UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

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

For the quarterly period ended June 30, 2003
                               --------------

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from                         to
                               ------------------------  -----------------------

Commission file number 0-9219

                               AVOCA, INCORPORATED
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

                                   Louisiana
         --------------------------------------------------------------
         (State or other jurisdiction of incorporation or organization)

                                   72-0590868
                      ------------------------------------
                      (I.R.S. Employer Identification No.)

         228 St. Charles Avenue, Suite 838, New Orleans, Louisiana 70130
         ---------------------------------------------------------------
                    (Address of principal executive offices)

                                 (504) 552-4720
                           ---------------------------
                           (Issuer's telephone number)


 (Former name, former address and former fiscal year, if changed since last
  report)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
                         DURING THE PRECEDING FIVE YEARS

         Check whether the registrant  filed all documents and reports  required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.  Yes    No
                                                                  ----  ----

                      APPLICABLE ONLY TO CORPORATE ISSUERS
         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest  practicable date:
830,500 shares on July 23, 2003
-------------------------------

Transitional Small Business Disclosure Format (check one);  Yes        No    X
                                                                ------    -----


                                                              Page 1 of 18 Pages
<PAGE>



                               AVOCA, INCORPORATED

                                    I N D E X




                                                                    Page No.

Part I.           Financial Information (Unaudited)

                  Condensed Balance Sheet - June 30, 2003              4

                  Condensed Statements of Income
                           Three Months Ended June 30, 2003
                           and 2002 and Six Months Ended
                           June 30, 2003 and 2002                      5

                  Condensed Statements of Cash Flows
                           Six Months Ended June 30, 2003
                           and 2002                                    6

                  Notes to Condensed Financial Statements              7

                  Management's Discussion and Analysis or
                  Plan of Operation                                    8-12

                  Controls and Procedures                              12

Part II.          Other Information

                  Legal Proceedings                                    13-16

                  Exhibits and Reports on Form 8-K                     16

                  Signature                                            16

                  Certifications                                       17-18


                                                              Page 2 of 18 Pages
<PAGE>



                               AVOCA, INCORPORATED

                         PART I - FINANCIAL INFORMATION

                           Item 1 Financial Statements

                                                              Page 3 of 18 Pages
<PAGE>
<TABLE>
<CAPTION>
                               Avoca, Incorporated

                       Condensed Balance Sheet (Unaudited)

                                  June 30, 2003



Assets
Current assets:
<S>                                                                                                     <C>
     Cash and cash equivalents                                                                          $   69,377
     Short-term investments                                                                              1,703,474
     Accounts receivable                                                                                   213,185
     Accrued interest receivable                                                                            29,081
     Recoverable income taxes                                                                               26,584
     Prepaid expenses                                                                                       16,877
                                                                                                        ----------
Total current assets                                                                                     2,058,578

Property and equipment, less accumulated depreciation and depletion                                         81,149

Other assets:
     Long-term investments                                                                               2,092,099
     Avoca Drainage Bonds, $415,000, in default -- at nominal amount                                             1
                                                                                                        ----------
                                                                                                        $4,231,827
                                                                                                        ==========



Liabilities and shareholders' equity
Current liabilities:
     Accounts payable and accrued expenses                                                              $   20,677
                                                                                                        ----------
Total current liabilities                                                                                   20,677

Deferred income taxes                                                                                       15,807

Shareholders' equity:
     Common stock, no par value -- authorized, issued and outstanding
          830,500 shares                                                                                    94,483
     Retained earnings                                                                                   4,100,860
                                                                                                        ----------
Total shareholders' equity                                                                               4,195,343
                                                                                                        ----------
                                                                                                        $4,231,827
                                                                                                        ==========


See accompanying notes
</TABLE>
                                                              Page 4 of 18 Pages
<PAGE>
<TABLE>
<CAPTION>
                               Avoca, Incorporated

                   Condensed Statements of Income (Unaudited)


