<PAGE>
                                  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:  September 30, 2001

                                       OR

[   ]    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: 0-17458
                                 -------

                                 WRP CORPORATION
             (Exact name of registrant as specified in its charter)

            MARYLAND                                          73-1326131
            --------                                          ----------
(State or other jurisdiction of                            (I.R.S. Employer
 incorporation or organization)                           Identification No.)

                         500 PARK BOULEVARD, SUITE 1260
                                ITASCA, IL 60143
                     (Address of principal executive office)

                                 (630) 285-9191
               (Registrant's telephone number including area code)

         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 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.
                                               Yes [X]    No [  ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         The number of shares of the issuer's Common Stock, par value $.01 per
share, and issuer's Series A Convertible Common Stock, par value $.01 per share,
outstanding as of November 8, 2001, was 5,803,692 and 1,252,538 respectively.


<PAGE>
                                 WRP CORPORATION

                                      INDEX

                         PART I - FINANCIAL INFORMATION


Item 1.

         Consolidated Balance Sheets
         September 30, 2001 (unaudited) and June 30, 2001 (audited).......pg. 1

         Consolidated Statements of Operations (unaudited) for the
         Three Months Ended September 30, 2001 and 2000...................pg. 3

         Consolidated Statements of Cash Flows (unaudited) for the
         Three Months Ended September 30, 2001 and 2000...................pg. 4

         Notes to Interim Consolidated Financial Statements (unaudited)...pg. 5

Item 2.

         Management's Discussion and Analysis of Financial Condition
         and Results of Operations........................................pg. 11


Item 3.

         Quantitative and Qualitative Disclosures About Market............pg. 16


                           PART II - OTHER INFORMATION


Items 1-5.................................................................pg. 16


<PAGE>
                        WRP CORPORATION AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS


<TABLE>
<CAPTION>
                                                                     September 30, 2001   June 30, 2001
                                                                     ------------------   -------------
                                                                        (Unaudited)         (Audited)
<S>                                                                  <C>                  <C>
CURRENT ASSETS:
         Cash and cash equivalents                                      $    172,417      $    123,741
         Accounts receivable - trade, net of allowance for doubtful
            accounts of $150,000 in 2002 and $150,000 in 2001              5,486,959         4,919,062
         Inventories, net                                                  7,763,515         7,187,386
         Prepaid expenses                                                  1,046,816         1,174,544
         Due from affiliate                                                9,497,495         8,262,937
         Deferred tax assets                                                 655,522           620,005
         Other receivables                                                   314,523           197,156
                                                                        ------------      ------------
                 Total current assets                                     24,937,247        22,484,831
                                                                        ------------      ------------


PROPERTY, PLANT AND EQUIPMENT:
         Land rights and land improvements                                   736,535           736,535
         Construction in progress                                                  0           174,096
         Equipment, furniture and fixtures                                16,381,292        15,996,454
         Building improvements                                             2,261,326         2,260,637
         Vehicles                                                            105,836           148,822
                                                                        ------------      ------------
                 Total property, plant and equipment                      19,484,989        19,316,544
         Less - Accumulated depreciation and amortization                 (7,697,239)       (7,206,846)
                                                                        ------------      ------------
                 Property, plant and equipment, net                       11,787,750        12,109,698
                                                                        ------------      ------------

OTHER ASSETS:
         Goodwill, net of accumulated amortization of $657,482
            in 2002 and $640,674 in 2001                                   1,092,518         1,109,326
         Other assets                                                        152,745           153,456
                                                                        ------------      ------------
                 Total other assets                                        1,245,263         1,262,782
                                                                        ------------      ------------

                                                                        $ 37,970,260      $ 35,857,311
                                                                        ============      ============
</TABLE>



The accompanying notes to interim consolidated financial statements are an
integral part of these balance sheets.


                                       1
<PAGE>

                        WRP CORPORATION AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

                      LIABILITIES AND SHAREHOLDERS' EQUITY


<TABLE>
<CAPTION>
                                                                  September 30, 2001   June 30, 2001
                                                                  ------------------   -------------
                                                                      (Unaudited)        (Audited)
<S>                                                               <C>                  <C>
CURRENT LIABILITIES:
         Accounts payable - trade                                    $  3,227,681      $  2,335,421
         Trade notes payable to bank                                      617,907           507,937
         Notes payable and current portion of
            long-term obligations                                       2,993,046         4,056,718
         Due to affiliate                                               4,141,470         2,453,608
         Accrued expenses                                               3,317,143         2,756,458
                                                                     ------------      ------------
                 Total current liabilities                             14,297,247        12,110,142
                                                                     ------------      ------------

LONG-TERM DEBT                                                             21,010            12,687
                                                                     ------------      ------------

DEFERRED TAX LIABILITY                                                    587,313           539,583
                                                                     ------------      ------------

MINORITY INTEREST IN SUBSIDIARY                                         1,946,002         2,019,392
                                                                     ------------      ------------

