SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                    FORM 10-Q


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


For Quarter Ended June 30, 2003                    Commission File Number 0-7475
-------------------------------                    -----------------------------

                            PHOTO CONTROL CORPORATION
                            -------------------------
             (Exact Name of Registrant as Specified in its Charter)


Minnesota                                                    41-0831186
---------                                                    ----------
(State or Other Jurisdiction of                              (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)


4800 Quebec Avenue North, Minneapolis, Minnesota             55428
------------------------------------------------             -----
  (Address of Principal Executive Offices)                   (Zip Code)


Registrant's Telephone Number  (763) 537-3601
                               --------------

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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding twelve months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.


Yes _X_   No ___


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.

          Class                                     Outstanding at July 31, 2003
----------------------------                        ----------------------------
Common Stock, par value $.08                              1,604,163 Shares



                                       1

<PAGE>


                            PHOTO CONTROL CORPORATION
                                      INDEX
                            -------------------------


PART I                                                               Page Number
------                                                               -----------
       ITEM 1:  Financial Information

                   Balance Sheets -
                     June 30, 2003 and December 31, 2002                  3

                   Statements of Operations -
                     Six Months and Three Months Ended
                     June 30, 2003 and 2002                               4

                   Statements of Cash Flows -
                     Six Months Ended June 30, 2003 and 2002              5

                   Notes to Financial Statements                          6

       ITEM 2:     Management's Discussion and Analysis
                     of Financial Condition and Results of
                     Operations                                           7

       ITEM 4:     Controls and Procedures                                8


PART II
-------

       ITEM 2:     Changes in Securities                                  9

       ITEM 4:     Results of Vote of Security Holders                    9

       ITEM 6:     Exhibits and Reports on Form 8-K                       9

                   Signatures                                             9






                                       2
<PAGE>


                                     PART I
                                     ------

ITEM 1: FINANCIAL INFORMATION

BALANCE SHEETS

<TABLE>
<CAPTION>
                                                            (UNAUDITED)         (AUDITED)
                                                               JUNE 30         DECEMBER 31
                                                                2003              2002
                                                            -----------       -----------
<S>                                                         <C>               <C>
                     ASSETS
                     ------
Current Assets
--------------
   Cash                                                     $ 3,353,645       $ 3,520,622
   Accounts Receivable                                          692,631           379,045
   Inventories                                                2,759,275         3,144,766
   Prepaid Expenses                                              66,161           110,805
   Refundable Income Taxes                                       76,591           171,127
                                                            -----------       -----------
         Total Current Assets                                 6,948,303         7,326,365
                                                            -----------       -----------

Other Assets
------------
   Patent Right, Net of Amortization                          1,182,136         1,270,798
   Cash Value of Life Insurance                                 100,998            96,285
                                                            -----------       -----------
         Total Other Assets                                   1,283,134         1,367,083
                                                            -----------       -----------

Plant and Equipment
-------------------
   Land and Building                                          2,181,120         2,181,120
   Machinery and Equipment                                    2,508,595         2,485,818
   Accumulated Depreciation                                  (3,545,297)       (3,425,297)
                                                            -----------       -----------
         Total Plant and Equipment                            1,144,418         1,241,641
                                                            -----------       -----------

                                                            $ 9,375,855       $ 9,935,089
                                                            ===========       ===========

                     LIABILITIES AND STOCKHOLDERS' EQUITY
                     ------------------------------------
Current Liabilities
-------------------
   Current Portion of Purchase Contract                     $    55,120       $   184,920
   Accounts Payable                                             189,604           156,977
   Accrued Payroll and Employee Benefits                        152,099           141,751
   Accrued Expenses                                             363,447           316,143
                                                            -----------       -----------
         Total Current Liabilities                              760,270           799,791
                                                            -----------       -----------

Accrued Retirement Benefit                                      860,898           873,548
--------------------------                                  -----------       -----------

Stockholders' Equity
--------------------
   Common Stock                                                 128,333           128,333
   Additional Paid-In Capital                                 1,393,484         1,393,484
   Retained Earnings                                          6,232,870         6,739,933
                                                            -----------       -----------
         Total Stockholders' Equity                           7,754,687         8,261,750
                                                            -----------       -----------

                                                            $ 9,375,855       $ 9,935,089
                                                            ===========       ===========
</TABLE>

                 See accompanying notes to financial statements.


