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

                                    FORM 10-Q

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

                FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002
                                       OR

[ ] TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR 15 (d) OF THE  SECURITIES
    EXCHANGE ACT OF 1934

                        Commission File Number 000-21825


                         STREICHER MOBILE FUELING, INC.
         --------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


               FLORIDA                                 65-070782
        ------------------------            ---------------------------------
         (State of Incorporation)            (IRS Employer Identification
                                                         Number)


  800 WEST CYPRESS CREEK ROAD, SUITE 580,
         FORT LAUDERDALE, FLORIDA,                       33309
------------------------------------------------  --------------------
  (Address of principal executive offices)            (Zip Code)

                                 (954) 308-4200
               ----------------------------------------------------
               (Issuer's telephone number, including area code)


      Indicate by check mark whether the registrant has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and has been subject to such
filing requirements for the past 90 days.
Yes [X].   No [ ].

      As of April 14, 2002, 7,207,893 shares of the Registrant's common stock
were outstanding.



<PAGE>


                         STREICHER MOBILE FUELING, INC.

                                    FORM 10-Q


                                      INDEX

FORM 10-Q PART AND ITEM NO.

   Part I-Financial information

          Item 1. Condensed consolidated financial statements

                  Condensed  consolidated  balance  sheets as of March 31,
                  2002 and June 30, 2001 (unaudited)...........................3

                  Condensed consolidated  statements of operations for the
                  three and nine month  periods  ended  March 31, 2002 and
                  2001 (unaudited).............................................4

                  Condensed consolidated  statements of cash flows for the
                  nine  month  periods  ended  March  31,  2002  and  2001
                  (unaudited)..................................................5

                  Notes to  condensed  consolidated  financial  statements
                 (unaudited)...................................................6

         Item 2.  Management's discussion and analysis of financial condition
                  and results of operations...................................11

         Item 3. Quantitative and qualitative disclosures about market risk
                 .............................................................16



      Part II - Other Information

         Items 1 - 6..........................................................17

         Signature page.......................................................18


                                       2
<PAGE>



               STREICHER MOBILE FUELING, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                        MARCH 31, 2002 AND JUNE 30, 2001
                                   (UNAUDITED)
                 (ALL DOLLARS IN 000'S, EXCEPT PER SHARE DATA)

                    ASSETS                      MARCH 31, 2002  JUNE 30, 2001
---------------------------------------------   --------------  -------------
Current assets:
  Cash and cash equivalents...............      $          402  $       6
  Restricted cash.........................                 213        224
  Accounts receivable, net ...............               7,313      8,669
  Inventories ............................                 261        254
  Prepaid expenses and other current                       497        588
   assets.................................
                                                 --------------  ----------
   Total current assets..................                8,686      9,741
                                                 --------------  ----------

Property and equipment:
  Fuel trucks and automobiles.............              14,684     14,843
  Other property and equipment............               1,574      1,733
                                                 --------------  ----------
                                                        16,258     16,576
    Less: accumulated depreciation........              (5,907)    (4,927)
                                                 --------------  ----------
   Total property and equipment...........              10,351     11,649
                                                 --------------  ----------

Note receivable from related party........                 680        583
Other assets..............................                  99        221
                                                 --------------  ----------

   Total assets...........................     $        19,816  $  22,194
                                                 ==============  ==========


     LIABILITIES AND SHAREHOLDERS' EQUITY
---------------------------------------------
Current liabilities:
  Bank line of credit payable..............     $        5,552  $  6,905
  Current portion of long-term debt........              1,976     2,154
  Accounts payable and other liabilities ..              3,108     3,775
                                                  -------------  ----------
   Total current liabilities...............             10,636     12,834

Long-term liabilities:
    Convertible subordinated promissory
      notes................................                284      1,000
  Long-term debt, excluding current portion              3,266      5,028
                                                  -------------  ----------

   Total liabilities.......................             14,186     18,862
                                                  -------------  ----------

Shareholders' equity:
Common stock, par value $.01 per share;
  20,000,000 shares authorized; 7,207,893 and
  4,523,203 issued and outstanding, at
  March 31, 2002 and June, 30, 2001,
  respectively.............................                 72         44
Additional paid-in capital.................             11,460      7,964
  Accumulated deficit......................             (5,902)    (4,676)
                                                  -------------  ----------
   Total shareholders' equity..............              5,630      3,332
                                                  -------------  ----------

   Total liabilities and shareholders'
    equity.................................     $       19,816  $  22,194
                                                  =============  ==========


       See notes to condensed unaudited consolidated financial statements.