SHAREHOLDERS' EQUITY:
         Series A common stock, $.01 par value; 1,252,538 shares
            authorized; 1,252,538 shares issued and outstanding
            in 2002 and 2001                                               12,525            12,525
         Common stock, $.01 par value; 10,000,000 shares
            authorized;  5,803,692 shares issued and
            outstanding in 2002 and 2001                                   58,037            58,037
         Additional paid-in capital                                    17,942,471        17,942,471
         Retained earnings                                              4,713,839         4,734,474
         Less - Common stock in treasury, at cost, 367,800
            and 177,500 shares in 2002 and 2001, respectively          (1,608,184)       (1,572,000)
                                                                     ------------      ------------
                 Total shareholders' equity                            21,118,688        21,175,507
                                                                     ------------      ------------

                                                                     $ 37,970,260      $ 35,857,311
                                                                     ============      ============
</TABLE>




The accompanying notes to interim consolidated financial statements are an
integral part of these balance sheets.


                                       2
<PAGE>

                        WRP CORPORATION AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS



<TABLE>
<CAPTION>
                                                                           For the Three Months
                                                                            Ended September 30,
                                                                      ------------------------------
                                                                          2001              2000
                                                                      ------------      ------------
<S>                                                                   <C>               <C>
NET SALES                                                             $ 12,324,518      $ 13,864,530

COST OF GOODS SOLD                                                       8,695,619         9,765,704
                                                                      ------------      ------------
GROSS PROFIT                                                             3,628,899         4,098,826

OPERATING EXPENSES:

       Selling, general and administrative                               3,366,024         3,415,871
                                                                      ------------      ------------

INCOME FROM OPERATIONS                                                     262,875           682,955

INTEREST EXPENSE                                                            77,849           183,086

OTHER INCOME                                                                24,658            34,621
                                                                      ------------      ------------
       Income from continuing operations before provision for
          (benefit from) income taxes and minority interest                209,684           534,490

PROVISION FOR (BENEFIT FROM) INCOME TAXES                                  303,709           207,747
                                                                      ------------      ------------

       Income from continuing operations before minority interest          (94,025)          326,743

MINORITY INTEREST IN INCOME (LOSS) OF SUBSIDIARY                            73,390           (85,399)
                                                                      ------------      ------------

                 NET INCOME                                           $    (20,635)     $    241,344
                                                                      ============      ============



EARNINGS PER SHARE                                                    $      (0.01)     $       0.04
                                                                      ============      ============


DILUTED NET INCOME PER SHARE                                          $      (0.01)     $       0.04
                                                                      ============      ============
</TABLE>


                                       3
<PAGE>

                        WRP CORPORATION AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

      FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 AND SEPTEMBER 30, 2000


<TABLE>
<CAPTION>
                                                                            Three Months     Three Months
                                                                                Ended            Ended
                                                                            Sept 30, 2001    Sept 30, 2000
                                                                            -------------    -------------
                                                                             (Unaudited)      (Unaudited)
<S>                                                                         <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
          Net income                                                         $   (20,635)     $   241,344
          Adjustments to reconcile net income to net cash
          provided by (used in) operating activities:
                Depreciation                                                     490,723          471,071
                Amortization                                                      16,808           16,808
                Deferred income taxes                                             12,213          206,510
                Change in net assets of condom discontinued operations               -                -
                Loss from disposal of discontinued operations                        -                -
                Loss on disposal of property, plant and equipment                   (397)             -
                Gain on sales of LSAI common stock                                   -                -
                Changes in operating assets and liabilities-
                   Accounts receivable - trade, net                             (567,897)        (566,727)
                   Inventories, net                                             (576,129)      (2,306,279)
                   Prepaid expenses                                              127,728          125,002
                   Other assets                                                 (116,656)         (18,507)
                   Accounts payable - trade                                      892,260         (616,078)
                   Accrued expenses                                              560,686          408,235
                   Amounts due to and from affiliates                            453,304         (661,461)
                                                                             -----------      -----------
                Net cash provided by (used in) operating activities            1,272,008       (2,700,082)
                                                                             -----------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
          Capital expenditures                                                  (168,380)        (269,911)
          Proceeds on sales of LSAI common  stock                                    -                -
          Proceeds on sales of property, plant and equipment                         -                -
          Minority interest in subsidiary                                        (73,390)          85,399
                                                                             -----------      -----------
                Net cash used in investing activities                           (241,770)        (184,512)
                                                                             -----------      -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
          Net payments on trade notes payable to banks                           109,970          422,319
          Net (payments) borrowings on notes payable                          (1,055,349)       2,440,471
          Net proceeds from stock option exercises                                   -                -
          Proceeds from issuance of stock                                            -                -
          Payments for treasury stock repurchases                                (36,184)         (60,082)
          Net (payments to) advances from minority interest shareholders             -                -
                                                                             -----------      -----------
                Net cash (used in) provided by financing activities             (981,563)       2,802,708
                                                                             -----------      -----------

IMPACT OF EXCHANGE RATES ON CASH                                                     -                -
                                                                             -----------      -----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                              48,675          (81,886)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                   123,742          224,054
                                                                             -----------      -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                     $   172,417      $   142,168
                                                                             ===========      ===========
</TABLE>


       The accompanying notes to consolidated financial statements are an
                       integral part of these statements.


