U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB/A

[X}  Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934

     For the quarterly period ended DECEMBER 31, 1998

[ ]  Transition  report  pursuant  to Section  13 or 15(d) of the  Securities
     Exchange Act of 1934

     For the transition period from _______________ to _______________

     Commission File number 33-58694


                             FBR CAPITAL CORPORATION
        -----------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)


          Nevada                                                 13-3465289
-------------------------------                               ----------------
(State of Other Jurisdiction of                               (I.R.S. Employer
Incorporation of Organization)                               Identification No.)

           14988 North 78th Way, Suite 203, Scottsdale, Arizona 85260
           ----------------------------------------------------------
                    (Address of Principal Executive Offices)

                                  (602)483-1466
                 ----------------------------------------------
                 (Issuer's Telephone Number Including Area Code


              ----------------------------------------------------
              (Former Name, Former Address and Former Fiscal Year,
                          if Changed Since Last Report)


     This  amendment  is being  filed to  correct  errors in the  Statements  of
Operations  for the three months and six months ended December 31, 1997 included
in Part 1, Item 1.

                             Page 1 of 8 Total Pages
                              Exhibit Index - None
<PAGE>
PART 1.     FINANCIAL INFORMATION
ITEM 1.     FINANCIAL STATEMENTS

                             FBR CAPITAL CORPORATION

                                 BALANCE SHEETS

                                                        DECEMBER 31    JUNE 30
ASSETS                                                     1998         1998
                                                       -----------  -----------
                                                        (UNAUDITED)
CURRENT ASSETS:
  Cash and cash equivalents                            $     1,374  $    15,223
  Investment in U.S. Government Treasury Bills             270,240      275,670
  Investment in common stock of Parlux Fragrances, Inc.     14,237       53,541
  Other current assets                                       1,656        4,536
                                                       -----------  -----------

TOTAL ASSETS                                           $   287,507  $   348,970
                                                       ===========  ===========

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES:
  Accounts payable                                     $     6,506  $     4,691
  Accrued expenses                                          11,274        9,449
  Convertible notes payable                                 19,500       19,500
                                                       -----------  -----------

    Total current liabilities                               37,280       33,640
                                                       -----------  -----------
SERIES A REDEEMABLE PREFERRED STOCK:
  $.01 par value; 529 shares authorized;
    2 shares issued and outstanding;
    at liquidation value of $5,600 per share                11,200       11,200
                                                       -----------  -----------
STOCKHOLDERS' EQUITY (DEFICIT):
  Preferred stock, $.01 par value; 10,000,000
    shares authorized; no shares outstanding
    except 2 shares issued as Series A
    Redeemable Preferred Stock                                 --           --
  Common stock, $.005 par value; 16,777,667
    shares authorized; 4,648,205 shares issued
    and outstanding                                         23,241       23,241
  Additional paid-in capital                             9,337,192    9,337,192
  Accumulated deficit                                   (9,013,461)  (8,834,150)
  Accumulated other comprehensive loss                    (107,945)    (222,153)
                                                       -----------  -----------

    Total stockholders' equity                             239,027      304,130
                                                       -----------  -----------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $   287,507  $   348,970
                                                       ===========  ===========

      The accompanying notes are an integral part of these balance sheets.

                                       -2-
<PAGE>
                             FBR CAPITAL CORPORATION

                            STATEMENTS OF OPERATIONS
                   SIX MONTHS ENDED DECEMBER 31, 1998 AND 1997
                                   (UNAUDITED)


                                                          1998          1997
                                                          ----          ----

Operating expenses                                     $  (52,207)   $  (72,927)
                                                       ----------    ----------

Loss from operations                                      (52,207)      (72,927)
                                                       ----------    ----------
Other income (expense):
  Interest expense                                         (1,475)       (1,474)
  Interest income                                           6,227         9,528
  Other income                                                 --         1,304
  Realized loss on disposal of Parlux common stock       (131,856)           --
                                                       ----------    ----------

     Other income (expense), net                         (127,104)        9,358
                                                       ----------    ----------

  Net loss                                               (179,311)      (63,569)

Other comprehensive loss:
  Unrealized loss on investment:
  Unrealized holding loss arising during period           (18,435)      (23,704)
                                                       ----------    ----------

  Comprehensive loss                                   $ (197,746)   $  (87,273)
                                                       ==========    ==========

Loss per common share and common share equivalents     $     (.04)   $     (.01)
                                                       ==========    ==========

Weighted average common share and common share
  equivalents outstanding                               4,648,205     4,648,205
                                                       ==========    ==========


        The accompanying notes are an integral part of these statements.