                                       3
<PAGE>

                 STREICHER MOBILE FUELING, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
       FOR THE THREE AND NINE MONTH PERIODS ENDED MARCH 31, 2002 AND 2001
                                   (UNAUDITED)
                  (ALL DOLLARS IN 000'S, EXCEPT PER SHARE DATA)


                                   THREE MONTH PERIOD      NINE MONTH PERIOD
                                          ENDED                  ENDED
                                        MARCH 31,              MARCH 31,
                                -----------------------  ----------------------
                                    2002        2001        2002       2001
                                ----------   ----------  ----------  ----------

Revenues ..................     $    9,892   $   13,843  $   32,059  $   46,767
Fuel taxes ................          4,167        4,657      12,869      14,925
                                ----------   ----------  ----------  ----------
   Total revenues .........         14,059       18,500      44,928      61,692
                                ----------   ----------  ----------  ----------

Cost of sales .............          8,723       13,355      28,758      44,758
Fuel taxes.................          4,167        4,657      12,869      14,925
                                ----------   ----------  ----------  ----------
   Total cost of sales ....         12,890       18,012      41,627      59,683
                                ----------   ----------  ----------  ----------

   Gross profit ...........          1,169          488       3,301       2,009

Selling, general and
  administrative expenses..          1,105        1,039       3,386       2,408
                                ----------   ----------  ----------  ----------

   Operating profit (loss).             64         (551)        (85)       (399)


Interest expense ..........           (242)        (380)       (942)     (1,218)
Interest and other income..             14           16          42          56
Beneficial conversion of
  debt to equity interest
  expense (Note 5).........           (241)           -        (241)          -
                                ----------   ----------  ----------  ----------

   Net loss ...............     $     (405)  $     (915) $   (1,226) $   (1,561)
                                ==========   ==========  ==========  ==========
Basic and diluted loss per
 share....................      $     (.06)  $     (.26) $     (.24) $     (.52)
                                ==========   ==========  ==========  ==========

Basic and diluted weighted
  average common shares
  outstanding.............       6,718,545    3,582,526   5,195,679   2,998,342
                                ==========   ==========  ==========  ==========


       See notes to condensed unaudited consolidated financial statements.


                                       4
<PAGE>


                 STREICHER MOBILE FUELING, INC, AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
            FOR THE NINE MONTH PERIODS ENDED MARCH 31, 2002 AND 2001
                                   (UNAUDITED)
                             (ALL DOLLARS IN 000'S)


                                                    2002        2001
                                                   ------      ------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss.................................      $  (1,226)  $ (1,561)

  Adjustments to reconcile net loss to net
   cash provided by (used in)
      operating activities:
  Depreciation and amortization............          1,103      1,073
  Loss on disposal of assets ..............              8          5
  Provision for doubtful accounts..........            122         67
  Non-cash interest expense................             81          -
  Beneficial conversion of debt to equity
   interest expense (Note 5)...............            241          -
  Changes in operating assets and liabilities:
   Decrease in restricted cash.............             11         14
   Decrease in accounts receivable.........          1,121        694
   Decrease (increase) in inventories
     and other assets......................            206       (291)
   Decrease in accounts payable and
     other liabilities ....................           (635)      (705)
                                                   --------    -------
        Net cash provided by (used in)
          operating activities.............          1,032       (704)
                                                   --------    -------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of property and equipment......           (154)      (400)
  Proceeds from disposal of property and
   equipment...............................            280          9
  Increase in note receivable from related
   party...................................            (37)       (28)
                                                   --------    -------
        Net cash provided by (used in)
          investing activities.............             89       (419)
                                                   --------    -------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase in bank overdraft ..............             81        122
  Net payments under line of credit........         (1,353)      (735)
  Proceeds from issuance of convertible
   subordinated promissory notes...........          1,700        500
  Principal payments on long-term debt.....         (1,739)      (685)
  Proceeds from issuance of common
    stock, net.............................            586      2,018
                                                   --------    -------
        Net cash (used in) provided by
          financing activities.............           (725)     1,220
                                                   --------    -------

NET INCREASE IN CASH AND CASH EQUIVALENTS..            396         97

CASH AND CASH EQUIVALENTS, beginning of period           6         76
                                                   --------    -------
CASH AND CASH EQUIVALENTS, end of period...      $     402   $    173
                                                   ========    =======

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
  INFORMATION:
  Cash paid for interest...................      $     863   $  1,229
                                                   ========    =======

SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:
   Transfer of fixed assets to note receivable
    from related party ....................      $      60   $      -
                                                   ========    =======
   Issuance of common stock in lieu of payment
    on subordinated
      convertible promissory notes.........      $      87   $      -
                                                   ========    =======
   Conversion of subordinated convertible
    promissory notes into common stock ....      $   2,617   $    500
                                                   ========    =======


       See notes to condensed unaudited consolidated financial statements.


                                       5
<PAGE>


                         STREICHER MOBILE FUELING, INC.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


(1)   NATURE OF OPERATIONS

      Streicher Mobile Fueling, Inc. (the "Company") provides mobile fueling and
fuel management services to customers that operate various size fleets of
vehicles and equipment, including governmental agencies, utility companies,
major trucking lines, hauling and delivery services, national courier services,
and others. The Company's specialized truck fleet delivers fuel to customers'
locations, refueling vehicles and equipment and/or resupplying storage
facilities. The Company's patented proprietary electronic fuel tracking control
system is used to measure, record and track fuel dispensed to each vehicle and
tank fueled at a customer location allowing verification of the amount of fuel
delivered and providing customers with customized fleet fuel data for management
analysis and tax reporting. At March 31, 2002, the Company had operations in
California, Florida, Georgia, Tennessee and Texas.