                                       4
<PAGE>

WRP CORPORATION
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2001

1.   DESCRIPTION OF BUSINESS:

     WRP Corporation (together with its subsidiaries, the "Company") is a
leading marketer of high quality, disposable medical examination, foodservice
and surgical gloves in the United States through its wholly-owned U.S.
subsidiary, American Health Products Corporation ("AHPC"). WRP Corporation is
also a manufacturer of disposable latex examination and foodservice gloves
through its 70% owned Indonesian subsidiary, PT WRP Buana Multicorpora ("PT
Buana"). The Company sells its disposable gloves primarily to the medical,
foodservice, dental and retail markets.

2.   BASIS OF PRESENTATION:

     The unaudited consolidated financial statements have been prepared for
interim periods only and do not include all of the information and note
disclosures required by generally accepted accounting principles. These
consolidated statements should be read in conjunction with the consolidated
financial statements and notes thereto included in the Company's Form 10-K for
the year ended June 30, 2001. The accompanying consolidated financial statements
have not been audited by independent accountants in accordance with generally
accepted accounting standards, but in the opinion of management, such
consolidated financial statements include all adjustments (consisting solely of
normal recurring adjustments) necessary to fairly present the Company's
financial position, results of operations and cash flows. The results of
operations for the three-month period ended September 30, 2001, may not be
indicative of the results that may be expected for the fiscal year ended June
30, 2002.

3.   PRINCIPLES OF CONSOLIDATION:

     The accompanying interim consolidated financial statements include the
accounts of the Company, AHPC and its 70% owned subsidiary, PT Buana. All
significant intercompany transactions have been eliminated in consolidation.

4.   MAJORITY SHAREHOLDER:

     WRP Asia Pacific Sdn. Bhd., a Malaysian corporation ("WRP Asia"), owns the
Series A Common Stock of the Company and is the majority shareholder of the
Company.

     At September 30, 2001, WRP Asia had a 53.2% ownership interest in the
Company. WRP Asia is one of the world's leading manufacturers of high quality,
disposable latex examination gloves primarily for use by healthcare
professionals in the acute care, alternative care and foodservice markets, and
for critical environments in the electronics industries, scientific
laboratories, pharmaceutical industries and other related industries. AHPC
purchases a majority of its powder-free latex exam gloves from WRP Asia.


                                       5
<PAGE>

5.   COMMON STOCK:

     At September 30, 2001, the Company had outstanding 1,252,538 shares of
Series A Convertible Common Stock and 5,803,692 shares of Common Stock for a
total of 7,056,230 shares. The terms of the Series A Common Stock owned by WRP
Asia are substantially the same as the Company's Common Stock except:

          a.   Each share of Series A Common Stock is convertible into one share
               of the Company's Common Stock, $.01 par value. The Company has
               reserved 1,252,538 share of Common Stock for issuance upon
               conversion of the Series A Common Stock.

          b.   Series A Common Stock entitles WRP Asia to elect all Class A
               directors, who represent a majority of the Company's Board of
               Directors, and to vote with the holders of Common Stock as a
               single class with respect to all other matters subject to a vote
               of the shareholders.

     In March 2000, the Company announced that the Board of Directors had
authorized a program to repurchase up to 10% of the Company's public Common
Stock. These purchases may be made in the open market and in block transactions
over a two-year period. The program is subject to market conditions and its
impact on share price as well as other investment options that the Company may
consider to enhance shareholder value. During the three months ended September
30, 2001, the Company purchased 35,000 shares of its Common Stock under this
program.

6.   FOREIGN CURRENCY TRANSACTIONS:

     Gains and losses from foreign currency exchange transactions are included
in net income (loss) in the period in which they occur. During the quarter ended
September 30, 2001 and 2000, the foreign exchange losses included in the
determination of net income were $(37,493) and $(10,924), respectively.

7.   RELATED-PARTY TRANSACTIONS:

     At September 30, 2001 and 2000, amounts due from/to affiliates consist of
the following:

                                            2001             2000
               Due from Affiliate-
               Current - WRP Asia       $ 9,497,495      $ 6,409,081
                                        =============================

               Due to Affiliate-
               Current - WRP Asia       $(4,141,470)     $(3,490,490)
                                        =============================


                                       6
<PAGE>

     The outstanding accounts receivable from WRP-Asia results primarily from
sales of product to WRP Asia, cash advances to WRP Asia, charges for obtaining
FDA approval of the gloves imported from WRP Asia and other items. As of
September 2001, approximately $6,465,407 is due to PT Buana and $3,032,088 is
due AHPC. AHPC have accounts payable to WRP Asia of $4,141,470 at September 30,
2001, primarily resulting from the purchase of inventories from WRP Asia. AHPC
purchased virtually all of its latex powder-free exam gloves from WRP Asia in
2001, 2000 and 1999. Management believes transactions between operating segments
are made at prevailing rates.