                                                            Three months ended                    Six months ended
                                                                  June 30                              June 30
                                                          2003               2002              2003               2002
                                                       ---------          ---------        ----------         ----------
Revenue:
<S>                                                    <C>                <C>              <C>                <C>
   Royalties                                           $ 962,858          $ 655,755        $1,926,206         $1,249,222
   Less severance taxes                                   17,410              3,538            38,349             48,117
                                                       ---------          ---------        ----------         ----------
                                                         945,448            652,217         1,887,857          1,201,105

   Lease bonuses                                          40,617             89,712            40,617             89,712
   Interest income                                        17,228             22,521            32,681             47,730
   Rental and miscellaneous income                        16,614             39,015            16,616             43,760
                                                       ---------          ---------        ----------         ----------
                                                       1,019,907            803,465         1,977,771          1,382,307

Expenses:
   Legal and accounting services                          63,714             13,831           100,078             24,697
   Consultant fees                                        13,050             12,750            43,300             45,600
   Geological and engineering fees                         4,565              4,362            11,685              7,656
   Insurance                                              12,697             10,278            24,231             19,703
   Miscellaneous expenses                                 31,439             13,195            72,278             43,590
                                                       ---------          ---------        ----------         ----------
                                                         125,465             54,416           251,572            141,246
                                                       ---------          ---------        ----------         ----------

Income before income taxes                               894,442            749,049         1,726,199          1,241,061

Income taxes                                             275,759            224,573           531,860            388,010
                                                       ---------          ---------        ----------         ----------

Net income                                             $ 618,683          $ 524,476        $1,194,339         $  853,051
                                                       ---------          ---------        ----------         ----------



Earnings per share                                        $ 0.75             $ 0.63            $ 1.44             $ 1.03
                                                         =======            =======           =======             ======
    (basic and diluted)


See accompanying notes
</TABLE>

                                                              Page 5 of 18 Pages
<PAGE>
<TABLE>
<CAPTION>
                               Avoca, Incorporated

                 Condensed Statements of Cash Flows (Unaudited)


                                                                                               Six months ending
                                                                                                     June 30
                                                                                             2003                 2002
                                                                                ------------------------------------------
Operating activities
<S>                                                                                      <C>                    <C>
Net income                                                                               $ 1,194,339            $ 853,051
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
     Depreciation expense                                                                      4,570                2,194
     Deferred taxes                                                                             (865)                (253)
     Changes in operating assets and liabilities:
         Operating assets                                                                   (104,717)              83,208
         Operating liabilities                                                                   681               34,041
                                                                                          -----------           ----------
Net cash provided by operating activities                                                  1,094,008              972,241

Investing activities
     Purchase of investments                                                              (2,608,652)          (2,744,759)
     Maturity of investments                                                               1,855,084            3,693,265
     Purchase of equipment                                                                         -              (21,000)
                                                                                          -----------           ----------
Net cash provided by (used in) investing activities                                         (753,568)             927,506

Financing activities
Dividends paid                                                                            (1,453,375)          (2,325,400)
                                                                                          -----------           ----------
Net cash used in financing activities                                                     (1,453,375)          (2,325,400)

Decrease in cash and cash equivalents                                                     (1,112,935)            (425,653)

Cash and cash equivalents at beginning of period                                           1,182,312            1,101,776
                                                                                          -----------           ----------

Cash and cash equivalents at end of period                                               $    69,377            $ 676,123
                                                                                         ============           ==========






See accompanying notes
</TABLE>
                                                              Page 6 of 18 Pages
<PAGE>
                               Avoca, Incorporated

               Notes to Condensed Financial Statements (Unaudited)

                         Six months ended June 30, 2003



1.  Basis of Accounting

         The accompanying unaudited condensed financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions of Form 10-QSB and Item 310(b)
of Regulation S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all normal and recurring
adjustments and accruals considered necessary for a fair presentation have been
included. Operating results for the six-month period ended June 30, 2003 are not
necessarily indicative of the results that may be expected for the year ended
December 31, 2003. For further information, refer to the financial statements
and footnotes thereto included in the Company's annual shareholders' report
incorporated by reference in the Form 10-KSB for the year ended December 31,
2002.

         The Company considers its United States Government securities held with
a maturity of three months or less when purchased to be cash equivalents.