      The Company generates substantially all of its revenue from mobile fueling
and fuel management services. Revenue is comprised principally of delivery
service charges and the related sales of diesel fuel and gasoline. Cost of sales
is comprised principally of direct operating expenses and the cost of fuel.
Included in both revenue and cost of sales are federal and state fuel taxes,
which are collected by the Company from its customers, when required, and
remitted to the appropriate taxing authority. The Company provides mobile
fueling and fuel management services at a minimum rate. Included in the rate are
negotiated service charges and the cost of fuel based on market prices. Revenue
levels will vary depending on the upward or downward movement of fuel prices in
each market.

      In the mobile fueling business, the majority of deliveries are
traditionally made on workdays, Monday through Friday, to coincide with
customers' fuel service requirements. Thus, the number of workdays in any given
month will impact the quarterly financial performance of the Company. In
addition, a downturn in customer demand generally takes place on and/or in
conjunction with national holidays, resulting in decreased volumes of fuel
delivered. This downturn may be offset during the fiscal year by emergency
mobile fueling services and fuel deliveries to certain customers resulting from
impending or actual severe meteorological or geological events, including
hurricanes, tropical storms, ice and snow storms, forest fires and earthquakes.

(2)   BASIS OF PRESENTATION

      The condensed unaudited consolidated financial statements include the
accounts of the Company.

       Effective July 19, 2001, the Company changed its fiscal year-end from
January 31 to June 30. The five-month transition period of February 1, 2001
through June 30, 2001 ("transition period") preceded the start of the new fiscal
year and will be audited in conjunction with its new fiscal year end.

      The unaudited condensed consolidated financial statements included herein
have been prepared in accordance with the instructions to Form 10-Q and Rule
10-01 of Regulation S-X. These statements include all adjustments of a normal
recurring nature which, in the opinion of management, are necessary to present
fairly the results of operations of the Company for the interim periods
presented herein. Certain amounts have been reclassified to conform with current
period presentation. These interim financial statements should be read in
conjunction with the Company's audited consolidated financial statements and
related notes included in the Company's Annual Report on Form 10-K for the year
ended January 31, 2001.

 (3)  WORKING CAPITAL AND CAPITAL RESOURCES

      The Company uses its working capital to finance ongoing operations and to
undertake certain business initiatives to improve operating results. The primary
business initiatives funded by the Company with its working capital have been
the reestablishment and development of its marketing and sales function, the
installation of a new senior management team, and the development of the
underlying administration

                                       6

<PAGE>

                         STREICHER MOBILE FUELING, INC.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


infrastructure  required to support the Company's various business  initiatives.
At March 31, 2002 and June 30, 2001, the Company had working  capital deficit of
($2.0 million) and ($3.1  million),  for the respective  periods.  The Company's
working capital deficit has improved during the nine months ended March 31, 2002
by approximately $1.0 million.  This improvement is principally  attributable to
increases in cash  provided by operating  activities  and the issuance of common
stock from private placements in the amount of $700,000.

      The Company continues to utilize its $10.0 million bank line of credit to
manage timing differences between its working capital requirements and the
collection of outstanding receivables. At March 31, 2002, the Company had a
borrowing base availability in the amount of $180,000. The borrowing base is
calculated at 85% of eligible accounts receivables. At March 31, 2002, the
outstanding borrowings were $5.6 million under the $10.0 million bank line of
credit.

      The Company and its bank entered into an agreement for the renewal of its
$10.0 million credit facility, as of April 30, 2002 through October 31, 2002.
Interest is payable monthly at the prime rate plus 2% (6.75% as of April 30,
2002) and the Company's trade accounts and other non-truck assets secure
outstanding borrowings under the line. The agreement contains covenants
requiring the maintenance of certain financial ratios, minimum net worth and
working capital. The bank agreed to waive the termination fee of $100,000
required in the credit agreement, which matured on April 30, 2002.

      The Company's ability to successfully implement its strategic business
plan and to continue the improvement of its operating performance and return to
profitability is dependent upon a number of factors, some of which are beyond
its control. There is no assurance that the Company's operating results or
financial conditions will continue to improve in the future. From January 31,
2001 to March 31, 2002, the Company has raised capital and subordinated debt of
$6.1 million, including $500,000 raised in the quarter ended March 31, 2002. In
the event additional funding is required to finance ongoing operations, there
can be no assurance that any additional financing will be available to the
Company on acceptable terms, or at all.

(4)   LOSS PER SHARE

      Basic loss per share is computed by dividing the net loss attributable to
common shareholders by the weighted-average number of common shares outstanding
during the period. Diluted earnings per share is computed by dividing income
attributable to common shareholders by the weighted-average number of common
shares outstanding during the period increased to include the number of
additional common shares that would have been outstanding if the dilutive
potential common shares had been issued. The dilutive effect of outstanding
options is reflected in diluted earnings per share by application of the
treasury stock method. For loss periods, weighted average common share
equivalents are excluded from the calculation, as their effect would be
antidilutive. At March 31, 2002, 2,513,727 options and warrants were
outstanding. On November 7, 2001, the Company extended the exercise period for
all outstanding warrants from December 11, 2001 to December 11, 2002.