     WRP Asia has undertaken a restructuring plan during 2001, the objective of
which is to improve cash flows and profitability and to assure longer-term
financial viability. This plan includes a restructuring of the Company's debt
facility and additional investment from outside sources. Management of WRP Asia
believes this plan will generate adequate cash flow to meet the WRP Asia's needs
through at least December 31, 2002. Social, political and economic instability
may be significantly greater in many of the Asian-Pacific countries than that
typically associated with the United States and other industrialized countries.
These factors could significantly disrupt both the source of the Company's
supply of glove products, as well as product supplied to companies located in
that area of the world.

     Additionally, interest rates in many Asian-Pacific countries have been
heavily dependent upon international trade and are, accordingly, affected by
protective trade barriers and the economic conditions of their trading partner.
The enactment by principal trading partners of protectionist trade legislation,
reduction of foreign investment or general declines in the international
securities markets could have a significant adverse effect upon the economies of
the Asian-Pacific countries. The financial statements do not include any
adjustment that might result from these uncertainties and any related effects
will be reported in the financial statements as they become known and estimable.

8.   NET INCOME (LOSS) PER SHARE:

     The Company follows Statement of Financial Accounting Standards No. 128,
"Earnings Per Share (EPS)" ("SFAS 128"), which requires dual presentation of
basic and diluted earnings per share for all periods presented. Basic EPS
amounts are based on the weighted-average number of shares of common stock
outstanding during each period while diluted EPS amounts are based on the
weighted-average number of shares of common stock outstanding during the period
and the effect of dilutive stock options and warrants. The weighted-average
number of common shares and common share equivalents outstanding for the three
months ended September 30, 2001 and 2000 are as follows:



                                       7
<PAGE>

<TABLE>
<CAPTION>
                                                     THREE MONTHS ENDED   THREE MONTHS ENDED
                                                     SEPTEMBER 30, 2001   SEPTEMBER 30, 2000
                                                     ------------------   ------------------
<S>                                                  <C>                  <C>
               Basic weighted-average number of
               common shares outstanding                 6,744,155             6,870,708

               Dilutive effect of common share
               Equivalents                                       -                     -

                                                         ---------             ---------
               Diluted weighted-average number
               of common shares outstanding              6,744,155             6,870,708
                                                         =========             =========
</TABLE>


     At September 30, 2001, there were 7,056,230 shares of the Company's Common
Stock and Series A Common Stock outstanding.

     As approved by the Board of Directors, all outstanding stock options at
February 29, 2000 to current employees, officers and directors were repriced
effective February 29, 2000 to $2.07, the closing price on that date. All of the
stock options, which were repriced, totaling 483,600 options, originally
contained exercise prices that were significantly higher than the market price.

9.   ACCOUNTING FOR INCOME TAXES:

     The Company records income taxes in accordance with Statement of Financial
Accounting Standards No. 109 ("SFAS 109"). SFAS 109 utilizes the liability
method and deferred taxes are determined based on the estimated future tax
effects of differences between the financial statement and tax basis of assets
and liabilities given the provisions of enacted tax laws. Deferred income tax
provisions and benefits are based on the changes in the deferred tax asset or
tax liability from period to period.

     The Company's U.S. operations had generated net operating loss
carryforwards ("NOL's") in prior years of which approximately $2.1 million is
remaining at June 30, 2001. These NOL's are fully reserved and included as a
component of deferred tax assets. These NOL's will be available to offset future
U.S. generated taxable income and will begin expiring in 2004. In accordance
with federal tax regulations, usage of the NOL's are and have been subject to
limitations as a direct result of certain ownership changes that have occurred
in the past. The Company's U.S. operations have generated NOL's subsequent to
June 30, 2001, which have not been reserved and the Company has recorded a tax
benefit associated with the U.S. generated book and tax losses subsequent to
June 30, 2001, which are available to be carried back against previous years'
taxable income.

     For the three months ended September 30, 2001 and 2000, the Company
recorded an expense from income taxes of $303,709 and $207,747, respectively.


                                       8
<PAGE>

10.  CONTINGENCIES:

     Over the last several years, numerous product liability lawsuits have been
filed against suppliers and manufacturers of latex gloves alleging, among other
things, adverse allergic reactions. The Company is one of numerous defendants
that have been named in such lawsuits. During the three months ending September
30, 2001, the Company became an active party in seven additional product
liability lawsuits and was dismissed from or settled four lawsuits. At September
30, 2001, the Company was involved in a total of 69 lawsuits, either as a named
defendant, third party or an indemnifier. None of these lawsuits name the
Company as the sole defendant in these claims.