                                                              Page 7 of 18 Pages

<PAGE>
Item 2 -          Management's Discussion and
                  Analysis or Plan of Operation

         Avoca Incorporated is a passive company which owns and manages
approximately 16,000 acres comprising virtually all of Avoca Island southeast of
Morgan City, Louisiana under which hydrocarbons are located. The hydrocarbons
are developed in accordance with the custom in the oil and gas industry in
Louisiana, in which development is conducted by the mineral lessee including the
assumption of the risks and uncertainties usually associated with the production
and marketing of hydrocarbons.

         The unaudited condensed statements of income show that net income for
the second quarter of 2003 as compared with the second quarter of 2002 increased
from $524,476 to $618,683, or approximately 18%, because of a substantial
increase in royalty income which more than offset decreases in other income
items and increases in expenses.

         Revenues from royalties net of severance taxes increased from $652,217
to $945,448 or approximately 45% as a result of a 134% increase in the average
sales price of natural gas and a 23% increase in the average sales price of
condensate which more than offset decreases in production from four of the five
principal wells in which the Company has a royalty interest. Net royalties from
natural gas accounted for approximately 89% of the total net royalty revenues
for the second quarter of 2003 as compared to 79% for the second quarter of
2002. All producing wells are located in the Ramos Field, across Bayou Chene
just north of the eastern end of Avoca Island. The following table provides
production information on the principal producing wells for the second quarters
of 2003 and 2002.

                                                              Page 8 of 18 Pages
<PAGE>
<TABLE>
<CAPTION>
                                                                                              Increase
                                                                       Royalty Income        (Decrease)
                                                   Net Revenue      Net of Severance Taxes  in Natural Gas
       Operator/Well                                Interest         2003            2002     Production
       ---------------------------------------------------------------------------------------------------
       The Meridian Resources & Exploration Company:
           <S>                                       <C>          <C>             <C>          <C>
           No. 47-1              (1)                 12.41%       $ 467,817       $ 268,990    (  25%)
           C.M. Thibodaux No. 1  (2)                  2.71%       $       -       $  54,779     (100%)
           C.M. Thibodaux No. 3                       2.71%       $ 273,331       $ 130,182      ---%
           State Lease No. 16049                      2.71%       $ 183,826       $ 183,520     ( 42%)
       Delta Operating Corporation:
           Avoca No. 1                               19.46%       $  20,447       $  14,735     ( 26%)

       (1) off production due to mechanical difficulties from April 11 to May
           18, 2003
       (2) off production since December 2002. The operator has announced that a
           successful recompletion operation returned the well to production on
           July 19.
</TABLE>

         Income from lease bonuses decreased from $89,712 in the second quarter
of 2002 to $40,617 for the like period of 2003. The 256.32-acre mineral lease,
which generated $89,712 in lease bonus income in 2002, terminated when The
Meridian Resource & Exploration LLC elected not to pay the delay rental due May
24, 2003. The decline was partially offset by the granting of one new lease that
generated $40,617 in lease bonus income for the second quarter of 2003. The
lease is with McRae Exploration & Production, Inc. and covers 135.39 acres which
was Avoca's participation in the Burlington Resources Oil & Gas Company's Conrad
Industries No. 1 well unit located in the Wyandotte Field opposite the northern
part of Avoca Island. The well produced for four months in 2000 before it was
plugged and abandoned. McRae has advised the Company that it has plans to
re-drill this well.

         Interest income on investments decreased $5,293 or approximately 24%
because of lower interest rates.


                                                              Page 9 of 18 Pages
<PAGE>

         Rental and miscellaneous income decreased $22,401 primarily as a result
of the early termination and rental refund in the second quarter of 2003 on a
mooring lease originally executed in the second quarter of 2002.

         As compared with the second quarter of 2002, total expenses increased
$71,049 or approximately 131%. Attorney's fees and expenses (included in legal
and accounting services) increased $48,119 due to compliance with new disclosure
and certification requirements imposed on public companies by Congress and the
Securities and Exchange Commission and fees associated with the litigation
described under Part II - Item 1 of this report. Miscellaneous expenses
increased $18,244 primarily due to additional surface management expenses and
new investment management fees. Insurance expense increased $2,419 primarily due
to changes in the Company's insurance coverage and an increase in premium costs.