(5)   CONVERTIBLE SUBORDINATED PROMISSORY NOTES

      On April 20, 2001, the Company issued $1.0 million of convertible
subordinated promissory notes to three shareholders. The notes are due on August
31, 2003 and bear interest at 1% over the prime interest rate announced from
time to time by the Company's principal lender. At the Company's option, the
interest on the notes may be paid in Company stock, with the stock value based
on the average market price of the stock for the quarter in which interest is
due. The notes contain a conversion feature entitling the note holder to convert
the note balance into common stock of the Company at the rate of $1.35 per
share.

                                       7

<PAGE>


                         STREICHER MOBILE FUELING, INC.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


      On July 11, 2001, the Company issued $600,000 of convertible subordinated
promissory notes to three shareholders. The notes are due on August 31, 2003 and
bear interest at 1% over the prime interest rate announced from time to time by
the Company's principal lender. With the consent of the Payee, the interest on
the notes may be paid in Company stock, with the stock value based on the
average market price of the stock for the quarter in which interest is due. The
notes provide the note holder the right and option to request a prepayment of
the outstanding principal amount and accrued interest thereon from the net
proceeds of any issuance or sale by the Company of equity or debt securities
from and after July 6, 2001. The notes contain a conversion feature entitling
the note holder to convert the note balance into common stock of the Company at
the rate of $1.35 per share.

      In September of 2001, the Company issued $800,000 of convertible
subordinated promissory notes to three shareholders. The notes are due on August
31, 2003 and bear interest at 3% over the prime interest rate announced from
time to time by the Company's principal lender. With the consent of the Payee,
the interest on the notes may be paid in Company stock, with the stock value
based on the average market price of the stock for the quarter in which interest
is due. The notes provide the note holder the right and option to request a
prepayment of the outstanding principal amount and accrued interest thereon from
the net proceeds of any issuance or sale by the Company of equity or debt
securities from and after July 6, 2001. The notes contain a conversion feature
entitling the note holder to convert the note balance into common stock of the
Company at the rate of $1.35 per share.

      In October of 2001, the Company issued $300,000 of convertible
subordinated promissory notes to three shareholders. The notes are due on August
31, 2003 and bear interest at 3% over the prime interest rate announced from
time to time by the Company's principal lender. With the consent of the Payee,
the interest on the notes may be paid in Company stock, with the stock value
based on the average market price of the stock for the quarter in which interest
is due. The notes provide the note holder the right and option to request a
prepayment of the outstanding principal amount and accrued interest thereon from
the net proceeds of any issuance or sale by the Company of equity or debt
securities from and after July 6, 2001. The notes contain a conversion feature
entitling the note holder to convert the note balance into common stock of the
Company at the rate of $1.35 per share.

      On January 15, 2002, certain holders of the convertible subordinated
promissory notes converted an aggregate of $2,616,800 to shares of the Company's
common stock at a conversion price of $1.24 per share, for a total of 2,110,322
shares of the Company's common stock. The notes converted contained conversion
rates ranging from $1.35 to $1.50 per share. The conversion resulted in the
Company recording a one time, non-cash beneficial conversion of debt to equity
interest expense of $241,000 during the quarter ending March 31, 2002.

(6)   LEASES

      In April 2001, the Company relocated its corporate offices and
simultaneously entered into a lease agreement for its new corporate offices.

      In May 2001, the Company entered into a sub-lease agreement (the
"Sublease") with an unrelated third party for the lease of the Company's former
corporate offices (the "Property"). The term of the Sublease is two years and
calls for monthly rental payments of $4,600 to be paid to the Company. The
Company has been obligated under a lease agreement (the "Lease") dated July 31,
1993 for the Property with the Company's Chairman ("Lessor"). The Lease expires
July 31, 2013.

      In January 2002, the Lessor canceled the Lease and the Company assigned
the Sublease to the Lessor, effective February 1, 2002. Under the terms of the
lease cancellation and assignment of sublease, the Lessor shall reimburse Lessee
on or before March 31, 2002 for the net book value of all leasehold improvements
to the Property paid for by and carried on the books of Lessee, as of April 30,
2001, which

                                       8

<PAGE>

                         STREICHER MOBILE FUELING, INC.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


amount was $59,600. The Lessor's reimbursement obligation (the "Leasehold Debt")
is secured by a pledge of shares of the Company's stock. See +Footnote 7 for
Related Party Receivables and the amendment of the Lessor's repayment
obligation.

(7)   RELATED PARTY RECEIVABLE

      The Company has an account receivable from the Company's Chairman,
individually, and from Streicher Enterprises, Inc. (hereinafter "Enterprises"),
which is wholly owned by the Company's Chairman, which is, together with the
Leasehold Debt (discussed in Footnote 6, above), guaranteed by the Company's
Chairman, and by another corporation wholly owned by the Company's Chairman
(hereinafter the "Corporate Guarantor"). The account receivable and the
Leasehold Debt together amount to approximately $680,000 at March 31, 2002 and
bears interest at 8.25 percent per annum. Such amount represents tax benefits of
the Company used by Enterprises, certain expenses of Enterprises paid by the
Company prior to its initial public offering and cash advances to Enterprises
prior to the Company's initial public offering, as well as accrued interest and
the Leasehold Debt. The agreement with the Company's Chairman and Enterprises,
as amended April 1, 2002, requires quarterly payments of interest only with a
final payment of all accrued interest and unpaid principal on or before
September 30, 2003. The account receivable, including the Leasehold Debt is
secured by a pledge of 612,520 shares of the Company's common stock owned by the
Corporate Guarantor. The Company's Chairman and the Corporate Guarantor have
agreed to provide additional shares of the Company's stock for the collateral if
the Company deems itself insecure, and have waived any defense to a foreclosure
on the shares held as collateral if and to the extent the account receivable and
the Leasehold Debt are not paid by September 30, 2003.