     The Company possesses product liability insurance coverage which covers the
defense costs and certain damage awards associated with the product liability
claims against itself, AHPC and PT Buana, in addition to the indemnity of AHPC's
customers to the limits of its policy. The Company believes that all legal
claims are adequately provided for and if not provided for, are without merit or
involve such amounts that would not materially or adversely affect the Company.
However, there is no assurance that AHPC's insurance will be sufficient to meet
all damages for which the Company may be held liable. For example, in a jury
trial, even where actual damages are somewhat limited, or where causation of
liability is questionable, the jury may choose to award a substantial verdict to
the plaintiff. Likewise, there is no assurance that the outcome of these suits
will not adversely affect the Company's operations or financial condition. The
Company will vigorously contest any latex claim initiated against it, but will
enter into a settlement agreement, where, after careful consideration,
management determines that the Company's best interests will be served by
settling the matter. In addition, there can be no assurances that Product
Liability Insurance for these claims will continue to be available to the
Company or, if available, that it will be available in sufficient amounts and at
affordable terms.

11.  COMPREHENSIVE INCOME:

     Statement of Financial Accounting Standards No. 130, "Reporting
Comprehensive Income" ("SFAS 130"), requires companies to report all changes in
equity during a period, except those resulting from investment by owners and
distributions to owners, in a financial statement for the period in which they
are recognized. Comprehensive income (loss) for the three months ended September
30, 2001 and 2000 was equal to net income (loss) and there were no accumulated
other comprehensive income items during those periods.

12.  SEGMENT REPORTING:

     The Company has two business segments: manufacturing and distribution.
These segments are managed as separate strategic business units due to the
distinct nature of their operations and customer bases. The manufacturing
segment, which represents the operations of PT Buana, manufactures latex gloves
and sells them primarily to AHPC and other customers through WRP Asia's
distribution network. All operations of the manufacturing segment are located in
Indonesia. The distribution segment involves the procurement and sale of gloves


                                       9
<PAGE>

purchased from the manufacturing segment and other glove manufacturers and then
sold to national and regional healthcare, foodservice, retail and other
distributors. The operations of the distribution segment are located entirely
within the U.S.

     The Company evaluates segment performance based on income (loss) before
provision for (benefit from) income taxes and minority interest ("Pre-tax income
(loss)"). Transactions between operating segments are made at prevailing market
rates.

     The following tables provide financial data for the three months ended
September 30, 2001 and 2000 for these segments:

<TABLE>
<CAPTION>
              THREE MONTHS ENDED
              SEPTEMBER 30, 2001             MANUFACTURING       DISTRIBUTION        ELIMINATIONS       CONSOLIDATED
                                             -------------       ------------        ------------       ------------
<S>                                          <C>                 <C>                <C>                 <C>
     Revenues from external customers          $ 2,039,330        $10,285,188       $       -            $12,324,518
     Revenues from other operating
            segments                             1,835,910               -            (1,835,910)               -
     Pre-tax income (loss)                         (24,063)           173,747             60,000             209,684
     Total assets                               18,856,575         29,169,132        (10,055,447)         37,970,260
</TABLE>

<TABLE>
<CAPTION>
              THREE MONTHS ENDED
              SEPTEMBER 30, 2000             MANUFACTURING       DISTRIBUTION        ELIMINATIONS       CONSOLIDATED
                                             -------------       ------------        ------------       ------------
<S>                                          <C>                 <C>                <C>                 <C>
     Revenues from external customers          $ 3,163,730        $10,700,800       $       -            $13,864,530
     Revenues from other operating
            Segments                               842,630               -              (842,630)               -
     Pre-tax income (loss)                         480,411             42,079             12,000             534,490
     Total assets                               16,680,586         33,127,911         (9,126,935)         40,681,562
</TABLE>

13.  NEW ACCOUNTING STANDARDS AND PRONOUNCEMENTS:

     In June 2001, the FASB issued SFAS No. 141, "Business Combinations", FAS
No. 141 addresses the accounting and reporting for business combinations and
supercedes APB Opinion No. 16, "Business Combinations" and SFAS No. 38,
"Accounting for Preacquisition Contingencies of Purchased Enterprises." The
Company will adopt this standard for all business combinations initiated after
June 30, 2001.

     Also in June 2001, the FASB issued SFAS No. 142, "Goodwill and Other
Intangible Assets." This pronouncement provides guidance on financial accounting
and reporting for acquired goodwill and other intangible assets. This statement
supercedes APB Opinion No. 17, "Intangible Assets." The provisions of this
statement are required to be applied for fiscal years beginning after December
15, 2001. The Company anticipates that future earnings will increase without
amortization expense; however, the Company must assess its existing goodwill for
impairment.


                                       10
<PAGE>

14.  INVENTORIES:

     Inventories are accounted for on a first-in, first-out ("FIFO") basis and
are valued at the lower of actual cost or market. Beginning in the first
quarter, for the three months ended September 30, 2001, the Company started to
capitalize the duty on its freight cost; this resulted in an increase to
inventories of approximately $22,000.