                                       -3-
<PAGE>
                             FBR CAPITAL CORPORATION

                            STATEMENTS OF OPERATIONS
                  THREE MONTHS ENDED DECEMBER 31, 1998 AND 1997
                                   (UNAUDITED)


                                                          1998          1997
                                                          ----          ----

Operating expenses                                     $  (20,418)   $  (32,384)
                                                       ----------    ----------

  Loss from operations                                    (20,418)      (32,384)
                                                       ----------    ----------
Other income (expense):
  Interest expense                                           (737)         (737)
  Interest income                                           2,969         4,640
  Realized loss on disposal of Parlux common stock       (131,856)           --
                                                       ----------    ----------

    Other income (expense), net                          (129,624)        3,903
                                                       ----------    ----------

  Net loss                                               (150,042)      (28,481)

Other comprehensive loss:
  Unrealized loss on investment:
  Unrealized holding loss arising during period           (16,062)       (2,288)
                                                       ----------    ----------

  Comprehensive loss                                   $ (166,104)   $  (30,769)
                                                       ==========    ==========

Loss per common share and common share equivalents     $     (.03)   $     (.01)
                                                       ==========    ==========

Weighted average common share and common share
  equivalents outstanding                               4,648,205     4,648,205
                                                       ==========    ==========

        The accompanying notes are an integral part of these statements.

                                       -4-
<PAGE>
                             FBR CAPITAL CORPORATION

                            STATEMENTS OF CASH FLOWS
                   SIX MONTHS ENDED DECEMBER 31, 1998 AND 1997
                                   (UNAUDITED)



                                                            1998         1997
                                                            ----         ----
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                                 $(179,311)   $(60,069)
                                                          ---------    --------
 Adjustments to reconcile net loss to net cash
  provided by (used in) operating activities:
   Realized loss on disposal of Parlux common stock         153,512          --
   (Increase) decrease in:
     Other current assets                                     2,880       1,694
   Increase (decrease) in:
     Accounts payable and accrued expenses                    3,640       3,329
                                                          ---------    --------

           Total adjustments                                160,032       5,023
                                                          ---------    --------

           Net cash used in operations activities           (19,279)    (55,046)
                                                          ---------    --------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Receipts of amount due from acquiror of
  discontinued operations                                        --          --
 Investment in U.S. Government Treasury Bills                    --          --
 Proceeds from sale of U.S. Government Treasury Bills         5,430      57,278
                                                          ---------    --------

            Net cash provided by investing activities         5,430      57,278
                                                          ---------    --------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS        (13,849)      2,232

CASH AND CASH EQUIVALENTS, beginning of period               15,223      10,238
                                                          ---------    --------

CASH AND CASH EQUIVALENTS, end of period                  $   1,374    $ 12,470
                                                          =========    ========


        The accompanying notes are an integral part of these statements.

                                       -5-
<PAGE>
                             FBR CAPITAL CORPORATION

                          NOTES TO FINANCIAL STATEMENTS
                       SIX MONTHS ENDED DECEMBER 31, 1998
                                   (UNAUDITED)


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and the  instructions to Form 10-QSB.  Accordingly,  they do not include all the
information and footnotes required by Generally Accepted  Accounting  Principles
("GAAP") for complete financial  statements.  In the opinion of management,  all
adjustments  (which include only normal recurring  adjustments)  necessary for a
fair  presentation  of the results for the interim  periods  presented have been
made.  The results for the six month and three month periods ended  December 31,
1998 may not be indicative of the results for the entire year.  These  financial
statements  should be read in  conjunction  with the Company's  Annual Report on
Form 10-KSB for the fiscal year ended June 30, 1998.

CASH AND CASH EQUIVALENTS AND INVESTMENTS

The Company's  policy is to invest cash in excess of operating  requirements  in
income-producing  investments.  Temporary cash investments are all highly liquid
investments  with  maturity  of three  months  or less  when  purchased  and are
considered to be cash  equivalents  for cash flow  purposes.  Investments in the
common stock of Parlux Fragrances,  Inc., and U.S. Government Treasury Bills are
accounted for in accordance with Statement of Financial Accounting Standards No.
115, "Accounting for Certain Investments in Debt and Equity Securities".

