.  Financial Statements (Continued)

(g) Earnings per common share, assuming no dilution, are based on the
weighted average number of shares outstanding during the period: 518,977
(2001 and 2000).

(h) The foregoing information is unaudited, but, in the opinion of management,
includes all adjustments, consisting of normal accruals, necessary for a fair
presentation of the results for the period reported.


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

Overview

 With approximately 52% of estimated annual sales (based on 2000 totals)
made to date, it is appropriate to repeat the caveat made in every interim
financial statement.  It is the opinion of management that only an analysis of a
full year's operations will yield a meaningful measure of the Company's
performance.  That is because the sales in Paradise's core business, glace'
(candied) fruit, which represented 82% of total 2000 sales, are extremely
seasonal.  These products are used primarily as ingredients for Thanksgiving
and Christmas holiday confections, and approximately 80% of total annual sales
in this segment of business are concentrated between early September and
mid-November, each year.  Therefore, a material balance of the "selling season"
remains for fiscal 2001.

However, in order to make timely deliveries during this short period of peak
demand, the Company must manufacture product throughout the year, and build
large inventories. This results in (i) the need for relatively large borrowings
to supply short-term working capital, and (ii) substantial operating losses
until well into the third quarter of the calendar year, even during the most
profitable years, as there is little income to offset ongoing expenses.

Likewise, comparison of the current quarter with the quarter immediately
preceding yields little in the way of useful information, as operations are
materially different during each quarter, depending upon harvests, the timing
of customers' orders, and other factors.

Therefore, discussion and comparison of the data contained in interim
reports is limited to the year-to-date as it relates to the similar period
during the prior year.

The First Nine Months

Compared to the prior year, sales during the period have decreased in the
fruit segment of business by 15%, and sales in the plastics segment have
increased by 16%.





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PARADISE, INC.           COMMISSION FILE NO. 0-3026

Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations (Continued)

The First Nine Months (Continued)
It is the opinion of management, sustained by subsequent events, that the
decline in fruit sales was due to differences in the timing, i.e. several major
customers, who ordered shipments during late September 2000, delayed
scheduled deliveries until early October 2001.  In fact, it is postulated that
fruit sales are on a moderately upward trend.  However, shelf movement
and supermarket reorders during the balance of the year will determine
ultimate results.

Management is gratified by the continuing increases in plastics sales,
validating the changing of product focus from generic items to custom molding
of more highly engineered plastics raw material.  In addition to augmenting
sales, this strategic move has opened the potential for greater value-added
profitability.

 Expressed as a percentage of sales, costs of goods decreased by a few
percentage points, a result of inventory valuation adjustments made earlier in
the year, and related to the reduction of year 2001 returns of year 2000
sales, as reported in earlier filings.  Except for significant increases in
payroll and related expenses, and utilities expense, cost containment
efforts in manufacturing functions have been relatively effective.

 Selling, general and administrative expenses increased by approximately
12%, due most particularly to payroll, legal and audit, group insurance and
advertising expenses.  Average borrowings for short-term working capital were
down, as were interest rates, resulting in a 32% reduction in interest expense.
Depreciation and amortization expenses remained almost the same.


Summary
Despite the reduction in sales for the first nine months, management is
optimistic, based on subsequent events to date, that 2001 will be a profitable
year.  However, with a material percentage of annual sales yet to be made, and
the very uncertain economic climate existing at the time of this writing,
reliable forecasts for year-end results would be premature.

Our Independent Accountants have reviewed the foregoing interim financial
information, and their report, dated November 12, 2001 is included herewith on
Page 9.


PART II.   OTHER INFORMATION

None of the item numbers on captions are applicable to this report and are,
therefore, omitted.



                     Page 7
            PARADISE, INC.              COMMISSION FILE NO. 0-3026



                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Date: November 10, 2001                      PARADISE, INC.


                    s/ Melvin S. Gordon
                    Melvin S. Gordon, President


                    s/ Eugene L. Weiner
                    Eugene L. Weiner, Executive Vice
                    President, Secretary-Treasurer

































                    Page 8
















    INDEPENDENT ACCOUNTANT'S REVIEW REPORT



We have reviewed the accompanying Consolidated Balance Sheets, Statements
of Income and Cash Flows of Paradise, Inc. and consolidated subsidiaries as of
September 30, 2001 and 2000, and for the three-month and nine-month periods
then ended.  These financial statements are the responsibility of the Company's
management.

We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters.  It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards,
the objective of which is the expression of an opinion regarding the
financial statements taken as a whole.  Accordingly, we do not express
such an opinion.

Based on our reviews, we are not aware of any material modifications that
should be made to the accompanying financial statements for them to be in
conformity with generally accepted accounting principles.

Respectfully submitted,

BELLA, HERMIDA, GILLMAN, HANCOCK & MUELLER



Certified Public Accountants
November 12, 2001










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