15.  KEY CUSTOMERS:

     On May 11, 2001, the Company's largest customer advised the Company that
they would be performing supplier reviews for all of the disposable products
purchased by their Foodservice Group. Although a majority of our sales to SYSCO
are used by foodservice customers, these products are purchased by the Medical
Group at SYSCO. While Medical Group suppliers are not being specifically
reviewed at this time, we have been asked to participate. This review is being
performed in order to ascertain suppliers' future commitments to partnering with
SYSCO. This review by SYSCO's foodservice group could have an impact on the
product being sold to and through the SYSCO organization as a whole. As of
November 8, 2001, this review was successfully completed, with the Company
becoming an approved supplier to both the Medical Group and FoodService Group.

16.  CREDIT FACILITY:

     On December 1, 1998, AHPC entered into a $10,000,000 three-year bank credit
agreement through December 1, 2001. Subsequently, on March 31, 1999, the limit
was increased to $15,000,000. The new credit facility includes a $15,000,000
revolving line of credit with an $11,000,000 letter of credit subfacility. The
facility carries an interest rate of commercial paper plus 2.75% (6.69%) at June
30, 2001). The bank facility was used to repay all obligations under the
previous bank facility. On September 28, 2001, we received a letter of
commitment to renew and extend this credit facility for an additional term of
three (3) years, with terms and conditions similar to the existing facility.
This letter of commitment expires on December 1, 2001. We anticipate completing
all documentation regarding this renewal and extension prior to the expiration
of the letter of commitment.

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

     Forward-looking statements in this Item 2, Management's Discussion and
Analysis of Financial Condition and Results of Operations, including statements
regarding new products and markets, gross margins, selling, general and
administrative expenses, liquidity and cash need and our plans and strategies,
are all based on current expectations, and we assume no obligation to update
this information. Numerous factors could cause actual results to differ from
those described in the forward-looking statements, including the factors set
forth below under

------------------


                                       11
<PAGE>

the heading "Risks Affecting Forward-Looking Statements and Stock Prices". We
caution investors that our business is subject to significant risks and
uncertainties.

     Our wholly-owned subsidiary, American Health Products Corporation ("AHPC"),
is engaged in the marketing and distribution of high quality, disposable,
medical examination, foodservice and surgical gloves in the United States and
has been in the glove business since its incorporation in January 1989. For the
three months ended September 30, 2001, we recorded net sales of $12.3 million.
Our 70% owned subsidiary, PT WRP Buana Multicorpora ("PT Buana"), which
commenced operations in April 1996, owns and operates an Indonesian glove
manufacturing plant. PT Buana manufactures high-quality, disposable latex exam
gloves. During the quarter ended September 30, 2001, PT Buana experienced a
reduction in shipments due to two external factors: First being a strike at the
Port of Belawan Deli, and the second being delays in supply of liquid natural
gas by the Indonesian government. These two events caused the Company to
experience shipment delays during the period. In order to minimize the impact on
revenues, the Company located alternate sources of product and redirected
existing inventory to customers impacted by these shipping delays. These efforts
caused the Company to incur an additional cost of $165,078 for the period. In
order to prevent events such as these from impacting the Company in the future,
we have increased our safety stock of inventory and located several alternative
sources of supply.

     During February 2000, our Board of Directors elected to change our
reporting period from a calendar year ending December 31, to a fiscal year
ending June 30, which corresponds to the year-end of our majority shareholder,
WRP Asia. As a result, this Form 10-Q represents the first quarter of our fiscal
year ended June 30, 2002.

     During the quarter, our relationship and business with key customers
continued to grow. Both AmeriNet and SYSCO experienced sales growth during the
first quarter period over the comparable 2000 quarter. Glove sales to AmeriNet
grew from $1,206,528 in 2000, to $1,927,676 in the comparable 2001 period, an
increase of 59.8%. While glove case-sales to SYSCO increased 6.2 % for the
quarter, net sales declined 4.8% from $6,597,339 to $6,282,380. This decline in
revenue over the comparable periods reflects a price reduction granted to SYSCO
in January 2001.

     THREE MONTHS ENDED SEPTEMBER 30, 2001, COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000:

     Our net sales are derived from the sale of finished product, net of
allowable rebates, royalties, discounts and returns. Net sales include glove
sales from AHPC's glove product line and latex exam glove sales from PT Buana,
exclusive of its sales to AHPC. Net sales totaled $12,324,518 and $13,864,530
for the three months ended September 30, 2001 and 2000, respectively. This
represents an 11.1% decline in net sales for the quarter compared to the year
earlier period.