                                       3
<PAGE>


STATEMENTS OF OPERATIONS (UNAUDITED)

<TABLE>
<CAPTION>
                                            THREE MONTHS                   SIX MONTHS
                                           ENDED JUNE 30                  ENDED JUNE 30
                                   ---------------------------     ---------------------------
                                       2003            2002            2003            2002
                                   -----------     -----------     -----------     -----------
<S>                                <C>             <C>             <C>             <C>
Net Sales                          $ 1,700,519     $ 2,027,180     $ 3,171,719     $ 3,730,655
Cost of Sales                        1,418,934       1,517,846       2,647,663       2,849,654
                                   -----------     -----------     -----------     -----------
  Gross Profit                         281,585         509,334         524,056         881,001

Expenses
   Marketing & Administrative          310,609         309,992         777,535         741,523
   Research, Development & Eng         161,466         155,366         367,584         287,744
                                   -----------     -----------     -----------     -----------

      Total Expenses                   472,075         465,358       1,145,119       1,029,267
                                   -----------     -----------     -----------     -----------

Income(Loss) Before Taxes             (190,490)         43,976        (621,063)       (148,266)


Income Tax(Benefit)                                     19,000        (114,000)        (50,000)
                                   -----------     -----------     -----------     -----------

Net Income(Loss)                   $  (190,490)    $    24,976     $  (507,063)    $   (98,266)
                                   ===========     ===========     ===========     ===========

Net Income(Loss) Per Common
  Share - Basic                    $      (.12)    $       .02     $      (.32)    $      (.06)
                                   ===========     ===========     ===========     ===========

Net Income(Loss) Per Common
  Share - Diluted                  $      (.12)    $       .02     $      (.32)    $      (.06)
                                   ===========     ===========     ===========     ===========
</TABLE>


                 See accompanying notes to financial statements.




                                       4
<PAGE>


STATEMENTS OF CASH FLOWS (UNAUDITED)

<TABLE>
<CAPTION>
                                                                SIX MONTHS
                                                              ENDED JUNE 30
                                                      ---------------------------
                                                          2003            2002
                                                      -----------     -----------
<S>                                                   <C>             <C>
Cash flows from operating activities:
     Net from operations                              $  (507,063)    $   (98,266)
     Items not affecting cash-
         Depreciation                                     120,000         150,000
         Deferred Compensation                             24,000          24,000
         Amortization                                      88,662          88,662
         Provision for Obsolete Inventory                  66,332          19,870
         Loss on Sale of Equipment                                          1,114
     Change in:
         Receivables                                     (313,586)       (506,852)
         Inventories                                      319,159         (25,395)
         Prepaid Expenses                                  44,644          61,448
         Accounts Payable                                  32,627         (30,727)
         Accrued Expenses                                  57,652        (191,215)
         Accrued and Refundable Income Taxes               94,536          50,440
         Deferred Compensation                            (36,651)        (36,651)
                                                      -----------     -----------

                  Net Cash provided by (used in)
                   operating activities                    (9,688)       (493,572)
                                                      -----------     -----------

Cash flows from investing activities:
         Additions to plant and equipment                 (22,776)
         Additions to cash value of life insurance         (4,713)         (4,389)
                                                      -----------     -----------
                  Net cash provided by (used in)
                   investing activities                   (27,489)         (4,389)
                                                      -----------     -----------

Cash flow from financing activities:
         Payment on purchase contract                    (129,800)       (152,360)
                                                      -----------     -----------

Change in cash and cash equivalent                       (166,977)       (650,321)
Beginning cash and cash equivalent                      3,520,622       3,019,781
                                                      -----------     -----------

Ending cash and cash equivalent                       $ 3,353,645     $ 2,369,460
                                                      ===========     ===========
</TABLE>


                 See accompanying notes to financial statements



                                       5
<PAGE>


NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1

         Notes to financial statements presented herein do not include all the
         footnotes normally presented in the Company's annual report to
         stockholders.