(8)   RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

      In July 2001, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") 141 "Business Combinations"
and SFAS 142 "Goodwill and Other Intangible Assets". SFAS 141 requires that the
purchase method of accounting be used for all business combinations initiated
after June 30, 2001 as well as all purchase method business combinations
completed after June 30, 2001. SFAS 142 will require that goodwill and
intangible assets with indefinite useful lives no longer be amortized, but
instead tested for impairment at least annually. SFAS 141 is effective
immediately, except with regard to business combinations initiated prior to July
1, 2001 and SFAS 142 is effective January 1, 2002.

      Furthermore, any goodwill and intangible assets determined to have
indefinite useful lives that are acquired in a purchase business combination
completed after June 30, 2001 will not be amortized. Goodwill and intangible
assets acquired in business combinations completed before July 1, 2001 will
continue to be amortized until the adoption of SFAS 142. SFAS 141 will require
upon adoption of SFAS 142 that goodwill acquired in a prior purchase business
combination be evaluated and any necessary reclassifications be made in order to
conform to the new criteria in SFAS 141 for recognition apart from goodwill. Any
impairment loss will be measured as of the date of the adoption and recognized
as a cumulative effect of a change in accounting principles in the first interim
period. The implementation of these standards had no impact on the Company's
consolidated financial statements as the Company does not have any goodwill.

      In July 2001, the FASB issued SFAS 143 "Standard on Accounting for Asset
Retirement Obligations". SFAS 143 requires entities to record the fair value of
a liability for an asset retirement obligation in the period in which it is
incurred. When the liability is initially recorded, the entity capitalizes a
cost by increasing the carrying amount of the related long-lived asset. Over
time, the liability is accreted to its present value each period, and the
capitalized cost is depreciated over the useful life of the related asset. Upon
settlement of the liability, an entity either settles the obligation for its
recorded amount or incurs a gain or loss upon settlement. The standard is
effective for fiscal years beginning after June 15,

                                       9

<PAGE>

                         STREICHER MOBILE FUELING, INC.
             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2002 AND 2001
                                   (UNAUDITED)


2002, with earlier application encouraged. At this time, management is assessing
the impact of the  adoption of SFAS  No. 143 on the Company's results of
operations and financial position, if any.

      In August 2001, the FASB issued SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets," which addresses financial
accounting and reporting for the impairment and disposal of long-lived assets.
SFAS No. 144 requires that long-lived assets be reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. Recoverability of assets to be held and used is measured
by a comparison of the carrying amount of an asset to future net cash flows
expected to be generated by the asset. If the carrying amount of an asset
exceeds its estimated future cash flows, an impairment charge is recognized by
the amount by which the carrying amount of the asset exceeds the fair value of
the asset. SFAS No. 144 requires companies to separately report discontinued
operations and extends that reporting to a component of an entity that either
has been disposed of (by sale, abandonment, or in a distribution to owners) or
is classified as held for sale. Assets to be disposed of are reported at the
lower of the carrying amount or fair value less costs to sell. SFAS 144 is
effective for fiscal years beginning after December 15, 2001. At this time,
management is assessing the impact of the adoption of SFAS No. 144 on the
Company's results of operations and financial position.


                                       10

<PAGE>

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

      The following Management's Discussion and Analysis of Financial Condition
and Results of Operations contains "forward-looking statements" which involve
risks and uncertainties. The Company's actual results could differ materially
from those anticipated in the forward-looking statements as a result of certain
factors, including those set forth under the caption "Certain Factors Affecting
Future Operating Results," included in the Company's filing on Form 10-K for the
fiscal year ended January 31, 2001. The following discussion also should be read
in conjunction with the Company's consolidated financial statements and notes
thereto included in the above referenced Form 10-K.

GENERAL

      The Company generates substantially all of its revenue from providing
mobile fueling and fuel management services. Revenue is comprised principally of
delivery service charges and the related sale of diesel fuel and gasoline. Cost
of sales is comprised principally of direct operating expenses and the cost of
fuel. Included in both revenue and cost of sales are federal and state fuel
taxes, which are collected by the Company from its customers, when required, and
remitted to the appropriate taxing authority.

      The Company provides mobile fueling and fuel management services at a
negotiated rate for service plus the cost of fuel based on market prices.
Revenue levels will vary depending on the upward or downward movement of fuel
prices in each market. For the three and nine month periods ended March 31,
2002, market prices for fuel were substantially lower than for the three and
nine month periods ended March 31, 2001, and were primarily responsible for the
significant declines in both revenue and cost of sales for the three and nine
month periods ended March 31, 2002. Lower volumes of delivered gallons for the
three and nine month periods ended March 31, 2002, as compared to the three and
nine month periods ended March 31, 2001, also contributed to the declines in
both revenue and cost of sales. These volume declines were due primarily to the
elimination of non-profitable markets and accounts, along with volume declines
with certain customers whose levels of business activity have been adversely
impacted by the current economic downturn.