Investment  in  common  stock of  Parlux  Fragrances,  Inc.,  is  classified  as
"available  for  sale".  Changes  in  the  market  value  are  reflected  in the
stockholders'  equity  section of the Company's  balance sheet under the caption
"Accumulated  Other  Comprehensive   Loss",  in  accordance  with  Statement  of
Financial Accounting Standards No. 130, REPORTING COMPREHENSIVE INCOME.

EARNINGS (LOSS) PER COMMON SHARE

Earnings  (loss) per common share is computed by dividing  net income  (loss) by
the  weighted  average  number of  common  share and  common  share  equivalents
outstanding during the period.  Primary and fully diluted earnings per share are
considered to be the same in all periods. The impact of outstanding warrants and
stock options were not included in the calculation of net loss per share in 1998
and 1997 as their inclusion would have an anti-dilutive effect on those results.

INCOME TAXES

The Company has a net operating loss carryforward of approximately $6,800,000 at
December 31, 1998. Historically, no federal tax benefit has been recorded due to
the  uncertainty  of the  Company's  ability to realize  benefits by  generating
taxable  income in the future.  These  carryforwards  expire through fiscal year
2013.  Due to a greater  than 50% change in the  ownership  of the  Company,  as

                                       -6-
<PAGE>
                            FBR CAPITAL CORPORATION

                          NOTES TO FINANCIAL STATEMENTS
                       SIX MONTHS ENDED DECEMBER 31, 1998
                                   (UNAUDITED)


defined in the Internal Revenue Code,  resulting from various equity  offerings,
certain  restrictions exist as to the use of net operating loss carryforwards to
offset future taxable income.

Although the Company has significant net operating loss carryforwards  available
to offset future  taxable  income,  due to the  uncertainty  as to the Company's
future  earnings,  a full  valuation  allowance  has been provided to offset all
deferred  tax  assets.  No income  taxes  have been  provided  for either of the
interim periods based on the Company's ability to utilize its net operating loss
to offset taxable income, if any, during the periods.

RECENTLY ISSUED ACCOUNTING STANDARD

During 1998, the Company adopted Financial  Accounting Standards Board Statement
NO. 130,  REPORTING  COMPREHENSIVE  INCOME (SFAS No. 130). SFAS No. 130 requires
the reporting of comprehensive income in addition to net income from operations.
Comprehensive  income is a more inclusive financial  reporting  methodology that
includes disclosures of certain financial  information that historically has not
been recognized in the calculation of net income.

At  December  31,  1998,   the  Company  held  an   investment   classified   as
available-for-sale,  which has an unrealized  loss of $18,435 for the six months
ended December 31, 1998.

SUBSEQUENT EVENT

On February  16,  1999,  the Company  agreed in  principle to acquire all of the
outstanding shares of Vitrix  Incorporated  ("Vitrix"),  a private  corporation,
that is a developer  and  provider of software  and  hardware for time and labor
management  solutions for businesses of all sizes.  Vitrix products are designed
to improve  productivity by automating  collection of time and attendance  data,
staff scheduling and management of labor resources.

FBR will acquire the Vitrix shares for a combination of newly-issued  FBR common
stock and Series B FBR  preferred  shares that are  convertible  into FBR common
shares. Under the proposed transaction, after issuance and conversion of the FBR
shares,  the Vitrix  shareholders will own 80% of the outstanding  shares of FBR
and the current  shareholders  of FBR will own 20%. FBR  currently has 4,648,205
shares issued and  outstanding.  The proposed  transaction is subject to certain
conditions  including  negotiation of a definite agreement and is subject to the
approval of the Board of Directors  of FBR and the written  approval of at least
90% of the Vitrix shareholders.

                                       -7-
<PAGE>
                             FBR CAPITAL CORPORATION


                                   SIGNATURES


        In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934,  the  Registrant  caused  this  Report to be  signed on its  behalf by the
undersigned, thereunto duly authorized.

                                             FBR CAPITAL CORPORATION
                                                 (Registrant)
Dated: March 16, 1999
                                             By: /s/ Charles D. Snead, Jr.
                                                --------------------------------
                                                Charles D. Snead, Jr., President



                                       -8-