     The decrease in sales quarter over quarter by $1.5 million was due, in
part, to the delays in shipment out of PT Buana and to price decreases provided
to customers. Additionally,


                                       12
<PAGE>

AHPC's purchase from PT Buana increased 117.9% to $1.8 million. This increase in
production allocation to AHPC effectively reduced PT Buana's capacity to sell to
other customers. Actual cases of gloves sold increased from 307,144 in the 2000
period to 308,466 in the 2001 period.

     Cost of goods sold includes all costs to manufacture, purchase and obtain
the finished product, including costs such as ocean freight, customs, duty and
warehousing. Cost of goods sold decreased 10.9% from $9,765,704 for the
three-month period ended September 30, 2000, to $8,695,619 for the three months
ended September 30, 2001, due to the decline in sales. As a percentage of net
sales, cost of goods sold increased from 70.4% for the three months ended
September 30, 2000, to 70.6% for the three months ended September 30, 2001. The
gross profit percentage declined modestly to 29.4% in the quarter ended
September 30, 2001 versus 29.6% in the same period of 2000. The gross profit
percentage decline is attributed to additional costs incurred due to the PT
Buana shipping delays and sell price declines in our foodservice division. We
continue to expect our gross margins to be affected by the price of latex,
changes in product mix, competition, manufacturing capacity levels and other
factors.

     Selling expenses include all salaries and payroll related costs for sales
and marketing staff together with other sales related expenses such as sales
commissions, travel costs, trade shows, advertising, promotions and delivery
costs. Selling, general and administrative ("SG&A") expenses decreased by 1.5%
from $3,415,871 for the three months ended September 30, 2000, to $3,366,023 for
the three months ended September 30, 2001. This decrease of $49,848 in SG&A
expenses is attributable to: (i) a decrease in salaries and salary-related
expense of $130,000 associated with the restructure in senior management; and
(ii) PT Buana increased import of raw material and export sales to AHPC, which
resulted in an increase of $59,000 in SG&A expenses. We expect that our SG&A
expenses may increase as a percentage of net sales in subsequent quarters as the
business transitions to overcome the loss of the Novation contract, and as we
seek to implement strategic business plans in new markets and new product
initiatives.

     Income from operations decreased from $682,955 for the three months ended
September 30, 2000, to $262,875 for the three months ended September 30, 2001.
This reduction in operating margin reflects the reduction in sales and increased
costs of goods sold during the first quarter of 2001. For the three months ended
September 30, 2001 and 2000, earnings before interest, taxes, depreciation and
amortization ("EBITDA") were $396,519 and $837,763, respectively.

     Interest expense declined during the three months ended September 30, 2001,
to $77,849 compared to $183,086 in the same quarter of 2000. This 57.5% decrease
is attributable to debt reductions on our line of credit and debenture debt
balances as well as lower interest rates during the quarter in 2001 versus the
2000 comparable quarter.

     We recorded a foreign currency exchange loss of $37,493 in the quarter
ended September 30, 2001 versus a foreign exchange loss of $10,924 in the
comparable period in 2000 from our Indonesian subsidiary, PT Buana. As currency
exchange rates fluctuate and depending upon the mix of assets and liabilities in
PT Buana's books in Indonesian rupiah, an exchange gain or loss will be
incurred. These foreign currency exchange gains or losses are reported as a
component


                                       13
<PAGE>

of the SG&A expense category in the consolidated statements of operations. PT
Buana continues to be exposed to foreign currency exchange rate fluctuations and
may incur exchange gains or losses in the future. Indonesia continues to
experience economic and political instability, which is characterized by
fluctuations in its foreign currency exchange rate, interest rates, stock market
and inflation rate. The financial statements do not include any adjustment that
might result from these uncertainties and any related effects will be reported
in the financial statements as they become known and estimable.

     Other income consists of interest income and miscellaneous income. Other
income for the quarter ended September 30, 2001 and 2000 was $24,658 and
$34,621, respectively.

     The provision from income taxes for the three months ended September 30,
2001 and 2000 was $303,709 and $207,747, respectively. This change in income
taxes is attributable to the strengthening of the Indonesian rupiah against the
US dollar during the period to a three-year high. This strengthening required PT
Buana to recognize a foreign currency gain on the value of the intercompany loan
between AHPC and PT Buana. Indonesian tax law requires taxes on foreign currency
gains to be expensed in the period incurred, not accrued. Our U.S. operations
generated net operating loss carryforwards ("NOL's") in prior years of which
approximately $2.1 million is remaining from June 30, 2001 which can be used to
offset future U.S. generated taxable income through the year 2004.

     For the three months ended September 30, 2001, our net loss was $20,635,
compared to net income of $241,344 in the same period of 2000. Diluted earnings
(loss) per share for the three months ended September 30, 2001 and 2000 was
$(0.01) and $0.04, respectively.

LIQUIDITY AND CAPITAL RESOURCES:

THREE MONTHS ENDED SEPTEMBER 30, 2001:

     Cash and cash equivalents at September 30, 2001, were $172,417, an increase
of $48,676 from $123,741 at June 30, 2001. We experienced an increase in cash
flows during the nine months ended September 30, 2001, primarily from cash
provided by financing activities, offset by cash used in operating and investing
activities.