      The Company has reestablished and developed its marketing and sales
function in order to increase the size of its mobile fueling and fuel management
services business and the volumes of fuel delivered in conjunction with it. The
Company believes that there are significant opportunities to increase the volume
of fuel sold and delivered, although such volume growth is dependent upon a
number of business and economic factors, some of which are beyond the Company's
control, such as the continued success of the Company's sales and marketing and
other business strategies, the availability of qualified workers to provide the
level of service required by customers, the continuation of cash flow from
operating activities, the availability of sufficient debt or equity capital to
grow the Company's business, and changes in market conditions in the related
transportation or petroleum industries, including the actions of competitors.

BUSINESS INITIATIVES

      The Company has undertaken initiatives that have improved its operating
results by increasing net margins. These initiatives are ongoing and include the
reduction of direct operating expenses; the elimination of non-profitable
markets and accounts; the renegotiation of existing accounts and the
establishment of new accounts at acceptable rates and margins for the services
and fuel delivered; improvements to the Company's technology and operating
systems to enhance its services, increase efficiency and reduce costs; the
reorganization of the back office administration; the retention and hiring of
key management and service personnel; the reduction of personnel and the
elimination of positions made redundant by changes in the Company's operations;
and raising capital as necessary to meet operating and growth strategies.

      These initiatives, the implementation of which began in February 2001,
have resulted in an increase in the net margin per gallon of fuel delivered of
more than 200% as of March 31, 2002, from 4.6 cents in the month of February
2001 to 14.2 cents in the month of March 2002. The key success factors in

                                       11

<PAGE>

achieving these net margins have been the Company's ability to reduce its direct
operating expense by 20% from the month of February 2001 through the month of
March 2002; its discontinuation of service in non-profitable markets and to
accounts not meeting minimum margin requirements; and the addition of new
accounts generating acceptable margins. Overall, these initiatives resulted in
generating operating profit for the three months ended March 31, 2002 of $64,000
versus an operating loss for the three months ended March 31, 2001 of
($551,000), an improvement of $615,000.


CAPITAL RESOURCES AND LIQUIDITY

      From January 31, 2001 to March 31, 2002, the Company has in the aggregate
raised capital and subordinated debt totaling $6.1 million. During the current
quarter ending March 31, 2002, the Company had the following debt restructurings
and changes in securities that primarily accounted for the 105% increase in
total shareholder's equity from the quarter ended December 31, 2001:

o     On  January  15,  2002,  certain  holders of the  Company's  convertible
      subordinated  promissory  notes converted their aggregate  $2,616,800 in
      debt to shares of the  Company's  common stock at a conversion  price of
      $1.24  per  share,  for a total of  2,110,323  shares  of the  Company's
      common stock.  The convertible  subordinated  promissory notes converted
      contained  conversion  rates ranging from $1.35 to $1.50 per share.  The
      conversion  resulted  in the  Company  recording  a one  time,  non-cash
      beneficial  conversion of debt to equity interest expense of $241,000 in
      the quarter ending March 31, 2002. The beneficial  conversion of debt to
      equity interest expense had no impact on total shareholders equity.

o     On January 15,  2002,  the  Company  raised  $500,000  through a private
      placement of the Company's common stock

      Additionally, the Company had outstanding borrowings of $5.6 million as of
March 31, 2002 under a $10.0 million bank line of credit. This line permits the
Company to borrow up to 85% of the total amount of eligible accounts receivable.
Interest is payable monthly at the prime rate plus 2% (6.75% as of March 31,
2002) and the Company's trade accounts and other non-truck assets secure
outstanding borrowings under the line. The credit agreement contains covenants
requiring the maintenance of certain financial ratios and minimum net worth and
working capital requirements. As of March 31, 2002, the Company was in
compliance with these requirements.

      The Company and its bank entered into an agreement for the renewal of its
$10.0 million credit facility, as of April 30, 2002 through October 31, 2002.
Interest is payable monthly at the prime rate plus 2% (6.75% as of April 30,
2002) and outstanding borrowings under the line are secured by the Company's
trade accounts and other non-vehicle assets. The agreement contains covenants
requiring the maintenance of certain financial ratios, minimum net worth and
working capital. The bank agreed to waive the termination fee of $100,000
required by the prior credit agreement, which matured on April 30, 2002. The
Company negotiated the waiver of the termination fee and the six-month renewal
term with its bank to allow the Company flexibility to continue its current
discussions with several lenders for a two to three year $10.0 million credit
facility at more favorable terms than those provided for in its current
agreement with the bank. Management believes that it will close a long-term
credit facility with a new lender before October 31, 2002.  In the event that
the Company does not obtain more favorable terms for a new credit facility, it
would expect to extend its current credit agreement.