         The change in income tax expense for the three months ended June 30,
2003 resulted from an increase in taxable income for the second quarter of 2003
as compared to the second quarter of 2002.

         Total revenue for the six months ended June 30, 2003 increased $595,464
or approximately 43%, primarily due to a substantial increase in royalty income.

         For the six-month period, royalties net of severance taxes increased to
$1,887,857 or approximately 57% higher than the corresponding period of 2002 due
to a 125% increase in the average sales price of natural gas and a 40% increase
in the average sales price of condensate which more than offset reduced
production from four of the five principal wells in which the Company's has a
royalty interest. Net royalties from natural gas accounted for approximately 88%
and 82% of the total net royalty revenues for the six months ended June 30, 2003
and 2002


                                                             Page 10 of 18 Pages


<PAGE>

respectively. The following table summarizes production information on the
principal producing wells for the first six months of 2003 compared to 2002.

<TABLE>
<CAPTION>
                                                                                                    Increase
                                                                         Royalty Income             (Decrease)
                                                   Net Revenue       Net of Severance Taxes        in Natural Gas
       Operator/Well                                 Interest         2003             2002          Production
       -----------------------------------------------------------------------------------------------------------
       The Meridian Resources & Exploration Company:
           <S>                                        <C>          <C>               <C>               <C>
           No. 47-1               (1)                 12.41%       $ 1,013,410       $ 640,435         ( 31%)
           C.M. Thibodaux No. 1   (2)                  2.71%       $     3,214       $ 101,429         ( 98%)
           C.M. Thibodaux No. 3                        2.71%       $   479,082       $ 229,765         (  2%)
           State Lease No. 16049  (3)                  2.71%       $   357,234       $ 206,564            8%
       Delta Operating Corporation:
           Avoca No. 1                                19.46%       $    31,192       $  22,880         ( 34%)

       (1) off production due to mechanical difficulties from April 11 to May
           18, 2003
       (2) off production since December 2002. The operator has announced that a
           successful recompletion operation returned the well to production on
           July 19.
       (3) went on production February 8, 2002.
</TABLE>

         As previously discussed, the $89,712 loss of lease delay rental income
was partially offset by a $40,617 lease bonus payment.

         Interest income from investments decreased $15,049 or approximately 32%
because of lower interest rates.

         As compared with the first six months of 2002, total expenses increased
$110,326 or approximately 78%. Fees for attorney's services (included in legal
and accounting services) increased $72,947 because of compliance with new
disclosure and certification requirements imposed on public companies previously
discussed and attorney's fees associated with the litigation described under
Part II -Item 1of this report. Miscellaneous expenses increased $28,688
primarily due to additional surface maintenance costs and new investment
management fees. Insurance expense increased $4,528 primarily because of changes
in the Company's

                                                             Page 11 of 18 Pages
<PAGE>
insurance coverage and an increase in premium costs. Increased need for
geological and engineering services was partially offset by a decrease in
consultant fees.

         The Company's continued liquidity is evidenced by the fact that
approximately 89% of its assets, as measured by book value, are cash and U.S.
Government agency securities and represents the equivalent of multiple years of
anticipated operating expenses.

         In addition to interest income and the leasing of hunting rights, the
Company customarily derives essentially all of its other income from bonuses,
delay rentals and royalties under oil, gas and mineral leases of its Avoca
Island acreage. The Company's business is passive and all capital requirements
for exploration, development and production of the Company's mineral resources
are funded by its lessees.

Item 3 -          Controls and Procedures

         Robert C. Baird, Jr., the Company's principal executive and financial
officer, has evaluated the effectiveness of the Company's disclosure controls
and procedures (as defined in Rule 13a-14(c) under the Securities Exchange Act
of 1934) as of a date within 90 days of the filing of this report. Based on that
evaluation, he has concluded that the Company's disclosure controls and
procedures are adequate and effective. There have been no significant changes in
the Company's internal controls or in other factors that could significantly
affect internal controls subsequent to the date Mr. Baird completed his
evaluation.