         The accompanying financial statements reflect, in the opinion of
         management, all normal and recurring adjustments necessary to a fair
         presentation of financial position, results of operations, and cash
         flows for the interim periods. The results for interim periods are not
         necessarily indicative of results to be expected for the year.

NOTE 2

         Inventories are analyzed as follows:

                                                 JUNE 30         DECEMBER 31
                                                  2003              2002
                                               ----------        ----------
                  Raw Materials                $1,798,847        $1,904,392

                  Work in Progress                 98,125           103,993

                  Finished Goods                1,322,303         1,536,381

                  Reserve for Obsolescence       (460,000)         (400,000)
                                               ----------        ----------

                                               $2,759,275        $3,144,766
                                               ==========        ==========

NOTE 3

         Net Income(Loss) per common share is computed based on the weighted
         average number of common shares outstanding during the period when
         computing the basic earnings per share. When dilutive, stock options
         are included as equivalents using the Treasury Stock method when
         computing the diluted earnings per share.

NOTE 4

         The compensation cost based on the fair values of options at grant
         dates consistent with the provisions of SFAS No. 123, would be $54,280
         for the year ended December 31, 2003 and $.03 per share of common
         stock. For each quarter of 2003 the compensation cost would be
         approximately $13,500 and approximately $.01 per share of common stock.


                                       6
<PAGE>


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

RESULTS OF OPERATIONS

Sales for the second quarter ended June 30, 2003 were $1,700,000, a decrease of
16.1% or $327,000 from the second quarter in 2002. Sales for the six months
ended June 30, 2003 were $3,171,000, a decrease of 15.0% or $559,000 from the
same period in the prior year. The photographic products sales decreased
$302,000 in the second quarter of 2003 compared to the second quarter in 2002
which consisted of a camera product line sales decrease of $394,000, a printer
product line sales decrease of $17,000, a flash equipment product line sales
increase of $108,000, and a Lindahl shades product line sales decrease of
$49,000. Photographic product sales for the six months ended June 30, 2003 were
$2,577,000, a decrease of 15.3% or $464,000 over the same period in the prior
year which consisted of a camera product line sales decrease of $466,000, a
printer product line sales decrease of $54,000, a flash equipment product line
sales increase of $116,000 and a Lindahl shade product line sales decrease of
$60,000. The decrease in the photographic product line sales reflects a general
overall weakness in demand due to the economic downturn. In addition, many
customers are not buying new film cameras in anticipation of switching to
digital cameras in the near future. The Bookendz dock product line sales
increased $25,000 in the second quarter of 2003 as compared to 2002. Bookendz
dock product line sales decreased $95,000 for the six months ended June 30, 2003
over the same period in the prior year. Apple introduced two new powerbooks, a
twelve inch model and a seventeen inch model in January, 2003, however the
Company did not ship the twelve inch dock until June and is in the process of
evaluating a dock for the seventeen inch model.

The gross profit margin for the second quarter of 2003 decreased to 16.6% from
25.1% in the second quarter of 2002. The gross profit margin for the six months
ended June 30, 2003 decreased to 16.5% from 23.6% in the prior year period.
Because of the low sales volume in 2003 there was an under absorption of
manufacturing overhead of $483,000 compared to an under absorption of $372,000
in 2002 which accounts for half of the gross profit margin decline. The balance
of the decline is attributable to changes in the product mix and increasing
costs on the Bookendz product line.

Marketing and administrative expenses increased as a percentage of sales to
18.3% for the second quarter of 2003 from 15.3% for the second quarter of 2002
and increased to 24.3% for the first six months of 2003 from 19.9% for the same
period in 2002. Marketing and administrative expenses increased $1,000 for the
second quarter of 2003 as compared to the second quarter of 2002 and increased
$36,000 for the first six months of 2003 compared to the same period in 2002.
Research, development and engineering expense increased by $6,000 for the second
quarter of 2003 compared to the second quarter of 2002 and increased by $80,000
for the first six months of 2003 compared to the same period of 2002. The
increase in marketing and administrative expense reflects increased sales
promotion activity for trade shows,


                                       7
<PAGE>


advertising, and a direct user sales promotion. The increase in research,
development and engineering expense reflects the cost to develop two new digital
cameras.