      The Company's business requires it to expend substantial funds for fuel,
labor and equipment costs before any payments are received from customers. Fuel
purchased by the Company for its customers must generally be paid for within 10
to 15 days of purchase; labor costs and related taxes are paid bi-weekly;
equipment related expenses are generally paid within 30 days; and repayments on
equipment financing obligations are paid monthly. The Company bills its
customers weekly and generally collects the majority of its accounts within 30
to 45 days. The Company has improved its receivable management and lowered its
average days sales outstanding.

      The mobile fueling and fuel management business is capital intensive.
While the Company has sustained net losses in recent financial periods, it has
been able to raise the capital necessary to meet

                                       12

<PAGE>

operating requirements over those periods. While additional capital may be
required to meet future operating and growth requirements, the Company believes
that in the near term it will be able to expand its business in existing markets
and enter into new markets without significant additional expenditures utilizing
its existing working capital and financing. However, there can be no assurance
that the Company will be able to maintain and/or acquire capital and/or
financing, including a suitable credit facility, at acceptable terms or at all,
if so needed.


COMPARISON  OF THREE  MONTHS  ENDED MARCH 31, 2002 TO THREE MONTHS ENDED MARCH
31, 2001

REVENUES

      Revenue decreased ($4.4 million), or 24.0%, for the three months ended
March 31, 2002 compared to the three months ended March 31, 2001. The decrease
in revenue resulted from a substantial decrease in the wholesale price of diesel
fuel and gasoline as well as a decline in gallons delivered. The Company
delivered 10.8 million gallons of fuel to its customers in the three months
ended March 31, 2002, a decrease of 12.9% compared to the 12.4 million gallons
delivered in the three months ended March 31, 2001. The decrease in gallons
delivered resulted primarily from the elimination of non-profitable markets and
accounts, as well as volume declines of certain customers whose levels of
business activity have been adversely impacted by the current economic downturn.

GROSS PROFIT

      Gross profit increased approximately $681,000, or 140.0%, in the three
months ended March 31, 2002 compared to the three months ended March 31, 2001.
The average net margin per delivered gallon of fuel in the three months ended
March 31, 2002 improved to 13.8 cents compared to 6.6 cents in the three months
ended March 31, 2001. The increase in gross profit was due to the results of the
business initiatives started February 2001, yielding reduced direct operating
expenses, improved margins on existing accounts and new, higher-margin accounts.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

      Selling, general and administrative expenses, increased approximately
$66,000, or 6.4%, in the three months ended March 31, 2002 compared to the three
months ended March 31, 2001. The increase in these expenses primarily resulted
from increases in payroll costs associated with the reestablishment of a
marketing and sales department and program (including direct marketing) which
had been previously eliminated, together with the restructuring of the
management, operations, and information technology departments and related
personnel; increases in insurance expense and legal fees; and an increase in the
reserve for doubtful accounts which was offset by the elimination of redundant
positions, and efficiencies gained through the Company's restructuring and
reorganization program, which began in February 2001.

INTEREST EXPENSE

      Interest expense decreased approximately ($138,000), or 36.3%, in the
three months ended March 31, 2002 compared to the three months ended March 31,
2001 as a result of lower interest rates on variable rate debt and decreased
borrowings, primarily due to repayment of existing equipment debt, pay down
of the credit facility and the conversion of the subordinated promissory
notes to equity.

      The Company incurred, in connection with the conversion of its convertible
subordinated promissory notes to equity in January 2002, a one-time non-cash
charge related to EITF 98-5, "Accounting for Convertible Securities with
Beneficial Conversion Features". This charge was $241,000 and classified as a
beneficial conversion of debt to equity interest expense for the quarter ended
March 31, 2002.

                                       13
<PAGE>

INCOME TAXES

      The Company recorded no income tax expense in the three-month periods
ended March 31, 2002 or 2001. The Company has sufficient net operating loss
carryforwards to offset any taxable income for at least the next several years.

EBITDA

      Earnings before interest, taxes, depreciation, and amortization (EBITDA)
increased by $605,000 to $449,000 for the three months ended March 31, 2002 from
($156,000) for the three months ended March 31, 2001. The increase was primarily
due to higher net margins and operating profit. The components of EBITDA for the
three months ended March 31, 2002 and 2001 are as follows:

                                         2002             2001
                                       -------          -------

           Net loss                  $ (405,000)        $(915,000)
           Add back:
              Interest expense          242,000           380,000
              Beneficial conversion
                of debt to equity
                interest expense        241,000                 -

              Depreciation and
                amortization expense    371,000           379,000
                                        -------           -------

           EBITDA                     $ 449,000         $(156,000)
                                        =======           =======



COMPARISON  OF NINE MONTHS  ENDED  MARCH 31,  2002 TO NINE MONTHS  ENDED MARCH
31, 2001

REVENUES

      Revenue decreased ($16.8 million), or 27.2%, for the nine months ended
March 31, 2002 compared to the nine months ended March 31, 2001. The decrease in
revenue resulted from a substantial decrease in the wholesale price of diesel
fuel and gasoline as well as a decline in gallons delivered. The Company
delivered 38.2 million gallons of fuel to its customers in the nine months ended
March 31, 2002, a decrease of 5.25% compared to the 40.3 million gallons
delivered in the nine months ended March 31, 2001. The decrease in gallons
delivered resulted primarily from the elimination of non-profitable markets and
accounts, as well as volume declines of certain customers whose levels of
business activity have been adversely impacted by the current economic downturn.