                                                             Page 12 of 18 Pages
<PAGE>

                           Part II - OTHER INFORMATION

Item 1 - Legal Proceedings

         1. Avoca, Incorporated on December 29, 1999 filed in the 16th Judicial
District Court for the Parish of St. Mary (Docket No. 105195) a lawsuit to evict
a former lessee, Ernest Singleton, from a small parcel of land (less than 10
acres) located in the northeast part of Avoca Island. The parcel is included in
The Meridian Resource & Exploration, Inc.'s 647.504 acre unit for the C.M.
Thibodaux Nos. 1 and 3 wells and represents no more than 13% of the Company's
acreage in the unit.

         Having answered the Company's petition, the defendant and other heirs
of John Singleton filed a Notice of Lis Pendens, Reconventional Demand and
Petition in Nullity claiming ownership of the parcel (and other lands not
claimed by the Company) and asserting that a 1970 court judgment which
recognized the Company's title to the disputed area is a nullity. Responsive
Peremptory Exceptions of Prescription and Res Judicata were filed by the Company
on March 3, 2000. On June 7, 2000, the court rendered judgment in favor of the
Company in the eviction proceedings and ordered Ernest Singleton to vacate the
premises. Although Mr. Singleton has left Avoca Island, an appeal was filed. The
judgment of eviction was affirmed by the appellate court and has become final.

         In December, 2000, thirty-four named individuals, alleging themselves
to be descendants of the original owners of the property described in the
petition and reconventional demand, were allowed to intervene and assert
ownership claims in the proceedings. In response, a Dilatory Exception of
Vagueness was filed. The exception was maintained on February 9, 2001. On
January 29, 2003, the court, on the Company's motion, dismissed the intervention
because the

                                                             Page 13 of 18 Pages


<PAGE>

intervenors had failed to amend the intervention within the time specified by
the court on February 9, 2001.

         On March 26, 2001, the court rendered judgment upholding Avoca's
exception of Res Judicata and dismissing the Singletons' Reconventional Demand
and Petition in Nullity. The Singletons appealed to the Louisiana First Circuit
Court of Appeals, which on October 2, 2002 reversed the trial court's Judgment.
The Company's application for a rehearing was denied and the litigation was
remanded to the trial court for further proceedings, including consideration of
the Exception of Prescription filed by the Company on March 3, 2000, the
Exception of No Cause of Action which it filed on December 27, 2002 with respect
to the nullity claim and the Motion to Set Hearing for Class Action which the
Singletons filed on January 6, 2003. On January 24, 2003, the court upheld the
Company's Exception of No Cause of Action and ruled that the Singletons had not
stated a cause of action to annul the 1970 judgment (effectively mooting the
Company's Exception of Prescription). Having been given 30 days to amend their
petition to properly assert a nullity action, the Singletons on February 2003
filed an Amended Reconventional Petition asserting fraud as the basis for their
above-mentioned nullity claim; expanding their original ownership claim to cover
162 acres, including all of the Company's acreage in the unit for the C. M.
Thibodaux Nos. 1 and 3 wells and the Meridian State Lease No. 16049 well and a
small portion of the unit for the Avoca No. 47-1 well; naming The Meridian
Resources & Exploration LLC as third party defendant to defend its royalty
distributions; and seeking to have the litigation certified as a class action.
On April 3, 2003, the Company filed an Answer to the Amended Reconventional
Petition.

         On September 13, 2001 (prior to the appellate court's October 2, 2002
ruling), the Company filed a Motion for Preliminary Injunction to prohibit the
Singletons, their invitees, et al. from

                                                             Page 14 of 18 Pages


<PAGE>

trespassing on or interfering with the Company's possession and enjoyment of
certain described portions of Avoca Island in disregard of the court's prior
judgments. The motion was heard on October 31, 2001. On November 26, 2001,
pursuant to a joint stipulation of the parties, the court addressed certain of
the conduct complained of in the motion and granted injunctive relief with
respect thereto.