     Our operations provided cash of $1,272,007 during the three months ended
September 30, 2001, primarily as a result of an increase in accounts payable and
accrued expenses of $892,260 and $560,686, respectively, offset by an increase
to accounts receivable-trade of $576,897. Prepaid expenses decreased from
$1,174,544 to $1,046,816.

     Net trade accounts receivable at September 30, 2001, increased 11.5% to
$5,486,959 from $4,919,062 at June 30, 2001. This increase of $567,897 is
attributed to delays in processing outstanding rebates during the quarter ended
March 31, 2001. Net inventories at September 30, 2001, were $7,763,515 and
increased from the level at June 30, 2001, of $7,187,386 due to new surgical
inventory purchases and initiation of the direct-ship Novation program.


                                       14
<PAGE>

     During the three months ended September 30, 2001, we used cash in investing
activities of $241,770. We spent $168,380 for capital improvement expenditures
during the three-month period primarily at PT Buana, our Indonesian
manufacturing plant.

     During the three months ended September 30, 2001, cash was provided to us
from financing activities in the amount of $981,563. We increased borrowings on
our line of credit facility by $109,970 to finance working capital needs, offset
by debenture debt repayments of $1,055,349.

     WRP Asia has undertaken a restructuring plan during 2001; the object of
which is to improve cash flows and profitability and to assure longer-term
financial viability. This plan includes a restructuring of the Company's debt
facility and additional investment from outside sources. Management of WRP Asia
believes this plan will generate adequate cash flow to meet WRP Asia's needs
through at least December 31, 2002. WRP Asia anticipates this restructuring to
be completed in November 2001.

     On December 1, 1998, AHPC obtained a domestic three-year credit facility
from GE Capital, a large commercial credit company. This asset based lending
loan and security agreement included a $10,000,000 revolving line of credit with
a $7,000,000 letter of credit sub-facility. On March 31, 1999, AHPC amended its
loan and security agreement by increasing the maximum credit loan limit from
$10,000,000 to $15,000,000. As part of the amendment, the letter of credit
sub-facility was increased from $7,000,000 to $11,000,000. The line of credit
borrowings carry an interest rate of commercial paper plus 2.75% (7.9% at
September 30, 2001). At September 30, 2001, AHPC had outstanding $4,141,470 on
the revolving line of credit and $645,997 of letter of credit liabilities under
the credit facility. On September 28, 2001, we received a letter of commitment
to renew and extend this credit facility for an additional term of three (3)
years, with terms and conditions similar to the existing facility. This letter
of commitment expires on December 1, 2001. We anticipate completing all
documentation regarding this renewal and extension prior to the expiration of
the letter of commitment.

     In October 1994, pursuant to two debenture and warrant purchase agreements
between us and two trusts affiliated with one of our directors, we issued, and
each trust purchased, a convertible subordinated debenture in the amount of
$1,000,000. These debentures, originally totaling $2.0 million, are due in
November 2001 and carry an interest rate at 1.5% over the prime rate. Each
debenture is convertible into our Common Stock at a conversion price of $25.00
per share. At September 30, 2001, the total outstanding debt associated with
these debentures was $150,000. During the three months ended September 30, 2001,
we repaid $400,000 of this debt.

     We currently expect to have cash needs during the next year and beyond for
funding the growth of the existing glove business, new surgical glove business,
launch and promotion of our SafePrep foodservice business and for other uses.
These cash needs may arise in connection with various events such as for: (i)
the expansion into new products; (ii) the expansion into new markets; (iii)
funding the promotion of our branded products; (iv) repayment of debt
obligations; (v) purchasing our Common Stock in connection with our stock
repurchase program; and


                                       15
<PAGE>

(vi) manufacturing capital improvements. We believe that our cash and cash to be
generated from future operations plus our credit facility will be sufficient to
fund our ongoing operations.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     We are exposed to the impact of interest rate changes, foreign currency
fluctuations and changes in the market value of investments. We have not entered
into interest rate caps or collars or other hedging instruments.

     Exposure to changes in interest rates is limited to borrowings under
revolving credit and debt agreements, which have variable interest rates tied to
the prime and commercial paper rates. We estimate that the fair value of each
debt instrument approximated its market value at September 30, 2001.

     We are subject to fluctuations in the value of the Indonesian rupiah
vis-a-vis the U.S. dollar. The investment in the Indonesian subsidiary is
remeasured into the U.S. dollar and the book value of the assets and liabilities
of this operation at September 30, 2001 approximated its fair value.

                                     PART II

ITEM 1-5.

     No changes

SIGNATURES

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

                                               WRP Corporation
                                               (Registrant)


Date: November 15, 2001                     By: /s/ Alan E. Zeffer
                                                ------------------
                                            Name:   Alan E. Zeffer
                                            Title:  Chief Financial Officer
                                            Vice President Finance/Operations





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