LIQUIDITY & CAPITAL RESOURCES

Cash decreased by $167,000 to $3,353,000 since December 31, 2002. This cash
decrease for the six months was due to $10,000 of negative cash flow from
operations, $27,000 of capital equipment expenditures and payment of $130,000 on
the Bookendz purchase contract. At June 30, 2003 there was no borrowing under
the line of credit.

The Company believes that its cash flow from future operations and available
borrowing capacity will be sufficient to finance operations and capital
requirements.

CAUTIONARY STATEMENT

Statements included or incorporated by reference in this Quarterly Report on
Form 10-Q which are not historical in nature are identified as "forward looking
statements" for the purposes of the safe harbor provided by Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. The Company cautions readers that forward looking
statements, including without limitation, those relating to the Company's future
business prospects, revenues, working capital, liquidity, capital needs,
interest costs, and income, are subject to certain risks and uncertainties that
could cause actual results to differ materially from those indicated in the
forward looking statements. The risks and uncertainties include, but are not
limited to, economic conditions, product demand and industry capacity,
competitive products and pricing, manufacturing efficiencies, new product
development and market acceptance, the regulatory and trade environment, and
other risks indicated in filings with the Securities and Exchange Commission.

ITEM 4: CONTROLS AND PROCEDURES

(a)Evaluation of disclosure controls and procedures. Based on their evaluation
as of a date within 90 days of the filing date of this Quarterly Report on Form
10-Q, the Company's principal officer and principal financial officer have
concluded that the Company's disclosure controls and procedures (as defined in
Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934 (the
"Exchange Act")) are effective to ensure that the information required to be
disclosed by the Company in reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported within the time periods
specified in Securities and Exchange Commission rules and forms.

(b)Changes in internal controls. There were no significant changes in the
Company's internal controls or in other factors that could significantly affect
these controls subsequent to the date of their evaluation. There were no
significant deficiencies or material weaknesses, and therefore there were no
corrective actions taken.


                                       8
<PAGE>


                                     PART II

ITEM 2: CHANGES IN SECURITIES

                                   Common Stock
                                   ------------        Additional
                              Number of                  Paid In       Retained
                               Shares        Amount      Capital       Earnings
                            ----------    ----------   ----------    ----------
Balance at
   December 31,2002          1,604,163    $  128,333   $1,393,484    $6,739,933

Net Loss                                                               (507,063)
                            ----------    ----------   ----------    ----------

Balance at
    June 30, 2003            1,604,163    $  128,333   $1,393,484    $6,232,870
                            ==========    ==========   ==========    ==========

ITEM 4: RESULTS OF VOTE OF SECURITY HOLDERS

At the annual meeting of stockholders held on May 15, 2003 the following matters
were approved by the Company's stockholders:

     1.   Set the number of directors at six (6). The voting results were:
          1,193,156 For, 3,476 Against and 31,014 Abstained.

     2.   Elected James R. Loomis and John R. Helmen to the Board of Directors
          for a three-year term or until the election and qualification of a
          respective successor. The voting results were: 1,149,556 For, and
          78,090 To Withhold Authority.

          Scott S. Meyers, John McMillan, Curtis R. Jackels and Richard P.
          Kiphart are directors of the Company whose terms of office continued
          after the annual meeting of stockholders.

ITEM 6: EXHIBIT AND REPORTS ON FORM 8-K

A.   Exhibits:

          31.1 and 31.2 - Certifications

          32 - Certification Pursuant to 18 U.S.C. ss. 1350, as Adopted Pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002

B.   Reports on Form 8-K - On April 16, 2003 a Current Report on Form 8-K
     reporting under Items 7c and 9, the issuance of a press release announcing
     financial results for the three months ended March 31, 2003.


Date: July 31, 2003                                 PHOTO CONTROL CORPORATION

                                                    By /s/ Curtis R. Jackels
                                                       -------------------------
                                                    Curtis R. Jackels
                                                    Chief Executive Officer, and
                                                    President

                                                    By /s/ Christopher S. Lausen
                                                       -------------------------
                                                    Christopher S. Lausen
                                                    Treasurer


                                       9