         On May 2, 2003, the Company filed a Motion for Partial Summary Judgment
which sought the dismissal of the nullity claims asserted in the Singletons'
Amended Reconventional Petition. After a hearing, on June 4, 2003, the court
issued Reasons for Judgment in Avoca's favor dismissing those nullity claims.
The Reasons for Judgment also recognized Avoca's right to recover, a partial
judgment dismissing the nullity claims and awarding attorney's fees related to
the nullity claims to Avoca. After the fixing of the attorney's fee, Avoca will
proceed to have the partial summary judgment entered in accordance with those
Reasons for Judgment. The Company believes it has meritorious defenses to the
remaining title claims asserted by the Singletons and intends to continue to
vigorously defend against them.

         2. On June 28, 1999, Ernest and Evelyn Singleton, William Singleton,
Jr., Perry Smith, Brenda Henderson, Individually and on Behalf of Her Minor
Children, Mikila and Keith Henderson, Mandalay Properties, LLC, Anthony J.
Guarisco, Jr., Marilyn G. Vinson, Terry D. Guarisco, Sr., Individually and as
Representatives of All Those Similarly Situated filed in the 16th Judicial
District Court for the Parish of St. Mary (Docket No. 104204) a lawsuit against
Northfield Insurance Company, The Lumbermen's Mutual Casualty Company, Texas
Meridian Production Corporation, The Meridian Resource & Exploration Company,
George Smith, George Craig, Kurt D. Byth, Patterson Services, Inc., Reliance
Insurance Company, Commercial Underwriters Insurance

                                                             Page 15 of 18 Pages

<PAGE>

Company and Petroleum Professionals International, Inc. seeking damages for loss
of production, reservoir damage, property damage and personal injury resulting
from the blowout of the C. M. Thibodaux No. 2 well (precursor of the Thibodaux
No. 3 well) in June of 1999.

         On May 15, 2002, the Louisiana First Circuit Court of Appeal affirmed
the trial court's certification of the lawsuit as a class action. The Company,
which has an interest in the unit for the well, falls within the "below the
ground" subclass of persons owning mineral interests impacted by the blowout.
The Company has not been notified by the trial court of the date by which
members of the class must elect to remain in or opt out of the class action.

Item 6 - Exhibits and Reports on Form 8-K

         (a) Exhibits required by Item 601 of Regulation S-B.

         None.

         (b) Reports on Form 8-K.

         One report on Form 8-K, dealing with a letter written to, but not filed
with, the Securities and Exchange Commission, was filed on May 9, 2003. The
letter deals with a certification required by Section 906 of the Sarbanes-Oxley
Act of 2002.

                                   SIGNATURES
                                   ----------

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                                  AVOCA, INCORPORATED
                                                  ------------------------------
                                                      Registrant


                                                  /s/Robert C.Baird, Jr.
August 8, 2003                                    ------------------------------
                                                  Robert C. Baird, Jr.
                                                  President and Principal
                                                  Financial Officer



                                                             Page 16 of 18 Pages
<PAGE>
                                 CERTIFICATIONS


                  I, Robert C. Baird, Jr., Principal Executive Officer and
Principal Financial Officer of registrant, certify that:

                  1. I have reviewed this quarterly report on Form 10-QSB of
Avoca, Incorporated;

                  2. Based on my knowledge, this quarterly report does not
contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
this quarterly report;

                  3. Based on my knowledge, the financial statements, and other
financial information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this quarterly
report;

                  4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
have:

                  a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

                  b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and

                  c) presented in this quarterly report our conclusions about
the effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

                  5. The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the registrant's auditors and
the audit committee of registrant's board of directors (or persons performing
the equivalent functions):

                  a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

                                                             Page 17 of 18 Pages
<PAGE>

                  b) any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's
internal controls; and

                  6. The registrant's other certifying officers and I have
indicated in this quarterly report whether or not there were significant changes
in internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies and
material weaknesses.


Date August 8, 2003                             /s/Robert C. Baird, Jr.
                                                --------------------------------
                                                Robert C. Baird, Jr.
                                                Principal Executive Officer and
                                                Principal Financial Officer




                                                             Page 18 of 18 Pages