GROSS PROFIT

      Gross profit increased approximately $1,292,000, or 64.3%, in the nine
months ended March 31, 2002 compared to the nine months ended March 31, 2001.
The average net margin per delivered gallon of fuel in the nine months ended
March 31, 2002 improved to 12.5 cents compared to 7.5 cents in the nine months
ended March 31, 2001. The increase in gross profit was due to the results of the
business initiatives started February 2001, yielding reduced direct operating
expenses, improved margins on existing accounts and new, higher-margin accounts.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

      Selling, general and administrative expenses increased approximately
$978,000, or 40.6%, in the nine months ended March 31, 2002 compared to the nine
months ended March 31, 2001. The increase in these expenses primarily resulted
from increases in payroll costs associated with the reestablishment of a
marketing and sales department and program (including direct marketing) which
had been previously eliminated, together with the restructuring of the
management, operations, and information technology departments and related
personnel; increases in insurance expense and legal fees; and an increase in the
reserve for doubtful accounts.

                                       14

<PAGE>

INTEREST EXPENSE

      Interest expense decreased approximately ($276,000), or 22.7%, in the
nine months ended March 31, 2002 compared to the nine months ended March 31,
2001 as a result of lower interest rates on variable rate debt and decreased
borrowings, primarily due to repayment of existing equipment debt, credit
facility and the conversion of the subordinated promissory notes to equity.

      The Company incurred, in connection with the conversion of its convertible
subordinated promissory notes to equity in January 2002, a one-time non-cash
charge related to EITF 98-5, "Accounting for Convertible Securities with
Beneficial Conversion Features". This charge was $241,000 and classified as
beneficial conversion of debt to equity interest expense for the quarter ended
March 31, 2002.

INCOME TAXES

      The Company recorded no income tax expense in the nine-month periods ended
March 31, 2002 or 2001. The Company has sufficient net operating loss
carryforwards to offset any taxable income for at least the next several years.

EBITDA

      Earnings before interest, taxes, depreciation, and amortization increased
by $330,000 to $1,060,000 for the three months ended March 31, 2002 from
$730,000 for the three months ended March 31, 2001. The increase was primarily
due to higher net margins and operating profit. The components of EBITDA for the
nine months ended March 31, 2002 and 2001 are as follows:

                                         2002             2001
                                       --------         --------

           Net loss                   $(1,226,000)     (1,561,000)
           Add back:
              Interest expense            942,000       1,218,000
              Beneficial conversion
                of debt to equity
                interest expense          241,000               -

              Depreciation and
                amortization expense    1,103,000       1,073,000
                                       ----------      ----------
           EBITDA                     $ 1,060,000     $   730,000
                                       ==========      ==========



                                       15

<PAGE>

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      The Company's exposure to market risk is limited primarily to the
fluctuating interest rates associated with variable rate debt outstanding to
finance working capital needs and a portion of the Company's fleet of delivery
vehicles. These debts bear interest at the United States prime interest rate
plus a fixed markup and are subject to change based upon interest rate changes
in the United States. The Company does not currently use, and has not
historically used, derivative instruments to hedge against such market interest
rate risk.

                                       16

<PAGE>

PART II.   OTHER INFORMATION

ITEM 1

   LEGAL PROCEEDINGS

      None.

ITEM 2

   CHANGES IN SECURITIES

      In August 2001, the Company issued 133,333 shares of common stock in a
private placement, at $1.50 per share. In January 2002, the Company issued
476,190 shares of common stock in a private placement, at $1.05 per share. As a
result of the reduction in the offering price in January 2002 to $1.05 per
share, 57,143 additional shares were issued to the August 2001 investor in
January 2002, resulting in an effective price of $1.05 for all purchasers in the
offering.

      On January 15, 2002, certain holders of the Company's convertible
subordinated promissory notes converted an aggregate of $2,616,800 of their
notes to shares of the Company's common stock at a conversion price of $1.24 per
share, for a total of 2,110,322 shares of the Company's common stock. The notes
converted contained conversion rates ranging from $1.35 to $1.50 per share.

      While all of the aforementioned shares of the Company's stock were sold in
private offerings to "accredited investors" exempt from registration under the
Securities Act of 1933 pursuant to Sections 4(2) and 4(6) and Rules 505 and 506
of Regulation D promulgated thereunder, the Company intends to register the
shares sold in the offering for resale by filing a Form S-3 registration
statement with the Securities and Exchange Commission subsequent to the filing
of Form 10-K for the fiscal year ending June 30, 2002.

ITEM 3

   DEFAULTS UPON SENIOR SECURITIES

      None.

ITEM 4

   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

      None.

ITEM 5

   OTHER INFORMATION

      None.

ITEM 6

   EXHIBITS AND REPORTS ON FORM 8-K

      (a)  Exhibits: None.

      (b)  Reports on Form 8-K:  None.


                                      17

<PAGE>

                                   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 hereunto duly authorized.


                                  STREICHER MOBILE FUELING, INC.


May 15, 2002                      By:  /S/ MICHAEL S. SHORE
                                     ------------------------------
                                     Michael S. Shore,
                                     Senior Vice President and
                                     Chief Financial Officer